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Jamf (NasdaqGS:JAMF) FY Conference Transcript
2025-09-10 20:32
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].
jamf(JAMF) - 2025 Q2 - Earnings Call Transcript
2025-08-07 21:30
Financial Data and Key Metrics Changes - Year over year revenue growth was 15%, reaching $176.5 million, exceeding the high end of guidance by $7 million [24][25] - Total ARR grew 14% year over year to $710 million, with security ARR growing 40% year over year to $203 million [26] - Non-GAAP operating income was $33.5 million, representing a 19% margin, a 360 basis point improvement year over year [28] - Trailing twelve month unlevered free cash flow surpassed $100 million for the first time, growing 24% to $102.9 million [29] Business Line Data and Key Metrics Changes - Security bookings drove significant growth, with a notable increase in security ARR due to the inclusion of identity automation and platform solutions [26][27] - The company achieved over $500 million in commercial ARR and over $200 million in security ARR for the first time [5] - The education segment saw integration of identity automation, enhancing sales capabilities and cross-selling opportunities [40][41] Market Data and Key Metrics Changes - The company is experiencing strong demand for its security solutions across various sectors, including retail, transportation, and manufacturing [62] - The international market continues to grow, with a significant portion of business coming from channel partners outside the US [58] Company Strategy and Development Direction - The company is focused on a strategic reinvestment plan to support growth areas and improve operational efficiency, particularly in enterprise sales and AI capabilities [17][19] - The vision is to deliver secure, seamless access for every user on any device while enhancing the Apple ecosystem experience [17] - The company aims to exit fiscal 2026 with a rule of 40 run rate, combining revenue growth and adjusted EBITDA margin [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue and operating income growth, with a third quarter revenue guidance of $176 million to $178 million [31] - The company anticipates continued strong performance from identity automation and expects to see better improvement in the education sector in Q3 [50][51] - Management highlighted the importance of aligning resources to support growth and improve efficiencies, particularly in the small business segment [47] Other Important Information - The company has made enhancements to its go-to-market strategy, focusing on increasing investments in enterprise customers and simplifying approaches for SMBs [18][19] - AI capabilities have been integrated across various functions, driving efficiencies and improving customer engagement [20][21] Q&A Session Summary Question: How quickly will the support for Android drive new sales momentum? - Management indicated that the decision to support Android was driven by customer demand, and there has been good traction and interest since the launch [38][39] Question: What is the revenue contribution from identity automation? - Management noted that identity automation has been integrated into the education business and has generated significant traction, contributing to revenue upside in Q2 [40][41] Question: How does the strategic action plan align with the rule of 40 target? - Management confirmed that the strategic reinvestment plan aims to improve efficiencies and support growth, with no change to the target of achieving the rule of 40 by 2026 [47][48] Question: What is the outlook for the third quarter regarding seasonality? - Management explained that Q2 had some one-time revenue impacts, and they expect a more normal seasonal ramp into Q3, particularly for identity automation [50][51] Question: How is the partner network progressing in the US? - Management highlighted that the channel is increasingly important, with a majority of business coming from international channels, and they believe US channels can reach similar revenue levels [58][59] Question: What changes are being made to sales rep quotas? - Management stated that the focus is on selling platform solutions that blend management and security, with an emphasis on supporting both SMB and enterprise customers [66]
jamf(JAMF) - 2025 Q2 - Earnings Call Presentation
2025-08-07 20:30
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 Announces Strategic Reinvestment Plan
Globenewswire· 2025-07-15 12:03
Core Viewpoint - Jamf has announced a strategic reinvestment plan aimed at driving long-term growth, improving operational efficiency, and enhancing shareholder value, with expectations to exceed financial guidance for Q2 2025 [1][7]. Strategic Reinvestment Plan - The plan includes a comprehensive systems update that enhances insights into business and growth opportunities, allowing for a strategic reallocation of resources to areas with the highest growth potential [2]. - Key focus areas of the reinvestment plan are: - **Go-To-Market Enhancement**: Realigning the go-to-market organization to invest in growth opportunities aligned with the platform strategy, including Jamf for Mac, Jamf for Mobile, Jamf for K-12, and Jamf for SMB solutions [3]. - **AI Investments**: Accelerating investments in AI capabilities to improve customer experience and productivity across the organization [4]. Workforce Reduction - To facilitate the strategic reinvestment plan, the company will reduce its workforce by approximately 6.4%, impacting roles across go-to-market and other functions [5]. - The estimated charges related to the workforce reduction are approximately $11.0 to $12.5 million, expected to be incurred mainly in Q3 2025, with completion of the plan by the end of Q4 2025 [6]. Financial Expectations - Jamf anticipates exceeding the high end of its previously issued guidance ranges for Q2 2025, with total revenue expected between $167.5 million and $169.5 million, and non-GAAP operating income projected between $29.5 million and $30.5 million [10][7].
