Jamf Holding Corp (JAMF) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to Jamf's first quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Jamf 2025 年第一季財報電話會議。（操作員指示）

As a reminder, today's program is being recorded. And now, I'd like to introduce your host for today's program, Jennifer Gaumond, Vice President, Investor Relations. Please go ahead.

提醒一下，今天的節目正在錄製中。現在，我想介紹今天節目的主持人、投資者關係副總裁 Jennifer Gaumond。請繼續。

Good afternoon, and thank you for joining today's call to discuss Jamf's first quarter 2025 financial results. Joining me on today's call are John Strosahl, CEO; and David Rudow, CFO. Before we begin, a reminder that shortly after the market closed today, we issued a press release announcing our first quarter financial results.

下午好，感謝您參加今天的電話會議討論 Jamf 2025 年第一季的財務表現。參加今天電話會議的還有執行長 John Strosahl 和財務長 David Rudow。在我們開始之前，提醒一下，今天市場收盤後不久，我們發布了一份新聞稿，宣布了我們的第一季財務表現。

We also published our Q1 investor and earnings presentation, 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.

我們也發布了第一季投資者和收益報告，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。今天的討論包含前瞻性陳述，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。

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.

欲了解更多詳情，請參閱我們最新的 SEC 報告中討論的風險因素和其他信息，包括我們最新的 10-K 表年度報告。Jamf 不承擔更新前瞻性陳述的義務，前瞻性陳述僅代表其發布之日的觀點。

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. (Operator Instructions)

我們也將參考一些與 Jamf 績效相關的非 GAAP 指標。我們的收益報告提供了與最接近的可比較 GAAP 指標的對帳。（操作員指示）

Now, I'll turn it over to John.

現在，我將把話題交給約翰。

Thanks, Jen. Jamf achieved solid results in Q1 with year-over-year revenue growth of 10% and non-GAAP operating income margin of 22% exceeding the high end of our outlook for both metrics. Total ARR grew 9% year-over-year to $658 million. Our net new commercial ARR saw year-over-year growth. And excluding FX, total net new ARR growth accelerated for the first time since Q2 of 2022.

謝謝，Jen。Jamf 在第一季取得了穩健的業績，營收年增 10%，非 GAAP 營業收入利潤率達到 22%，超過了我們對這兩個指標的預期上限。總 ARR 年增 9%，達到 6.58 億美元。我們的淨新商業 ARR 年成長。除外匯外，新 ARR 總淨成長自 2022 年第二季以來首次加速。

Additionally, we saw strong new logo bookings in both commercial and education driven by higher ARR per customer. Security bookings were also strong, driving 17% year-over-year growth in security ARR to $162 million.

此外，由於每位客戶的 ARR 增加，我們看到商業和教育領域的新標誌預訂量強勁成長。安全預訂量也很強勁，推動安全 ARR 年比成長 17%，達到 1.62 億美元。

Contributing to this performance was the successful launch of two new platform solutions in early March, Jamf for Mac and Jamf for K-12. These device based offerings represent the next evolution of Jamf's platform capabilities, helping remove barriers to Apple adoption by providing customers with everything they need for security and management in a single SKU. These solutions are tailored to specific buyer personas and leverage Jamf's strong relationships with the IT admin. This enables Jamf to deliver across our four key growth factors: security, mobile, international and channel.

這項業績的成就得益於 3 月初成功推出的兩個新平台解決方案：Jamf for Mac 和 Jamf for K-12。這些基於裝置的產品代表了 Jamf 平台功能的下一個發展階段，透過在單一 SKU 中為客戶提供安全和管理所需的一切，有助於消除 Apple 採用的障礙。這些解決方案針對特定的買家角色量身定制，並利用 Jamf 與 IT 管理員的牢固關係。這使得 Jamf 能夠實現我們的四個關鍵成長因素：安全、行動、國際和通路。

Jamf for Mac empowers customers to easily embrace Mac in their operations, including multi-layered security that integrates with existing tooling while reducing the organization's security risk footprint. A global education publishing group recently expanded and converted to Jamf for Mac. The solution provided the IT admin the ability to enhance the company's device security posture with the IT and not the Infosec budget.

Jamf for Mac 讓客戶能夠輕鬆地在其營運中使用 Mac，包括與現有工具整合的多層安全性，同時降低組織的安全風險足跡。一個全球教育出版集團最近擴展並轉換到 Jamf for Mac。此解決方案使 IT 管理員能夠利用 IT 而不是資訊安全預算來增強公司的設備安全態勢。

Jamf for K-12 is an enhanced education solution that provides IT admins with a powerful yet simple security and management solution combining Jamf Pro or Jamf School with Jamf Safe Internet. With this platform solution, we're transforming classrooms, supporting student success, and ensuring equitable opportunities for every learner, whether an individual school, district, or an entire nation.

Jamf for K-12 是一種增強型教育解決方案，它為 IT 管理員提供了強大而簡單的安全和管理解決方案，將 Jamf Pro 或 Jamf School 與 Jamf Safe Internet 結合。透過此平台解決方案，我們正在改變課堂，支持學生取得成功，並確保每個學習者（無論是單一學校、學區或整個國家）享有平等的機會。

A large school district in Louisiana recently converted for Jamf K-12. The district's previous security product did not meet their growing security needs and required too many IT hours to manage. Jamf for K-12 provided the perfect solution at an attractive price, meeting the district's requirements and making the IT team more efficient.

路易斯安那州的一個大型學區最近改名為 Jamf K-12。該地區以前的安全產品無法滿足其日益增長的安全需求，並且需要太多的 IT 時間來管理。Jamf for K-12 以極具吸引力的價格提供了完美的解決方案，滿足了學區的要求並提高了 IT 團隊的效率。

Deals like this have helped drive strong education performance in Q1, typically a seasonally light quarter for education. On the heels of this performance and leading into the traditional education buying season, we closed the acquisition of Identity Automation, a dynamic identity, and access management platform solution.

此類交易有助於推動第一季教育業務的強勁表現，而第一季通常是教育業務淡季。在這一業績表現的推動下，並進入傳統教育購買季節，我們完成了對動態身分和存取管理平台解決方案 Identity Automation 的收購。

Security remains a key growth driver contributing to continued demand for Jamf's Apple first security platform, especially in the mobile space. By acquiring Identity Automation, Jamf gained almost 90 employees as well as a key product differentiator, which is dynamic identity management for mobile.

安全性仍然是推動 Jamf 的 Apple 首個安全平台持續需求的關鍵成長動力，尤其是在行動領域。透過收購 Identity Automation，Jamf 獲得了近 90 名員工以及一項關鍵的產品差異化優勢，即行動動態身分管理。

In K-12 education and other mobile centric industries, roles and accesses constantly shift. Identity Automation's platform dynamically adjusts access, device and security policies in real time based on schedules, locations and role changes. Identity Automation has a strong foothold in education with more than 500 customers, primarily in the US. Identity Automation has been a longstanding Jamf partner with over 250 shared customers, including five of the top 10 school districts.

