Jamf Holding Corp (JAMF) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for joining us, and welcome to Jamf's second quarter earnings call. (Operator Instructions)

女士們，先生們，感謝你們的到來，歡迎參加 Jamf 第二季財報電話會議。（操作員指示）

I will now hand the conference over to Jennifer Gaumond, Vice President, Investor Relations. Please go ahead.

現在我將會議交給投資人關係副總裁 Jennifer Gaumond。請繼續。

Good afternoon, and thank you for joining today's call to discuss Jamf's second quarter 2025 financial results. Joining me on today's call are John Strosahl, CEO; and David Rudow, CFO.

下午好，感謝您參加今天的電話會議討論 Jamf 2025 年第二季的財務表現。參加今天電話會議的還有執行長 John Strosahl 和財務長 David Rudow。

Before we begin, a reminder that shortly after the market closed today, we issued a press release announcing our second quarter financial results. We also published our Q2 investor and earnings presentations, along with an Excel file containing quarterly financial statements to assist with modeling. You may access this information on the Investor Relations section of jamf.com.

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，宣布了我們的第二季財務業績。我們也發布了第二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。

Today's discussion includes forward-looking statements, which involve risks and uncertainties that could cause actual results and trends to differ materially from our forecast. For more details, please refer to the risk factors and other information discussed in our most recent SEC reports, including our most recent annual report on Form 10-K. Jamf assumes no obligation to update forward-looking statements, which speak only as of the date they are made.

今天的討論包括前瞻性陳述，其中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。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 表格年度報告。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.

我們也將參考一些與 Jamf 績效相關的非 GAAP 指標。我們的收益報告中提供了與最接近的可比較 GAAP 指標的對帳。

(Event Instructions) Now I'll turn it over to John.

（活動說明）現在我將把它交給約翰。

Thanks, Jen. We saw very strong results in Q2 with year-over-year revenue growth of 15% and non-GAAP operating income margin of 19%, exceeding the high end of our outlook for both metrics.

謝謝，Jen。我們在第二季度取得了非常強勁的業績，營收年增 15%，非公認會計準則營業收入利潤率達到 19%，超過了我們對這兩項指標的預期上限。

Total ARR grew 14% year-over-year to $710 million, driven by growth in Security ARR from the addition of identity automation and the launch of our platform solutions. For the first time, we achieved over $700 million in total ARR, over $500 million of commercial ARR and over $200 million of Security ARR.

總 ARR 年成長 14%，達到 7.1 億美元，這得益於身分自動化的增加和平台解決方案的推出帶來的安全 ARR 的成長。我們首次實現了超過 7 億美元的總 ARR、超過 5 億美元的商業 ARR 和超過 2 億美元的安全 ARR。

Our platform strategy removes the barriers to Apple adoption by providing customers with our suite of security and management solutions in a single SKU. Each offering is tailored to specific buyer personas, leveraging Jamf's strong and long-tenured IT admin relationships. This enables Jamf to deliver across our four key growth vectors: security, mobile, international and channel.

我們的平台策略透過單一 SKU 為客戶提供我們的安全和管理解決方案套件，消除了 Apple 採用的障礙。每項產品都針對特定的買家角色量身定制，利用 Jamf 強大且長期的 IT 管理關係。這使得 Jamf 能夠實現我們的四個關鍵成長目標：安全、行動、國際和通路。

First, Jamf for Mobile. By investing in mobility, organizations can fundamentally change how they do business by enabling transformational workflows throughout their operations. Jamf has a proven track record of helping organizations to invest in a mobile-first strategy for both desktop and deskless users in multiple industries. By going beyond the mobility framework and providing comprehensive solutions and an extensive partner ecosystem, Jamf enables organizations to fully realize their digital transformation initiatives other vendors simply cannot provide.

首先是 Jamf for Mobile。透過投資移動性，組織可以透過在整個營運過程中實現轉型工作流程從根本上改變其業務開展方式。Jamf 在幫助多個行業的組織為桌面用戶和非桌面用戶投資行動優先策略方面有著良好的記錄。Jamf 超越了行動框架，提供了全面的解決方案和廣泛的合作夥伴生態系統，使組織能夠充分實現其他供應商無法提供的數位轉型計劃。

Mobile devices are at higher risk with internal research data showing 1 in 10 users click on a malicious phishing link. With Jamf for Mobile, we help IT and security teams confidently protect users, devices, data and applications without impacting the end user experience. This helps risk-intolerant teams feel comfortable with introducing mobile into more workflows.

行動裝置面臨的風險更高，內部研究數據顯示，十分之一的用戶會點擊惡意網路釣魚連結。透過 Jamf for Mobile，我們幫助 IT 和安全團隊自信地保護使用者、裝置、資料和應用程序，同時不影響最終使用者體驗。這有助於不願承擔風險的團隊放心地將行動裝置引入更多工作流程。

Jamf for Mobile also makes it easy for mobility teams to plan, deploy and scale mobile-first strategies and workflows. Layered capabilities provide controls for users, devices and applications. With our vast partner ecosystem for vertical-specific use cases, organizations can implement a fully baked solution to make their digital transformation a reality.

Jamf for Mobile 也讓行動團隊能夠輕鬆規劃、部署和擴展行動優先策略和工作流程。分層功能為使用者、裝置和應用程式提供控制。借助我們針對垂直特定用例的龐大合作夥伴生態系統，組織可以實施完全成熟的解決方案，實現其數位轉型。

With Jamf for Mobile creating tailored experiences based on the employee's role, organizations can provide the exact resource employees need at the moment of need. For example, in retail, 40% of employees share or go without a mobile device. Insufficient IT infrastructure, complexity of integration and technical issues are all highly cited reasons for not providing devices. The same challenge is also present in manufacturing, health care, hard hat industries and transportation.

