Jamf (JAMF) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Business overview and market position

• Leader in Apple device management and security, managing over 33 million devices for 76,000+ customers.

• Differentiates by integrating management and security, enabling remediation of vulnerabilities.

• Focuses on Apple ecosystem, providing native solutions rather than cross-platform tools.

• Security business now represents 23% of ARR, growing at 27% annually.

• 41% of customers use both management and security products.

Financial performance and growth outlook

• Q2 delivered a beat and raise, continuing execution on a three-year long-range plan.

• Margin expansion and growth maintained despite macroeconomic uncertainty.

• Security ARR has $350 million of additional opportunity in commercial sector.

• Medium-term targets include accelerating growth and margin expansion, with confidence in scalability.

• Consistent double-digit unlevered free cash flow margins, with potential for further profitability.

Demand environment and industry trends

• K-12 education and tech sectors make up 45% of business; both impacted post-pandemic.

• Education sector awaiting device refresh cycle, typically every four years.

• Tech sector shows signs of recovery, with less downsell and some upsell in Q2.

• Apple device shipments up 20% YoY, expanding the addressable market.

• Mobile device management and deskless workflows are rapidly growing segments.