Investor Presentation Q4 FY2024 Safe Harbor Unless otherwise specified, financial information and other data in this presentation is presented as of December 31, 2024. Jamf's historical results are not necessarily indicative of the results that may be expected in the future. Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate ...

Jamf (JAMF) Q4 2024 Earnings Call February 27, 2025 04:30 PM ET Company Participants Jennifer Gaumond - Vice President, Investor RelationsJohn Strosahl - Chief Executive OfficerDavid Rudow - Chief Financial OfficerKoji Ikeda - Director - Enterprise Software Equity ResearchMatthew Hedberg - Managing Director, Software ResearchRaimo Lenschow - Managing DirectorNicholas Jones - MD - Internet Equity ResearchPriyanka Thapa - Equity Research Associate Conference Call Participants Jake Roberge - Equity Research An ...

Customer Base and Market Presence - As of December 31, 2024, the company has over 76,500 customers deploying 33.2 million devices across more than 100 countries and territories[24] - As of December 31, 2024, the company had over 76,500 customers, with more than 16,000 acquired in the last three years, including 8 of the largest 10 Fortune 500 companies[79] - For the year ended December 31, 2024, approximately 36% of new subscriptions originated outside of North America, indicating significant international growth opportunities[74] - The company’s customer base is highly diversified, with no single end customer representing more than 1% of Annual Recurring Revenue (ARR)[79] Financial Performance - The company's total revenue for the year ended December 31, 2024, was $627.4 million[439] - Total revenue for 2024 reached $627,399,000, an increase of 11.9% from $560,571,000 in 2023[453] - Subscription revenue grew to $613,591,000, up 13.0% from $543,019,000 in the previous year[453] - Net loss for 2024 was $68,455,000, a reduction of 37.9% compared to a net loss of $110,086,000 in 2023[453] - Gross profit increased to $486,071,000, representing a 11.9% rise from $434,512,000 in 2023[453] - Total current assets rose to $424,657,000, up 5.9% from $402,634,000 in 2023[451] - Total liabilities decreased to $864,246,000, down 0.9% from $872,105,000 in 2023[451] - Cash and cash equivalents decreased to $224,680,000 from $243,576,000, a decline of 7.7%[451] - The net loss for the year ended December 31, 2024, was $68.455 million, a significant improvement from a net loss of $110.086 million in 2023 and $141.301 million in 2022[462] Research and Development - Approximately 26% of the global employee base is dedicated to research and development, with teams organized to support product innovation and same-day support for Apple[88] - Research and development expenses increased to $138,961,000, up 3.8% from $134,422,000 in 2023[453] - The company owned 14 issued U.S. patents and 29 issued patents in foreign jurisdictions as of December 31, 2024[90] - The company’s research and development teams are based in multiple locations, including Minneapolis, MN, and Tel Aviv, Israel[88] Customer Satisfaction and Experience - The company achieved a Net Promoter Score of 56 in 2024, significantly exceeding industry averages[25] - The company maintained a high customer satisfaction score of 9.34 out of 10 in 2024 based on surveys[83] - The company focuses on enhancing the user experience by providing seamless device deployment and management tailored to Apple products[47] Product and Service Offerings - The company offers a unique Apple-first platform that combines management, identity, and security to protect devices and sensitive company data[45] - Jamf Pro serves a large portion of the customer base, providing robust Apple ecosystem management for SMBs to larger enterprises[46] - Jamf Now allows SMBs to manage Apple devices with a pay-as-you-go model, facilitating remote configuration and security enforcement[50] - Jamf Protect provides robust endpoint security for both Mac and mobile devices, enhancing visibility and compliance while defending against modern threats[55] - Jamf Connect simplifies authentication with single sign-on across devices, enhancing productivity without compromising security[53] - The company offers a bundled solution through the Jamf Business Plan, simplifying the purchase process for commercial customers with user-based pricing[57] - Jamf's education apps, including Jamf Teacher, Student, and Parent, enhance user engagement and productivity within educational institutions[60] Market Strategy and Growth - Jamf's global Total Addressable Market is estimated to be approximately $49 billion in 2024, covering Apple devices and potential non-Apple devices requiring management and security solutions[68] - The company has a large network of approximately 910 channel partners globally, expanding market coverage and sales capacity[73] - The company’s marketing strategy focuses on building brand recognition and generating demand through various channels, including content marketing and community engagement[76] Financial Management and Risks - A hypothetical 10% change in foreign currency exchange rates would impact the company's operating loss by approximately $14.7 million[425] - The company has not entered into any hedging arrangements for foreign currency risk[425] - The company maintains effective internal control over financial reporting as of December 31, 2024[442] - The company does not have material exposure to changes in the fair value of its investment portfolio due to interest rates[426] - The company has not reported any significant interest exposure with respect to its 2024 Credit Agreement[427] Compliance and Governance - The company’s compliance with governmental regulations did not have a material effect on its capital expenditures, earnings, or competitive position for the year ended December 31, 2024[106] - The Company adopted ASU No. 2023-07 for the fiscal year ended December 31, 2024, which requires additional disclosures regarding segment expenses, but it did not impact the consolidated financial statements[520] Stock and Equity - The company repurchased 2,000,000 shares of common stock at $17.52 per share for a total of $35.4 million in May 2024[485] - Total stockholders' equity slightly decreased to $715,983,000 from $717,547,000 in 2023[451] Other Financial Metrics - The company recognized revenue from professional services of $13.6 million in 2024, down from $16.3 million in 2023[503] - Contract liabilities at the end of 2024 were $385.7 million, an increase from $373.4 million at the end of 2023[505] - Remaining performance obligations as of December 31, 2024, totaled $552.6 million, with 70% expected to be recognized as revenue within the next 12 months[507]