Jamf for Mobile 可根據員工的角色建立客製化體驗，因此組織可以在員工需要時提供所需的確切資源。例如，在零售業，40% 的員工共享或不使用行動裝置。IT基礎設施不足、整合複雜性以及技術問題都是不提供設備的常見原因。製造業、醫療保健業、安全帽產業和運輸業也面臨同樣的挑戰。

In Q2, a Middle Eastern airline purchased Jamf for Mobile for 10,000 iPads to be used as crew devices and electronic flight bags. Jamf was chosen over the two largest UEM vendors for this four-year deal due to a number of factors, including protecting a rapidly scaling mobile fleet worldwide with a layered defense of network threat defense; secure DNS; real-time OS health with instant remediation and quarantine; feeding the airline's security operations center with actionable telemetry via native SIM integration delivering rich mobile-specific events; providing a granular data usage and roaming governance policies that cap spend without hindering operations; and combining all electronic flight bag critical controls into a single SKU, which is far simpler than piecemeal licensing offered by the competition.

第二季度，一家中東航空公司購買了 Jamf for Mobile，用於 10,000 台 iPad，用作機組人員設備和電子飛行包。Jamf 在與兩家最大的 UEM 供應商的四年期交易中脫穎而出，憑藉多種因素脫穎而出，包括：透過分層網路威脅防禦保護全球快速擴張的行動裝置群；安全 DNS；即時作業系統健康，並具有即時修復和隔離功能；透過本機 SIM 卡集成為航空公司的安全營運中心提供可操作的遙感治理數據，提供豐富的行動裝置特定事件； SKU，這比競爭對手提供的零碎授權要簡單得多。

Helping make Jamf for Mobile even more robust, we recently announced Android enrollment support, which was available starting July 1. Jamf has long delivered cross-platform mobile security. Android devices have already been protected by our mobile threat defense; web protections like phishing, content filtering; and Zero Trust access technologies.

為了讓 Jamf for Mobile 更加強大，我們最近宣布了 Android 註冊支持，該支援將於 7 月 1 日開始提供。Jamf 長期以來一直提供跨平台行動安全服務。Android 裝置已經受到我們的行動威脅防禦、網路釣魚、內容過濾等網路保護以及零信任存取技術的保護。

However, without Android enrollment support, many organizations had to rely on third-party unified endpoint management tools to meet cross-platform requirements. In those scenarios, Apple devices often ended up managed through platforms that weren't built with Apple in mind, leading to subpar experiences and limited access to native capabilities.

然而，由於缺乏 Android 註冊支持，許多組織不得不依賴第三方統一端點管理工具來滿足跨平台需求。在這些情況下，Apple 裝置通常最終會透過未考慮到 Apple 而建構的平台進行管理，導致體驗不佳且對本機功能的存取受到限制。

With Android enrollment, Jamf for Mobile will enable organizations to manage their full mobile fleet through one solution while keeping Apple at the center of their mobile strategy. This addition is designed for organizations that want to select Apple as their strategic mobile platform, but operate in environments where a small subset of Android devices still need support. And historically, that meant additional vendors, extra complexity or compromises to the Apple experience.

透過 Android 註冊，Jamf for Mobile 將使組織能夠透過一個解決方案管理其全部行動設備，同時將 Apple 置於其行動策略的中心位置。這項新增功能專為那些希望選擇 Apple 作為其戰略行動平台，但在一小部分 Android 設備仍需要支援的環境中運營的組織而設計。從歷史上看，這意味著需要更多的供應商、增加複雜性或損害 Apple 的體驗。

For Mac, endpoints have evolved and management alone is no longer enough. Customers need a solution that not only simplifies Mac at work, but also secures and protects it with built-in security, compliance, deep visibility and identity controls.

對 Mac 來說，端點已經發展，單靠管理已經不夠了。客戶需要的解決方案不僅可以簡化 Mac 的工作，還可以透過內建的安全性、合規性、深度視覺性和身分控制來保護它。

This is where Jamf for Mac stands apart: enhancing security while integrating seamlessly with existing tools and ensuring onboarding is quick and easy. Jamf for Mac is designed to complement, not replace the security investment customers have already have in place, filling the gaps where Windows' first security tools miss and our Apple-first approach reduces risk.

這就是 Jamf for Mac 的獨特之處：增強安全性，同時與現有工具無縫集成，並確保快速輕鬆地進行入門。Jamf for Mac 旨在補充而不是取代客戶已有的安全投資，填補 Windows 首批安全工具所缺失的空白，而我們的 Apple 優先方法可以降低風險。

In Q2, a German car manufacturer purchased Jamf for Mac after a proof-of-concept period where we won a full migration away from a legacy competitor. The process also included satisfying dozens of security requirements and numerous certifications as testament to Jamf's commitment to security.

在第二季度，一家德國汽車製造商在經過概念驗證期後購買了 Jamf for Mac，我們成功地從傳統競爭對手那裡獲得了全面遷移。該流程還包括滿足數十項安全要求和眾多認證，以證明 Jamf 對安全的承諾。

Additionally, in Q2, a health care solutions provider recently converted to Jamf for Mac for its 5,000 Mac across a variety of users. This long-time Jamf customer was looking to expand their use of Mac and offering it as a choice to their employees. Part of this process included showing that total cost of ownership to support Mac was lower or within the range of what it costs to support their PCs.

