Jamf Holding Corp. (JAMF) Earnings Call Transcript & Summary

We are live. All right. Well, thanks, everybody. Looking out in the audience, I see couple of Apple devices, which is good.

But maybe just before we get started, for any folks who are less familiar in the audience, maybe Dean, tell us a little bit about who and what Jamf is, touch on the business, how it's evolved over the years, and how the scope of the opportunity that you're addressing is also expanding.

Yes. First of all, thanks for having us here. Thanks for everybody being in the room. I'm Dean, CEO of Jamf. This is Ian Goodkind, our brand new CFO of Jamf. He was Chief Accounting Officer before that. Back when we were going public, we called them IPO Yoda because he taught us how to go through the process. And so he's -- we're both happy to be here. Regarding Jamf, we were founded in 2002, we have always been focused on the Apple ecosystem. Most historically that have been aware of Jamf, think of us as a provider of device management within the space, but it's actually much broader than that. Our mission is to help organizations succeed with Apple. And we don't put boundaries around ourselves of the type of solutions we can provide in that space. We're driven actually more by our purpose. Our purpose is to simplify work. And for every one of you Windows users in the room, I would suggest that your work technology probably does not feel as simple as your home technology, and we just don't believe that should be the case. There was a day years ago, back when I started in corporate world that your work technology was better than your home technology. And the exact opposite is true today. And we believe that the enterprise, while needing to be enterprise-secure, can be consumer-simple. And if you think of an organization that has that as a purpose, than what better technology to major in than Apple technology? Which the focus with Apple has always been on simplicity for the individual. So that's really where our mission statement and our focus has come from. We have started in the area of device management, but as I mentioned, expanded significantly and most recently in the last few years have added quite a portfolio of security solutions from anti-malware to device protection, anti-phishing, malicious downloads, of next-gen cloud VPN for allowing access and keeping data encrypted in transit, zero trust network access, all a part of our security solutions. And that now alone represents 18% of our ARR and is growing at the fastest pace within our company. We finished our last Q2 with $466 million of ARR. Over 67,000 customers, where 27,000 of those have just come in the last 2 years. And we run on 28.4 million Apple devices out there. So we are widely considered now to be the leader in the Apple enterprise management and security space. We are one of the very few software companies in the world, if you think about it, that offer both device management and security solutions, which we consider to be 2 sides of the same coin. On one side, you're detecting threats; and on the other side, you're mitigating those threats. They really do belong together, and we're able to provide a more simple environment for our customers when we offer them together. And so even though we're the leader in this space, we see -- to your question on the opportunity, there's probably more than 0.5 billion organizationally employed and used Apple devices out there in the world. So we actually have only taken a small nibble out of that market. And so there is still plenty of market to grow. We size it in and around $20 billion, relatively conservatively. So lots of room to grow. And we believe that, that market is going to grow because Apple is also growing so fast in the enterprise.

Fantastic. I think the demand environment and macro is top of everybody's mind. So just jump into it at the beginning. Maybe just touch a little bit what are you seeing since the earnings call around pipeline, sales cycles? Any other noteworthy macro-observations that you'd call out that you're observing in the business?

Yes. So one of the things that we did mention in our earnings call is that diversity is our friend. We have a robust education business for the education market, and we have a robust commercial markets business, which is the majority of our business. And we announced that all 10 of our top 10 commercial industries, our ARR was growing at least 30% year-over-year. So that's really nicely spread across industries. We announced that all of our major geographies, we're growing greater than 30% year-over-year, and that all of our products are growing at least 25% year-over-year. So having that diversity gives us a lot of optionality if any areas of the market soften a bit. Our pipeline is very robust. The way we describe the demand is that we're simply not market limited. We get a lot of questions about market demand. And what I'll encourage people to do is to say that's actually not the best question to ask for Jamf, who is not market-limited. It's really we're more execution limited. How best can we hire and onboard people to take advantage of the opportunity? And not going to lie, this is -- I think everybody knows, this year has been a little bit of a slog from a hiring perspective. It's been a more difficult environment to get up to headcount. But I would much rather have that be our inhibitor than market demand being the inhibitor, which we don't see any there, and our pipeline remains robust.

