Core Insights - Jamf Holding (JAMF) reported revenue of $167.62 million for the quarter ended March 2025, reflecting a year-over-year increase of 10.2% and surpassing the Zacks Consensus Estimate by 0.77% [1] - The company's EPS for the quarter was $0.22, up from $0.14 in the same quarter last year, exceeding the consensus EPS estimate of $0.21 by 4.76% [1] Financial Performance Metrics - Annual Recurring Revenue (ARR) was reported at $657.90 million, slightly below the average estimate of $658.84 million from three analysts [4] - Subscription revenue from SaaS and support and maintenance totaled $155.63 million, which is lower than the average estimate of $157.64 million but shows a year-over-year increase of 9.3% [4] - On-premise subscription revenue reached $8.60 million, significantly exceeding the average estimate of $5.30 million, marking a year-over-year growth of 44.5% [4] - Non-subscription revenue was reported at $3.40 million, slightly above the average estimate of $3.38 million [4] - Total subscription revenue was $164.22 million, surpassing the average estimate of $162.94 million, with a year-over-year increase of 10.7% [4] - Professional services non-subscription revenue was $3.40 million, marginally above the average estimate of $3.37 million, but reflecting a year-over-year decline of 8.3% [4] Stock Performance - Over the past month, shares of Jamf Holding have returned +7.9%, compared to the Zacks S&P 500 composite's +11.5% change [3] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [3]

Jamf Holding (JAMF) came out with quarterly earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.21 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.76%. A quarter ago, it was expected that this company would post earnings of $0.15 per share when it actually produced earnings of $0.17, delivering a surprise of 13.33%.Over the last four quarters, the company has ...

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]

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]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) The company's Q1 2025 results show a 10% revenue increase to $167.6 million and a shift to profitability [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly increased to $1.59 billion while total liabilities decreased, boosting stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $222,353 | $224,680 | | Goodwill | $891,050 | $882,593 | | Total assets | $1,588,632 | $1,580,229 | | **Liabilities & Equity** | | | | Deferred revenue (current) | $327,009 | $333,573 | | Convertible senior notes, net | $370,146 | $369,514 | | Total liabilities | $841,410 | $864,246 | | Total stockholders' equity | $747,222 | $715,983 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenue grew 10.2% to $167.6 million, driving a significant reduction in operating loss and a return to net income Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $167,621 | $152,123 | | Gross Profit | $130,519 | $117,031 | | Loss from Operations | $(4,156) | $(21,109) | | Net Income (Loss) | $529 | $(20,524) | | Diluted Net Income (Loss) per Share | $0.00 | $(0.16) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating activities generated $4.1 million in cash, a substantial improvement from the prior year's cash use Q1 2025 vs Q1 2024 Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,066 | $(15,904) | | Net cash used in investing activities | $(6,039) | $(3,230) | | Net cash (used in) provided by financing activities | $(3,600) | $280 | | Net decrease in cash, cash equivalents, and restricted cash | $(5,842) | $(19,038) | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail revenue growth, performance obligations, and the significant post-quarter acquisition of Identity Automation - As of March 31, 2025, the company had **$552.2 million** in remaining performance obligations, with **69%** expected to be recognized as revenue over the next 12 months[34](index=34&type=chunk) - On April 1, 2025, the company acquired Identity Automation for a total consideration of **$216.1 million**, consisting of **$176.1 million** paid at closing and **$40.0 million** in deferred consideration[73](index=73&type=chunk)[75](index=75&type=chunk) - The company announced a workforce reduction plan in January 2024, impacting approximately **6%** of its employees, which was substantially complete by the end of Q2 2024. Restructuring charges of **$7.1 million** were incurred in Q1 2024 related to this plan[70](index=70&type=chunk)[71](index=71&type=chunk) Revenue by Geographic Region (in thousands) | Region | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | The Americas | $109,256 | $101,616 | | Europe, the Middle East, India, and Africa | $43,446 | $39,013 | | Asia Pacific | $14,919 | $11,494 | | **Total** | **$167,621** | **$152,123** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong subscription-driven revenue growth, improved profitability, and a solid liquidity position Key Business Metrics | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Annual Recurring Revenue (ARR) | $657.9 million | $602.4 million | | Dollar-Based Net Retention Rate | 104% | 107% | - The **10%** increase in total revenue for Q1 2025 was primarily driven by an **11%** increase in subscription revenue, resulting from device expansion, cross-selling, and the addition of new customers[126](index=126&type=chunk) - Sales and marketing expenses decreased by **8%** in Q1 2025 compared to Q1 2024, mainly due to a **$5.5 million** decrease in restructuring charges from the prior year's workforce reduction[128](index=128&type=chunk) Non-GAAP Operating Income Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating loss (GAAP) | $(4,156) | $(21,109) | | Adjustments (Amortization, Stock Comp, etc.) | $41,798 | $43,241 | | **Non-GAAP operating income** | **$37,642** | **$22,132** | [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk disclosures from the previous annual report - No material changes to market risk disclosures were reported for the first quarter of 2025[172](index=172&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed the effectiveness of disclosure controls and procedures with no material changes to internal controls - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of March 31, 2025[173](index=173&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[174](index=174&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company faces no legal proceedings expected to have a material adverse effect on its financial condition - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its financial condition or operations[177](index=177&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors were reported during the period - No material changes to the company's risk factors were reported for the period[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not conduct any unregistered sales of equity securities during the reporting period - None[179](index=179&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities occurred during the reporting period - None[180](index=180&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable as the company is not engaged in mining operations - Not applicable[181](index=181&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption and termination of executive Rule 10b5-1 trading plans - On March 17, 2025, Chief People Officer Michelle Bucaria entered into a Rule 10b5-1 trading plan for the potential sale of up to **61,010 shares** of common stock[182](index=182&type=chunk) - On January 3, 2025, CEO John Strosahl terminated his Rule 10b5-1 trading plan, which was originally adopted on September 30, 2024[183](index=183&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the report, including key agreements and officer certifications - Key exhibits filed include the purchase agreement for the Identity Automation acquisition and certifications by the CEO and CFO[184](index=184&type=chunk)

