Jamf at Bank of America Global Technology Conference: Strategic Growth Insights

On Thursday, 05 June 2025, Jamf (NYSE:JAMF) presented at the Bank of America Global Technology Conference 2025, offering insights into its strategic growth trajectory. The company highlighted its evolution from managing educational devices to a comprehensive platform for Apple device management and security. Key discussions included expansion into commercial markets, financial performance amidst macroeconomic challenges, and future growth opportunities.

Key Takeaways

• Jamf is targeting a Rule of 40 run rate by the end of fiscal year 2026.
• The company has secured a $400 million term loan to fund acquisitions and reduce debt.
• Net Revenue Retention has stabilized at 104%, with potential growth driven by security solutions.
• Jamf’s platform solutions focus on mixed device environments, leveraging strong Apple ecosystem management.
• International expansion and cross-selling opportunities are central to future growth strategies.

Financial Results

• Jamf reported robust financial guidance, aiming for achievable growth models and effective cost management.
• The recent $400 million term loan will support the Identity Automation acquisition and reduce convertible debt.
• Operating margin guidance is set at 21% for the year, marking a 500 basis point increase from last year.

Operational Updates

• Jamf’s transition from "a la carte" product sales to platform solutions is driving pipeline growth.
• The acquisition of Wandera in 2021 has significantly expanded Jamf’s security offerings, now contributing $160 million to ARR.
• New SKUs are being developed for the SMB space, enhancing Jamf’s market reach.

Future Outlook

• Jamf sees significant opportunities in mobile solutions, particularly in deskless environments such as transportation and retail.
• The company plans to leverage its strong IT department relationships to expand its platform solutions.
• International growth is a priority, with strong performance in the APAC and EMEA regions.

Q&A Highlights

• Management addressed concerns about macroeconomic uncertainties affecting device refresh cycles, with customers extending device lifespans.
• The impact of tariff concerns on deal closures was acknowledged, though not significant enough to alter full-year guidance.
• Jamf’s pricing strategy includes embedded annual price increases in new platform products, maintaining competitive value.

In conclusion, Jamf’s presentation at the conference underscored its strategic positioning and growth potential. For more detailed insights, readers are encouraged to refer to the full transcript below.

Full transcript - Bank of America Global Technology Conference 2025:

Unidentified speaker, Host: So I guess we’re ready to kick this thing off. You guys are in the right spot for our fireside conversation today with Jamf. You know, today, we have a couple of very special guests with us. We have David Rideau, CFO Jennifer Gumman, investor relations. And, yeah, thank you guys so much for for making the time.

David Rideau, CFO, Jamf: Yeah. Thank you very much.

Jennifer Gumman, Investor Relations, Jamf: Surely. Thanks for having us.

David Rideau, CFO, Jamf: I am. Intimate gathering. We’ll have a and if there’s any questions, interrupt. Yeah. If you

Unidentified speaker, Host: need Yeah. Please, if if anyone wants to raise their hand, we’d we’d love to to hear your voice too. But I kind of wanted to kick it off maybe for those in the audience that might be a little bit newer to the story or or kind of revisiting. I I kinda wanted to ask about Jamf past, present, and future, and and kind of just would you guys be able to give brief background of maybe the problems that Jamf solved in the past, kind of where where the roots are, and as well as kind of heading into the present and future, what what sort of problems you might be able to solve going forward, maybe in light of security adoption, the Android announcement,

David Rideau, CFO, Jamf: and the identity automation acquisition? Perfect. Yeah. So Jamf is about a twenty two, twenty three year old company now. We were started back in Eau Claire, Wisconsin of all places.

And we originally started out on managing education devices, right, max in the in the in the education side. Through the years, the company grew, and then we started to expand into commercial side. About 25% of our ARR right now is education. And we expanded into commercial. We did the Wandera acquisition in 2021, if I’m not mistaken.

And that pushed us into the security space too. So when we went public security was a small part of ARR. Now it sits at about a hundred and $60,000,000 of ARR. So nice growth there. We continue to expand globally.

We sell in about a 20 different countries around the world. We mainly sell through the channel internationally, about 85% of revenues are sold through the channel internationally and about 55% in The US. We have created over the last quarter a platform solution where we can sell into we call it Jamf for Mac, Jamf for mobile, Jamf for k through 12, where it’s an it’s a combined management product and security in the same bundle platform that we’re selling now. And then we are coming out with a new SKU for the SMB space as well. We closed the identity automation acquisition on April 1, which puts our first entrance into identity automation identity management.

And that product manages, we call it a dynamic identity management. And originally, it started in schools. And so you think about how a student progresses through their life as a student. I’m in the first grade. I’m with teacher a, maybe teacher b.