在 K-12 教育和其他以行動為中心的行業中，角色和存取權限不斷變化。Identity Automation 平台根據時間表、位置和角色變化即時動態調整存取、裝置和安全性原則。Identity Automation 在教育領域擁有強大的立足點，擁有超過 500 個客戶，主要在美國。Identity Automation 一直是 Jamf 的長期合作夥伴，擁有超過 250 個共同客戶，其中包括十大學區中的五個。

Combining forces, we'll continue to deliver a solution to benefit schools and other industries that rely on mobile centric and deskless workflows, especially where Jamf has a strong presence such as healthcare, retail, aviation, and field services. Additionally, a significant opportunity exists for leveraging our 40,000 existing Jamf education customers, international footprint, and established Jamf channel relationships.

透過共同努力，我們將繼續提供解決方案，使學校和其他依賴以行動為中心和無辦公桌工作流程的行業受益，特別是在 Jamf 具有強大影響力的領域，例如醫療保健、零售、航空和現場服務。此外，我們還有機會利用現有的 40,000 名 Jamf 教育客戶、國際影響力以及已建立的 Jamf 通路關係。

While Jamf is known for its Apple best platform, Identity Automation offers solutions across multiple endpoints. By unifying Jamf's endpoint management and security expertise with Identity Automation's adaptive identity technology, organizations can streamline and enhance overall user experience all within a single platform. We're excited to have the Identity Automation team on board and looking forward to bringing the power of Jamf and Identity Automation to our customers.

雖然 Jamf 以其 Apple 最佳平台而聞名，但 Identity Automation 提供多個端點的解決方案。透過將 Jamf 的端點管理和安全專業知識與 Identity Automation 的自適應身分技術結合，組織可以在單一平台內簡化和增強整體使用者體驗。我們很高興身分自動化團隊加入我們，並期待將 Jamf 和身分自動化的強大功能帶給我們的客戶。

David will review the financial impact of the acquisition later. Now there's one key growth factor that I haven't touched on yet, which is our channel. With respect to the channel, as you recall, we launched our new global partner program in August of 2024 to accelerate the growth of Jamf's channel partners and managed service providers. In just six months, the program is delivering measurable results.

David 稍後將審查此次收購的財務影響。現在有一個關鍵的成長因素我還沒提到，那就是我們的管道。關於管道，正如您所記得的，我們於 2024 年 8 月啟動了新的全球合作夥伴計劃，以加速 Jamf 通路合作夥伴和託管服務提供者的成長。僅六個月的時間，該計劃就取得了顯著的成果。

Since the launch, Jamf has streamlined partner led deal registration, allowing for real time visibility into status, progress, and upcoming renewals, helping Jamf partners engage more effectively with customers. This has resulted in deal registration growth of nearly 50% year-over-year and more than 25% growth as new partners added since the program launch, expanding Jamf's global reach.

自推出以來，Jamf 簡化了合作夥伴主導的交易註冊流程，允許即時查看狀態、進度和即將到來的續約，幫助 Jamf 合作夥伴更有效地與客戶互動。這使得交易註冊量年增近 50%，自計畫啟動以來，隨著新合作夥伴的加入，成長超過 25%，擴大了 Jamf 的全球影響力。

We continue to be a strong channel first visit with partner driven ARR representing over 60% of Jamf's total ARR. Outside of the US partner driven ARR accounts for over 80%. In recognition of our channel efforts, Jamf recently received the 5-Star rating in the 2025 CRN Partner Program Guide. The 5-Star award is an elite recognition given the companies that have built their partner programs on the key elements needed to nurture lasting profitable and successful channel partnerships.

我們繼續成為強大的頻道首次訪問，合作夥伴驅動的 ARR 佔 Jamf 總 ARR 的 60% 以上。在美國以外，由合作夥伴驅動的 ARR 佔比超過 80%。為了表彰我們的通路努力，Jamf 最近在 2025 年 CRN 合作夥伴計畫指南中獲得了五星評級。五星獎是對那些以培育持久盈利和成功的通路合作夥伴關係所需的關鍵要素為基礎建立合作夥伴計劃的公司的一種精英認可。

The Jamf Global Partner Program reaches partners in over 70 countries worldwide. The program leverages a point based system that rewards partners and equips them with the necessary resources they need to grow their business while helping organizations of all sizes succeed with Apple. Jamf's Partner Hub is the one-stop-shop for Jamf's partner community, offering them the ability to monitor deal registration status, check on upcoming customer renewal, complete training certifications, and a host of other co-selling functionality.

Jamf 全球合作夥伴計畫遍及全球 70 多個國家的合作夥伴。該計劃利用基於積分的系統來獎勵合作夥伴並為他們提供發展業務所需的必要資源，同時幫助各種規模的組織與 Apple 合作取得成功。Jamf 的合作夥伴中心是 Jamf 合作夥伴社群的一站式商店，為他們提供監控交易註冊狀態、檢查即將到來的客戶續約、完成培訓認證以及一系列其他聯合銷售功能的能力。

Now before I hand it over to David, I want to discuss how we are operating given the current geopolitical climate. We continue to see demand for Jamf Solutions and expect it to continue given Jamf's industry leading Apple-first solutions. We're closely monitoring customer sentiment and buying cycles. The cost of Jamf is a relatively small portion of an overall IT or security budget, and we believe Jamf's mission critical status for many organizations allows Jamf to be insulated from efficiency efforts.

現在，在我把時間交給大衛之前，我想討論一下在當前的地緣政治環境下我們的運作方式。我們繼續看到對 Jamf 解決方案的需求，並預計鑑於 Jamf 業界領先的 Apple-first 解決方案，這種需求將持續下去。我們正在密切關注客戶情緒和購買週期。Jamf 的成本在整個 IT 或安全預算中所佔比例相對較小，而且我們相信，Jamf 對許多組織至關重要，這使得 Jamf 不受效率努力的影響。

With respect to our federal government exposure, outside of education, government related ARR makes up approximately 2% of our total ARR. This amount includes state, local and federal with federal being the smallest portion. In K-12 education, the vast majority of funding comes from the state and local level with only a small portion coming from the federal funds.

就我們對聯邦政府的風險敞口而言，除教育外，政府相關的 ARR 約占我們總 ARR 的 2%。這個金額包括州、地方和聯邦，其中聯邦所佔比例最小。在K-12教育中，絕大部分資金來自州和地方政府，只有一小部分來自聯邦資金。

As such, we haven't seen an impact to our K-12 budgets. It should be noted that Q2 and Q3 are technically our strongest K-12 education quarters, so we'll be watching this space closely over the next coming months. In summary, considering the fluid situation, we're continually monitoring and adjusting as needed. We believe that we are well positioned given Jamf's ability to meet both the security and the management needs for Mac and mobile devices with the most robust Apple-first platform.