Great. And then maybe for you, Ian, another area we hear a lot about is just the balancing of growth and profitability. Jamf has always been a pretty balanced model. Maybe a little color on what's allowed Jamf to execute on both of these initiatives growing and expanding margin. And then give us an update in terms of just how you're thinking about the company's investment philosophy in this environment going forward.

Yes. Thanks for the question. So we do take a balanced and prudent approach, right? We look at growth rates, and we looked at returns and profitability in down those and we think about the rule of 40. So we do kind of measures and look forward. We know we have some great opportunities in growth. We look at our portfolio. As Dean was alluding to, 71% of our ARR is in commercial with 29% being in education. And last quarter, we reported that the commercial side was growing 53% compared to the education side of 16%. So obviously, the fastest part of our -- or the biggest part of our business is growing fastest. So we're actually investing in those areas that provide the highest and quickest return. And another area there to focus on is we are focusing on the sales and marketing part of the organization, really reinvesting to drive those fast returns. The areas you'll see continued opportunity for margin expansion or operating margin expansion is really reducing that G&A and being more scalable in that area.

Great. You mentioned a little bit about some of the customer segments in education and commercial. Maybe just a quick update on what you're seeing across those different segments, the balance of resource capital allocation and investment across both. Maybe just a quick update there would be great.

Do you want to take that?

Sure. Yes. Yes. I mean, so we are seeing a faster growth rate. What I would say, just going in the future, one thing on the commercial side. I talked about the 53% growth, that's little inflated because we're overlapping or running over that full year of Wandera acquisition. But you can think of that as at least a 2x growth rate of what education will be. I think the other thing to think about is in our commercial business, there is a 5x pricing. So we look at 5x of pricing compared to the education. So we are reinvesting again in those parts of the business there to grow fastest and give us the highest returns. And education -- lastly, on the education piece, we are -- we did release a new product called Safe Internet, which is our first security product within education. So we're really excited about the customers adopting that.

And we released that on July 1. And as far as since the earnings call, that has been a real bright spot for us. We just love the reception that, that product is.

Amazing. Amazing. Again. So there's -- you mentioned it a little bit, Dean, there's a very nice security business that's growing within Jamf. Maybe just stepping back, like give us a little bit of insight in terms of what do you think gives you the permission to go out and sort of win in security across the Apple ecosystem? And maybe just a little bit more detail around just how that security portfolio has grown and evolved.

Yes. Boy, I love that the question the way you phrase that. The permission to win within the space. that is the big question, why could we enter into a crowded space and have differentiation? And the simplest answer to that is that 90% of the security industry is 90% focused on Windows. It's that simple. The Mac space is a relatively forgotten space, and the mobile space actually does not offer a lot in the area of security as well. And so we just went to where the voids are in order to provide greater value. Now our first security product was launched in 2018, Jamf Connect. And what it does is it connects the identity of the human being that is on the device to the cloud identity, and it just creates for a very nice management of a fleet, but it also so simplifies the access for the user to everything that they need through biometrics on the device and yet offers a more secure environment. But then about a year later, we launched the Jamf Protect product. And there were a couple of very specific reasons why we launched that product. One and most important, we went to our customers, mostly in your industry, actually, and we said, "How many people within your organization have Macs? And how many people want Macs?" And the gap was huge, and we simply asked why does the gap exists? And the number 1 reason that came out was that the InfoSec teams and the CISOs did not have confidence in the security software that was running on the Mac. So we went out to build that solution. Now it just so happens, at the exact same time, Apple was given an indication to the market that they were likely going to come out with this new M1 chip. And we knew what that was going to do. That was going to disrupt the security industry because all security software that was out there had software running in the operating system kernel, which is a no-no on Apple, and would require quite a porting job to support a new processor. So we designed a security software that has nothing in the operating system kernel and actually looked for Apple-specific threats. And we launched it just before the launching of the M1 chip. And when that hit, our product just took off because immediately, organizations wanted the vastly improved price/performance of the M1 Mac. But to do so, they had to get security software that was designed for the matter. So really, those are the reasons -- a couple of reasons, why we were able to launch the way we did.