I need this access. So this would I this would tag the identity into that student, and then it can access access apps, websites, everything else. They wouldn’t have to carry a password either. And then each quarter, each semester that changes, so that’s why it’s the dynamic piece of that. And it will carry them through their entire school year.

It’s for students, teachers, substitute teachers, parents that sit in on on the education side as well. And so originally, we sell into the education space. They have a small health care piece too. And so we do have the ability to sell that into our 40,000 education customers around the world. And so we’re actively working now to get that out, you know, training and update the channel through this busy season, which is q two and q three in the Northern Hemisphere.

And we’re also making investments in the channel and training for the Southern Hemisphere, busy season should be q four, q one of the coming period. And then we did announce through Bloomberg came they came out with a story that we’re supporting Android for mobile. And we’ve been supporting Android devices on the security side, but we haven’t been able to manage them. So this product is for mixed use environments. A lot of our customers have Apple iOS devices and some Android.

So this gives us the ability to have one tool that our customers will use so we can manage and secure Android devices as well as the the iOS devices that we support in the field too. I think that’s it. Yep. Makes

Unidentified speaker, Host: sense. And and, you know, that comment on mixed device environments, I I kind of want to dig into that. You know, obviously, Jamf comes first of mind when selecting a device for managing the Apple ecosystem. But can you kind of talk about how that leadership position helps position yourselves when you’re selling to enterprise and schools with miss mixed device environments? And has there been any change in that competitive dynamic there?

Jennifer Gumman, Investor Relations, Jamf: I’ll take that one. Yeah. So I would say there hasn’t really been a change in the dynamic. You know, for the most part, every situation that we sell into is a mixed environment. So that’s always been the case for us.

And the way that we go about that is really selling on the value proposition of managing and securing your Apple devices in the best way. It is a jamf and proposition, and we are more than happy to feed, the telemetry that we get on those devices into whatever pane of glass is used to manage and secure. So it’s really about providing what we believe is the best solution for those specific devices.

Unidentified speaker, Host: Perfect. Perfect. I kinda wanted to ask a question on pipeline. You know, kind of currently in your sales pipeline, which products and and use cases are kind of driving the most interest, and how do you maybe see that evolving over the medium term? Are there any sort of trends to kind of call out there?

David Rideau, CFO, Jamf: Yeah. We’ve been going to market with like a a la carte menu of products. So we sell management, we sell protect, we sell connect. And what we found is as we sell more and more of the combined products into our customers is they have much better, much lower churn and more adoption. The more that you sell them, the more they deploy the lower churn rate is.

And we would sell into the IT department and the security department. And so what we did is we came out with these platform solutions and integrating the two together because you really, it is collapsing so that you need to manage and secure at the same time, securely manage is what we call it. And so what we’ve done is offer that solution. And so we’re seeing a lot of pipeline built on the platform. So Jamf for Mac, Jamf for mobile, and Jamf for k through 12.

And we still sell a la carte if they want it. But most of the most of the discussions around the the platform solutions that we’re selling. Now identity automation is also coming into it now since we acquired them. And so that’s part of the pipeline build as well. And mobile too.

Mobile, I think, is a is a is a very big opportunity. It’s still early days. There’s a lot of deskless solutions that are coming out there. You think about transportation, health care, professional services. You know, you go to retail now too.

Like, when was the last time you actually sat in front of a POS terminal? Right? There’s iPhones, there’s iPads that are being used to sell things. So I think the world is changing to more mobile solutions in the enterprise and with all these different verticals. And we’re seeing a lot of activity there too.

Unidentified speaker, Host: Yep. Makes sense. I wanted to ask on guidance. Right? So macro has obviously been very dynamic over the past couple months and not asking for an update on kind of the demand environment currently.

Although if you guys want to provide it, we’d

David Rideau, CFO, Jamf: need to do an eight k. So no.

Unidentified speaker, Host: But would you be able to talk about what you were seeing when you formulated guidance and kind of what was factored in in terms of the demand environment maybe what could drive upside or downside to that.

David Rideau, CFO, Jamf: Sure. Yeah. So as we were preparing for q four call and giving guidance for twenty twenty five, January, there were a bunch of layoffs that happened. We saw layoffs. Now it wasn’t a meaningful number, but I think what that told us is it’s still a an uncertain environment overall.

You know, last year, there’s still uncertainty. There’s still a lot of signatures that go through. Q four was strong from a budget flush perspective, but we saw in q one, it didn’t flow through. So we believe in building an achievable model. I think the beat and race story is relevant for any public company out there.

