Jamf (JAMF) 27th Annual Needham Growth Conference summary

Market overview and strategy

• Device growth slowed post-pandemic, especially in education and tech, impacting upsell opportunities, but cross-sell into security and expansion into new verticals helped offset this.

• Anticipation of a global education device refresh cycle, with ongoing discussions in international markets.

• Emphasis on combining device management and security, driven by customer demand for integrated solutions tailored to Apple environments.

• Security offerings, including a mobile security suite and Safe Internet product, have seen strong adoption and reduced churn.

• Competitive landscape remains stable, with wins from legacy UEMs and subscale competitors as multi-year contracts come up for renewal.

Operational improvements and technology investments

• Implementation of a new ERP system in August 2024 enables better data, automation, and local currency billing, improving efficiency and customer experience.

• Partner portal rollout allows partners to register deals and generate quotes independently, streamlining go-to-market and reducing resource needs.

• Phased rollout of the partner portal is paired with a new partner program incentivizing deal origination, expected to improve margins and efficiency.

• Local currency billing is being introduced, expected to have minimal near-term revenue impact but to ease international business.

Financial outlook and growth drivers

• Guidance approach remains unchanged, with a focus on achievable targets and outperforming throughout the year.

• Rule of 40 remains the goal for 2026, with continued margin expansion and cash flow generation.

• ARR growth is expected to re-accelerate to 14% in 2025, driven by mobile and security expansion, international growth, and increased channel sales.

• NRR trends are slightly better than expected, with cross-sell in security and reduced downsell supporting performance.

• Capital allocation is focused on refinancing convertible debt due in 2026, with a balanced approach to M&A and buybacks.