Jamf at 45th Annual William Blair Growth Stock Conference: Strategic Insights

On Tuesday, 03 June 2025, Jamf (NYSE:JAMF) participated in the 45th Annual William Blair Growth Stock Conference, presenting a cautiously optimistic outlook. The company emphasized its leadership in Apple device management, its strategic acquisitions, and plans for international expansion. Despite macroeconomic uncertainties, Jamf maintained its financial guidance for the year, showcasing a blend of caution and confidence.

Key Takeaways

• Jamf has experienced a 17% compound annual growth rate since 2021.
• The company targets a Rule of 40 exit by Q4 2026.
• Jamf’s security offerings now account for 25% of annual recurring revenue (ARR).
• The recent acquisition of Identity Automation is expected to enhance identity management capabilities.
• Jamf plans to expand support for Android devices, shipping in July.

Financial Results

• Q1 ARR growth was 9%, with revenue growth at 10%.
• Jamf has achieved a 1,100 basis points margin expansion over the last two years and expects another 500 basis points improvement.
• A $400 million term loan was closed to cover a $375 million convert, maturing in September 2026.
• The Identity Automation acquisition, valued at $215 million, is accretive to both the top and bottom lines.
• Free cash flow is expected to grow by at least 75% this year.

Operational Updates

• Jamf holds an 11% market share in education and a 2% share in the commercial sector.
• International revenues currently make up 35% of total revenues, with expectations to exceed 50% in the future.
• 80%-85% of international revenues and 55% of U.S. revenues are generated through channels.
• New platform launches include Jamf for Mac, mobile, and K-12, with a small-medium business offering coming soon.

Future Outlook

• Jamf plans to expand its channel presence and security product offerings.
• The company is adding Android support, targeting mixed-use environments.
• A platform strategy focuses on integrating management and security solutions.
• The goal is to achieve the Rule of 40 by Q4 2026, with continued margin expansion.

Q&A Highlights

• Jamf competes with both smaller players like Kanji and larger ones like Microsoft Intune.
• The macro environment has caused some deal delays, but the business impact remains limited.
• Jamf maintains a strong partnership with Apple, especially in the education sector.
• The integration of Identity Automation is underway, with plans to extend beyond education.
• A new ERP system is providing improved data insights, aiding operational efficiency.

In conclusion, Jamf’s presentation at the conference highlighted its strategic initiatives and market leadership. For more detailed insights, readers are encouraged to refer to the full transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Jacob Reberge, Research Analyst, William Blair: Today, as well as over the the webcast, really excited to have David Ruto, Chief Financial Officer of Jamf, and Jennifer Goemund, Head of Investor Relations for Jamf. Before we kick off, my name is Jacob Reberge. I am the research analyst at William Blair that covers Jamf. For a full list of our research disclosures, please visit our website at williamblair.com. Well, before we get into a fireside chat, David’s actually gonna kick things off with just a a few slides to give level set for those that might be newer to the story on what Jamf does, what market looks like, and what what they’re really going after.

So Perfect. David, I’ll hand it over to you.

David Ruto, Chief Financial Officer, Jamf: Great. Thank you very much. I appreciate it. Good morning, everybody. Okay.

We’ll just run through this real quick. We are the number one vendor in the Apple space. We were created back twenty two years ago. We started in the education space strictly focusing on Apple management. We have since moved to security.

We bought an identity management company at the April, and then we also added support for Android which should be coming out in January for mobile devices too. Subscription revenue is about 98% of total revenues. We sell into all verticals around the world. We have a global presence selling to a 20 different countries, I believe it is now. The biggest verticals that we service are, the technical I mean, sorry, technology and education.

Education is about a quarter of the business now. We’ve experienced about 17% CAGR since 2021, and our net retention rate, is a 4%. And we’re fully SaaS. All all of our revenues are SaaS based. We have built a platform that manages all Apple devices and these are Macs, you think about laptops, and regular computers, and we also manage mobile devices and an iOS ranging from, iPhones, iPads, watches.