Can you talk a little bit about just maybe the difference between the go-to-market motion that's happening in device management versus security? Is there complementarity there? Like how -- is it a different buyer? What are you observing across those 2 businesses?

So first of all, we do have 1 single sales force. We have 1 face to the customer. And we -- like most organizations we'll have a hunting organization and a farming organization. And largely, in the hunting organization, they try and sell just the Jamf bundle right out of -- the entire portfolio. In the farming organization, you're going back with our current products to those customers. But one of the reasons why it's important to keep that 1 face to the customer is you just don't want channel conflict and 2 different Jamfs with 2 different priorities. And you also want to be able to pivot to where the opportunity is. One salesperson called me one day and said they called into an opportunity that they were forecasting, and the -- relatively recently. And the customer said, "I'm so sorry, but our management budget just got hack -- cut because our CEO wants us to invest in security instead." And that salesperson was able to instantly pivot that sales motion to say, "Well, since you already know you want to move to us for management, why don't you invest in Jamf security solutions now? Because the whole solution that you'll be able to provide later when you go to Jamf Management is going to be better." We try to sell management security, reduce relatively effectively as 2 sides of the same coin. And if you think of the security leaders out there, other than Microsoft, none of them have a management solution. And if you think of the major management solutions out there other than Microsoft, none of them have a security solution. Jamf and Microsoft are kind of alone in doing that. Yes, VMware acquired Carbon Black, but that's never really been integrated and offered. And Microsoft is majors in Windows, Jamf majors in Apple. And we partner together to provide a great whole solution for customers.

Amazing. Just staying on the thread for a minute, how have you guys thought about what's going into the pricing and packaging decisions around the bundles that you just mentioned? And maybe even just stepping back, like kind of becoming a multiproduct company, where do you think the business is at in sort of that journey and evolution? What have you learned? What do you think you can learn. I would love to hear more and add a little bit.

You start Yes.

So we've had some really good success. We've started doing some bundles. If you look -- you think about Jamf business plan and you think of Jamf fundamentals, both of those have had really good traction. Just kind of one stat for the audience for Jamf Pro customers, 33% of those on the commercial side have more than 1 product, which is a really nice attach rate there. And also, if you think about it, we have one management security, every company is good by one management tool. But we have now 5 tools from a security standpoint that they can go with. So we're looking at additional bundling. We'll be talking more about that in the future. And one stat on the Jamf Fundamental side, so that's kind of our tool for our SMB customers. We've seen just in the recent -- the short time it's been out, we've seen it go from 0 to 33%. Did I get that number -- 16%, sorry 16% in just a really short time? And so we've seen such great success when we started bundling these products together.

And what you'll see going forward, and Ian had mentioned, we have separate security products, and a customer might buy all 5 of those and just 1 management product because you only need 1 management product. But what we will do going forward is just to simplify things for customers, is everything is going to be grouped into either management or identity-related or threat-related. So we're going to have all of our threat-hunting solutions, from network through to device; all of our identity focused solutions, from authentication through private VPN access; and then all of our management solutions. So you'll likely see bundles around those 3 categories and then the Jamf Platform model as well.

Okay. Fantastic. And sticking with kind of the theme of product attach and diversification. I think one of the questions we hear a lot about is exposure to PC shipment volumes and if there's global economic slowdown. What's the corresponding impact on growth if PC shipments ultimately slow down? How is the growth and evolution and being a multiproduct company, the security business? Like what -- just talk to us a little bit about that line of questioning.