此外，在第二季度，一家醫療保健解決方案提供商最近為其各類用戶的 5,000 台 Mac 轉換為 Jamf for Mac。這位 Jamf 的長期客戶希望擴大 Mac 的使用範圍，並將其作為選項提供給員工。這一過程的一部分包括表明支援 Mac 的總體擁有成本低於或在支援其 PC 的成本範圍內。

Key to this win was demonstrating how Jamf for Mac offers all the tools to support Mac at scale, including purpose-built security for Mac environments and providing additional automation through Jamf for Teams. Ultimately, the customer chose a three-year agreement with growth built in for years 2 and 3, which will significantly increase the customer's Mac footprint over time.

這場勝利的關鍵在於展示了 Jamf for Mac 如何提供所有工具來大規模支援 Mac，包括專門為 Mac 環境建置的安全性以及透過 Jamf for Teams 提供額外的自動化。最終，客戶選擇了為期三年的協議，並在第二年和第三年內建成長，這將隨著時間的推移顯著增加客戶的 Mac 足跡。

In education, technology goals have changed dramatically with a focus on meeting individual learner needs. This means that management, security and classroom support have also changed, bringing a need for empowerment into the classroom with technology to support learning in multiple ways.

在教育領域，技術目標發生了巨大變化，重點是滿足個別學習者的需求。這意味著管理、安全和課堂支援也發生了變化，需要利用科技為課堂提供多種方式支援學習。

As schools use devices more often in classrooms with less IT-specific knowledge, the need for students to have the right apps at the right time in a secure and safe environment where learning takes place is essential. Non-IT specialist staff don't want to be concerned with IT issues arising in a lesson and want to know that students are only using the devices and Internet for subject-specific focused learning.

由於學校在課堂上使用設備的頻率越來越高，而學生對 IT 專業知識的掌握程度卻較低，因此，讓學生在安全的學習環境中適時使用正確的應用程式至關重要。非 IT 專業人員不想擔心課堂上出現的 IT 問題，而只想確保學生僅使用設備和互聯網進行特定學科的重點學習。

As deployments grow, IT departments want to scale in an efficient and effective way. This includes making it simple and seamless to add additional devices, ensuring compliance with security policies and meeting various end user needs without increasing their workload through help desk ticket fatigue. Jamf K-12 meets these goals by bringing a full solution that meets IT, learning and teaching needs with device management, security and classroom workflows.

隨著部署的成長，IT 部門希望以高效且有效的方式擴展。這包括簡單且無縫地添加其他設備，確保遵守安全策略並滿足各種最終用戶的需求，而不會因服務台票務疲勞而增加他們的工作量。Jamf K-12 透過提供滿足 IT、學習和教學需求的完整解決方案（包括設備管理、安全性和課堂工作流程）來實現這些目標。

In Q2, a large school district in Kentucky switched from a UEM to Jamf for K-12 for both its student and faculty iPads. The district was struggling with their existing vendor's technical limitations, including the ability to track devices, remove pre-installed apps and lock security settings effectively.

在第二季度，肯塔基州的一個大型學區將其學生和教職員工的 iPad 從 UEM 轉換為 Jamf for K-12。該學區正在努力克服現有供應商的技術限制，包括追蹤設備、刪除預裝應用程式和有效鎖定安全設定的能力。

Key to this four-year deal were Jamf's Zero Touch deployment, the Jamf Teacher and Parent app, blueprints for group device updates and activity logging for individual devices. With Jamf K-12, the district has stronger device control, improved device visibility, enhanced support and increased value.

這項為期四年的協議的關鍵是 Jamf 的零接觸部署、Jamf 教師和家長應用程式、群組設備更新藍圖以及單一設備的活動日誌記錄。借助 Jamf K-12，該學區擁有更強的設備控制力、更高的設備可見度、增強的支援和更高的價值。

This win also represents one of our first cross-sell wins with Identity Automation. We're delighted to have the Identity Automation team on board and are pleased with the team's performance in Q2. The team is focused on delivering the remainder of the education buying season.

這次勝利也是我們首次透過身分自動化實現交叉銷售的成功之一。我們很高興身分自動化團隊加入我們，並對團隊在第二季的表現感到滿意。團隊專注於完成教育購買季的剩餘任務。

As we look to the future, our vision is for Jamf to deliver secure, seamless access for every user on any device or platform while unlocking deeper, more personalized experience on Apple. By extending the identity platform into the native Apple ecosystem, Jamf transforms authentication into a frictionless advantage.

展望未來，我們的願景是讓 Jamf 為任何裝置或平台上的每個用戶提供安全、無縫的訪問，同時在 Apple 上解鎖更深入、更個人化的體驗。透過將身分平台擴展到原生 Apple 生態系統，Jamf 將身分驗證轉變為無摩擦優勢。

In order to accelerate the execution of our platform strategy, we recently announced a strategic reinvestment plan to support the continued success of our business. This plan includes strategic reallocation of resources to allow for investments in areas with the highest growth potential and drive additional operational leverage in the business.

為了加快我們平台策略的執行，我們最近宣布了一項策略再投資計劃，以支持我們業務的持續成功。該計劃包括策略性地重新分配資源，以便在具有最高成長潛力的領域進行投資，並推動業務的額外營運槓桿。

We're focused on two key areas. First, we made enhancements within go-to-market. We're taking steps to realign our go-to-market organization to allow for investments in areas that have the greatest opportunity for growth and align with our platform strategy.