We even have customers that that use VisionPRO, so we’ve expanded on onto the VisionPRO side. It’s all seamlessly platform together and it it’s a much different experience on Apple versus the Windows vendors that move into the Apple space. We have a great relationship with Apple. We’re connected to multiple levels within the app app within the Apple team. And we come out with new releases that supports any updates that Apple does very quickly after they release them too.

So we have a very, very tight relationship with Apple. Our SAM, and we define this between security and management in countries that we sell into around the world. We have about 11% market share within education, and again, that’s our core business that we originally started with twenty two years ago. We’ve expanded internationally now too. We sell into individual countries now that support us.

Singapore is one of them that it rolled out max to all their students around the country. And so we manage and we secure those devices. And there’s other countries too, Japan. There’s a lot of activity within the APAC region on the education side. On the commercial side, we have about a 2% market share.

And again, this is leading with technology as number one. Actually have professional services. Financial services is actually a very big vertical for us as well. So in total, we have about 3% market share to our SAM. We have a number of growth drivers that we are working on.

We sell mainly through the channel internationally. As we set up our international business, we really leverage the channel so that we could really afford to move into many different countries. So about 80% 85% of our revenues are through the channel internationally. Within The US, it’s about 55%. We’ve hired a new channel manager about nine, ten months ago now.

So we’ve added an investment there. We’re pushing hard in the channel. We’re trying to send more, funnel more business to the channel in The US. And so that’s a driver of growth because we are seeing them actually bring us deals now. Security is a product that we actually bought.

We started with that when we bought Wundera back in 2020 2021. ’20 ’1. And about a quarter of our ARR now is security. So we have networking. We have device management as well.

And mobile is a massive opportunity for us. You think about how many devices are out there. It’s a smaller piece of our business, but that’s management and security. And with our addition of Android support, now we can also manage an Android device and we could secure those devices in the past. It’s for mixed use environments.

If if somebody has about 80% Apple and 20% Android, now we have a solution to be able to enroll those devices and secure those as well. And then international, have about 35% of our revenues are international. We think that should get to above 50%. If you look at Apple’s exposure internationally, about 55% of revenues are outside The US, and we would expect our revenues to increase, continue to grow. I think we wrote mid teens the last quarter, so strong growth internationally.

And then summary of history, 16% CAGR, ARR 17% revenue. We have been working very hard on margin expansion. We increased margins by about 1,100 basis points over the last two years, and we expect another 500 basis point improvement. We like to be a profitable growth company, and we are looking at investments, and requiring further analysis to make sure that we’re adding, as we invest in them that we can actually see that growth come. So we’ve been focused on margin expansion while growing the business.

And then q one highlights 9% ARR growth, 10% revenue growth. Operating margin came in at 22%. We closed the identity automation deal. It’s identity management. We call it identity dynamic identity management April 1.

That was $215,000,000. We also closed a term loan a two weeks ago for 400,000,000. We had a convert that goes current about $375,000,000. It goes current in September, matures September 26. So we now have $400,000,000 to cover that convert, and we will be buying that down over time and throwing some cash in the balance sheet.

And then we also are launching we launched a couple new platforms. So we have Jamf for Mac for enterprise, Jamf for mobile, and then we had came out with k through 12. We’re coming out with a new small medium business offering as well soon, I think this month. And I think that’s it.

Jacob Reberge, Research Analyst, William Blair: Well, thank you, David. Appreciate the the quick overview and kinda where where things level set there. So appreciate that. I guess just to kick things off, David, you’re you’re relatively newer to the Jamf team. And so maybe talk about what what attracted you to Jamf?

Why you wanted to join? And and kinda what what opportunity you saw in the business moving forward?

David Ruto, Chief Financial Officer, Jamf: Yeah. What I look for is I wanted to work for a company that was a leader in its space. And we dominate on the Apple side. We work very close with Apple. There’s no better solution to manage and secure Apple devices than us.

I wanted a a larger company that had a global reach. I think the global opportunity here is pretty massive. And the management team. I met with the management team. Think it’s I think there’s a ton of opportunity.

I was on the buy and sell side for eighteen years, so I know what you guys do. I sat in that seat. And I look at this as a company that has a ton of potential. Valuation is very reasonable, we’re gonna execute the plan and build credibility over time and hopefully see see the valuation go up.