Yes. So first of all, for those not aware, we have, for the last 2 quarters, according to Apple's earnings announcements, been in a very supply constrained environment. So the first thing that I'll always remind people of is, if we're performing like this in a supply constrained environment, man, I cannot wait until we're not in a supply constrained environment. But it is what it is and pretty much all manufacturers are facing this right now. And so as a result -- and again, this is something that we've been in. If devices are being queued up from an order perspective, and I order my iPhone 14 the other day, and it's not coming until October, it ticks me off. But in that environment, we don't lose any deals. It just may shift from 1 month to the next month. The bigger -- so this supply constraints don't bother me that much because I know it's just a matter of time and it's maybe a shifting. The hiring would bother me a little bit because, obviously, if the workforce is bringing on new people at a slower rate, that will affect somewhat of the device growth. But the advantage that we have is -- how do I want to say this in a way that doesn't sound too attacking of anybody? There is not a shift from Apple devices to Windows devices, right? We all agree at that, that there's no organization out there that's doing a shift from Apple devices to Windows devices. There's a huge shift from Windows devices to Apple devices. And now that Apple's price/performance of the Mac and also the iPad Pro now behaves so much more like a laptop as well, they've got 2 legitimate Windows replacement devices there. And so that shift is going to continue to occur even if hiring slows. So we'll get the device growth from that. And then in addition, 5 years ago, Jamf's only path for our NRR growth was through device growth. But now with the 5 security products that Ian talked about, we just pivot the discussion. If somebody says, "Oh, we're not going to be hiring as much in the next 6 months. So and my devices aren't going to grow with as much," our salespeople go, "It sounds like a perfect time to rearchitecture security posture so that you could be ready for your next hiring surge." And we just have another path to grow within that customer.

Amazing. Probably your favorite maybe most often asked question is just the discussion around the Apple relationship. For either of those in the audience who are unfamiliar or just an update, maybe just provide a little bit of an update on what the relationship is with Apple, how you view their intentions around device management and security. Intentions going into the enterprise. What do you think is most important to understand and communicate around that?

I thought you were going to ask me what Jamf stands for. That's the #1 most asked question. But our partnership with Apple is as strong as it's ever been. We have a multidimensional partnership with Apple. Our dev teams, even though we rely on no private access, no private APIs, everything we use is available to the public. We just use it in a very innovative way. And we strategize a lot about where the market is going and how we, together, can meet where the market is needed. So we partner on the product side. We partner on the marketing side. We -- our JNUC conference is in 2 weeks. If you tune in, you will see Apple speak from our general session, our keynote stage. So we have a similar go-to-market message together as well. And then we partner together on the sales front as well. Apple resells us in education, they resell us through Apple retail. And they also are probably our best go-to-market partnership within the enterprise space. Even though they go through channels, we sell through the same channels, and we just have the same influencing salespeople working. And then, of course, I think everybody knows that Apple is also a customer of ours, of course, we're a customer of Apple's. But that remains to be a growing, thriving long-term relationship that we've had as well. You asked specifically about Apple Business Essentials, which was something that was announced last November, and the market severely misread what that meant for about 2, 3 weeks, and I've been asked about it frequently since. It means nothing to Jamf from a competitiveness perspective. I said it right up front, that it meant nothing to Jamf from a competitiveness perspective. And it's a year later and that proven out to be exactly true. For those that watch the space closely, you would -- people would know that Apple's actually offered that very simplistic management features since 2011. The product was called Configuration Manager. And they just really never evolved it forward because it's not a focus of Apple. They had to have some level of rudimentary management that is first party. Every device manufacturer does. Otherwise, picture an environment where somebody goes into an AT&T store and says, "I need to buy some mobile devices for my 10 employees." And if they said now, "Can I lock the device if I lose it somewhere?" And if that AT&T rep says, "Well, you can if you buy Android. You can if you buy Surface. And you can't if you buy Apple, you would have to go buy third-party software." You just can't have that. They won't be purchased in small businesses. So Apple has to offer, as they always have, some first-party very low level that gets people introduced to the space. What it does more than anything is it truly just introduces organizations to software like that. And after using it a very short period of time, they will almost always find their way to Jamf. So it poses no competitive threat to us whatsoever, and Apple's interest of actually being a provider of business software when it comes to management and security remains as nil as it's been the entire time that we've worked with them. And I think if you know Apple, you know their DNA, as I mentioned earlier, I think, in the first question, their DNA is for the individual. That's everything. There's still old quotes out there from Steve that said, "Once you stop -- once you start focusing on organizations, you stop focusing on individuals." And Apple is about individuals, and we are about, we'll say, Apple's focus on the person, we're focused on the people. We like that arrangement, Apple likes that arrangement. Apple has no desire to be Microsoft, Microsoft is a quality organization, but Apple is not that. And as a result, our partnership has really thrived and continues to.