And so that’s in there that that’s in the back of our minds as we set, the guidance for the year. When we reported q one, we beat we’re at the high end of the guidance range. And what we’re seeing in the market did not justify lowering numbers further. We saw a handful of deals slip. There were a couple cancellation of deals, three cancellation of deals in North America, couple slip deals.

Europe saw a couple slip deals too, but it wasn’t meaningful enough. And these were deals that slipped specifically because of tariffs that were mentioned in the sales process. We didn’t think at that point it required us to lower numbers. So we did is just maintained the full year so we didn’t flow through the upside in q one. You know, April came and went and April was more or less in line with expectations.

But I think there still is a lot of certainty out there in the marketplace. We’ve not seen spent we’ve not seen hiring come back in strength. You know, our biggest vertical is technology. We’ve seen a lot of growth in technology over the years, but but hiring has been slower there. And so that’s in the back of our mind as we as we gave the guidance for the year, and we we rolled an identity automation as well into the numbers too in q one.

That makes sense.

Unidentified speaker, Host: Wanted to ask on NRR, which has been a hundred and four for a couple quarters in a row now. I wanted to ask what what in quarter NRR kind of looked like? Has it stabilized? Has it kind of improved? And kind of maybe if there are kind of pockets of healthier NRR in the in the business mix.

Jennifer Gumman, Investor Relations, Jamf: We we really look at it at a TTM basis, and so we’re seeing that stabilization. You know, we talked about on our q four call how we we do expect things to kinda level out around, around the one zero four ish area. And that’s really due to the fact that the security business has now grown, to be a size to to support that. And then, you know, we expect it to increase from here. I think a lot of that will depend on, obviously, continued penetration of security.

The platform solutions certainly assist in that. And I think, you know, the upside, you know, of how that to accelerate quicker would really be a boost in a hiring environment to kind of bring out that kind of upsell of devices to accelerate that.

Unidentified speaker, Host: Yep. That makes sense. I wanted to ask too. So, you know, as as you mentioned, identity automation, the acquisition was closed April 1, purchase price of $2.16, of which 40,000,000 was deferred consideration. What are kind of the milestones for the the deferred part of of that purchase price?

Yeah.

David Rideau, CFO, Jamf: So the the deferred part of the purchase price is just time based. Okay. We in in the negotiation process, we to for capital management in our from our standpoint, we pushed for a piece that was sold that would be paid later in the in the cycle, in the period of the time frame. And I might as well touch on that. So we did a TL I don’t know if can get this question, but I’ll answer it now.

So we we just signed a TLA two weeks ago now, $400,000,000. It’s attached to our line of credit that we had in place, the hundred 75,000,000 that is not pulled right now. And so part of that money will fund the 40,000,000 for identity automation. We also have our our our convert will go current in September of this year, and it matures in 2026 in September. And so part of the cash will also be used to buy down some of that convert position as well.

And then the balance will sit on

Unidentified speaker, Host: the balance sheet. Okay. That that makes sense. I I wanted to ask too just how you see identity automation and maybe stepping back the kind of different parts of the growth algorithm. How do those all tie together kind of over the medium term in terms of Mac and OS device management, security, and identity automation.

For all those.

David Rideau, CFO, Jamf: Yeah. So I I think management is more more mature market. In The US, it’s more mature. Internationally, we still see a lot of opportunity where there’s higher growth. Security is our growth engine.

Right? Because it’s a newer product where we see strong growth in The US and international. It grew with 17% last quarter and 17% in q four of last year. Identity automation will be a separate SKU. And so we aim to sell that into our installed base within the education space around the world.

We are seeing a benefit from identity automation. They’re actually taking us into their customers now too. So on day two of the since we closed the deal, actually sold the deal into one of their customers. We do have overlapping customers. They have, like, 500.

We overlap with two fifty. And so we have seen a lot of interest, and there is some deals in the pipeline as well for us to sell into the identity automation space. We also with the Android support within mobile, I think that will help us with win rates because there are some customers that might not want to have multiple tools to support Android and Apple. This way we can support Android and Apple at the same time. It’s it’s a matter of now we can finally enroll them and secure the devices.

Mhmm. Yeah. That makes sense.

Unidentified speaker, Host: I wanted to ask one kind of just about refresh cycles. So, you know, it’s been called out that, you know, some customers in large verticals like tech and k through 12 are kind of seeing elongated device refresh cycles. What are some of the drivers of that hesitation to buy new devices for these customers in particular? And how long can they kind of sweat those devices?

Jennifer Gumman, Investor Relations, Jamf: I I think, really, we’re in an environment. Right? And I think David was the the same thing as everyone’s looking at their cost structure and their spend and looking for ways to minimize cost creep. Right? And, you know, asking about every single expense doing zero based budgeting, things like that.