Jacob Reberge, Research Analyst, William Blair: That’s helpful. And then just thinking about the the market, you talked about being the market leader in Apple first device management security. Who are you competing with most in this space? How has the the kind of market evolved as you’ve added the the security business to the platform?

David Ruto, Chief Financial Officer, Jamf: Yeah. I think we we see smaller subscale competitors out there, Kanji and Mozel. Mozel’s mainly on the education side. Of course, Microsoft Intune, they’re everywhere. Workspace ONE, which is now Omnissa, we see them as well.

But we compete like, if you go head to head on functionality within Apple, we dominate on that. There’s nobody that does it any better than us. So you think about Kanji and Bozul, that’s mainly management, and then Intune is management and some security, and then Workspace ONE is management and security as well.

Jacob Reberge, Research Analyst, William Blair: Okay. And just to double click on Workspace ONE. I know they recently changed changed the name over there. But they’ve obviously gone through a few different ownership changes over the last few years. So maybe talk about how competition with them may or may not have changed since those changes of control.

David Ruto, Chief Financial Officer, Jamf: Well, good news is there’s always competition. It’s healthy competition and they and they make you better as a competitor to make sure your products are good. I’d I’d say we compete in an Apple environment very well against Workspace ONE. We’ve done very well. I think they’ve had some changes in in ownership, and we’ve been able to gain some share from them and that continues even now.

So we compete well in an Apple environment. We win head to head with any of these vendors. In the mixed environments, that’s kinda where you might see additional competitive pressures to that. But they’re a great competitor.

Jacob Reberge, Research Analyst, William Blair: Yeah. That makes sense. And then just taking a step back thinking about the the current macro environment, it’s obviously top of mind for a lot of people. And you have a unique lens given you have both SMB exposure as well as you serve quite literally some of the largest enterprises in the world. So can you talk about how things have been going through the macro?

How demand has been holding up? And especially as it relates to to kind of post the tariff announcements if there’s there’s been any change Yeah. In the business since then.

David Ruto, Chief Financial Officer, Jamf: Yeah. And as you said, we we have an interesting business model. We serve the smallest to the biggest. I mean, Apple is one of our they’re our partner, and we service them. So we get to see many different environments around the world.

We’re global as well. So we see so what we saw in q one was there was a few deals that slipped. There’s a few deals that canceled, and it was directly tariff related. Nothing that made us I think it made us cautious as we looked out, but nothing that told us, oh, you need to take numbers down because of this. It wasn’t consistent.

You know, any quarter you see deals, you come up to the end of the quarter, there’s stuff that slips and stuff that pulls in. April came and it was more of the same. Right? I think it was it it feels similar to what we saw in q one through q three of last year where there was still uncertainty, there’s still cautiousness, hiring has not come back. We we grow as as our customers add more people and put more devices in their hands.

But we’ve seen nothing yet that tells us that there’s a cliff coming. We continue to watch pipeline how it’s building. It’s kinda seems normal. But we are cautious. And we did not raise numbers.

We just maintain guidance for the year because of that. And, you know, we talked to the sales team. I talked to them a lot. I think they get tired of me questioning them. But, you know, there is some disruption, but it’s just not meaningful yet.

Jacob Reberge, Research Analyst, William Blair: Okay. That that makes sense. And then you’ve you’ve mentioned Apple a few times. Obviously, a big customer, a big partner. Can you talk about that relationship Mhmm.

And how it’s evolved over the years? Years.

David Ruto, Chief Financial Officer, Jamf: Yeah. And I could Jen can join too because he’s been here longer. We have an excellent relationship. We have connections with them at all levels within within the organization. We work very closely with them.

Obviously, the development teams work very good because they have to know and understand what they’re doing from a product direction perspective. They’re an excellent partner.

Jennifer Goemund, Head of Investor Relations, Jamf: Yeah. And we also go to market in education with Apple so that is, you know, that’s really our roots as education. So those relationships have been built over time and I was, you know, I think we have a similar philosophy that the best thing that could happen is more devices in organization more Apple devices in organizations. So we’re both, you know, agreed on that and so we work towards that.

