Company Overview - Jamf defines Apple in the enterprise, serving customers in over 100 countries[17, 21] - The company boasts a No 1 market position with a 23% CAGR since its 2020 IPO[18] - Jamf's net retention rate is strong at 103%[18] - Subscription revenue accounts for 98% of the total[18] Market Opportunity and Growth - The total addressable market (TAM) is estimated at approximately $49 billion, with a serviceable addressable market (SAM) of around $21.7 billion[48] - Jamf's current market share of the SAM is about 3%, representing $646 million[48] - The total SAM is projected to grow to roughly $27 billion by 2026[52] - There's a significant security cross-sell opportunity within the existing customer base, estimated at around $350 million[71] Financial Performance - In FY2024, Jamf's annual recurring revenue (ARR) reached $646 million[51] - Non-GAAP operating income for FY2024 was $103 million, resulting in a 16% margin[84] - The company has consistently met or exceeded expectations every quarter since its IPO[35]

Jamf (JAMF) FY Conference Summary Company Overview - Jamf is the leading vendor in the Apple device management space, established 22 years ago, initially focusing on education and now expanding into security and Android device management [3][4] - Subscription revenue constitutes approximately 98% of total revenues, with a global presence in 20 countries [4][5] - The company has experienced a 17% compound annual growth rate (CAGR) since 2021, with a net retention rate of 104% [5][14] Market Position and Strategy - Jamf holds an 11% market share in the education sector and a 2% market share in the commercial sector, with a total of 3% market share across its serviceable available market (SAM) [7][8][9] - The company primarily sells through channels, with 80-85% of international revenues and 55% of U.S. revenues coming from channel partners [10] - Security products now account for about 25% of annual recurring revenue (ARR), with a focus on expanding mobile device management capabilities [12][58] Financial Performance - In Q1, Jamf reported a 9% growth in ARR and a 10% increase in revenue, with an operating margin of 22% [15] - The company has increased its margins by approximately 1,100 basis points over the last two years, with expectations for an additional 500 basis point improvement [14][90] - Recent financial activities include a $215 million identity automation deal and a $400 million term loan to support operations and acquisitions [16][94] Competitive Landscape - Key competitors include Microsoft Intune, Workspace ONE (Omnissa), and smaller players like Kanji and Mozel [21][22] - Jamf maintains a strong competitive edge in Apple device management, with a focus on integrated management and security solutions [22][70] Macro Environment and Demand - The macroeconomic environment has led to some deal slippage and cancellations, particularly related to tariffs, but overall demand remains stable [28][30] - The company is cautious but maintains guidance for the year, observing normal pipeline activity [30] Relationship with Apple - Jamf has a strong partnership with Apple, collaborating closely on product development and market strategies [33][34] - The company benefits from Apple's international expansion and aims to increase penetration within existing Apple device ecosystems [39][41] Product Development and Future Opportunities - Jamf is launching new platforms, including Jamf for Mac and Jamf for mobile, with plans to enhance mobile management capabilities, including Android support [17][48] - The acquisition of Identity Automation is expected to enhance Jamf's offerings in dynamic identity management, particularly in education and other sectors [72][84] Operational Changes and Efficiency - Jamf has implemented a new ERP system to drive efficiencies and improve data insights, although some initial slowdowns in billing and collections were noted [86][88] - The company aims to achieve the "Rule of 40" by Q4 2026, focusing on profitable growth and margin expansion [90] Capital Allocation - Future capital allocation will focus on integrating recent acquisitions and maintaining strong cash generation, with a guidance of at least 75% growth in free cash flow for the year [95]

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 ...

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]