因此，我們的 K-12 預算並未受到影響。值得注意的是，從技術上講，第二季度和第三季度是我們最強勁的 K-12 教育季度，因此我們將在接下來的幾個月中密切關注這一領域。總之，考慮到不穩定的情況，我們會根據需要持續監測和調整。我們相信，鑑於 Jamf 能夠憑藉最強大的 Apple 優先平台滿足 Mac 和行動裝置的安全和管理需求，我們處於有利地位。

In closing, I want to thank our customers, our partners, employees and shareholders for all of your ongoing support. Next, I'll turn it over to David to review our Q1 results and provide our Q2 and full year 2025 outlook.

最後，我要感謝我們的客戶、合作夥伴、員工和股東一直以來的支持。接下來，我將讓 David 回顧我們的第一季業績並提供第二季和 2025 年全年展望。

Thanks, John. As a reminder, all non-revenue metrics I'll be discussing will be on a non-GAAP basis. We achieved solid results again in Q1, exceeding the high end of our revenue outlook. Year-over-year, total revenue growth was 10%. Recurring revenue grew at 11%, representing 98% of total revenues. Less strategic sources of revenue such as services and license continue to experience year-over-year declines.

謝謝，約翰。提醒一下，我將要討論的所有非收入指標都將基於非 GAAP 基礎。我們在第一季再次取得了穩健的業績，超出了我們預期的收入上限。總營收年增10%。經常性收入成長11%，佔總收入的98%。服務和授權等較不具策略性的收入來源持續出現逐年下降。

Our Q1 net retention rate remained flat from Q4 at 104% and gross retention rates remained consistent with historical levels. Non-GAAP operating income exceeded the high end of our Q1 outlook at $37.6 million or a 22% margin, an 800 basis point improvement over Q1 2024. This was driven by our continued commitment to disciplined investment and efficiency efforts.

我們第一季的淨留存率與第四季持平，為 104%，總留存率與歷史水準保持一致。非公認會計準則營業收入超過了我們第一季預期的高端，達到 3,760 萬美元，利潤率為 22%，比 2024 年第一季提高了 800 個基點。這是由我們持續致力於嚴謹的投資和效率努力所推動的。

Sales and marketing as a percent of total revenue improved approximately 400 basis points compared to the prior year period and G&A improved approximately 200 basis points. Our trailing 12 month unlevered free cash flow margin decreased slightly to 12.3% compared to 12.5% in the prior year. Unlevered free cash flow margin continues to be impacted by the timing of billings and collections associated with our comprehensive systems update.

與去年同期相比，銷售和行銷費用佔總收入的百分比提高了約 400 個基點，而一般及行政費用則提高了約 200 個基點。我們過去 12 個月的無槓桿自由現金流利潤率略微下降至 12.3%，而去年同期為 12.5%。無槓桿自由現金流利潤率持續受到與我們全面系統更新相關的帳單和收款時間的影響。

In the quarter, we made good progress on collections and expect DSOs to return to normal levels over the next few quarters. From a cash perspective, we ended Q1 with $222 million. On April 1, we closed the Identity Automation acquisition. Under the terms of the agreement, the $215 million purchase price is payable on two installments, $175 million paid at the close and $40 million payable on October 1. Given Jamf's growth and improving profitability, we remain in a healthy liquidity position.

本季度，我們在收款方面取得了良好進展，預計 DSO 將在未來幾季恢復到正常水平。從現金角度來看，我們第一季的現金餘額為 2.22 億美元。4 月 1 日，我們完成了 Identity Automation 的收購。根據協議條款，2.15 億美元的收購價分兩期支付，其中 1.75 億美元在交易結束時支付，4,000 萬美元在 10 月 1 日支付。鑑於 Jamf 的成長和獲利能力的提高，我們的流動性狀況仍然良好。

Now turning to our outlook for the second quarter and full-year 2025. We remain committed to being a profitable growth company and will build on the progress we've made improving efficiencies, while strategically investing for growth. We believe in creating an achievable model. This outlook reflects current market conditions and we will continue to monitor potential risks as they pertain to the current macro environment.

現在來談談我們對 2025 年第二季和全年的展望。我們將繼續致力於成為一家獲利成長型公司，並將在提高效率的基礎上繼續努力，同時進行策略性成長投資。我們相信可以創建一個可實現的模型。這一前景反映了當前的市場狀況，我們將繼續監測與當前宏觀環境相關的潛在風險。

Our outlook is based on current FX rates and any future currency fluctuations are not factored in. We've taken a prudent approach to the remainder of 2025 by maintaining our previously provided revenue outlook. With the US dollar weakening relative to other currencies and our growing international expense base, we are seeing headwinds of about $2 million to $3 million for the remainder of the year and in turn are including this in our operating income outlook.

我們的展望是基於當前的外匯匯率，不考慮任何未來的貨幣波動。我們對 2025 年剩餘時間採取了審慎的態度，維持先前提供的收入預期。由於美元相對其他貨幣走弱，且我們的國際支出基數不斷增長，我們預計今年剩餘時間的經營將面臨約 200 萬至 300 萬美元的逆風，因此我們將此納入我們的營業收入預期中。

The Q2 and FY25 guidance also includes the revenue and operating income from the recently closed Identity Automation acquisition. It should be noted that Identity Automation has seasonality with respect to ARR and revenue, with the second half of the year generating higher levels than the first half.

Q2 和 FY25 的指引還包括最近完成的 Identity Automation 收購帶來的收入和營業收入。值得注意的是，身分自動化的 ARR 和收入具有季節性，下半年的水平高於上半年。

For the second quarter of 2025, we expect total revenue of $167.5 million to $169.5 million representing year-over-year growth of 10% at the midpoint. Non-GAAP operating income of $29.5 million to $30.5 million representing a non-GAAP operating margin of 18% at the midpoint. This includes some additional go-to-market investment and Identity Automation as well as the previously mentioned impact of FX.

對於 2025 年第二季度，我們預計總營收為 1.675 億美元至 1.695 億美元，年增 10%。非公認會計準則營業收入為 2,950 萬美元至 3,050 萬美元，中間值為 18%。這包括一些額外的市場進入投資和身分自動化以及前面提到的外匯的影響。

For the full-year of 2025, we expect total revenue of $691 million to $695 million representing year-over-year growth of 10.5% at the midpoint. Non-GAAP operating income of $144.5 million to a $147.5 million representing a non-GAAP operating margin of 21% at the midpoint and approximately 500 basis point improvement over fiscal year 2024.

對於 2025 年全年，我們預計總收入為 6.91 億美元至 6.95 億美元，年增 10.5%。非公認會計準則營業收入為 1.445 億美元至 1.475 億美元，中間值為 21%，比 2024 財年提高約 500 個基點。

These amounts include the contribution from Identity Automation of approximately $15 million of revenue for the remaining three quarters of the year, while being margin accretive for the balance of the year. This also embeds the previously mentioned impact of FX. As you model the seasonal impact of Identity Automation, remember that its revenue contribution is highest in Q3. Additionally, given our strong margin profile, we continue to expect to generate unlevered free cash flow growth of at least 75% for the year.