Revenue Growth - Q4 total revenue increased by 8% year-over-year to $163.0 million; fiscal year total revenue grew by 12% to $627.4 million[7] - Total revenue for Q4 2024 reached $162.974 million, a 8.7% increase from $150.645 million in Q4 2023[27] - Total revenue for 2024 reached $627,399, up 12% from $560,571 in 2023, driven by a 10% increase in SaaS subscription and support revenue[35] - For Q1 2025, total revenue is expected to be between $165.5 million and $167.5 million, with non-GAAP operating income projected between $35.5 million and $37.5 million[12] - For the full year 2025, total revenue is anticipated to be between $675.5 million and $680.5 million, with non-GAAP operating income expected between $142.5 million and $146.5 million[12] Annual Recurring Revenue (ARR) - ARR as of December 31, 2024, reached $646.0 million, reflecting a 10% year-over-year growth[7] - Annual Recurring Revenue (ARR) increased to $646.0 million in 2024, a growth of 9.8% from $588.6 million in 2023[38] - Security ARR reached $156 million as of December 31, 2024, representing 17% year-over-year growth and 24% of total ARR[12] Profitability and Loss - GAAP operating loss for FY24 was $69.1 million, or (11)% of total revenue, an improvement from a loss of $115.2 million, or (21)% in FY23[7] - Non-GAAP operating income for FY24 was $103.1 million, or 16% of total revenue, compared to $45.4 million, or 8% in FY23[7] - Net loss for 2024 was $68,455, compared to a net loss of $110,086 in 2023, showing an improvement of approximately 38%[31] - Net loss for Q4 2024 was $16.428 million, slightly improved from a net loss of $17.410 million in Q4 2023[27] Cash Flow - Cash flow from operations for FY24 was $31.2 million, or 5% of total revenue, down from $36.0 million in FY23[8] - Free cash flow for the year ended December 31, 2024, was $22,183 million, down from $33,030 million in 2023, a decrease of 32.9%[42] - Unlevered free cash flow for the year ended December 31, 2024, was $72,399 million, compared to $55,414 million in 2023, an increase of 30.7%[42] - Net cash provided by operating activities for the year ended December 31, 2024, was $31,192 million, down from $35,964 million in 2023, a decrease of 13.5%[42] Expenses and Liabilities - Operating expenses for the year ended December 31, 2024, totaled $555.167 million, a slight increase from $549.761 million in 2023[27] - Total liabilities decreased to $864.246 million as of December 31, 2024, down from $872.105 million in 2023, a reduction of 0.9%[25] Customer Metrics - The number of customers increased to 76,500 in 2024, up from 75,300 in 2023, showing a growth in the customer base[38] - Dollar-based net retention rate decreased to 104% in 2024 from 108% in 2023, indicating a slight decline in customer retention[38] Stock and Shareholder Value - The company repurchased $35,357 in common stock during financing activities, reflecting a strategic move to enhance shareholder value[31] - The company reported a weighted-average share count of 128,863,245 for Q4 2024, compared to 126,361,484 for Q4 2023[27] Other Financial Metrics - Gross profit for the year ended December 31, 2024, was $486.071 million, representing a 11.9% increase from $434.512 million in 2023[27] - The gross profit margin remained stable at 78% for both 2024 and 2023, indicating consistent profitability[40] - Adjusted EBITDA for Q4 2024 was $31,298 million, compared to $22,906 million in Q4 2023, indicating a year-over-year increase of 36.5%[42] - Stock-based compensation for Q4 2024 was $25,121 million, compared to $22,918 million in Q4 2023, reflecting an increase of 9.6%[42] - The net cash provided by operating activities as a percentage of total revenue was 5% for 2024, compared to 6% in 2023[42] - Free cash flow margin for 2024 was 4%, down from 6% in 2023, indicating a decline in efficiency[42]