我們重點關注兩個關鍵領域。首先，我們在市場進入方面做出了改進。我們正在採取措施重新調整我們的行銷組織，以便在具有最大成長機會並與我們的平台策略保持一致的領域進行投資。

In enterprise, that means increasing investment and resources to support enterprise customers who deliver higher growth, stronger retention and greater return on investment. This includes investing in enterprise sales talent to expand our reach.

對於企業而言，這意味著增加投資和資源來支持那些實現更高成長、更強保留率和更高投資回報的企業客戶。這包括投資企業銷售人才以擴大我們的影響力。

In addition, SMB customers are an important part of our base, representing a significant portion of our customer count and ARR. In order to streamline our go-to-market efforts within this segment, we're simplifying our approach to these customers by scaling our reach through the channel. Additionally, we're developing a more automated customer solution and experience to deliver greater customer value and improve operational efficiency.

此外，中小企業客戶是我們客戶群的重要組成部分，占我們客戶數量和 ARR 的很大一部分。為了簡化我們在這一領域的市場推廣工作，我們正在透過擴大管道覆蓋範圍來簡化我們與這些客戶打交道的方式。此外，我們正在開發更自動化的客戶解決方案和體驗，以提供更大的客戶價值並提高營運效率。

The second area of focus is enhancing our artificial intelligence capabilities. We've experienced meaningful efficiencies over the last year from deploying AI within our operations, sales, product and customer success groups. For example, we've embedded AI across our sales forecasting, customer success and support functions, driving improved forecasting accuracy, earlier risk detection and scalable cost-efficient customer engagement.

第二個重點領域是增強我們的人工智慧能力。過去一年，我們在營運、銷售、產品和客戶成功團隊中部署人工智慧，獲得了顯著的效率提升。例如，我們在銷售預測、客戶成功和支援功能中嵌入了人工智慧，從而提高了預測準確性、更早地檢測風險並實現了可擴展且經濟高效的客戶參與。

In our product organization, the team has deployed AI tools for maintenance code generation, bulk update processing and model context protocol server projects.

在我們的產品組織中，團隊已經部署了用於維護程式碼產生、批次更新處理和模型上下文協定伺服器專案的AI工具。

We will continue to accelerate delivery of AI and automation-driven solutions across the entire organization and have established a governance process around it. Our strategic reinvestment plan will help expand our capabilities by accelerating investments in AI to further enhance the customer experience. We believe these initiatives will help drive long-term growth, improve operational efficiency and enhance shareholder value.

我們將繼續加快在整個組織內交付人工智慧和自動化驅動的解決方案，並圍繞它建立治理流程。我們的策略再投資計畫將透過加速對人工智慧的投資來進一步提升客戶體驗，從而幫助我們擴大能力。我們相信這些措施將有助於推動長期成長、提高營運效率並提升股東價值。

Recent AI innovations, along with enhanced automation, compliance and identity management capabilities were showcased during our global customer event series, Jamf Nation Live, across seven cities in Europe and the US. For AI, we featured new capabilities to enhance IT experiences, simplify operations and improve efficiency.

我們在歐洲和美國七個城市舉辦的全球客戶活動系列 Jamf Nation Live 展示了最新的人工智慧創新以及增強的自動化、合規性和身分管理功能。對於人工智慧，我們推出了新功能來增強 IT 體驗、簡化操作並提高效率。

Jamf AI Assistant empowers IT administrators with intelligent action-oriented capabilities designed to enhance productivity and support better decision-making. We introduced two new capabilities within AI Assistant, search skill and explain skill now available in beta for testing. The search skill allows IT admins to perform quick natural language inventory queries, making it faster and easier to identify devices that meet specific criteria, accelerating tasks like troubleshooting, compliance auditing and fleet management.

Jamf AI Assistant 為 IT 管理員提供智慧的行動導向功能，旨在提高生產力並支援更好的決策。我們在 AI Assistant 中引入了兩項新功能，搜尋技能和解釋技能現已在測試版中提供測試。搜尋技能允許 IT 管理員執行快速的自然語言庫存查詢，從而更快、更輕鬆地識別符合特定條件的設備，加速故障排除、合規性審計和車隊管理等任務。

The explain skill simplifies the complexity of mobile device management by translating intricate configurations and policies into clear, easy-to-understand language, helping admins make informed decisions, streamline troubleshooting and manage policies with greater confidence. The platform remains read-only with opt-in activation, ensuring customer controls and security compliance.

解釋技能透過將複雜的配置和策略轉換為清晰易懂的語言，簡化了行動裝置管理的複雜性，幫助管理員做出明智的決策，簡化故障排除並更有信心地管理策略。該平台保持唯讀狀態，可選擇激活，確保客戶控制和安全合規。

The Jamf Nation Live series will continue in the upcoming months with events in Asia Pacific. And there's more to come during our Jamf Nation User Conference, October 7 through 9 in Denver. We hope you'll all join us for three days of the best of Apple management and security. Jen will be reaching out to all of you with invitations shortly.

Jamf Nation Live 系列活動將在未來幾個月繼續在亞太地區舉行。我們將於 10 月 7 日至 9 日在丹佛舉行的 Jamf Nation 用戶大會上發布更多內容。我們希望大家能與我們一起度過為期三天的 Apple 管理和安全最佳體驗。Jen 很快就會向大家發出邀請。

Now I'll turn it over to David to review our Q2 results and provide our Q3 and full year 2025 outlook.

現在，我將交給 David 來回顧我們的第二季業績並提供我們的第三季和 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.