Financial Performance - Q1 total revenue of $167.6 million, representing a year-over-year growth of 10%[7] - ARR as of March 31, 2025, reached $657.9 million, an increase of 9% year-over-year[7] - GAAP operating loss of $4.2 million, or (2)% of total revenue, improved from a loss of $21.1 million, or (14)% of total revenue, in Q1 2024[7] - Non-GAAP operating income of $37.6 million, or 22% of total revenue, compared to $22.1 million, or 15% of total revenue, in Q1 2024[7] - Net income of $0.5 million, or 0% of total revenue, compared to a net loss of $20.5 million in Q1 2024[8] - Total revenue for Q1 2025 was $167.621 million, a 10.1% increase from $152.123 million in Q1 2024[27] - Subscription revenue increased to $164.224 million, up 10.7% from $148.353 million year-over-year[27] - Gross profit for Q1 2025 was $130.519 million, representing a gross profit margin of 77.8%, compared to $117.031 million and 77% in Q1 2024[27][34] - Operating loss narrowed to $4.156 million in Q1 2025 from a loss of $21.109 million in Q1 2024[27][34] - Net income for Q1 2025 was $529, a significant improvement from a net loss of $20.524 million in Q1 2024[27] - Non-GAAP net income for Q1 2025 reached $30.168 million, compared to $18.894 million in Q1 2024, reflecting a year-over-year increase of 59.5%[35] - Total revenue for Q1 2025 was $167.621 million, up from $152.123 million in Q1 2024, representing a growth of 10.3%[36] - Adjusted EBITDA for Q1 2025 was $39.447 million, which is 24% of total revenue, compared to 16% in Q1 2024[36] Cash Flow and Expenses - Cash flow from operations for the TTM ended March 31, 2025, was $51.2 million, or 8% of TTM total revenue, up from $44.9 million in the previous year[8] - Cash provided by operating activities was $4.066 million, compared to cash used of $15.904 million in Q1 2024[31] - Total operating expenses decreased to $134.675 million in Q1 2025 from $138.140 million in Q1 2024[27] - Free cash flow for Q1 2025 was $1.017 million, a recovery from a negative free cash flow of $17.659 million in Q1 2024[36] - Unlevered free cash flow for the trailing twelve months ended March 31, 2025, was $79.142 million, an increase from $72.561 million in the previous year[37] - Cash paid for system transformation costs in Q1 2025 was $2.494 million, compared to $8.224 million in Q1 2024, indicating a reduction in expenses[36] - The company reported a net cash provided by operating activities of $4.066 million in Q1 2025, a turnaround from a cash outflow of $15.904 million in Q1 2024[36] - The company’s net cash provided by operating activities as a percentage of total revenue was 2% in Q1 2025, compared to a negative 10% in Q1 2024[36] Future Guidance - For Q2 2025, total revenue is expected to be between $167.5 million and $169.5 million, with non-GAAP operating income projected between $29.5 million and $30.5 million[15] - Full year 2025 total revenue guidance is set between $691.0 million and $695.0 million, with non-GAAP operating income expected between $144.5 million and $147.5 million[15] Acquisitions and Growth - Completed the acquisition of Identity Automation on April 1, 2025, enhancing the Jamf platform[8] - Security ARR reached $162 million as of March 31, 2025, reflecting a year-over-year growth of 17%[8] Stock and Shares - The weighted-average shares used in computing diluted net income per share increased to 140,073,323 in Q1 2025 from 127,292,097 in Q1 2024[35] - The company reported stock-based compensation of $24.395 million in Q1 2025, up from $20.579 million in Q1 2024[31][34]