Jacob Reberge, Research Analyst, William Blair: Yeah, that makes sense. And just double clicking on the education front, there’s obviously ton of devices were adopted during the pandemic back in 2020. We’ve been waiting a little bit for a device refresh to take place. Curious, have you seen any movement on that front? Any changes on the device refresh cycle in education?

Jennifer Goemund, Head of Investor Relations, Jamf: Not yet.

David Ruto, Chief Financial Officer, Jamf: Yet nothing meaningful yet.

Jacob Reberge, Research Analyst, William Blair: Yeah. Yeah.

Jennifer Goemund, Head of Investor Relations, Jamf: And I I don’t know, you know, I I think it remains to be seen whether or not we’ll see something all happen at once. I think, you know, just every company, I think every school is also thinking about how do we time this? And but, you know, a lot of those devices to your point are have been around for a long time getting knocked around in backpacks by kids. So you know, you would think something is definitely on the come and it’s just a matter of when.

Jacob Reberge, Research Analyst, William Blair: Just a matter of when not if. So back to Apple, some investors see like view Jamf as somewhat dependent on Apple’s success of penetrating new markets, gaining share. So could you talk about how how their market share has trended? And then also what the opportunity is with devices they’ve already landed? So it doesn’t matter if they land another device, but just increasing your penetration within the Apple ecosystem, how big that that market opportunity is in and of itself.

David Ruto, Chief Financial Officer, Jamf: Yeah. I I think they’ve Apple has expanded aggressively internationally. Yeah. Right? I think on the mobile side, they’ve sold they’ve sold sold a ton of devices.

And if you think about when you when you go to the retail store now, when you check out, what do you check out on? It’s not a POS that you walk up and do. It’s more of an iPad or an iPhone that they that they use to sell. Same thing with transportation. You know, you look at transportation, there’s a lot of new deskless solutions that are coming and these are devices that have already been sold.

And so our opportunity is going and help manage and secure those devices because they access the corporate network, they access all the corporate information, and you have to secure them and manage them appropriately. Think about a pilot, they now got on a plane with an iPad with their flight plans and all the maps and everything else. So if it’s not secure, there’s a chance it could be breached and you’d have problems in the air. So like, we we’ve we’ve got a very good market share on the transportation side. And it’s for many other areas too.

So we can sell there’s a lot of selling we can do in mobile because these devices are already deployed.

Jacob Reberge, Research Analyst, William Blair: Yeah.

David Ruto, Chief Financial Officer, Jamf: And so it’s just a matter of going out. And a lot of these customers are already our customers that are using it on the Mac side. And I think with our Mac or Jamf for mobile, I think there’s a huge opportunity for us to go out and actually push the new platform product to get additional sales.

Jacob Reberge, Research Analyst, William Blair: Yeah. That’s helpful. So maybe just double clicking into that mobile opportunity. You have the last time you disclosed it was just over 5,000,000 devices on the platform. I know corporately owned devices there’s more than a hundred million that are out there.

So pretty big opportunity. How do you more effectively address that Like you’ve obviously dominated the Mac ecosystem. So how do you take that that kind of brand recognition and transition it over to the mobile side of the ecosystem?

David Ruto, Chief Financial Officer, Jamf: Yeah. I I think the platform solution Mac for mobile I think will help us. Right? So now we have a individual product that has management and security within it that we can aggressively target customers with, whether they’re existing or new customers. So I think it’s more of a the selling motion I think will should get easier now.

The other thing with Android added as a as a management piece within there now we’re not going after Android a %. This is more of I’ve got 80% Apple and 10 20% Android. They need a solution to be able to at least enroll those devices. We can secure them currently, but we can’t manage and enroll them into and and manage them. So this will allow us it’s shipping in July.

So this will allow us to enroll that device and secure it then. So it’s just additive to the Apple ecosystem within a customer at at the mobile environment. We’re excited about it. The feedback’s been really good so far that we picked up from customers.

Jacob Reberge, Research Analyst, William Blair: Okay.

Jennifer Goemund, Head of Investor Relations, Jamf: And I would also add on that from a from a deskless workflow perspective is really capitalizing on the specific workflows that we’ve built that are industry specific. So in healthcare and retail and transportation and really bringing those to more of our customers.