這些金額包括 Identity Automation 今年為剩餘三個季度貢獻的約 1,500 萬美元收入，同時也將增加今年剩餘時間的利潤。這也反映了前面提到的外匯的影響。在對身分自動化的季節性影響進行建模時，請記住其收入貢獻在第三季最高。此外，鑑於我們強勁的利潤率，我們預計今年的無槓桿自由現金流成長仍將至少達到 75%。

In closing, we are committed to growth, while driving incremental operating margin improvement regardless of the environment. Our objective is to exit fiscal '26 at a rule of 40 run rate as defined as the sum of the year-over-year growth plus adjusted EBITDA margin. To be more in line with our comparable group and for ease of calculation, we have made the decision to move to adjusted EBITDA margin for calculating the Rule of 40.

最後，無論環境如何，我們都致力於成長，同時推動營業利潤率的逐步提高。我們的目標是在 26 財年結束時達到 40 倍運行率，即同比增長加上調整後的 EBITDA 利潤率總和。為了與我們的可比集團更加一致並且為了便於計算，我們決定採用調整後的 EBITDA 利潤率來計算 40 規則。

I look forward to sharing our progress against this objective as we move through the year. I also want to thank the entire Jamf team for another great quarter and for expertly serving our customers.

我期待著分享我們在今年實現這一目標所取得的進展。我還要感謝整個 Jamf 團隊又一個出色的季度以及為我們的客戶提供的專業服務。

Now we will take your questions. Operator?

現在我們來回答大家的提問。操作員？

Joshua Riley, Needham.

約書亞·萊利，尼德姆。

Awesome. Thanks for taking my questions and nice job on the quarter here. As you highlighted in the press release, the Identity Automation acquisition is set to enhance your mobile and security adoption. It seems the solutions initially target at the education market. How do you think about moving the solution more to commercial markets, over time as well and including kind of the go-to-market strategy on that front as well?

驚人的。感謝您回答我的問題，本季我們做得很好。正如您在新聞稿中強調的那樣，身分自動化收購將增強您的行動和安全採用率。看來這些解決方案最初是針對教育市場的。隨著時間的推移，您如何看待將解決方案更多地推向商業市場，並在此方面採取某種市場進入策略？

Yes, Josh. This is John. I'll take the question. And then, we actually have Henry Patel in the room as well, our Chief Strategy Officer. He can add some color to certainly part of this acquisition. We really saw this benefit, the education market. We've gone to market with Identity Automation for quite a while.

是的，喬希。這是約翰。我來回答這個問題。然後，我們的首席策略長亨利·帕特爾 (Henry Patel) 也在場。他可以為這次收購增添一些色彩。我們確實看到了這個好處，教育市場。我們已經將身分自動化推向市場很長一段時間了。

As mentioned in the prepared remarks, we have a lot of joint customers. And so we already had some traction there. We really like the fact that it provides the identity to the person, whether it's a shared device or a device that they have. It's based on context. And by extending that security out and proving it out in an education setting, you can imagine all of the different areas that the deskless workflow would benefit from that similar type of model.

正如準備好的評論中所提到的，我們有很多共同客戶。因此，我們在那裡已經取得了一些進展。我們真的很喜歡它為個人提供身份這一事實，無論是共享設備還是他們擁有的設備。它是基於上下文的。透過擴展這種安全性並在教育環境中進行驗證，您可以想像無辦公桌工作流程的所有不同領域都將從類似的模型中受益。

So if you are a shift worker, if you are a traveling nurse, if you are name you're Retail Manager, all of those things require the provisioning and the identity based on where that person is, and it could be time based as well. So we really believe that we can extend this out beyond education. But, again, we have a lot of room to grow in the education. We have over 40,000 education customers worldwide and Identity Automation sold little to none outside the US. So we're really looking to double down on that.

因此，如果您是輪班工人、巡迴護士或零售經理，那麼所有這些都需要根據人員所在位置進行配置和身份識別，也可能是基於時間的。因此我們確實相信我們可以將其擴展到教育之外。但是，我們在教育方面還有很大的進步空間。我們在全球擁有超過 40,000 名教育客戶，但 Identity Automation 在美國以外的銷售量很少。所以我們確實希望加倍努力。

I don't know, Henry, do you have (technical difficulty).

我不知道，亨利，你有（技術難度）。

Sure, John. Yes, I'll just make a quick comment here. I think John has kind of outlined all the different opportunities we have within education and outside of education. And really what we're looking for is how do we actually tie ourselves to workflows that we can serve our customers. And if we look at some of the retail aviation, the benefit here is really tying that identity to that device and how do we make that workflow better. Obviously, we're focused on the Apple devices and we want to make that whole experience much better.

當然，約翰。是的，我只想在這裡做一個簡短的評論。我認為約翰已經概述了我們在教育領域內外所擁有的所有不同機會。我們真正尋求的是如何將自己與能夠為客戶提供服務的工作流程連結起來。如果我們看一下零售航空，就會發現這裡的好處實際上是將身分與設備聯繫起來，以及我們如何使工作流程變得更好。顯然，我們專注於 Apple 設備，並希望讓整個體驗變得更好。

Got it. That's helpful. And then just one quick follow-up from me. Now that you have the Jamf for Mac, how do you think about the marketing of that relative to Jamf's business plan going forward? And I guess in terms of like what will you be pushing in terms of customers to adopt? And what's the right scenario where you want to use Jamf for Mac versus the Jamf business plan? Thanks.

知道了。這很有幫助。然後我再簡單跟進。現在您有了 Jamf for Mac，您如何看待相對於 Jamf 未來的商業計劃而言的行銷？我想，就推動客戶採用什麼方法而言？那麼，在什麼情況下您會選擇使用 Jamf for Mac 而不是 Jamf 商業計劃？謝謝。

Yeah, Josh. This is John. It's really -- the Jamf business plan really was oriented more towards the smaller business customer. And Mac for enterprise is really designed for the enterprise and how we have our go-to-market and the buying motion, all of those things are oriented around that enterprise buyer, and including the solution.

是的，喬希。這是約翰。事實上——Jamf 的商業計劃確實更面向小型企業客戶。企業版 Mac 確實是為企業設計的，我們如何進入市場和購買行為，所有這些都是圍繞企業買家展開的，包括解決方案。

So really kind of differentiation there as the smaller customers are going to be more business plan, and the enterprise customers are going to be more on the enterprise for Mac. And after releasing that, we've really seen some good traction there just given the fact that you can talk to an IT buyer who's trusted a customer of ours and has been for years, and they can help extend the security within their environment without having to go through a separate buying motion.

因此，這確實是一種差異化，因為小客戶會更專注於商業計劃，而企業客戶會更專注於 Mac 企業版。在發布該產品之後，我們確實看到了一些良好的發展勢頭，因為您可以與多年來一直信任我們的客戶的 IT 買家交談，他們可以幫助擴展其環境中的安全性，而無需經過單獨的購買動作。

Understood. Helpful. Thank you, guys.

明白了。很有幫助。謝謝你們。

Koji Ikeda, Bank of America.