And it was pretty exhaustive. But just any lingering misconceptions that you kind of continue to hear around that line of questioning? And maybe just anything else that you think require further explanation?

I mean, the big -- I suppose that everything historically that Apple has ever done in the space supports everything that I've said about what their planning to do in this space. And the lingering question that will come back will be, okay, you're right about everything they've ever done. But still, what if? And there are 2 things occur to me on that front. First and foremost is there was an entire industry of people building Windows software. Even though Microsoft built the exact same thing, and nobody ever said that, right? Nobody said, "boy, wait a second, isn't CrowdStrike explodes up around the Windows infrastructure, even though Microsoft, who owns Windows, competes with them on that." There's always space for solutions, no matter what the infrastructure, that bring and deliver customer value. The second thing that you should be aware of is that Apple's -- it is in Apple's financial best interest, in my opinion, to continue the arrangement that they would have with Jamf. Because, one, they're able to continue to focus on the simplifying technology for the individual, which is the whole reason they've grown in the enterprise because the consumerization of IT has brought individual choice into the enterprise. So they know they've drawn in the enterprise because of that focus. Two is that -- and a lot of people don't realize this. Apple receives, I'm sure you know this part. They receive a margin for every app that sells in the app store. That actually goes into their services revenue that's so popular at Apple. Well, at an organizational level -- they sell applications and take margins on that as well. But at an organizational level, they do that through the volume purchase program, which means that organizations like Jamf need to distribute those apps. Well, Jamf is the largest distributor of apps purchased through the volume purchase program in the world. And therefore, all of the margin that goes to Apple from those apps purchased is because of Jamf's distribution. That's all feeding their services revenue. Apple has no desire to disrupt this machine that Jamf has become within the enterprise that actually feeds them device growth and also services revenue growth.

Great. maybe just continuing on with the competitive landscape. VMware pending acquisition of Broadcom. Maybe just talk a little bit, what are you seeing and hearing in the marketplace around the Workspace division within VMware? Obviously acquired AirWatch and Carbon Black. Is this a potential opportunity and a tailwind for Jamf? And just what are you seeing out there?