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。

We achieved strong results in Q2, exceeding the high end of both our revenue and non-GAAP operating income outlook. Year-over-year total revenue growth was 15% to $176.5 million, exceeding the high end of our guidance range by $7 million. This performance was primarily due to the timing of certain revenues that were recognized in the second quarter and solid results from Identity Automation.

我們在第二季度取得了強勁的業績，超過了我們的收入和非公認會計準則營業收入預期的高端。總營收年增 15%，達到 1.765 億美元，超出我們預期範圍的高端 700 萬美元。這項業績主要歸功於第二季確認的某些收入的時間以及身分自動化的穩健績效。

As a reminder, we closed the acquisition on April 1, so Q2 reflects a full quarter of Identity Automation results, which were better than expected.

提醒一下，我們在 4 月 1 日完成了收購，因此第二季度反映了身份自動化整個季度的業績，該業績好於預期。

Total ARR grew 14% year-over-year to $710 million. Security bookings were strong, driving 40% year-over-year growth in Security ARR to $203 million. This was driven by both the inclusion of Identity Automation into our results and the launch of our platform solutions. Additionally, net new commercial ARR saw year-over-year growth.

總 ARR 年增 14%，達到 7.1 億美元。安全預訂強勁，推動安全 ARR 年增 40%，達到 2.03 億美元。這是由於將身分自動化納入我們的成果以及推出我們的平台解決方案所推動的。此外，淨新商業 ARR 年成長。

After viewing the increasing level of local currency billings that are made possible due to our system update last year, we are moving to a quarterly FX adjustment to ARR from our previous annual timing. This change will allow for better comparability with our revenue, RPO and operating income and will also result in a more moderate quarterly impact than waiting until Q1 to post the annual adjustment. The adjustment in Q2 for the first half was a less than 1% impact to total ARR balance.

由於去年我們的系統更新，當地貨幣帳單的水平不斷提高，因此我們將從以前的年度調整改為每季對 ARR 進行一次外匯調整。這項變更將使我們的營收、RPO 和營業收入具有更好的可比性，並且與等到第一季才發布年度調整相比，其對季度的影響也將更為溫和。上半年第二季的調整對總 ARR 餘額的影響不到 1%。

Recurring revenue grew 16% and represented 98% of total revenues. We saw significant growth acceleration in RPO with total RPO growing over 20% and long-term RPO growing nearly 40%. Excluding Identity Automation, we saw total RPO growth of nearly 15% and long-term growth of approximately 28%, showing the increasing level of commitment from customers as they continue to expand both the size and length of their Jamf contracts.

經常性收入成長16%，佔總收入的98%。我們看到 RPO 的成長速度顯著加快，整體 RPO 成長超過 20%，長期 RPO 成長近 40%。不包括身分自動化，我們看到整體 RPO 成長了近 15%，長期成長了約 28%，這表明隨著客戶繼續擴大 Jamf 合約的規模和期限，他們的承諾水準也在不斷提高。

Trailing 12-month net retention rate remained relatively flat to Q1 at 103%, and gross retention rates remained consistent with historical levels. Non-GAAP operating income was $33.5 million or a 19% margin, a 360-basis-point improvement over Q2 2024.

過去 12 個月的淨留存率與第一季相比保持相對平穩，為 103%，總留存率與歷史水準保持一致。非公認會計準則營業收入為 3,350 萬美元，利潤率為 19%，比 2024 年第二季提高了 360 個基點。

Sales and marketing as a percent of total revenue improved approximately 300 basis points compared to the prior year period, and G&A improved approximately 150 basis points. We remain committed to improving efficiencies across our business. Q2 adjusted EBITDA grew 40% to $35.3 million, representing a 20% margin.

與去年同期相比，銷售和行銷佔總收入的百分比提高了約 300 個基點，而 G&A 費用提高了約 150 個基點。我們始終致力於提高整個業務的效率。第二季調整後的 EBITDA 成長 40% 至 3,530 萬美元，利潤率為 20%。

Trailing 12-month unlevered free cash flow surpassed $100 million for the first time, growing 24% to $102.9 million. This represents a 15.4% margin compared to a 13.8% margin in the prior year. We made good progress on collections from billings that were delayed due to our comprehensive systems update last year and still expect DSOs to return to normal levels over the next few quarters.

過去 12 個月的無槓桿自由現金流首次超過 1 億美元，成長 24%，達到 1.029 億美元。與前一年的 13.8% 利潤率相比，這一利潤率上升至 15.4%。由於去年我們進行了全面的系統更新，導致帳單延遲，我們在收回這些帳單方面取得了良好的進展，並且我們仍然預計 DSO 將在未來幾個季度內恢復到正常水平。

From a cash perspective, we ended Q2 with $482 million compared to $222 million at the end of Q1. This increase in cash was driven primarily by the $400 million term loan facility we entered into in May, partially offset by the $175 million payment associated with the close of the Identity Automation acquisition on April 1.

從現金角度來看，我們第二季末的現金餘額為 4.82 億美元，而第一季末的現金餘額為 2.22 億美元。現金增加主要得益於我們 5 月達成的 4 億美元定期貸款，但 4 月 1 日完成 Identity Automation 收購時支付的 1.75 億美元被部分抵銷。

This term loan facility was entered into under the same terms as our revolving credit facility. We intend to use the proceeds to finance the $40 million deferred payment for the Identity Automation acquisition, to repurchase a portion of our convertible senior notes due 2026 and for general corporate purposes.