美國銀行的 Koji Ikeda。

Yeah. Hey, guys. Thanks so much for taking the questions. A couple from me today. So when I listened to the prepared remarks and specifically on the commentary on demand, it sounds like demand is very good out there. And so with you guys keeping the guide, it feels kind of interesting. And so where I'm going with this is, is the guidance and the keeping of the guide, a reflection of the good demand as coming in as expected and you're pulling it forward, therefore keeping the guide? Or could you have potentially kept or raised the guide, meaning has the demand improved, but you're maintaining the guide because of an uncertain macro environment?

是的。嘿，大家好。非常感謝您回答這些問題。今天我收到了幾封郵件。因此，當我聽到準備好的發言，特別是關於需求的評論時，聽起來需求非常好。所以有你們來指導，感覺很有趣。所以我想說的是，指導和保持指導是否反映了良好的需求，正如預期的那樣，而你正在將其向前推進，從而保持指導？或者您有可能保持或提高指南，這意味著需求有所改善，但由於不確定的宏觀環境而維持指南？

Yeah. Thanks, Koji. This is David. Yes, as we thought about the guidance for the balance for Q2 and the guidance of the year, I think you have to keep in the back of your mind of kind of the noise that's out there. Q1, I think there was like little things that we saw, like nothing big. April seems more or less in line. I mean, it's first month of the quarter. And so I think to be prudent, I think it was reasonable for us to just kind of maintain our guidance for the year. I think we feel comfortable doing that.

是的。謝謝，Koji。這是大衛。是的，當我們考慮第二季的平衡指導和全年指導時，我認為你必須牢記外界的各種噪音。Q1，我認為我們看到的只是一些小事，沒有什麼大事。四月的情況似乎大致如此。我的意思是，這是本季的第一個月。因此，我認為，為了謹慎起見，維持今年的預期是合理的。我認為我們這樣做很舒服。

Obviously, we're going to keep our eyes open, watch for any changes in the marketplace and we correct accordingly. But I think it's just prudent right now to provide and just maintain the guidance for the year.

顯然，我們會保持警惕，關注市場中的任何變化，並做出相應的調整。但我認為現在提供並維持今年的指導是謹慎的做法。

Got it. Thank you. And appreciate all the color on FX and the impacts there on operating expenses. But I wanted to ask, maybe FX -- the potential of FX as being an international demand driver, just thinking about a weakening USD. Could you remind us how is Jamf priced internationally? Is it all in USD or is it translated, to local currency? And is a weakening dollar potentially better for you guys from a demand perspective for international customers? Thank you.

知道了。謝謝。並欣賞外匯的所有顏色及其對營運費用的影響。但我想問一下，也許是外匯——外匯作為國際需求驅動因素的潛力，只是考慮到美元走弱。您能提醒我們 Jamf 在國際上的定價嗎？全部都是美元嗎，還是換算成當地貨幣？從國際客戶需求的角度來看，美元貶值對你們來說是否有利？謝謝。

Yeah. So we went live with our new system. We did a system update in August of last year. And part of the reason for that is because we solely build and collect it in US dollars. Now that the system is live and up and running, we have the flexibility and the ability to bill in local currency. So we are in fact doing that now.

是的。因此我們開始使用新系統。我們在去年八月進行了系統更新。部分原因是我們僅以美元建造和收集。現在系統已經上線運行，我們可以靈活地使用當地貨幣進行結算。我們現在實際上正在這樣做。

It's going to be a slow transition as we sign new deals. And as customers renew, we will switch them to local currency billings. So we saw very minimal benefit with the dollar weakening on the top line, but we do have over 25% of our cost in international locations. We are seeing a negative impact on the cost side.

隨著我們簽署新的協議，這將是一個緩慢的過渡過程。當客戶續約時，我們將把他們轉換為當地貨幣計費。因此，美元貶值為我們帶來的收益非常小，但我們在國際地區的成本確實佔了 25% 以上。我們看到成本方面受到了負面影響。

Thank you so much.

太感謝了。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

Yes, thanks for taking my questions. Can you talk a little bit more about the Identity Automation acquisition? I know it's still early, but would love to hear what the initial reception has been like from customers and partners. And then I know you've historically had some partnerships with some of the more traditional identity vendors in the space. So curious if you see those changing at all moving forward?

是的，感謝您回答我的問題。能否再多談談 Identity Automation 收購的情況？我知道現在還為時過早，但我很想聽聽客戶和合作夥伴的初步反應。然後我知道您過去曾與該領域的一些更傳統的身份供應商建立過合作關係。所以好奇的是，您是否看到這些變化正在向前發展？

Yes, I'll take the first part of the question, and I'd like Henry to add some color as well. I mean, as I mentioned before, we've been selling with Identity Automation for some time now, so it's not a new go-to-market motion with us. And I think on day two, we closed our first deal. So it's been -- it's gotten, it's continued and we've been very happy with the results and how that's going with the integration and the traction that the go-to-market teams are going.

是的，我回答問題的第一部分，我希望亨利能夠補充一些內容。我的意思是，正如我之前提到的，我們已經使用身分自動化進行銷售有一段時間了，所以這對我們來說並不是一個新的上市舉措。我想第二天我們就完成了第一筆交易。所以它已經得到了，它繼續了，我們對結果以及它的整合進展和市場推廣團隊的牽引力感到非常滿意。

Again, we're using our go-to-market team to support theirs so that we can really expand it certainly internationally and then think about how to do other industries outside of education. But Henry, why don't you add a little as well?

再次，我們正在利用我們的行銷團隊來支持他們的工作，以便我們能夠真正地在國際上擴展業務，然後考慮如何開展教育以外的其他行業。但是亨利，你為什麼不也加一點呢？

Yeah, absolutely. Jamf's posture is always that we're trying to integrate into existing customer environments. How do we fit in? How do we stand out? We have great partnerships in the identity market. We continue to have those partnerships and we will strengthen those as well.

是的，絕對是如此。Jamf 的姿態始終是，我們正在努力融入現有的客戶環境。我們如何適應？我們如何脫穎而出？我們在身分識別市場擁有良好的合作關係。我們將繼續保持這些夥伴關係，並且也將加強這些夥伴關係。

What Identity Automation brings to the table is that dynamic identity? How do we actually build on that workflow for those customers in those specific segments and population of customers that we want to actually try to drive more solutions. It is an additive to the existing identity enterprise provider, so we're actually federating. So we don't lose the ability to partner. In fact, we're enhancing the partnership here.

身分自動化帶來的是動態身分？我們如何才能真正為那些特定細分市場和客戶群中的客戶建立該工作流程，以便我們真正嘗試推動更多的解決方案。它是現有身分企業提供者的附加部分，因此我們實際上是在聯合。所以我們不會失去合作的能力。事實上，我們正在加強這裡的夥伴關係。

Okay. That's helpful. And then great to hear that net new ARR reaccelerated during the quarter. Can you talk about some of the drivers of that and whether anything stood out between security, mobile, or maybe even some of the key industries within tech or education that that helped drive that?

好的。這很有幫助。很高興聽到本季淨新 ARR 再次加速成長。您能否談談其中的一些驅動因素，以及安全、行動，甚至科技或教育領域的一些關鍵行業中是否有什麼因素推動了這一趨勢？

Yeah, Jake, this is John. Really, the Mac for the Enterprise and the Mobile for Enterprise, both of them saw some good traction as we released those and it really simplifies our go-to-market motion there as well. So that that certainly was helpful. We continue to see demand.

