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.

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]