Jamf (JAMF) FY Conference Summary Company Overview - **Company**: Jamf (JAMF) - **Date of Conference**: May 13, 2025 - **Key Speakers**: John Stroessl (CEO), David Rudow (CFO) Industry Insights - **Macro Environment**: There is caution among customers regarding potential recession and elongated sales cycles, impacting procurement and hiring decisions [2][3][4] - **Customer Sentiment**: Customers are exhibiting caution but there is pent-up demand due to previous hesitations in spending [4][10] - **Sales Performance**: Q1 was described as normal with no significant follow-through from a strong Q4, but April results were stable [5][6][7] Financial Performance - **Sales Cycles**: Elongated sales cycles are noted, particularly in the tech sector, with some deals slipping but no significant impact in North America [7][10] - **Geographic Performance**: APAC remains strong, while the Americas showed weaker performance [14][17] - **Vertical Strengths**: Strength observed in healthcare and financial services, with cautious optimism in tech [16][17] Product and Market Strategy - **Product Portfolio**: Jamf offers tailored solutions for K-12 education and enterprise, focusing on device management and security [25][26] - **Android Expansion**: The company is expanding capabilities to support Android devices at customer request, while maintaining a focus on Apple products [29][30] - **Competitive Landscape**: Microsoft is a significant competitor, but Jamf maintains a strong partnership with them, integrating their solutions [36][37] Pricing and Revenue Strategy - **Pricing Strategy**: Jamf does not aim to be the lowest cost provider, focusing instead on the value of their solutions. Annual price increases are now part of their strategy [38][39] - **International Billing**: Introduction of local currency billing to improve competitiveness and win rates in international markets [74][75] Growth and Investment Outlook - **International Growth**: The company is experiencing faster growth outside the U.S., particularly in APAC and EMEA regions [60][68] - **Acquisition Impact**: The acquisition of Identity Automation is expected to contribute $15 million in revenue over three quarters, with a seasonal revenue cadence [84][86] - **Rule of 40 Objective**: The company aims to achieve the Rule of 40 by the end of 2026, prioritizing growth over margin expansion [90][92] Key Risks and Considerations - **Economic Uncertainty**: Potential recession and its impact on customer spending and hiring remain a concern [2][4] - **Sales Dynamics**: Variability in sales performance across different regions and sectors, with some markets showing slower adoption of certain products [71][73] Conclusion - Jamf is navigating a cautious macroeconomic environment while maintaining a focus on growth, product differentiation, and international expansion. The company is strategically positioned to leverage its strong partnerships and customer relationships to drive future growth.

Core Insights - Jamf has been recognized for its commitment to diversity and leadership in the IT channel, with four of its leaders named in CRN's Women of the Channel list for 2025 [1][2][4] Company Achievements - The honorees from Jamf include Emily Narkviroj, Kelli Meerschaert, Kat Garbis, and Melody Hillyer, who have contributed significantly to the company's channel-first approach [1][3] - Their initiatives include driving global growth through events, expanding the Jamf MSP Exchange program, and launching new solution offerings, which have strengthened partner relationships across various regions [3][4] Industry Recognition - The CRN Women of the Channel list highlights the accomplishments of women in the IT channel, selected based on their expertise and contributions to innovation and growth [2][4] - The recognition reflects Jamf's dedication to fostering diverse leadership and innovation within the channel [4]

Core Insights - Jamf Holding (JAMF) reported revenue of $167.62 million for the quarter ended March 2025, reflecting a year-over-year increase of 10.2% and surpassing the Zacks Consensus Estimate by 0.77% [1] - The company's EPS for the quarter was $0.22, up from $0.14 in the same quarter last year, exceeding the consensus EPS estimate of $0.21 by 4.76% [1] Financial Performance Metrics - Annual Recurring Revenue (ARR) was reported at $657.90 million, slightly below the average estimate of $658.84 million from three analysts [4] - Subscription revenue from SaaS and support and maintenance totaled $155.63 million, which is lower than the average estimate of $157.64 million but shows a year-over-year increase of 9.3% [4] - On-premise subscription revenue reached $8.60 million, significantly exceeding the average estimate of $5.30 million, marking a year-over-year growth of 44.5% [4] - Non-subscription revenue was reported at $3.40 million, slightly above the average estimate of $3.38 million [4] - Total subscription revenue was $164.22 million, surpassing the average estimate of $162.94 million, with a year-over-year increase of 10.7% [4] - Professional services non-subscription revenue was $3.40 million, marginally above the average estimate of $3.37 million, but reflecting a year-over-year decline of 8.3% [4] Stock Performance - Over the past month, shares of Jamf Holding have returned +7.9%, compared to the Zacks S&P 500 composite's +11.5% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Jamf Holding (JAMF) came out with quarterly earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.76%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.17, delivering a surprise of 13.33%.Over the last four quarters, the company has ...