And so I think what we see as organizations and, you know, one of the benefits of Apple devices is they they do have a longer life. And so I you’ll I think what we’re seeing in is is elongated life of those devices within those organizations. And, you know, for us, really, when an when someone goes for for a refresh from Apple to Apple, you know, that’s, you know, for the most part, a net zero for us if you’re keeping the same product set. But where we see the opportunity is when those devices are refreshed, could we add more of our products onto that device? And then also can we take share from other platforms?

And and so I think what we’re going to see when refresh happens, so I think it’s gonna be much more staggered than we’ve seen in the past kind of with COVID. Right? Massive device deployments happening in 2020 and 2021, both on the education and the commercial side. I you’re gonna see it come in in in just smaller waves as as as companies see, like, well, this device I always talk about, you know, a kid’s device getting banged around in a backpack now for five years. It’s gotta be nearing end of life, but are are companies and school districts being more surgical and just doing them device by device or, you know, smaller chunks of devices at a time?

Unidentified speaker, Host: I wanted to ask too. Last quarter, you guys called out strength in financial services, as well as professional services, retail. Could you talk maybe a little bit more granularly about how that growth broke out between device growth from new headcount, additional devices per employee even, and maybe attaching additional modules?

David Rideau, CFO, Jamf: Yeah, we’ve seen nice new logo growth on the financial services side. We are seeing cross sells as well with mobile. We’ve seen a lot of nice mobile traction on the financial services side and others. We’ve seen, I think in Q1, there was some activity on the platform solution sales too for Jamf for for Mac, but it really is kind of the new logos and mobile that are causing higher growth rates within the financial services vertical specifically.

Jennifer Gumman, Investor Relations, Jamf: And for retail, I would say it’s really on on the mobile side. Right? So really shared devices within the retail sector at the point of sale side, dressing room management, a lot of things related to retail.

Unidentified speaker, Host: Makes sense. Makes sense. I wanted to dive a little bit deeper into the new SKUs, Jamf for Mac, Jamf for k through 12. Could you talk maybe about how those sales processes and the buyer might be different for those or maybe the same? And do you expect many customers to switch to those SKUs and maybe if there’s a pricing impact?

Jennifer Gumman, Investor Relations, Jamf: Yes. So, the way to think about the platform solutions is really tailoring a solution set for to leverage the strong relationships we have within an organization, and those generally sit within the IT department. You know, we’ve been around for twenty plus years, and we’ve had very strong relationships with IT admins in organizations as well as in schools. Right? We’ve really built, an industry around it if you look at, Jamf Nation.

Right? Really increasing the standards, doing certifications, things like that for that community. And, and so it offers a way for us to enter with Jamf products with with a strong relationship and then build from there. And that’s not to say we don’t still go after, you know, on the CISO side when we’re selling in the security products, but it really helps us enter in where where those relationships are the strongest and where we think we can leverage leverage them the most. Perfect.

Unidentified speaker, Host: I wanted to ask too on the international opportunity. You know, maybe just given the success of the enhanced partner program internationally, you know, how how do you view the long term potential for Jamf in international markets? And is there any sort of Mac versus PC adoption trends that that kind

David Rideau, CFO, Jamf: of differ from The US or maybe iOS is growing faster in those markets? Yeah. We’ve seen very good traction internationally within education and on the commercial side too. You know, APAC has been very strong for us. That’s a very strong region for us.

EMEA is is a very it’s a big region for us as well. We have a very good financial services exposure there too. I think the the growth that we’re seeing is being driven by the management kind of our core management product, the security add on, and mobile again is is a big area for us too as we look out towards the future. And in turn, we would expect that as we push on the channel more, our channel’s about 85% internationally. It’s a natural motion.

There’s there’s regions that we still are are we need to go into. There’s new regions that we can enter into, and we will do that with the partner channel. And, you know, as we rolled out our new systems update, last summer, we do have the ability for partners to go out and actually register deals, get pricing information quote as well. And so as the channel expands, we would expect them to start bringing more deals than us. So registered deals, we’ve seen a very nice uptick.

It’s from a small base, but that should be an enhancer to growth as well internationally, and we’re seeing that in The US as well.

Unidentified speaker, Host: That makes sense. Is is

Jennifer Gumman, Investor Relations, Jamf: oh, I was just gonna add, you know, we really prioritize specific regions on where we see Apple adoption accelerating, because there are some areas like India, for example, that has that, you know, doesn’t have Apple penetration near as where you see it in, say, The US or in EMEA. Well, in Europe, I should say. And so, you know, how do we prioritize to capitalize on the opportunities where we see Apple adoption growing?