So one of the things that just culturally at Jamf, we always instruct our salespeople, don't ever talk about our competition. If somebody asks about talking about the competition, say the best people to talk to about our competition is our competition. Not us, we're going to talk about us. So I never want to be perceived as bashing our competitors. But yet, you all, as investors, know that VMware has been our largest competitor over the years. And so therefore, from a pure investment perspective, it's a relevant question. If you've been following the device management space over the last 10 years, say back in 2013, '14, '15, the leading providers in that space were actually not Microsoft, or not Jamf at the time. It was Good Technology. It was MobileIron and it was AirWatch, which got acquired by VMware and became Workspace ONE. Those were the big 3 leaders in this space. In my view, they all have the flawed strategy, as many others do as well, that customers ultimately will gravitate to a single solution that manages all devices, treating them all the same, almost like it's all a shade of gray. And it's always been our assertion that as long as Apple, Google and Microsoft never innovate, that strategy will work. But that won't happen. Those 3 companies are going to innovate every single year, and they want their users to experience all the color and differentiation of those devices. And so even though it was tempting to go to a unified approach, they're actually going to settle on an approach that is Microsoft for Windows, Jamf for Apple. And I think what has happened over the last 5 to 7 years is those 2 providers have actually become the leading providers in the space for that very reason. Good Technology started to falter, got acquired or I would say, consolidated by BlackBerry. MobileIron started to falter, got consolidated by Avanti. And both those markets, the competitive nature of those -- they just disappeared. We only see those providers when we are going into somebody that runs them and we're taking business. We never compete for new business against either of those providers anymore. VMware's pending acquisition by Broadcom, I believe, will create over the next 2 to 3 years the same phenomenon, except that it's going to be a much larger base. VMware, our estimation is that their base of customers represents about twice as much as what MobileIron and Good's was together. And as a result, I believe that's going to be the largest replacement market that we've ever faced. And one of the reasons why it becomes a replacement market when something like this happens is you can't be static in the Apple space. You have got to move at the pace of Apple. My iPhone is running iOS 16. If you follow the Apple space, you'll know that iOS 16 was released 2 days ago. I never had to ask -- I don't know if any of you have ever received e-mails that say, don't upgrade to the latest operating system, okay? Jamf customers never received that e-mail. Our users upgrade whenever they want to upgrade. I upgraded to iOS 16 a month ago, which means I upgraded to the iOS 16 beta. And I never even had to ask IT whether to do it. I just knew it would run. That's the confidence that Jamf-level customers -- that Jamf customers have of staying up to speed with Apple. After the Broadcom acquisition closes in 2023 and the fall releases of all the Apple operating systems come, Broadcom will be judged by that Apple base. Because if investment has been cut and they're not keeping speed with Apple's innovations, that market is going to shift pretty radically. And it's my prediction that, that indeed will happen.

Yes. Fascinating. Maybe just looking out over the next 2 to 3 years as you continue your journey into security, multiproduct. Any new competition, any new competitors? If we just kind of look out, who do we think those folks are? Are there none? Which is -- curious, your perspective.

I always said that we really have had -- there's probably 4 competitors that have emerged, like by name, I would cite them and say their competitors and they fit in 2 different categories. On the high end, it's Microsoft and VMware. VMware I just spoke to. Microsoft, we think of them way more like a partner than we do a competitor. Microsoft has shown us that, provided that we create a great experience for the user within a Microsoft cloud enterprise, and we share our device inventory and our security compliance and logging data with Microsoft tools, like Sentinel and Microsoft Endpoint manager, they are happy. Because they want to provide the best data to CIOs and CISOs. And if they get the best data from a Jamf app that's running on the device, they'll take it, right? So that is actually much more of a partnership than a competitive situation. On the low end of the market is where we've had a few companies arise that are essentially trying to repeat Jamf's success and follow Jamf's Apple-specific strategy. In full transparency, probably the 2 most notable in that space are a company named Kandji and a company named Mosyle. They're both quite a bit smaller than Jamf, trying to come into the space. We obviously actually agree with their strategy because they're mimicking our strategy, and we kind of like our strategy. So -- and because the Apple footprint is growing so substantially, I actually think they will probably do well. I think there's room for multiple providers within this space. However, because our product line is so much more broad, so much more deep, we scale up and down the customer base so well, and we have such significant industry expertise and capability, that we compete favorably in those environments. And to some extent, when we go in and we find out that the customer is only inviting in Apple providers, we kind of feel like we've already won. Because for the last 20 years, we've been trying to convince customers what you really need is an Apple expert to come in, versus some of the big gorillas. And so when we enter into a competitive environment and all they invited in was Apple experts, we kind of feel like we won entering the picture. And then we just are able to rely on our own innovation and our own breadth and depth to be able to win. And our win rates have stayed the same no matter who we've competed against. So -- those would be the new emerging competitors. There is one other category of competitor, and that is now that we're in security would be the security providers, like Microsoft. However, almost all of the security providers in the space are Jamf customers as well. And so we just have a real -- that's a frenemy type of environment. And we have the same arrangement with all of them we have with Microsoft. And that is, all we want is to create a great experience on that endpoint. We will share all of our telemetry with you, and you could be that base to the CISO. And generally, they kind of like that arrangement.