Core Viewpoint - Jamf announced its financial results for the fourth quarter and full year ended December 31, 2024, highlighting its position as a leader in managing and securing Apple devices in the workplace [1]. Financial Results - The earnings release is available on Jamf's Investor Relations website and will be furnished to the SEC on Form 8-K [1]. Conference Call - Jamf will host a conference call and live webcast for analysts and investors on February 27, 2025, at 3:30 p.m. Central Time [2]. - The conference call will be accessible via Jamf's Investor Relations website, with financial tables and presentations available for participants [3]. Replay Availability - A replay of the conference call will be available on the Investor Relations website starting February 27, 2025, at approximately 6:00 p.m. Central Time [4]. Disclosure Practices - Jamf utilizes its Investor Relations website for disclosing material non-public information and complying with Regulation FD [5]. Company Overview - Jamf aims to simplify work by providing a complete management and security solution for Apple environments, ensuring enterprise security while maintaining user simplicity and privacy [6].

Core Insights - Wall Street analysts forecast Jamf Holding (JAMF) will report quarterly earnings of $0.15 per share, reflecting a year-over-year increase of 15.4% [1] - Anticipated revenues are projected to be $162.43 million, showing a 7.8% increase compared to the same quarter last year [1] Earnings Projections - Over the last 30 days, there has been a 3.1% upward revision in the consensus EPS estimate for the quarter, indicating analysts' reassessment of their initial forecasts [2] - Changes in earnings projections are crucial for predicting investor reactions to the stock [3] Revenue Estimates - Analysts predict 'Revenue- Subscription revenue- SaaS subscription and support and maintenance' will reach $153.80 million, indicating a year-over-year change of +9.6% [5] - 'Revenue- Subscription revenue- On-premise subscription' is forecasted to be $5.57 million, suggesting a year-over-year decline of -12.4% [5] - The average prediction for 'Revenue- Non-subscription revenue- Professional services' is $3.05 million, reflecting an -18.3% change from the prior-year quarter [6] - The collective assessment indicates 'Revenue- Subscription revenue' should arrive at $159.37 million, with a year-over-year change of +8.7% [6] Annual Recurring Revenue - Analysts estimate 'Annual Recurring Revenue (ARR)' will likely reach $653.59 million, compared to $588.60 million from the previous year [7] Stock Performance - Over the past month, shares of Jamf Holding have returned -2%, while the Zacks S&P 500 composite has changed by -1.8% [8] - Currently, JAMF holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [8]