此定期貸款協議的條款與我們的循環信貸協議相同。我們打算利用這筆收益來支付 Identity Automation 收購的 4,000 萬美元延期付款，回購部分 2026 年到期的可轉換優先票據，並用於一般公司用途。

Turning to our outlook for the third quarter and full year 2025. We remain committed to being a profitable growth company and will continue improving efficiencies and strategically investing for growth. This outlook reflects our belief in creating achievable model and is reflective of the recently announced strategic reinvestment plan and the current market conditions.

談談我們對 2025 年第三季和全年的展望。我們仍然致力於成為一家獲利成長型公司，並將繼續提高效率並進行策略性成長投資。這一前景反映了我們對創建可實現模型的信念，並反映了最近宣布的策略再投資計劃和當前的市場狀況。

For the third quarter 2025, we expect total revenue of $176 million to $178 million, representing year-over-year growth of 11% at the midpoint. Non-GAAP operating income of $41.5 million to $42.5 million, representing a non-GAAP operating margin of 24% and growth of 52% at the midpoint.

對於 2025 年第三季度，我們預計總營收為 1.76 億美元至 1.78 億美元，年增 11%。非公認會計準則營業收入為 4,150 萬美元至 4,250 萬美元，非公認會計準則營業利潤率為 24%，中間值成長率為 52%。

For the full year 2025, we're raising our outlook. We now expect total revenue of $701 million to $704 million, representing year-over-year growth of 12% at the midpoint and an increase of $9.5 million from our prior outlook.

對於 2025 年全年，我們正在提高我們的展望。我們現在預計總收入為 7.01 億美元至 7.04 億美元，中位數為年增 12%，比我們先前的預測增加 950 萬美元。

Non-GAAP operating income of $153.5 million to $155.5 million, representing a non-GAAP operating margin of 22% at the midpoint and approximately 600 basis point improvement over fiscal year 2024. This also reflects an $8.5 million increase from our prior outlook and year-over-year growth of 50%. Additionally, given our strong margin profile, we continue to expect to generate unlevered free cash flow growth of at least 75% for the year.

非公認會計準則營業收入為 1.535 億美元至 1.555 億美元，相當於非公認會計準則營業利潤率的中間值為 22%，比 2024 財年提高約 600 個基點。這也反映出比我們之前的預期增加了 850 萬美元，年增了 50%。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將至少達到 75%。

In closing, we remain committed to growth while driving incremental operating margin improvement. Our objective is to exit fiscal 2026 at a Rule of 40 run rate as defined as the sum of the year-over-year revenue growth plus adjusted EBITDA margin.

最後，我們將繼續致力於成長，同時推動營業利潤率的逐步提高。我們的目標是在 2026 財年結束時達到 40 規則運行率，即年收入成長加上調整後的 EBITDA 利潤率總和。

I want to thank all our hard-working and dedicated employees for their continued excellent execution. Now we will take your questions. Operator?

我要感謝我們所有辛勤工作、敬業的員工，感謝他們持續出色的工作表現。現在我們來回答大家的提問。操作員？

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

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

完美的。——快速提問。因此，現在支持更廣泛的生態系統的決定顯然非常有趣。您認為現在從事 Android 業務將在多快的時間內帶來成果，例如開闢新的銷售管道、在銷售宣傳方面帶來新的動力等等？

Yes. Raimo, it's John here. I'll take the question. Really, we developed this because at the behest of our customers, like we do with most things like security and others. And it's really -- there have been mobile installments where a portion of that has been on the Android side and the majority of it has been on the iOS side. And they've asked us, hey, we want to use your security products. So is there a way that we can enroll these Android devices so we can roll that out. And that's really the reason behind this.

是的。雷莫，我是約翰。我來回答這個問題。實際上，我們開發這個產品是因為應客戶的要求，就像我們對待安全等大多數事情一樣。事實上，已經有一部分行動端遊戲在 Android 端發行，而大部分在 iOS 端發行。他們問我們，嘿，我們想使用你們的安全產品。那麼，我們有沒有辦法註冊這些 Android 設備，以便推出這項服務。這才是事情背後的真正原因。

And so not only because -- because they've been requesting it, we've had some pretty good traction on that so far as we've gone back to those same customers and said, okay, now we can do this as of July 1. And so we've had a lot of interest in it and some really good uptake.

因此，不僅因為——因為他們一直在要求這樣做，而且到目前為止，我們在這方面取得了相當不錯的進展，因為我們已經回到了那些客戶身邊，並說，好的，現在我們可以從 7 月 1 日起這樣做了。因此，我們對此表現出濃厚的興趣，並且取得了很好的反響。

Yes. Okay. Okay. Perfect. And then one question for David. Like Identity Automation, you said it's going better. Like how much of revenue are we talking about now like that you think Q2 and as it's now part of the bigger group, like how should we think about the contribution here for the rest of the year?

是的。好的。好的。完美的。然後問大衛一個問題。就像身份自動化一樣，您說它正在變得更好。例如我們現在談論的收入是多少，您認為第二季的收入是多少，而且由於它現在是更大集團的一部分，我們應該如何考慮今年剩餘時間的貢獻？

Yes. So we've integrated that into the education business. And actually, the CEO of Identity Automation is actually now running the entire education group. So all the salespeople within education now have Identity Automation in their bag to sell, which is great. So we've seen good traction with that. We've had a couple of cross-sells, which is really good, and the pipeline is building around that.