Financial Results - Jamf announced financial results for its first quarter ended March 31, 2025 [1] - The earnings release will be furnished to the SEC on Form 8-K [1] Conference Call - A conference call and live webcast for analysts and investors is scheduled for May 6, 2025, at 3:30 p.m. Central Time [1] - The conference call will be available for live streaming on Jamf's Investor Relations website [2] - A replay of the call will be accessible starting May 6, 2025, at approximately 6:00 p.m. Central Time [3] Investor Relations - Jamf uses its Investor Relations website to disclose material non-public information and comply with Regulation FD [4] - Interested parties can register for participation via telephone on the Investor Relations website [2] Company Overview - Jamf simplifies work by helping organizations manage and secure an Apple experience [5] - The company provides a complete management and security solution for an Apple-first environment [5]

Core Insights - Amplifier Security has announced a partnership with Jamf to enhance user security and employee experience through AI-powered automation [1][7] - The integration aims to automate compliance tasks for Mac devices, addressing the challenges of user engagement in security processes [2][5] Group 1: Partnership Overview - The alliance between Amplifier and Jamf focuses on improving user security by automating compliance through AI, which will help close security gaps more efficiently [1][4] - The partnership reflects a shared vision of integrating security and productivity, allowing users to manage security actions collaboratively [4][7] Group 2: Technology Integration - The integration provides a seamless setup for administrators, enabling them to trigger user interactions via platforms like Slack and Teams for policy actions [5] - Amplifier's technology allows for calendar-based scheduling of security actions, empowering users while maintaining IT control [5][11] Group 3: Product Offering - Amplifier is launching a free product tier for Jamf customers, allowing one Smart Group automation without user or device limits, facilitating easy compliance actions [6] - This initiative aims to encourage companies to adopt AI-powered automation without financial commitments [6] Group 4: Industry Engagement - Amplifier will showcase its innovations at the RSA Conference, highlighting its focus on user security automation and improved user experience [10][11] - The company aims to demonstrate how its solutions can enhance everyday security workflows that employees appreciate [7][10]

Core Viewpoint - Jamf will report its first quarter 2025 financial results on May 6, 2025, and will host a conference call to discuss these results [1][2]. Group 1: Financial Reporting - The financial results for the period ended March 31, 2025, will be announced after market close on May 6, 2025 [1]. - A conference call and webcast will take place at 3:30 p.m. CT (4:30 p.m. ET) on the same day to discuss the company's business and financial results [1][2]. Group 2: Company Overview - Jamf specializes in managing and securing Apple devices in the workplace, aiming to simplify work for organizations [3]. - The company offers a complete management and security solution tailored for Apple-first environments, focusing on enterprise security, consumer simplicity, and personal privacy protection [3].