Summary of Jamf FY Conference Call - September 10, 2025 Company Overview - **Company**: Jamf (NasdaqGS:JAMF) - **Industry**: Technology, specifically focused on Apple device management and security solutions Key Highlights 1. **Quarter Performance**: - Q2 was described as a good quarter, marking the first full quarter of contributions from the Identity Automation acquisition. - Jamf for Mac and Jamf for Mobile solutions have shown strong traction, particularly in enterprise and education sectors [12][14][15]. 2. **Customer Acquisition**: - New logo business has improved significantly, with a notable increase in bundled deals leading to lower churn rates and longer-term contracts [15][16]. - Competitive wins have been observed in both Mac and mobile markets, indicating a shift in market share from competitors [17][18]. 3. **International Growth**: - International markets, especially in education and commercial sectors, have been highlighted as key growth areas [14][42][43]. 4. **Identity Automation Acquisition**: - The acquisition aims to enhance dynamic identity management, particularly in educational institutions, and is expected to integrate well with existing customer bases [35][36][37]. 5. **Market Trends**: - The education market is experiencing lower growth but presents significant opportunities, particularly with the push for one device per student initiatives in various countries [42][43]. - The company is also seeing a refresh opportunity in the education sector due to aging devices deployed during the pandemic [39]. 6. **Android Management**: - Jamf has expanded its capabilities to manage Android devices, responding to customer demand for a unified management tool for both Apple and Android devices [44][46]. 7. **Security Portfolio**: - The integration of management and security solutions tailored for Apple devices is emphasized as a unique value proposition, differentiating Jamf from competitors [47][49]. 8. **Strategic Reinvestment Plan**: - A plan was announced to reallocate resources from the SMB market to focus on enterprise and channel investments, aiming to optimize growth and improve efficiency [51][52][53]. 9. **Growth Priorities**: - The company is prioritizing growth over margin expansion, with a focus on optimizing operations and increasing quota capacity in sales teams [56][58]. 10. **Investor Relations**: - There is a perception issue regarding Jamf's margin expansion and cash flow growth, with a need to communicate the strength of its relationship with Apple and the unique market position it holds [66]. Additional Insights - **Market Dynamics**: - The discussion highlighted the ongoing challenges in the PC and Mac market, with a slow adoption of Macs in enterprise environments despite their long-term cost benefits [22][32]. - The company is optimistic about future growth driven by international expansion, education deals, and the mobile management segment [59][60]. - **AI Integration**: - Jamf is exploring AI applications internally, with early indications of efficiency improvements, though it is too soon to assess its impact on customer seat counts [63][64]. - **Long-term Vision**: - The leadership emphasizes a balanced approach to growth, aiming to leverage multiple avenues for success while maintaining a strong focus on customer needs and market demands [60][62].

Financial Performance Highlights - ARR reached $710 million, demonstrating a 14% year-over-year growth[12] - Revenue was $176.5 million, reflecting a 15% year-over-year increase[12] - Non-GAAP Operating Income was $33.5 million, with a margin of 19%, showing a 42% year-over-year growth[12] - Adjusted EBITDA was $35.3 million, with a margin of 20%, indicating a 40% year-over-year growth[12] - The company achieved Security ARR of $203 million, representing 40% year-over-year growth and 29% of Jamf's total ARR[16] Strategic Initiatives and Acquisitions - The company completed the acquisition of Identity Automation on April 1, 2025[16, 28] - A $400 million Term Loan A was successfully completed on May 21, 2025[16] - The company announced a strategic reinvestment plan to support business success, including resource reallocation and investment in AI capabilities[16] Financial Outlook for 2025 - Q3 2025 revenue is projected to be between $176 million and $178 million, representing 10%-12% growth compared to Q3 2024[37] - Full year 2025 revenue is expected to be between $701 million and $704 million, indicating 12% growth[37] - Full year 2025 Unlevered Free Cash Flow growth is projected to be greater than 75%[37]

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.

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]