Jacob Reberge, Research Analyst, William Blair: Okay. That’s helpful. And then just on the Android ecosystem standpoint, do you see that as a mobile specific opportunity or do you think that the on the road there could be more kind of cross ecosystem launches within the the Mac PC kind of ecosystem? That makes sense.

David Ruto, Chief Financial Officer, Jamf: We always, you know, we add functionality. We do acquisitions cause customers ask for it. And customers have been asking us for the mobile support of that, which is why we rolled it out. If we get additional request or enough requests, we will look elsewhere. But I think for now, we’re very tight on Apple.

And I think this opportunity on Android is helpful because it it it solves the customer’s need. Right? It simplifies their back end. They can have one vendor to manage all the mobile. And I think that’s I I think we have we’ll have more than enough demand on the Android side for mobile management over the next couple years.

Jacob Reberge, Research Analyst, William Blair: Okay. That’s helpful. And then just last one on on the mobile opportunity. Does the does the competitive environment, does competition change as you switch over to mobile? Or is it fairly similar to your core?

Jennifer Goemund, Head of Investor Relations, Jamf: Say it’s similar, right? Similar.

David Ruto, Chief Financial Officer, Jamf: Intune. Yep.

Jacob Reberge, Research Analyst, William Blair: Yeah. Okay. That’s helpful. And then switching gears to security, it’s it’s obviously grown nicely over the past few year and now now makes up over 25% of your total ARR. So can you talk about the evolution of that platform and and how you think things progress from here?

Mhmm.

David Ruto, Chief Financial Officer, Jamf: I’ll let Jen do it because she has the history behind how it all

Jennifer Goemund, Head of Investor Relations, Jamf: I I would go back to what David said, Listening to our customers and what they have asked for and needed. And so we started down the security path kind of 2017, ’20 ’18 with some acquisitions that are now our Jamf Connect, which is our identity product as well at identity and connection as well as Jamf Protect, is our endpoint threat detection product. And and so, you know, when we IPO ed, our security business was, you know, single digits of ARR, single digit dollar ARR, you know, now over a hundred and 60,000,000. So we’ve really seen we believe, right, that managing and securing with one vendor is the right way to go especially on Apple. Right?

And if you have Apple, Jamf makes sense. Because it’s I think those those lines between management and security are blurring.

Jacob Reberge, Research Analyst, William Blair: Yeah.

Jennifer Goemund, Head of Investor Relations, Jamf: And and so, you know, you can have a great can have a great threat detection product, but then you need to remediate. Right? And how do you do that? And making sure that those two products are tied together is really key. So that’s really why you see more from us coming from a platform perspective.

We will absolutely sell single point solutions if people want them, but we believe the value is having those two tied together because I I don’t I think we’ll eventually get to a place where there is no kind of management or security.

Jacob Reberge, Research Analyst, William Blair: Yeah.

Jennifer Goemund, Head of Investor Relations, Jamf: It’s the and. Yeah.

Jacob Reberge, Research Analyst, William Blair: And that that platform approach, you you all have talked about some pretty interesting stats out there. I think last time it was talked about it was north of 40% of your pipeline was coming from these combined deals. It was increasing win rates by two x and retention by a couple hundred basis points. So maybe maybe talk about how kind of the combination of security and management kinda increases your your competitive edge when you’re going to market with customers.

David Ruto, Chief Financial Officer, Jamf: Yeah. I would say the more products they deploy, the more stickier you get. Right? So if you’re managing a device and securing a device, it’s harder to get off of the platform. Right?

Because it’s quite a bit of work to get like, if you’re an enterprise, it’s quite a bit of work to get it and running and live, and it works. Right? The the the the user experience is great. The management of the devices is relatively easy. And and I think that that’s what causes or creates kind of the lower churn rate that we see.

Mhmm. Like, it’s much lower churn rate when they when they use multiple solutions. And Mhmm. Packaging it up into a single platform is an easier go to market. There’s one contract.

