Financial Performance - Jamf achieved $333 million in Annual Recurring Revenue (ARR), representing a 38% growth[16] - The company experienced 39% revenue growth[16] - Subscription revenue accounted for 94% of the total revenue[16] - Non-GAAP Gross Margin was 81%[16] - Non-GAAP Operating Income Margin was 9%[16] - Trailing Twelve Months (TTM) Unlevered Free Cash Flow (uFCF) Margin was 26%[16] Market Position and Growth - Jamf manages over 232 million Apple devices[16] - The company has over 53000 active customers[16, 21] - The Total Addressable Market (TAM) is estimated at $18 billion[16, 84] - Dollar-Based Net Retention was 119%[16] Apple Ecosystem and Enterprise - 71% of college students surveyed prefer a Mac at work[24] - Apple has leading market share in North America, Oceania, the United Kingdom, Nordics, and Switzerland[24]

Company Overview and Market Position - Jamf is helping organizations succeed with Apple devices, serving over 57,000 active customers[16, 19] - The company estimates its total addressable market (TAM) at $18 billion[16] - Jamf has a strong presence among top companies, including 8 out of 10 Top Fortune 500 Technology companies and 23 out of 25 Most Valuable Global Brands[16] - Jamf is becoming the standard for Apple Enterprise Management, offering solutions for device management, user connectivity, and data protection[27, 32] Financial Performance and Growth - Jamf reported strong financial performance with 36% revenue growth and 47% ARR (Annual Recurring Revenue) growth[16, 99] - The company boasts a high subscription revenue of 95%[16, 99] - Non-GAAP Gross Margin is at 80%, and Non-GAAP Operating Income Margin is at 2%[16, 99] - TTM (Trailing Twelve Months) Unlevered Free Cash Flow (uFCF) Margin is at 24%[16, 99] Market Trends and Opportunities - Apple is gaining market share in the U S and beyond, with 89% of users willing to make a salary sacrifice for device choice[25] - Mac share in the enterprise increased from 17% in 2019 to 23% in 2020[60] - The company estimates Apple Enterprise Revenue at $40 billion in 2019[57]

Financial Data and Key Metrics Changes - Total revenue for Q3 2021 was $95.6 million, representing a 36% year-over-year growth, exceeding expectations due to outperformance across all revenue categories [29] - Total ARR as of September 30 was $384.8 million, an increase of 47% year-over-year, with organic ARR growth of 37% [29] - Gross profit margin was 80%, compared to 83% in the prior year quarter, while operating margin was 2% [31] Business Line Data and Key Metrics Changes - ARR growth was driven by over 25% growth across every Jamf product, with all three major geographies and top commercial industries experiencing ARR growth of over 30% [29] - The company ended the quarter with 25 million devices on its platform, reflecting a 34% year-over-year growth [29] - The dollar-based net retention rate remained strong at 119% for the trailing 12 months ended September 30 [30] Market Data and Key Metrics Changes - Jamf's commercial markets made up nearly 75% of total bookings, with substantial strength in the Americas and EMEA markets [10] - The education market saw a leveling off in growth rates compared to the previous year, while commercial markets accelerated [10] - Apple shipped more Macs than in any quarter in history, with a growth rate double that of the industry [13] Company Strategy and Development Direction - The company aims to continue leading and innovating in Apple Enterprise Management, with a focus on expanding its product offerings and addressing customer needs [36] - Jamf's partnership with Apple remains strong, and the introduction of Apple Business Essentials is seen as an opportunity to grow the market for Apple devices in small businesses [42] - The company is focused on improving operational efficiency while balancing investments for growth, particularly in sales and R&D [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued strong performance due to momentum in the business and the expected growth in 2022 [32][36] - The company anticipates a strong finish to the year, driven by new products and increasing strength in the commercial business [36] - Management noted that the education market's growth rate is not cooling but rather normalizing after a significant increase in the previous year [61] Other Important Information - The company completed the acquisition of Wandera at the beginning of Q3, contributing $5.1 million in revenue for the quarter [29] - Jamf's new student safety offering, announced at JNUC, aims to address the growing need for cybersecurity in education [19] - The company highlighted its partnerships with Cybereason and Red Canary to enhance its security solutions [23] Q&A Session Summary Question: Changes in relationship with Apple due to Business Essentials - Management confirmed no change in the relationship with Apple as a customer or channel partner [46] Question: Impact of Wandera on ARR - Management clarified that purchase accounting does not impact ARR, and Wandera is expected to grow at the same pace as Jamf's ARR [48] Question: Education market cooling - Management explained that the education market is not cooling but normalizing after a significant growth period [61] Question: Confidence in commercial strength - Management cited consumerization of IT and strong Apple adoption as key drivers for continued strength in the commercial market [63] Question: Attach rates for Connect and Protect - Management reported approximately 700 new customers for Connect and 400 for Protect, with expectations of 50% attachment over time [51]