Financial Data and Key Metrics Changes - The company achieved year-over-year revenue growth of 10% in Q1, with total revenue reaching $167.5 million to $169.5 million for Q2 guidance, reflecting a similar growth rate [7][21][26] - Non-GAAP operating income margin was 22%, exceeding the high end of the outlook, representing an 800 basis point improvement year-over-year [21][22] - Total Annual Recurring Revenue (ARR) grew 9% year-over-year to $658 million, with net new commercial ARR also showing growth [7][21] Business Line Data and Key Metrics Changes - Security ARR grew 17% year-over-year to $162 million, driven by strong new logo bookings and the launch of new platform solutions [8][21] - The launch of Jamf for Mac and Jamf for K-12 contributed to strong performance in the education sector, typically a seasonally light quarter [10][11] - The acquisition of Identity Automation is expected to enhance mobile and security adoption, particularly in the education market [12][13] Market Data and Key Metrics Changes - The company noted strong performance in key verticals such as healthcare, financial services, and education, with good traction in the APAC region [57] - Partner-driven ARR represents over 60% of total ARR, with over 80% outside the U.S. [15][16] - The geopolitical climate is being monitored closely, but demand for Jamf's solutions remains strong [18][19] Company Strategy and Development Direction - The company is focused on four key growth factors: security, mobile, international, and channel [10] - The new global partner program launched in August 2024 has resulted in nearly 50% year-over-year growth in deal registrations [15][16] - The company aims to achieve a "Rule of 40" run rate by the end of fiscal 2026, combining year-over-year growth with adjusted EBITDA margin [29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet security and management needs for Apple devices, despite macroeconomic uncertainties [18][20] - The guidance for Q2 and full year 2025 reflects current market conditions, with a cautious approach due to potential risks [24][43] - The company expects to generate unleveraged free cash flow growth of at least 75% for the year [29] Other Important Information - The company ended Q1 with $222 million in cash and closed the Identity Automation acquisition for $215 million [23][24] - The company is transitioning to billing in local currencies, which is expected to improve international demand [46][47] Q&A Session Summary Question: How does the company plan to move Identity Automation solutions to commercial markets? - Management indicated that there is significant room for growth in education, but they also see opportunities in commercial markets, particularly for deskless workflows [31][33] Question: Why maintain guidance despite good demand? - Management stated that maintaining guidance is a prudent approach given the current macro environment, despite seeing good demand [41][43] Question: What has been the initial reception of the Identity Automation acquisition? - Management reported positive initial reception and quick integration, closing their first deal shortly after the acquisition [50][51] Question: How is the company addressing potential FX impacts? - Management confirmed that they are now able to bill in local currencies, which will help mitigate some FX impacts on revenue [46][47] Question: What are the expectations for R&D spend and product roadmap post-acquisition? - Management indicated that R&D spending will increase slightly due to the integration of Identity Automation, but it should not significantly affect overall percentages [92]