是的，傑克，這是約翰。實際上，當我們發佈企業版 Mac 和企業版 Mobile 時，它們都獲得了良好的發展勢頭，這也確實簡化了我們的上市流程。這確實是有幫助的。我們繼續看到需求。

As David mentioned, there's caution out there and it's the same across the industry. I've spoken with other CEOs, and they're seeing similar things. There's caution, but there's still demand. And with the mobility and the increase of mobility and the need for mobile security, all of those things play really, really well into our commercial performance since last quarter.

正如大衛所提到的，人們都持謹慎態度，整個產業都是如此。我與其他執行長交談過，他們也看到了類似的情況。雖然存在謹慎，但需求仍然存在。隨著行動性的提高以及對行動安全的需求，所有這些都對我們的上個季度以來的商業表現產生了非常大的影響。

Yes. And Jake, just to add on, in terms of vertical performance, I think we saw strength in healthcare, financial services, education. And on the regional side, we had a good APAC quarter. And then in Europe, Central, Southern and UK, Ireland also performed well.

是的。傑克，補充一下，就垂直表現而言，我認為我們在醫療保健、金融服務和教育方面表現出色。從地區來看，我們在亞太地區本季的業績表現良好。隨後在歐洲中部、南部和英國，愛爾蘭的表現也不錯。

Very helpful. Thanks for taking the questions.

非常有幫助。感謝您回答這些問題。

DJ Hynes, Canaccord Genuity.

DJ Hynes，Canaccord Genuity。

Hey, guys. This is Luke on for DJ. Thanks for taking the question. So, we've seen reports out there of customers pulling forward Apple device purchases that trying to get ahead of potential tariffs. I understand the impact to you there isn't going to be direct, but wondering if you have any thoughts about how that might play out for your business, if there is any change in sort of pull forward in those device counts at your customers?

嘿，大家好。我是 Luke，擔任 DJ。感謝您回答這個問題。因此，我們看到有報告指出，客戶提前購買蘋果設備，試圖避開潛在的關稅。我知道這對您來說不會是直接的影響，但我想知道您是否想過這會對您的業務產生什麼影響，您的客戶的設備數量是否會有所變化？

Yeah, Luke, I can try to answer that question. Of course, I can't speak for Apple. We have seen -- we haven't seen necessarily the pull forward. I don't doubt that that would happen if companies are trying to buy ahead of potential tariffs and things like that down the road. And you're right, it doesn't have a direct or an immediate correlation to our business, but longer term, obviously as Apple expands, that gives us a bigger footprint.

是的，盧克，我可以嘗試回答這個問題。當然，我不能代表蘋果發言。我們已經看到——我們還沒有看到必然的向前拉動。我毫不懷疑，如果公司試圖在未來可能出現的關稅和類似問題之前購買，這種情況就會發生。你說得對，它與我們的業務沒有直接或即時的關聯，但從長遠來看，隨著蘋果的擴張，這顯然會給我們帶來更大的影響力。

I guess the only thing from the Apple side is that they tend to navigate these types of things really, really well in the past and they're a healthy company. So I think that, if a company, a hardware company is going to be able to navigate it well, it's certainly Apple.

我想，從蘋果的角度來看，他們過去往往能夠很好地處理這類問題，而且他們是一家健康的公司。所以我認為，如果一家公司，一家硬體公司能夠很好地應對這項挑戰，那肯定是蘋果。

Yeah, that's great and helpful. Thank you. And then maybe a follow-up, just on your cloud marketplace momentum. The AWS marketplace has been a strong channel for you guys in the past. I think Azure just went online in Q4. Just wondering if you're seeing any early signs of pipeline build in that channel, for that marketplace and how do you see that evolving over time?

是的，這很棒而且很有幫助。謝謝。然後也許會進行後續跟進，僅關注您的雲端市場發展勢頭。AWS 市場過去一直是你們的強大管道。我認為 Azure 剛剛在第四季上線。只是想知道您是否看到該管道、該市場中管道建設的任何早期跡象，以及您認為它會如何隨著時間的推移而發展？

Yeah, we do actually, it's nice to see. As I mentioned in past calls, we were very pleasantly surprised on the AWS marketplace and now extending that into the Azure marketplace. We're seeing similar traction. It's early days, but we have -- we have closed deals through it, and we know that there's pipeline building.

是的，我們確實這麼做了，很高興看到。正如我在之前的電話會議中提到的，我們對 AWS 市場感到非常驚喜，現在我們將其擴展到 Azure 市場。我們看到了類似的趨勢。現在還處於早期階段，但我們已經透過它達成了交易，我們知道正在建立管道。

We speak very regularly with our Microsoft sales partners, and they're continuing to trudge ahead along with our teams. And so I'm optimistic about how Azure will do in a similar way that AWS did.

我們與微軟銷售合作夥伴保持定期溝通，他們也將繼續與我們的團隊一起奮力前進。因此，我對 Azure 能夠像 AWS 一樣表現得如此樂觀。

Does that answer your question?

這回答了你的問題嗎？

Yes, that's great. Thank you.

是的，太棒了。謝謝。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Hey, everyone. This is Isaac on for Raimo. Thanks for taking the question. Maybe on the education side, great to hear the strong performance in the quarter and how Jamf K-12 has already started to pick up a little bit. As we think about you moving into the seasonally more weighted education portion of the year, how are you feeling from a pipeline perspective? And has Jamf K-12 augmented your visibility at all to any degree?

嘿，大家好。這是 Isaac 代替 Raimo 上場。感謝您回答這個問題。也許在教育方面，很高興聽到本季的強勁表現以及 Jamf K-12 如何開始回升。當我們想到您即將進入一年中季節性更重要的教育階段時，從通路角度來看您感覺如何？Jamf K-12 是否在某種程度上提高了您的知名度？

Yes. It certainly has. We know we've been talking about this education refresh coming for quite a while, and we know that some jurisdictions have paused on that just out of caution and out of expense pressure, but we are seeing some of that. We talked about it last quarter on the call, we're certainly seeing some pipeline build.

是的。確實如此。我們知道我們已經談論這個教育改革有一段時間了，我們也知道一些司法管轄區出於謹慎和費用壓力而暫停了這項改革，但我們已經看到了一些這樣的情況。我們在上個季度的電話會議上討論了這個問題，我們確實看到了一些管道的建設。

We're in discussions with renewals and expansion of a lot of our international customers, particularly in the APAC region. So we're again, cost we're optimistic about the K-12 upcoming season. And certainly with Identity Automation, that really gives us an extra push, not only an experienced sales team that that's used to working with education, but we have a more holistic solution we can go to market with together. So we're excited along with our K-12 offering. I'm optimistic about our upcoming season.