You don’t have to go up multiple groups. You can sell into the management space too. You can sell security within there. They can share and the the minute you go, like, manage it to security budgets, that’s where you have longer sales cycles too. So it’s compress it should compress the sales cycle too.

Jacob Reberge, Research Analyst, William Blair: Yeah. That makes sense. And then there’s obviously some large players out there in endpoint detection response and zero trust network access. So can you talk about kind of coopetition dynamic of how how you see the security landscape, PC versus Apple, and how those partnerships, but also maybe a little bit competition Mhmm. Relates to some of those larger vendors in the market?

David Ruto, Chief Financial Officer, Jamf: Yeah. We go to market with an end solution. Right? So what we would like to see is devices being managed and secured on Jamf, and then we can feed security telemetry data to whatever your security vendor of choice is. Because we have the best solution.

Apple OS works differently than the Windows OS, and we know how to work it. There’s if you put another tool on there, you get a loss a of false positive and false negatives. And we just know exactly how Apple OS works. And so it makes it a lot, a much better experience. So we look at it and say, you can use us, plug us into CrowdStrike, we’ll feed the telemetry data, you can look it on their screen, that’s perfectly fine, but at least you know you have the best management security solution for Apple.

Yeah.

Jacob Reberge, Research Analyst, William Blair: Makes sense. And then you recently announced the identity automation acquisition in this space. So what what attracted you to that deal and what opportunities do you see for that combined platform moving forward?

David Ruto, Chief Financial Officer, Jamf: Well, again, it’s customers who are asking for that identity management. So what what identity automation does is we call it dynamic identity management. So you think about in the school, how a student goes through their life cycle as a student. If you don’t have identity management, you put all their data into the student management system, then you’d have to upload a spreadsheet, and then you’d have to feed and allow them they’d have to carry different passwords. You’d have to give them access to apps, whatever else.

With our solution, it’s a very in in very complex identity situations. The student the user experience will follow that student throughout their life. Right? So if Johnny’s in second grade, he has access to this. Then when he goes to second semester, he has access to that.

As the student management system is updated, it’s fed right down to his individual identity. And then he just goes through and pulls up his iPad the next day. He can access everything else. You don’t have to carry 25 different passwords. And it’s a seamless experience.

And it follows you all the way through your life as a student assuming you stay in the same school. And it is a huge problem for schools. They don’t have big IT groups. They might not have anybody in IT. And this is a solution we can put in, deploy.

It’s very sticky. We’ve we’ve won very large school districts with it. And it’s it’s a problem among many schools. So it’s a way to secure and allow access in a in an easy to manage format for the for the education people.

Jacob Reberge, Research Analyst, William Blair: Yeah. And then, well, how are you thinking about kind of the integration timeline from both the product and a go to market perspective? And then, my understanding, pretty pretty impressive kind of financial profile over there. So maybe kinda double click into the the high level financial profile of identity automation versus Jamf.

David Ruto, Chief Financial Officer, Jamf: Yeah. Yeah. It’s it was a competitive deal. M and A happens when it happens. Right?

You can never plan for something to happen. But it was accretive on the top line and the bottom line. It was a very well managed company. It was US only. I think it had two customers in Norway.

And it was very competitive. And I think we strategically fit very well with them because we already partner with them. We have they have 500 customers. We have 250 customers that overlap with them. And it made sense a lot of sense strategic.

So we actually won the deal and we didn’t pay the most out of anybody, which is great. We are integrating it in on the back end. I think for this busy season, we left their salespeople in position because busy season is now. We didn’t wanna disrupt that. But we are training international.

We’re training the channel as well and getting ready for that. And we do have synergy. We actually saw some synergies in the in the opposite, I mean, which we didn’t plan for. We’ve actually sold a number of deals into their base. So on day two after the close, we actually closed a deal selling Jamf into one of their customers, which is great.

So I talked to the head of the Americas education the other day, and she’s excited. She goes, that’s surprising. There’s a lot of jamf demand on their side too

Jacob Reberge, Research Analyst, William Blair: Yeah.

David Ruto, Chief Financial Officer, Jamf: Which is great. And team is excited. It’s busy season right now. Education sales are now, you know, q two and q three. And I think the team is very I think they’re positioned well to be successful with it.