Unidentified speaker, Host: It makes sense. I kinda wanted to ask, is is international does the mix of business kind of look similar to The US by product or or kind of by education By vertical. Oh, by vertical.

Jennifer Gumman, Investor Relations, Jamf: Very similar. Yeah. Yeah. Very similar.

David Rideau, CFO, Jamf: Awesome. Yeah. And education, we are seeing countrywide deals out there too. So we sold a number of countries where they’re deploying devices across the entire country in phases. Yeah.

And so we’ve been able to win those deals and expand with with the countries as they do that on the education side. Perfect. Perfect. I wanted to

Unidentified speaker, Host: ask too about margin expansion and kind of that side of the story. So operating margin guidance of 21% this year, five points higher than last year, but that’s also kind of burdened by integration costs for the identity automation, FX changes. What’s kind of a more normalized cadence of margin expansion? What levers are kind of available to pull there? And is there any sort of how would a potential reacceleration in the demand environment impact maybe that cadence?

Mhmm.

David Rideau, CFO, Jamf: Yeah. So we we have expanded margins by 1,100 basis points over the last two years. We’re looking for another 500 basis points this years this year. And really what what we’re driving towards is exiting fiscal calendar fiscal twenty six q four at a rule of 40 run rate. We’ve been able to drop more incremental revenue or margin on the incremental revenues every single year.

We’ve been doing a good job of controlling cost. We’ve been managing headcount well. As I think as we look out towards the planning season for next year, we’re gonna do zero based budgeting, really digging out. With the new system we deployed, we can now look at more detail on vendors. We have access to all the contracts.

Like, we can do a lot more in terms of streamlining the business from a g and a perspective and from a noncomp side too. Mhmm. And so we’ll be looking for that in the future. But, what we’re looking towards is that rule of 40 exiting ’4 next year.

Unidentified speaker, Host: Yep. That makes sense. And then, I guess, I wanted to ask too about pricing, kind of just given the delta between the commercial and education sides of the business and as well between Mac and iOS, do you think over time pricing there could converge, especially as iOS is increasingly important in a lot of areas like transportation, retail, construction? And and what’s kind of the overall philosophy on pricing increases in general? Mhmm.

Yeah.

David Rideau, CFO, Jamf: I think we’ve been slow to raise prices. I we did a price increase on Jamfro, what, two years ago, something like that. I think our new platform products, we have another bundled product too that has an annual price increase embedded too. We add a lot of functionality for customers And and we look to, I mean, have a reasonable price increase. So when you buy the new platforms, there’s an embedded price increase in in there every year.

It’s reasonable. But I know we, you know, we see price increases all the time from our vendors and some are small, some are bigger. Yeah. I think if you are a core product, you’ll absorb those. But I still think we offer a ton of value for our products, what we provide our customers at a relatively low price in the market right now.

Unidentified speaker, Host: Yeah. That makes sense. I wanted to ask you on capital allocation. As you currently see it, what are kind

David Rideau, CFO, Jamf: of the biggest priorities for JAM? Yep. So we have 400,000,000 from the term loan. Mhmm. We have we had cash on the balance sheet post we had $2.22 at the end of q one.

We paid down a hundred and 75,000,000, so we had a balance left. We built cash from there. We’re gonna pay down some of the convert. Mhmm. We will pay the 40,000,000 to identity automation, and then we’ll leave the rest sitting on the balance sheet for flexibility.

Okay. Perfect. Perfect.

Unidentified speaker, Host: And then, you know, if, let’s say, the demand environment did kind of pick up, what sort of incremental investments would be, like, the most the most attractive, the most pressing, whether it’s s and m, r and d, and kind of

David Rideau, CFO, Jamf: Yeah. I think I think we could We have price spend more in channel. Okay. I think channel you would see in The US and international. I think we have a good level of quota bearing reps right now.

I think we have a good probably more marketing. Right? I think you’d push more to the marketing channel. Other than that, probably, you know, add some to r and d to to accelerate some of the development of certain products. But that’s pretty much it.

Like like, on the g and a side, I think there’s still probably we’re at a decent level relative to the comparables in terms of cost to revenue percentages. But I don’t think we would have to add a lot to stimulate that growth.

Unidentified speaker, Host: Yeah. Okay. Perfect. Yeah. Alright.

Great. I appreciate it. Thank you very much. Is I’d like to turn it over to the audience. Anyone have a question?

Here’s your chance. Jackson? No. Well, stumped. Thank you guys so much.

Thank you very much.

David Rideau, CFO, Jamf: Appreciate it. Okay, great.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.