我們正在與許多國際客戶，特別是亞太地區的客戶討論續約和擴張事宜。因此，我們再次對即將到來的 K-12 賽季感到樂觀。當然，身分自動化確實給了我們額外的推動力，不僅擁有一支習慣於教育工作的經驗豐富的銷售團隊，而且我們還有一個可以共同推向市場的更全面的解決方案。因此，我們對所提供的 K-12 服務感到非常興奮。我對我們即將到來的賽季充滿樂觀。

All right. That's super helpful. And then maybe one for David on the free cash flow side. It was nice to see the improvement year-over-year in Q1 as well as the reiteration of the full-year guide for that 75% growth. As we think about the shape of that through the remainder of the year, should that seasonality mirror what we saw in fiscal '24 or is that going to be a bit more back end weighted as that collections component starts to normalize again?

好的。這非常有幫助。然後也許大衛在自由現金流方面有一個。很高興看到第一季同比增長，以及全年 75% 增長預期的重申。當我們思考今年剩餘時間的情況時，季節性是否應該反映我們在 24 財年看到的情況，或者隨著收款部分再次開始正常化，後端權重是否會更大一些？

Yeah. I think what we'll end up seeing is it will improve -- it should improve throughout the year. If you look at DSOs for Q1, we're about 20 days over. And the reason for that is with the systems update we did last year, there were some billing corrections that we needed to make in the system. So what happened was we ended up having a back end loaded quarter from a billings perspective. We had a very large amount of billings in March.

是的。我認為我們最終會看到情況有所改善——全年都會有所改善。如果你看一下第一季的 DSO，我們已經超出了大約 20 天。原因在於我們去年進行的系統更新時，需要對系統進行一些計費更正。因此，從帳單角度來看，我們最終經歷了一個後端負載過重的季度。我們三月的帳單數量非常多。

And so those should start being collected looking out in May, mid-May, late May, early June, sometime around that period. And so we would expect DSOs to return to a more normal range as we move out to the year. And in turn the free cash flow margins will improve as well throughout the year.

因此，這些數據應該在 5 月、5 月中旬、5 月下旬、6 月初或大約那個時期開始收集。因此，我們預計隨著時間的推移，DSO 將恢復到更正常的範圍。反過來，全年的自由現金流利潤率也會提高。

Great. Thank you.

偉大的。謝謝。

Patrick Walravens, Citizens.

帕特里克·沃爾拉文斯，公民。

Hi, guys. Thank you very much for taking my question. This is Nick on for Pat. Just one for me. David, it's been a little over six months, since you've started working at Jamf. What is one thing that's been more challenging than you expected? And what is one thing that's been easier than you expected?

嗨，大家好。非常感謝您回答我的問題。這是尼克 (Nick) 代替帕特 (Pat)。對我來說只有一個。大衛，你開始在 Jamf 工作已經有六個多月了。什麼事情比您預期的更具挑戰性？有什麼事情比您想像的還要容易？

Yeah. I would say probably the challenging piece would be the systems, right? Anytime you move to a new system, we move to a new ERP that went live in August. We have 76,000 plus customers, we sell in 100 different countries. We're seeing huge benefit from the system as well as we're getting it optimized and performance is improving.

是的。我想說，最具挑戰性的部分可能是系統，對嗎？每當您遷移到新系統時，我們都會遷移到 8 月上線的新 ERP。我們擁有超過 76,000 名客戶，產品銷往 100 個不同的國家。我們從系統中看到了巨大的好處，並且對其進行了優化，性能也提高了。

But I would say like anybody that moves to a new system while you're operating a public company, a big company that will happen. We feel great with where we're at. We're getting better visibility on numbers. We're getting better -- we can bill in different currencies now. We have the partner portal set up. So there's a lot of good things that are coming out of it. So challenges, but I think in the long run, this will be a complete asset for us.

但我想說，任何人在經營上市公司、大公司時轉向一個新系統都會發生這種情況。我們對目前的狀況感到很滿意。我們對數字的了解越來越深入。我們正在變得更好——我們現在可以用不同的貨幣結算。我們已經建立了合作夥伴入口網站。因此，有許多好事由此產生。雖然這充滿挑戰，但我認為從長遠來看，這對我們來說將是一筆巨大的財富。

On the good side, I would say it's our product and our customers. We have a rich set of blue chip customers around the world. We sell into all verticals. This is a horizontal solution. It's not verticalized in any way. We can sell it any vertical. And our international reach as well, there's quite a bit of opportunity internationally still. I mean, I think it's very early days international. So challenges system, of course, but then also the customer base and with the product -- the strength of the product is a pleasant surprise.

從好的方面來說，我想說這是我們的產品和我們的客戶。我們在全球擁有一群豐富的藍籌客戶。我們的產品銷往所有垂直產業。這是一個橫向的解決方案。它無論如何都不是垂直的。我們可以將其銷售給任何垂直行業。我們的國際影響力也很大，在國際上仍有相當多的機會。我的意思是，我認為現在國際化還處於早期階段。因此，挑戰系統當然存在，但客戶群和產品也存在——產品的優勢是一個驚喜。

Great. Thank you very much.

偉大的。非常感謝。

Samik Chatterjee, JPMorgan.

摩根大通的 Samik Chatterjee。

Hi. This is Priyanka on for Samik. How are you guys doing?

你好。這是 Priyanka 代替 Samik 上場的。你們還好嗎？

Great. How are you?

偉大的。你好嗎？

Good. So one question. I see from Identity Automation that you kind of have a fifth -- if we're doing the back of the math, back of the paper math right here, we got $15 million uplift in the full-year guide -- and then -- for revenue and then $1.5 million for operating profit for 21% operating margin.

好的。所以有一個問題。我從 Identity Automation 看到，您有五分之一 - 如果我們在這裡進行數學運算，紙面數學運算，我們在全年指南中獲得了 1500 萬美元的增長 - 然後 - 收入和 150 萬美元的營業利潤，營業利潤率為 21％。

Is this basically just to kind of keep it at 21%? What do -- what does Identity Automation's operating margins look like typically? And can it be improved once you kind of move away well, move into commercial from the education heavy portion that you see right here? And I have a follow-up.

這基本上只是為了將其保持在 21% 嗎？Identity Automation 的營業利潤率通常是多少？那麼，一旦您從現在看到的以教育為主的部分轉向商業，情況是否會得到改善？我還有一個後續問題。

Yes. That's a great question. Yeah, Identity Automation has a similar shape to revenues throughout the year as we do on the education side. So the second half is stronger than the first half. In turn, they do have large customers, it's US based, so naturally they're more profitable and we expect that profitability to continue. We anticipate it well -- we said from the beginning, it was accretive on the top and the bottom line, and we still think that holds true.

是的。這是一個很好的問題。是的，身分自動化全年的收入狀況與我們在教育方面的情況類似。所以下半場比上半場更強。反過來，他們確實擁有大客戶，而且總部位於美國，因此自然他們的利潤更高，我們預計這種盈利能力將持續下去。我們對此有很好的預期——我們從一開始就說過，它對頂線和底線都有所增長，我們仍然認為這是事實。

In Q2, we did add some additional expenses. For go-to-market, we're seeing good demand out there. We're seeing some international demand as well and we're preparing for the Southern Hemisphere school season. And then also as a side note, we have FX too in Q2 and throughout the year. But we expect that the Identity Automation margins will improve in the second half of the year from the second quarter.

