Financial Data and Key Metrics Changes - Fourth quarter revenue grew 7% year-over-year in constant currency, with full year 2024 revenue growing 10% at constant currency [8][39] - Adjusted EBITDA for the fourth quarter was $38.1 million, reflecting a 32.7% margin, while full year adjusted EBITDA was $169.4 million, reflecting a 36.3% margin [9][43] - Annual recurring revenue (ARR) as of December 31, 2024, was $482 million, growing 10% at constant currency [8][42] Business Line Data and Key Metrics Changes - Cove Data Protection remains the largest revenue-generating product, protecting over 180,000 businesses and outpacing total company growth [17][30] - The acquisition of Adlumin has positioned it as one of the two highest booking products since its acquisition [15][16] Market Data and Key Metrics Changes - Approximately 45% of revenue was generated outside of North America in the fourth quarter, and 46% for the full year [46] - The company is focusing on expanding its presence in the North American reseller channel and international markets such as the U.K., DACH, and Australia [33][34] Company Strategy and Development Direction - The company aims to expand its security leadership, scale its go-to-market strategy, and elevate customer experience in 2025 [22][34] - The strategic acquisition of Adlumin is expected to enhance the product suite and create new growth avenues in the high-demand security market [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for growth in 2025, citing strong demand in the market and a robust business model [58][61] - The company anticipates some headwinds in the first half of 2025 due to long-term contract commitments but expects acceleration in the second half [108][110] Other Important Information - The company transitioned from less than 10% of revenue from annual contracts to over 50% in 2024, which is expected to improve customer retention [19][20] - The company is investing in technology and partnerships to enhance its serviceable addressable market and unlock significant growth potential [21][22] Q&A Session Summary Question: What was the revenue contribution from Adlumin in Q4? - The revenue contribution from Adlumin in Q4 was approximately $2.5 million from the acquisition date of November 20 through the end of the year [65] Question: Is there an expected headwind or benefit from moving customers to annual contracts? - The initiative will continue, with expectations for a natural blend up over time, but no significant uptick like in 2024 is anticipated [68] Question: How has engagement been on the partner side for Adlumin? - Resellers have been enthusiastic about the acquisition, seeing it as a partnership that provides a one-stop shop for various offerings [74] Question: What competitive landscape does Adlumin face? - Adlumin is seen as a strong competitor due to its cloud-native, AI-driven technology and endpoint-agnostic capabilities, which differentiate it from larger competitors [80][82] Question: What is the expected organic growth rate for 2025? - The company expects higher single-digit growth rates, with a focus on scaling new customer acquisition motions and leveraging the Adlumin acquisition [112] Question: How is the company exposed to the U.S. federal government market? - The company does not have direct visibility into the end customers of MSPs but expects to remain diversified and not significantly impacted by government market dynamics [127][128]

Financial Data and Key Metrics Changes - Jamf achieved Q4 revenue growth of 8% year over year, with a full year revenue growth of 12% [6][18] - Non-GAAP operating income margin for Q4 was 18%, exceeding the high end of the outlook, while the full year margin was 16%, reflecting an 800 basis point improvement from 2023 [6][20] - Annual recurring revenue (ARR) grew 10% year over year to $646 million [7][23] - Gross retention rates remained consistent with historical levels, while net retention rate decreased slightly to 104% in Q4 [19][73] Business Line Data and Key Metrics Changes - Security ARR grew 17% year over year to $156 million, representing 24% of Jamf's total ARR [9][23] - Mobile solutions saw significant growth, particularly in sectors like transportation and education, with notable expansions in airline partnerships [10][66] - International revenue grew 17%, accounting for over a third of total revenue, with expectations for continued growth in strategic geographies [12][13] Market Data and Key Metrics Changes - The tech sector showed signs of stability, with growth in Mac and mobile solutions, particularly in the education sector [29][31] - Demand for security solutions is increasing, with organizations recognizing the need for integrated management and security [35][42] Company Strategy and Development Direction - Jamf aims to achieve a "Rule of 40" by focusing on profitable growth and margin expansion, with strategic investments in efficiency and scalability [15][26] - The company is enhancing its partner program to drive more business through channel partners, which has shown early positive results [14][57] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding hiring trends and market conditions, noting a slight uptick in Q4 but emphasizing that one quarter does not establish a trend [98] - The outlook for 2025 includes expected revenue growth of 8.1% at the midpoint, with a focus on improving operating margins and unlevered free cash flow [25][26] Other Important Information - Jamf's platform supports approximately 33.2 million devices and 76,500 customers, with a focus on cross-selling mobile and security solutions [21][22] - The company underwent a comprehensive systems update that impacted billing and collections, but is expected to benefit future cash flow [21][78] Q&A Session Summary Question: Trends in tech and education sectors - Management noted signs of stability in Q4, with growth in Mac and mobile solutions, particularly in education and tech sectors [29][31] Question: Impact of data reclassification on security growth - The ARR adjustment impacted security growth by about 2%, with demand for security solutions remaining strong [33][35] Question: Guidance for achieving Rule of 40 - Management indicated that achieving Rule of 40 will come from revenue growth and continued margin expansion [40][41] Question: Competitive dynamics and share shift - Management reported consistent competitive dynamics, with ongoing customer transitions from competitors due to innovation concerns [46][48] Question: Expectations for hiring trends in 2025 - Management expressed cautious optimism about hiring trends, noting a slight uptick in Q4 but refraining from declaring a definitive trend [98] Question: Role of Azure channel and learnings from AWS - Management highlighted early success with Azure, drawing parallels to the initial success with AWS and emphasizing strong collaboration with Microsoft [56][57] Question: Sluggishness in Mac growth - Management reported no significant sluggishness in Mac growth, with a focus on buyer confidence and device lifecycle management [95][96]