jamf(US:JAMF)2025-05-06 21:32Financial 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]