在第二季度，我們確實增加了一些額外的開支。對於市場進入，我們看到了良好的需求。我們也看到了一些國際需求，我們正在為南半球的開學季做準備。另外，順便說一下，我們在第二季和全年也有外匯。但我們預計身分自動化利潤率將從第二季開始在下半年有所提高。

All right. Fantastic. And on the product line, you have Jamf for Mac and a few other things that you've launched. What makes it very differentiated from your offerings? There could be like some sort of risk of seeing a bunch of different offerings that may or may not be differentiated. And will it drive cannibalization of bundling solutions where customers are choosing, I want this X, Y, and Z? So I would love to get into those parts.

好的。極好的。在產品線上，您推出了適用於 Mac 的 Jamf 和其他一些產品。它與您的產品有何不同？可能會存在某種風險，即看到一堆可能有區別或沒有區別的不同產品。這是否會導致捆綁解決方案的相互蠶食，讓客戶選擇「我想要這個 X、Y 和 Z」？所以我很想了解這些部分。

Yeah, I can take that first part of it at least. We're not -- we really oriented the products certainly between the Mac for enterprise and the mobile for enterprise. There's different products in there. Some of them are similar, but many of them are very different oriented towards the mobile piece of that, for example. So there's a differentiation there.

是的，至少我可以接受第一部分。我們不是－我們的產品確實定位於企業用 Mac 和企業用行動裝置之間。裡面有不同的產品。其中一些是相似的，但其中許多在面向移動方面有很大不同。因此，這其中存在著差異。

As I mentioned earlier, with business plan and Mac for enterprise, the differentiation there is those products in the business plan are more oriented towards the smaller customers and what we've included in that. And we don't anticipate any cannibalization in that. Those if -- we're if we have to go through two buying motions to get that same product into that customer, we've noted that with our platform solutions, not only do we have a higher conversion rate at a higher ASP, but we also have better retention.

正如我之前提到的，商業計劃和企業版 Mac 的區別在於，商業計劃中的產品更面向小客戶，而我們也將其中的內容納入其中。我們預計這不會造成任何蠶食。如果我們必須經過兩次購買動作才能將同一種產品送到客戶手中，我們注意到，透過我們的平台解決方案，我們不僅在更高的平均售價下實現了更高的轉換率，而且還實現了更好的保留率。

So those are all things that play into the fact that that providing those platform solutions is the right thing for our customer. And again, we listen to our customers and how they want to buy and this is what we've been in discussions with them about. So that's why we're providing them.

所以，所有這些都表明，為我們的客戶提供這些平台解決方案是正確的。再次強調，我們會傾聽客戶的意見，並了解他們想要如何購買，這就是我們一直與他們討論的內容。這就是我們提供它們的原因。

And Priya, one additional comment on Identity Automation revenues. We go-to-market with a cloud-based solution, but the company does have some legacy term based that result in immediate recognition of a portion, a good portion of the revenues and then there's maintenance that's pro rata over time. And so you'll see that increase in Q3 and Q4, but it'll end up being a little lumpy between Q3 and Q4 because of that.

Priya，關於身分自動化收入還有一點補充評論。我們採用基於雲端的解決方案進入市場，但公司確實有一些遺留條款，導致立即確認一部分，很大一部分收入，然後是按比例隨時間推移的維護。因此，您會看到第三季和第四季有所成長，但由於這個原因，第三季和第四季之間的成長最終會有些不平衡。

All right. Thank you so much.

好的。太感謝了。

Aidan Perry, Piper Sandler.

艾丹佩里、派珀桑德勒。

Hi, this is Aidan on for Rob Owens. Thank you for taking my question. With the latest acquisition of Identity Automation, how should we think about R&D spend going forward and the product roadmap for security?

大家好，我是 Rob Owens 的 Aidan。感謝您回答我的問題。隨著最近對 Identity Automation 的收購，我們應該如何考慮未來的研發支出和安全產品路線圖？

Yeah. On the R&D spend, I don't -- it's -- we're integrating the company together from a product perspective and go-to-market perspective and that will happen. And we are committing a little more money upfront, because we see the need.

是的。關於研發支出，我認為我們正在從產品角度和市場角度整合公司，這將會發生。而且，由於我們看到了需求，所以我們預先投入了更多資金。

And I think the addition of R&D to our total, it shouldn't throw the percentages off too much, because it's part I mean, it's a smaller company and it probably won't be that noticeable as you look out as to the consolidated R&D as a percent of revenues in the coming periods.

我認為，將研發費用添加到我們的總額中，不應該使百分比偏離太多，因為它是一家規模較小的公司，當你觀察未來時期合併研發費用佔收入的百分比時，它可能不會那麼明顯。

Thank you. And any more thoughts on how to think about the security product roadmap going forward?

謝謝。對於如何思考未來的安全產品路線圖，您還有其他想法嗎？

Yeah. As far as the security roadmap, again, it enhances. We listen to our customers. We actually got into security because our customers asked us to. And this is just one more step in that continued direction, allowing, especially as we have had a lot of success as we've mentioned before in the deskless workflow, we saw a great opportunity for this not only for our 40,000, education customers, but as we look to the deskless workflows, all of those things outside, outside of education on the security standpoint. Again, this is an all security play, so it's going to help enhance our security footprint.

是的。就安全路線圖而言，它再次增強。我們傾聽客戶的意見。事實上，我們進入安全領域是因為我們的客戶要求我們這麼做。這只是朝著這一方向邁出的又一步，特別是正如我們之前提到的，我們在無辦公桌工作流程方面取得了很大成功，我們看到了一個巨大的機會，這不僅對我們 40,000 名教育客戶來說是一個很大的機會，而且當我們從安全角度看待無辦公桌工作流程時，教育之外的所有這些事情也如此。再次強調，這是一項全方位的安全舉措，因此它將有助於增強我們的安全足跡。

Very helpful. Thank you.

非常有幫助。謝謝。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to John Strosahl for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目單交還給約翰·斯特羅薩爾 (John Strosahl)，以便他可以發表進一步的評論。

Yeah. Thanks, Jonathan. And thanks, everyone, for your time today. We're pleased with our solid performance this quarter. We continue to monitor potential risks as they pertain to the current geopolitical environment and will adjust as needed. For now, we continue to execute on our growth and profitability initiatives and remain committed to our goal of achieving the Rule of 40. We hope to see some as we participate in the conferences over the next month. And thank you again for joining us and have a great evening.

是的。謝謝，喬納森。感謝大家今天抽出時間。我們對本季的穩健表現感到滿意。我們將繼續監測與當前地緣政治環境相關的潛在風險，並根據需要進行調整。目前，我們將繼續執行成長和獲利計劃，並繼續致力於實現 40 規則的目標。我們希望在下個月參加會議時能夠看到一些。再次感謝您的到來，祝您有個愉快的夜晚。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。