是的。因此我們將其融入教育業務中。實際上，Identity Automation 的執行長現在正在管理整個教育集團。因此，教育領域的所有銷售人員現在都可以銷售身份自動化產品，這很好。因此，我們看到了良好的進展。我們已進行了幾次交叉銷售，這非常好，並且銷售管道正在圍繞此建立。

We talked about the upside in the quarter. Half of that was generated from Identity Automation, partially because we built a conservative model. It's a new acquisition. We had to get a good understanding of the business. And they also did outperform our expectations in the quarter.

我們討論了本季的有利因素。其中一半是由身分自動化產生的，部分原因是我們建立了一個保守的模型。這是一次新的收購。我們必須對業務有充分的了解。他們在本季的表現也確實超出了我們的預期。

The other half is Jamf related, improved performance out of Jamf. And then we also had some partner-related business that was signed in Q1, but we recognized revenues in Q2, and that was the other reason for that upside in the quarter.

另一半與 Jamf 相關，提高了 Jamf 的表現。然後，我們還在第一季簽署了一些與合作夥伴相關的業務，但我們在第二季確認了收入，這是本季上漲的另一個原因。

Samik Chatterjee, J.P. Morgan.

薩米克‧查特吉，摩根大通。

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

也許只是從與資源分配相關的策略行動計劃開始。我知道這是為了更好地協調成長而調動資源。但是，既然您重申了退出計劃——在 2026 年退出時遵循 40 規則，那麼我很好奇，當您仔細研究了成本狀況後，您對如何在 2026 年退出時滿足 40 規則的看法是否發生了變化——更多地與您在那個時期的 25% 的利潤率目標有關？我還有一個後續問題。

Yes. So our strategic reinvestment plan that we put in place was really around kind of moving around resources to further support areas of growth of the business.

是的。因此，我們所製定的策略再投資計畫其實就是調動資源來進一步支持業務成長領域。

What we found through our new data that we can review and analyze from the system update is that I think there's ways that we can further improve efficiencies in the small business side, still a very important channel for us. We're going to make investments in the channel. We will also invest in automation and AI. And then, in turn, we will also expand our enterprise sales and support team as well. And the channel will see investments around the world, too, because we've seen very good traction.

透過系統更新中我們可以審查和分析的新數據，我們發現，我們可以進一步提高小型企業方面的效率，這對我們來說仍然是一個非常重要的管道。我們將對該管道進行投資。我們還將投資自動化和人工智慧。然後，我們也將擴大我們的企業銷售和支援團隊。而且該頻道也將在世界各地獲得投資，因為我們已經看到了非常好的吸引力。

We're still targeting a Rule of 40 exiting 2026, there's no change there. There will be some cost savings, but really, the efforts around this was to strategically realign the business to accelerate growth.

我們仍以 2026 年退出 40 法則為目標，這一點沒有改變。將會節省一些成本，但實際上，圍繞這一點的努力是為了從策略上調整業務以加速成長。

Okay. Okay. Got it. And then maybe just turning back to sort of the near-term drivers here. In relation to the fiscal 3Q guide here, you did mention this is sort of a less than normal seasonality from 2Q that you're guiding to from what I can see from -- relative to the last couple of years. And I think some of this is probably what you mentioned in terms of timing of revenue recognition in Q2.

好的。好的。知道了。然後也許只是回到這裡的近期驅動因素。關於這裡的第三季財政指南，您確實提到，從我所看到的來看，與過去幾年相比，這與第二季相比，季節性不太正常。我認為這可能是您提到的第二季收入確認時間方面的內容。

But maybe if you can just talk and help us sort of think through why this might be more -- closer to normal seasonality or what the magnitude of those timing impacts on Q2 were? Or are you seeing anything different from normal seasonality in relation to your Q3 guide?

但是，也許您可以談談並幫助我們思考為什麼這可能更接近正常的季節性，或者這些時間對第二季度的影響程度有多大？或者您發現與第三季指南相關的正常季節性有什麼不同？

Yes. No, I think if you remove those onetime revenue numbers from Q2, it would be more -- it would be kind of a more seasonal ramp into Q3. We have -- Identity Automation, it is a heavy season for them on education side in Q3. And so we will see -- we expect to see a little bit better improvement there, Identity Automation. And then Q4 on Identity Automation, they will have a little bit lighter, sequentially down revenue number for Q4 as well.

是的。不，我認為如果從第二季中刪除那些一次性收入數字，那麼第三季的收入將會呈現更具季節性的成長。我們有—身分自動化，第三季是他們在教育方面的繁忙時期。因此我們將看到——我們期望看到身份自動化方面有更好的改進。然後，在身分自動化方面的第四季度，他們的收入數字會稍微少一些，並且會連續下降。

Jake Roberge, William Blair.

傑克羅伯格、威廉布萊爾。

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

這是 Jacob Zerbib 為 Jake Roberge 所做的報導。您稍微談了一下如何提升上市效率。我只是想談談您的合作夥伴網路。您能否談談與美國合作夥伴的進展？您認為這個頻道最終能帶來與您的國際頻道類似的收入嗎？

Yes, Jake, I'll take the question here. It's John. We've really been leaning into the channel, specifically domestically. And we have a majority of our business, as you mentioned, outside the US already goes through the channel because we started with channel first. And in the US here, really leaning into the channel.