Core Insights - Jamf has been recognized as a Representative Vendor in the 2025 Gartner® Market Guide for Endpoint Management Tools, highlighting its position in the Apple device management market [1][2][3] Company Overview - Jamf specializes in managing and securing Apple devices in the workplace, providing a complete management and security solution tailored for an Apple-first environment [5] - The company emphasizes its unique expertise in Apple device management, which differentiates it from traditional Unified Endpoint Management (UEM) tools [2][5] Market Context - The Gartner report indicates that while Unified Endpoint Management tools are essential for managing employee device fleets, there are frequent reports of feature gaps and challenges with nonstandard devices [2][3] - Jamf addresses these gaps by offering specialized solutions that enhance security and management for Apple devices, which are often overlooked by general-purpose UEM vendors [2][6] Product Features - Jamf provides seamless support for various Apple operating systems, ensuring same-day compatibility with Apple updates, which is not guaranteed by platform-agnostic UEM vendors [6] - The company offers advanced security capabilities designed to complement Apple's built-in security features, including endpoint protection and compliance enforcement [6] - Jamf's patching and update capabilities for Apple devices are superior to those of general-purpose UEMs, allowing for immediate security updates [6] - The platform includes automated Mac provisioning and compliance monitoring, simplifying IT management tasks [6] - Integrations with major security tools like Microsoft Entra ID, Intune, and Okta ensure that Apple devices can be effectively incorporated into enterprise security frameworks [6]

Core Viewpoint - Jamf will report its fourth quarter and fiscal year 2024 financial results on February 27, 2025, after market close, followed by a conference call to discuss the results [1]. Group 1: Financial Reporting - The financial results will cover the period ended December 31, 2024 [1]. - A conference call and webcast will take place at 3:30 p.m. CT (4:30 p.m. ET) on the same day [2]. - A replay of the call will be available on the Investor Relations website starting at approximately 6:00 p.m. CT (7:00 p.m. ET) on February 27, 2025 [3]. Group 2: Company Overview - Jamf specializes in managing and securing Apple devices in the workplace, aiming to simplify work for organizations [4]. - The company offers a complete management and security solution tailored for Apple-first environments, ensuring enterprise security while maintaining user simplicity and personal privacy [4].

Core Points - Jamf has achieved StateRAMP Authorized status for its Jamf Pro and Jamf School products, demonstrating its commitment to high compliance organizations [1][3] - StateRAMP is a cloud security assessment program tailored for educational institutions and state/local governments [2] - The Authorized status indicates that Jamf Pro and Jamf School meet all required security controls and have been verified by a third-party assessment organization [3] - This accomplishment assures customers that Jamf's solutions will protect their information systems from cyber threats while ensuring compliance with industry regulations [4] - To maintain this status, Jamf must adhere to monthly monitoring and conduct annual audits [4] Company Overview - Jamf specializes in managing and securing Apple environments, providing a complete management and security solution that balances enterprise security with user simplicity [6]

Core Insights - Jamf has achieved StateRAMP Authorized status for its Jamf Pro and Jamf School products, demonstrating its commitment to high compliance standards for organizations [1][3][4] - StateRAMP is a cloud security assessment program tailored for educational institutions and government entities, ensuring compliance with specific technology requirements [2] - The Authorized status indicates that Jamf Pro and Jamf School meet all security controls required by the StateRAMP framework and have undergone third-party assessment [3] Company Commitment - The achievement of StateRAMP Authorized status is viewed as a significant accomplishment by Jamf, reinforcing its role in helping high compliance customers meet industry regulations [4] - Jamf's customers in state, local, and education sectors can trust that its StateRAMP environment will protect their information systems from cyber threats while fulfilling compliance obligations [4] Compliance and Monitoring - To maintain StateRAMP Authorized status, Jamf is required to comply with monthly continuous monitoring and conduct annual audits for significant changes [4]