Jamf (JAMF) 2025 Conference Transcript
2025-06-05 19:20
Jamf (JAMF) 2025 Conference Summary Company Overview - Jamf is a 22-23 year old company originally focused on managing education devices, specifically Macs in the education sector. Currently, approximately 25% of its Annual Recurring Revenue (ARR) comes from education, with the remainder from commercial sectors [6][8]. - The company has expanded into the security space, with security now contributing about $160 million to ARR, showing significant growth [7]. Key Developments - Jamf has made strategic acquisitions, including Wandera in 2021, which enhanced its security offerings, and Identity Automation, acquired on April 1, 2025, marking its entry into identity management [6][8][31]. - The company has launched a combined management and security platform, offering products like Jamf for Mac, Jamf for mobile, and Jamf for K-12 [8][17]. Market Position and Strategy - Jamf operates in approximately 20 countries, with 85% of its international revenues generated through channel sales. In the U.S., about 55% of revenues come from channel sales [8]. - The company is focusing on mixed device environments, supporting both Apple and Android devices, which is expected to enhance its competitive position [12][37]. Sales Pipeline and Trends - The sales pipeline is increasingly driven by combined product offerings, leading to lower churn rates and higher adoption among customers [16][17]. - Mobile solutions are identified as a significant growth opportunity, particularly in sectors like transportation, healthcare, and retail [19][20]. Financial Guidance and Market Conditions - The company has noted an uncertain macroeconomic environment, with recent layoffs impacting overall demand. However, Q4 was strong, and the company maintained its full-year guidance despite some deal cancellations and delays [23][25][27]. - Net Revenue Retention (NRR) has stabilized around 104, with expectations for improvement as the security business grows [28][29]. International Growth Potential - Jamf has seen strong traction in international markets, particularly in APAC and EMEA, with expectations for continued growth driven by its core management products and security add-ons [48][49]. - The company is prioritizing regions with increasing Apple adoption, such as EMEA, while also exploring new markets [51]. Margin Expansion and Capital Allocation - Operating margin guidance for the year is set at 21%, with a goal of achieving a "rule of 40" run rate by the end of fiscal 2026 [55][56]. - The company plans to utilize its term loan and cash reserves for strategic investments, including paying down debt and funding acquisitions [62][63]. Pricing Strategy - Jamf has been cautious with price increases, focusing on providing value while embedding reasonable annual price increases in new platform products [60][61]. Conclusion - Jamf is positioned for growth through strategic acquisitions, a focus on mixed device management, and expanding its international presence. The company is navigating a dynamic market environment while maintaining a strong emphasis on security and identity management solutions.
Jamf (JAMF) FY Conference Transcript
2025-05-13 13:50
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.
jamf(JAMF) - 2025 Q1 - Earnings Call Transcript
2025-05-06 21:32
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]
jamf(JAMF) - 2025 Q1 - Earnings Call Transcript
2025-05-06 20:30
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]
jamf(JAMF) - 2025 Q1 - Earnings Call Presentation
2025-05-06 20:22
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]