是的，傑克，我在這裡回答這個問題。是約翰。我們確實一直傾向於通路，特別是在國內。正如您所說，我們在美國以外的大部分業務已經透過管道進行，因為我們首先從管道開始。而在美國，人們確實傾向於採用這種管道。

And part of this technical upgrade or systems upgrade that we've been working on not only gave us visibility into the company to show us where we can invest and where our growth is and things where we can really accelerate that growth, but it's also on the channel capability side. And we -- with now the fact that we have a channel partner portal that they can come in and register their own deals and create their own quotes without involving a salesperson at Jamf, a lot of the efficiencies that they get in addition to the new partner program that we've rolled out that gives higher incentives for deal registration and really helping us build the top of the funnel being channel first. Now over 2/3 of our business coming from the channel globally. Again, 80% of that coming from outside the US and increasing pretty rapidly inside the US.

我們一直致力於的技術升級或系統升級不僅讓我們了解公司狀況，讓我們知道我們可以在哪裡投資、我們的成長在哪裡以及我們可以在哪些方面真正加速成長，而且還在通路能力方面。現在，我們有一個通路合作夥伴門戶，他們可以進入該門戶註冊自己的交易並創建自己的報價，而無需 Jamf 的銷售人員參與，除了我們推出的新合作夥伴計劃之外，他們還可以獲得很多效率，這為交易註冊提供了更高的激勵，並真正幫助我們將渠道優先構建為漏斗的頂端。現在我們超過三分之二的業務來自全球通路。同樣，其中 80% 來自美國以外，美國國內的成長相當迅速。

So to answer your question, yes, we believe we can get to those levels worldwide that we have internationally, and we're continuing to do that to help leverage the growth, especially as it relates to some of our smaller customers or mid-market customers.

所以回答你的問題，是的，我們相信我們可以達到我們在國際上的水平，而且我們將繼續這樣做以幫助實現成長，特別是與我們的一些小客戶或中型市場客戶有關。

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

知道了。然後我只想問一下有關安全的問題。你們在管理方面以及在國際市場的教育領域做得非常出色。您能談談那裡對您的安全解決方案的需求嗎？

Yes, I can take that question as well. This is John. And as I mentioned earlier in Raimo's question, again, this was something that we had done at the behest of our customers. And so we continue to see increased demand for our security products. You can't have a secure device without having management and security together on that. And we've seen it in the results that we've had this quarter as well with substantial growth in Security.

是的，我也可以回答這個問題。這是約翰。正如我之前在回答 Raimo 的問題時提到的那樣，這也是我們應客戶的要求所做的事情。因此，我們看到對我們的安全產品的需求不斷增加。如果沒有管理和安全的結合，就不可能擁有安全的設備。我們從本季的業績中也看到了這一點，安全業務也取得了大幅成長。

We continue to see our customers leaning into that, especially as it relates to mobile, and that's been one of our fastest-growing types of business. And we see that across our retail customers, across our transportation customers, professional services, even into manufacturing, all of those areas where the security -- those businesses that are working that deskless workflow understand that those endpoints need to be both managed and secured, and that's where we're getting a lot of good traction there as well.

我們不斷看到我們的客戶傾向於此，特別是與行動相關的業務，而這是我們成長最快的業務類型之一。我們看到，在我們的零售客戶、運輸客戶、專業服務甚至製造業中，所有這些涉及安全的領域——那些採用無辦公桌工作流程的企業都明白，這些端點需要得到管理和保護，而這也是我們獲得大量良好牽引力的地方。

Patrick Walravens, Citizens Bank.

派崔克·瓦爾拉文斯，公民銀行。

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

這是金凱德 (Kincaid) 代替帕特 (Pat) 上場。非常高興聽到這個市場轉變的消息，但我想知道您是否可以強調一下代表配額的任何具體變化，或者您試圖通過這種方式推動人們銷售什麼？

Yes, I can take that, [Kincaid]. This is John. As we look at what we're pushing the reps to sell, I guess, is the platform solutions that we have, which really blends management and security, whether it's a different persona, a customer buying for the Mac or a customer buying for the mobile. And those solutions really oriented toward that persona have done really well.

是的，我可以接受，[金凱德]。這是約翰。當我們考慮推動銷售代表銷售什麼時，我想，是我們擁有的平台解決方案，它真正融合了管理和安全，無論是不同的角色，為 Mac 購買的客戶還是為行動裝置購買的客戶。那些真正針對該角色的解決方案確實做得很好。

And as we look at focusing our go-to-market efforts, as David mentioned, the small- to medium-sized customer base is significant for us, and we're going to continue to support that in a way that those customers want to be supported and also to lean more into the enterprise. And so as we invest in some of our sales resources and go-to-market resources on the enterprise side, really, we see a lot of growth there and very low churn. Our LTV to CAC is very good in that area, and we're going to continue to lean into it to exercise that muscle and generate accelerated growth.

正如大衛所提到的，當我們專注於進行市場推廣時，中小型客戶群對我們來說非常重要，我們將繼續以這些客戶希望得到支持的方式提供支持，同時也更傾向於企業。因此，當我們在企業方面投資一些銷售資源和市場資源時，我們確實看到了很大的成長和很低的客戶流失率。我們的 LTV 與 CAC 在該領域的表現非常好，我們將繼續利用它來鍛鍊這塊肌肉並實現加速成長。

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

好的。目前沒有其他問題。我將把電話轉回約翰·斯特羅薩爾 (John Strosahl) 做結束語。

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

好吧，謝謝大家今天抽出時間。我們希望在即將召開的會議和十月初舉行的年度用戶會議 JNUC 上見到你們。祝您有個愉快的夜晚。

Thank you. This concludes today's call. Thank you for attending. You may now disconnect.

謝謝。今天的電話會議到此結束。謝謝您的出席。您現在可以斷開連線。