Great. You've got a big user conference coming up. What -- anything -- any sneak previews, anything you can talk about with the audience here and what to expect?

I would encourage everybody to tune in. You can search on JNUC 2022. Our keynote session is September 27. You can register for just the keynote, if you want, or you can attend the entire conference. We also are going to have an Investor Day on Thursday of that week, that would be the 29, right? 29. It will be a product innovation focus because that's really what JNUC is all about. So I can't recall -- this is our 13th annual -- I certainly -- we've never had one where we've had so much product news going in to an event. But in some ways, I think the highlight of JNUC this year is the collaboration that we have with the -- with, frankly, the industry gorillas. I mean, we have got exciting projects going on with the most notable enterprise leaders in the software space. I mentioned to you already that Apple will be joining us during our keynote, speaking as well on some of their recent innovations. They won't be the only ones joining us, you will see other very notable industry gorillas out there in the software space. And I think that you'll be surprised with how many really notable collaborations has underway. So I would encourage you to catch that event, September 27.

Amazing. Maybe just pause and open it up to any questions from the audience.

Over here. I think I could hear you.

Obviously, amazing market share in the commercial as it relates to MacOS devices. But can you talk a little bit about what you're seeing, what you're doing on the iOS front? That's a huge, somewhat greenfield, market by comparison to Mac OS. What are some of the initiatives that you're taking? What are you seeing and just speak to any trends?

Yes. Great question. Of course, in the -- when it comes to -- we actually, of that 28.4 million devices, the majority of them are iOS devices. The minority are Mac. However, it changes quite significantly depending on what industry you're in. Jamf, of course, started with the MAC in 2002, and we just became the dominant provider within that space. And we entered into the iOS space within the education market first. And it was because it was more than just managing the device. It was about what's happening in the classroom. And so we offer solutions like Jamf Teacher, Jamf Student, Jamf Parent, in order to actually change the way education occurs within the classroom. But that was really the only industry that we focused on with iOS up until about 2015. And in 2015, we looked around, we noticed 2 things. One, we've become the dominant provider on the Mac, and that seems like a great base by which to launch into the iOS space within the commercial markets. And two, the one market that we had been wildly successful in with iOS was education. It was because we provided industry-specific functionality. So we decided to leverage those 2 points of strength. And we -- when it comes to expanding from our Mac presence, we started to add a product benefit to organizations who were running both a Mac and iPhones. If they were already running us for Mac, because let's face it. What sense does it make to put the iPhone management into the same system as an Android management? One, iOS is managed more like Mac than it is like Android. And two, nobody carries around both an Android and an iPhone. But Mac users carry around an iPhone. So we can provide additional value -- when people are carrying 2 different types of Apple devices. We're able to build off of that at Mac strength. Then on the industry front, we started to take a look at industry workflows in health care, like patient bedside and clinical communications and travel with cockpit iPads. And we started to provide additional benefit for those industry workflows the same way that we did in education and also in our iOS business, just took off. So largely -- it is, by far, the largest open market that's available to us. And just this year, we offered new BYOD capability in that space that is wildly differentiating, but the market barely even knows about yet. So I agree with you that's the largest market that we can continue to grow in that's existing today, but we use those 2 strength points by which to grow.

Amazing. Unfortunately, that's all the time that we have. So Dean, Ian, thank you guys so much. It's a pleasure.

Thank you. Appreciate it. Thanks, everybody.

Thank you.