Financial Data and Key Metrics Changes - Jamf achieved year-over-year revenue growth of 10% in Q1 2025, with total revenue reaching $167.5 million to $169.5 million for Q2 2025, reflecting a similar growth rate [6][20][25] - Non-GAAP operating income margin improved to 22%, an 800 basis point increase compared to Q1 2024, with operating income exceeding $37.6 million [20][21] - Total ARR grew 9% year-over-year to $658 million, with net new commercial ARR growth accelerating for the first time since Q2 2022 [6][20] Business Line Data and Key Metrics Changes - Security ARR grew 17% year-over-year to $162 million, driven by strong new logo bookings and the launch of new platform solutions [7][20] - The launch of Jamf for Mac and Jamf for K-12 contributed to strong performance in both commercial and education sectors, enhancing device security and management capabilities [7][9][10] Market Data and Key Metrics Changes - Jamf's partner-driven ARR represents over 60% of total ARR, with over 80% of partner-driven ARR coming from outside the U.S. [14][15] - The company noted strong performance in healthcare, financial services, and education sectors, with good traction in the APAC region and parts of Europe [54] Company Strategy and Development Direction - The acquisition of Identity Automation aims to enhance Jamf's mobile and security offerings, particularly in the education market, while also targeting commercial markets [11][29] - Jamf's strategy focuses on leveraging its strong relationships with IT administrators and expanding its global partner program to drive growth [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in demand for Jamf's solutions despite a cautious macro environment, noting that Jamf's offerings are considered mission-critical for many organizations [16][40] - The company is monitoring customer sentiment and expects Q2 and Q3 to be strong quarters for K-12 education, with a positive outlook for the upcoming education buying season [17][65] Other Important Information - Jamf ended Q1 with $222 million in cash and closed the Identity Automation acquisition for $215 million, which is expected to contribute approximately $15 million in revenue for the remaining three quarters of 2025 [22][25] - The company is committed to achieving a Rule of 40 run rate by the end of fiscal 2026, focusing on both growth and margin improvement [27][92] Q&A Session Summary Question: How does the Identity Automation acquisition impact the commercial market? - Management indicated that while the initial focus is on education, there are plans to extend the solution to commercial markets, leveraging existing customer relationships and workflows [29][31] Question: Why maintain guidance despite good demand? - Management stated that maintaining guidance is a prudent approach given the current macroeconomic uncertainties, despite seeing good demand in Q1 [40][42] Question: What is the impact of FX on international pricing? - Jamf has transitioned to billing in local currencies, which may mitigate some negative impacts from a weakening USD, although costs in international locations are still affected [44][45] Question: Initial reception of the Identity Automation acquisition? - Management reported positive initial reception and continued integration efforts, with early deals being closed shortly after the acquisition [48][49] Question: What are the drivers behind net new ARR growth? - The release of new products like Mac for Enterprise and Mobile for Enterprise contributed to strong demand, particularly in the education and healthcare sectors [52][54] Question: How will R&D spending change post-acquisition? - R&D spending will see an increase to support integration and product development, but it is not expected to significantly alter the overall percentage of R&D as a part of revenue [88] Question: How does Jamf differentiate its product offerings? - Management emphasized that products are tailored to different customer segments, with no anticipated cannibalization, as they address distinct needs within the market [82][83]