And then international I think international will see some traction, probably slower because they’re not familiar with it. But we are training everybody on the Southern Hemisphere too for the busy season season coming up at the end of the year.

Jennifer Goemund, Head of Investor Relations, Jamf: Yeah. And one thing I would just add too is the longer term plan rate is dynamic identity is not solely an education issue. Right? If you think about from a retail perspective, health care, right, relies a lot on dynamic identities if you think of hospital personnel, right, nurses assigned to specific wards depending on the day and where the need is, or in retail, right, where you have shift changes all the time. So there are many opportunities outside of education where this can be meaningful.

Jacob Reberge, Research Analyst, William Blair: Yeah. A lot of opportunities there, I love that. Accretive on the top line, accretive on the bottom line, not the highest bidder. Those are typically good things in an acquisition. Taking a step back, Jen, maybe I’ll go to you for this one.

You’ve recently made a lot of operational changes at Jamf. So you you’ve seen over the years changes in the market side. You implemented a new ERP system, so some back office changes. How are you thinking how are those things progressing? And then how are you thinking about driving the efficiencies in the business following

Jennifer Goemund, Head of Investor Relations, Jamf: I think any time you do that amount of system change at once, you know, it is certainly an interesting time for an organization. And I think overall we’re progressing pretty well. We did have some obviously changes, but we have to look at it as what it gives us in the end. Right? The efficiencies that come from it obviously are great, but also the insight that we get from a data perspective on the business has been so meaningful for us.

A lot of that has driven what we’ve done with the new platform solutions. Right? Know, Jamf for Mac, Jamf for mobile, right? Really saying how do these we get much better data on how our customers buy, how we retain them. And so I would say everything is, you know, moving along as you would expect.

And, you know, we’re starting to see the benefits of it. But there are still efficiencies, I think, that can be had from that process. We did have some slowdown in billings and collections and things like that as things work through the system. So those are all things that are in the process of cleanup right now.

Jacob Reberge, Research Analyst, William Blair: Okay, that’s helpful. And then just thinking moving forward, how should investors think about the margin trajectory of the business and when should these changes kind of be fully I know we’re we’re through the the bulk of it, but when should we expect them to be fully finalized in the model?

David Ruto, Chief Financial Officer, Jamf: The goal is rule of 40. Yeah. Exiting q four of twenty six, the goal is rule of 40. We continue to expand margins. We’re being very responsible in spending.

I’m sorry. I’m losing my voice. But the focus is profitable growth, so we will invest appropriately, but really focus on expanding the bottom line too. And rule of 40, I think, is the goal. I think we can do that exiting q four twenty twenty six.

Jennifer Goemund, Head of Investor Relations, Jamf: Yeah. But a lot of those detailed things related to the systems things are all in process now. And I, you know, I don’t think we see them having a, you know, a multiyear tail on them, but they’re all being worked through.

Jacob Reberge, Research Analyst, William Blair: Okay, that’s helpful. And then we’re coming up on time here, so maybe just one more question on my end, but capital allocation. You’ve been acquisitive over the years, you just raised some debt, you have a convert on the balance sheet. How should we think about capital allocation moving forward? Yeah.

David Ruto, Chief Financial Officer, Jamf: We closed the term loan a that will cover some of the buyback of the convert. 40,000,000 will go out in October for identity automation and last payment, and then we’re gonna have the rest on the balance sheet. We do look at m and a, but we just closed something. We got to integrate it. So that’s what the focus is right now.

Sorry.

Jennifer Goemund, Head of Investor Relations, Jamf: I got you. I think you covered it all. Yeah. Term loan a, the convert coming current here in September, so we have more than enough. We also guided to on the free cash flow dollar growth of at least 75% of the year, right, for the year.

So very solid cash generation to cover that and the term loan a just brings another level of, you know, optionality for us. Okay.

Jacob Reberge, Research Analyst, William Blair: Well, that’s really helpful. Thanks, Jen. Thanks, David. Really appreciate the time. Thank you very Thanks everyone for joining today.

If you are interested in attending the breakout session, it’ll be in Jenny B, and that starts in about ten minutes.

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