Financial Performance - ARR reached $657.9 million, with a 9% year-over-year growth[12] - Revenue was $167.6 million, representing a 10% year-over-year increase[12] - Non-GAAP Operating Income was $37.6 million, resulting in a 22% margin[12] - The company achieved a Non-GAAP Gross Margin of 82%[29] - Net Retention Rate was 104%[29] - Adjusted EBITDA Margin was 24%[29] Strategic Initiatives - Security ARR reached $162 million, a 17% year-over-year growth, accounting for 25% of total ARR[12] - International revenue grew by 16% year-over-year[12] - The company completed the acquisition of Identity Automation on April 1, 2025[12] - The company launched four platform solutions aligned to specific buyer personas[12] Financial Outlook - Q2 2025 revenue is projected to be between $167.5 million and $169.5 million, a 10% growth[32] - FY 2025 revenue is expected to be between $691.0 million and $695.0 million, a 10%-11% growth[32]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The company's Q1 2025 results show a 10% revenue increase to $167.6 million and a shift to profitability [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly increased to $1.59 billion while total liabilities decreased, boosting stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $222,353 | $224,680 | | Goodwill | $891,050 | $882,593 | | Total assets | $1,588,632 | $1,580,229 | | **Liabilities & Equity** | | | | Deferred revenue (current) | $327,009 | $333,573 | | Convertible senior notes, net | $370,146 | $369,514 | | Total liabilities | $841,410 | $864,246 | | Total stockholders' equity | $747,222 | $715,983 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue grew 10.2% to $167.6 million, driving a significant reduction in operating loss and a return to net income Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $167,621 | $152,123 | | Gross Profit | $130,519 | $117,031 | | Loss from Operations | $(4,156) | $(21,109) | | Net Income (Loss) | $529 | $(20,524) | | Diluted Net Income (Loss) per Share | $0.00 | $(0.16) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $4.1 million in cash, a substantial improvement from the prior year's cash use Q1 2025 vs Q1 2024 Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,066 | $(15,904) | | Net cash used in investing activities | $(6,039) | $(3,230) | | Net cash (used in) provided by financing activities | $(3,600) | $280 | | Net decrease in cash, cash equivalents, and restricted cash | $(5,842) | $(19,038) | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail revenue growth, performance obligations, and the significant post-quarter acquisition of Identity Automation - As of March 31, 2025, the company had **$552.2 million** in remaining performance obligations, with **69%** expected to be recognized as revenue over the next 12 months[34](index=34&type=chunk) - On April 1, 2025, the company acquired Identity Automation for a total consideration of **$216.1 million**, consisting of **$176.1 million** paid at closing and **$40.0 million** in deferred consideration[73](index=73&type=chunk)[75](index=75&type=chunk) - The company announced a workforce reduction plan in January 2024, impacting approximately **6%** of its employees, which was substantially complete by the end of Q2 2024. Restructuring charges of **$7.1 million** were incurred in Q1 2024 related to this plan[70](index=70&type=chunk)[71](index=71&type=chunk) Revenue by Geographic Region (in thousands) | Region | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | The Americas | $109,256 | $101,616 | | Europe, the Middle East, India, and Africa | $43,446 | $39,013 | | Asia Pacific | $14,919 | $11,494 | | **Total** | **$167,621** | **$152,123** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong subscription-driven revenue growth, improved profitability, and a solid liquidity position Key Business Metrics | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Annual Recurring Revenue (ARR) | $657.9 million | $602.4 million | | Dollar-Based Net Retention Rate | 104% | 107% | - The **10%** increase in total revenue for Q1 2025 was primarily driven by an **11%** increase in subscription revenue, resulting from device expansion, cross-selling, and the addition of new customers[126](index=126&type=chunk) - Sales and marketing expenses decreased by **8%** in Q1 2025 compared to Q1 2024, mainly due to a **$5.5 million** decrease in restructuring charges from the prior year's workforce reduction[128](index=128&type=chunk) Non-GAAP Operating Income Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating loss (GAAP) | $(4,156) | $(21,109) | | Adjustments (Amortization, Stock Comp, etc.) | $41,798 | $43,241 | | **Non-GAAP operating income** | **$37,642** | **$22,132** | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk disclosures from the previous annual report - No material changes to market risk disclosures were reported for the first quarter of 2025[172](index=172&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures with no material changes to internal controls - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of March 31, 2025[173](index=173&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[174](index=174&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company faces no legal proceedings expected to have a material adverse effect on its financial condition - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its financial condition or operations[177](index=177&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported during the period - No material changes to the company's risk factors were reported for the period[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not conduct any unregistered sales of equity securities during the reporting period - None[179](index=179&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[180](index=180&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable as the company is not engaged in mining operations - Not applicable[181](index=181&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption and termination of executive Rule 10b5-1 trading plans - On March 17, 2025, Chief People Officer Michelle Bucaria entered into a Rule 10b5-1 trading plan for the potential sale of up to **61,010 shares** of common stock[182](index=182&type=chunk) - On January 3, 2025, CEO John Strosahl terminated his Rule 10b5-1 trading plan, which was originally adopted on September 30, 2024[183](index=183&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including key agreements and officer certifications - Key exhibits filed include the purchase agreement for the Identity Automation acquisition and certifications by the CEO and CFO[184](index=184&type=chunk)

Exhibit 99.1 Jamf Announces First Quarter 2025 Financial Results MINNEAPOLIS – May 6, 2025 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its first quarter ended March 31, 2025. "Jamf achieved solid results in Q1, exceeding the high end of our outlook for both revenue and profitability. We continue to execute our growth and profitability initiatives and remain committed to our goal of achieving the Rule of 40," said John Strosahl, CEO. "On A ...

Financial Results - Jamf announced financial results for its first quarter ended March 31, 2025 [1] - The earnings release will be furnished to the SEC on Form 8-K [1] Conference Call - A conference call and live webcast for analysts and investors is scheduled for May 6, 2025, at 3:30 p.m. Central Time [1] - The conference call will be available for live streaming on Jamf's Investor Relations website [2] - A replay of the call will be accessible starting May 6, 2025, at approximately 6:00 p.m. Central Time [3] Investor Relations - Jamf uses its Investor Relations website to disclose material non-public information and comply with Regulation FD [4] - Interested parties can register for participation via telephone on the Investor Relations website [2] Company Overview - Jamf simplifies work by helping organizations manage and secure an Apple experience [5] - The company provides a complete management and security solution for an Apple-first environment [5]