- **Revenue Growth**: 15% YoY to $176.5M, driven by platform solutions and Identity Automation.
- **ARR Expansion**: Total ARR $710M (+14% YoY), Security ARR $203M (+40% YoY).
- **Strategic Wins**: 10,000 iPad deal, 5,000 Mac deployment, and K-12 district switch to Jamf.
- **Financial Strength**: $102.9M free cash flow (15.4% margin), Q3 revenue guidance up 11% YoY.
- **AI & Channel Focus**: Embedding AI in operations, channel driving 2/3 of U.S. business.


**【CEO Summary Section】**
- Q2 revenue grew 15% YoY to $176.5M, exceeding guidance, driven by Identity Automation and platform solutions.
- Total ARR reached $710M (+14% YoY), with Security ARR up 40% to $203M, fueled by identity automation and platform launches.
- Platform strategy emphasizes 4 growth vectors: security, mobile, international, and channel, with tailored solutions for IT admins, mobility teams, and risk-intolerant buyers.
- Notable wins: 10,000 iPad deal with Middle Eastern airline (4-year contract), 5,000 Mac deployment in healthcare, and K-12 district switch from UEM to Jamf for Mobile.
- Strategic reinvestment plan focuses on: 
  - Go-to-market realignment: expanding enterprise sales, channel simplification, and SMB automation.
  - AI acceleration: embedding AI in sales, support, and product development (e.g., AI Assistant for IT admins).

**【CFO Financial Commentary】**
- Q2 non-GAAP operating income: $33.5M (19% margin), up 360bps YoY, with RPO growing 20% and long-term RPO +40%.
- Unlevered free cash flow: $102.9M (15.4% margin), up 24% YoY.
- Q3 guidance: $176M-$178M revenue (+11% YoY midpoint), $41.5M-$42.5M operating income (24% margin).
- Full year 2025 outlook: $701M-$704M revenue (+12% YoY), $153.5M-$155.5M operating income (22% margin), with free cash flow growth >75%.
- Cash position: $482M post-term loan, supporting deferred Identity Automation payments and share buybacks.

**【Q&A Key Highlights】**
- **Android Enrollment Impact**: Customer-driven demand for cross-platform management; early uptake in Q2 with 10,000 iPad deal.
- **Identity Automation Performance**: Q2 contribution exceeded expectations, with cross-sells in education and SMB segments.
- **Go-to-Market Shifts**: Increased enterprise focus (low churn, high LTV/CAC), channel expansion (2/3 of U.S. business now channel-driven), and SMB automation.
- **AI Adoption**: AI Assistant beta features search and explain skills, improving IT efficiency and decision-making.


Jamf Holding Corp. (JAMF) Q2 2025 Earnings Call Transcript

- **10% Revenue Growth**: Q1 beat high-end of guidance with $167.5M, 10% YoY. 
- **ARR Momentum**: Total ARR $658M (+9% YoY), net new ARR growth fastest since Q2 2022. 
- **Strategic Acquisitions**: $215M Identity Automation deal adds dynamic identity management for mobile workflows. 
- **Channel Strength**: 60% of ARR driven by partners, 80% outside U.S. 
- **Margin Expansion**: Non-GAAP operating margin 22% (up 800bps YoY), targeting Rule of 40 by FY26.

**【CEO Opening Remarks】**
- Q1 2025 revenue grew 10% YoY to $167.5M, exceeding high-end of guidance. ARR reached $658M (+9% YoY). 
- Key product launches: Jamf for Mac (enterprise Mac security solution) and Jamf for K-12 (enhanced education platform). 
- Acquired Identity Automation for $215M, adding 90 employees and dynamic identity management capabilities. 
- Channel performance strong: partner-driven ARR accounts for 60% of total ARR (80% outside U.S.).

**【CFO Financial Highlights】**
- Non-GAAP operating income $37.6M (22% margin), up 800bps YoY. 
- Sales & marketing expense ratio improved 400bps YoY. 
- Q2 2025 guidance: $167.5-169.5M revenue (10% YoY), $29.5-30.5M operating income. 
- Full-year 2025 outlook: $691-695M revenue (10.5% YoY), $144.5-147.5M operating income. 
- Identity Automation contributes ~$15M annualized revenue, margin-accretive.

**【Q&A Key Takeaways】**
- **Identity Automation Strategy**: Education-focused initially, but expanding to healthcare, retail, aviation. 250+ shared customers with Jamf. 
- **Mac vs Business Plan**: Jamf for Mac targets enterprise IT buyers, while Business Plan serves smaller businesses. 
- **FX Impact**: $2-3M annualized headwind from USD weakness. 
- **Cloud Marketplaces**: Azure Marketplace early traction mirrors AWS success. 
- **Free Cash Flow**: DSOs expected to normalize by Q3, driving 75%+ unlevered FCF growth.

Jamf Holding (JAMF)-6 May 25-2025 Q1 Earnings call transcript

- **Revenue & ARR Growth**: Q4 revenue +8% YoY, ARR $646M (+10% YoY), security ARR +17% to $156M. Full-year revenue +12%.
- **Margin Expansion**: Non-GAAP operating margin 18% in Q4, 16% full-year, with 500bps improvement in sales & marketing.
- **Mobile & Security Momentum**: Mobile security wins in airlines, 60,000-device semiconductor deployment. Singapore Ministry of Education deal highlights education sector growth.
- **2025 Guidance**: Q1 revenue $165.5-167.5M (9-10% YoY), full-year +8.1%. Target 21% non-GAAP margin, >75% free cash flow growth.
- **Azure & Channel Success**: Azure marketplace early traction, partner program deal registrations up. Rule of 40 target for 2026.

**【CEO Summary Section】**
- Q4 2024 revenue grew 8% YoY, exceeding high-end outlook, with full-year revenue up 12%. ARR reached $646 million (+10% YoY), driven by security ARR growth of 17% to $156 million (24% of total ARR). Key wins included a UK bank's 5-year renewal and a semiconductor manufacturer's 60,000-device deployment. Mobile security adoption expanded in airlines, with one Asian carrier adding zero trust network access. International revenue grew 17% to 33% of total, highlighted by Singapore's Ministry of Education deal. The new partner program saw strong early traction, with partner-led deal registrations increasing.

**【CFO Financial Commentary】**
- Q4 non-GAAP operating income was $30 million (18% margin), up 400bps YoY. Full-year non-GAAP operating income doubled to $103 million (16% margin), with 500bps improvement in sales & marketing and 200bps in G&A. Unlevered free cash flow margin rose to 12% (vs. 10% prior year). 2025 guidance: Q1 revenue $165.5-167.5 million (9-10% YoY), full-year $675.5-680.5 million (8.1% YoY). Non-GAAP operating margin targets 22% for Q1 and 21% for FY2025. Unlevered free cash flow growth >75%.

**【Q&A Key Highlights】**
- **Tech & Education Trends**: CEO noted stabilization in tech (Mac growth, mobile expansion) and education (Singapore, Japan GIGA project). Security ARR growth of 17% (adjusted for $2M ARR reclassification) reflects strong demand. Mobile security wins in airlines and retail suggest deskless workflow adoption.
- **Azure Partnership**: CFO highlighted Azure marketplace success, similar to AWS, with Microsoft's go-to-market support. Early traction suggests potential ARR growth from hyperscaler integrations.
- **2025 Outlook**: CFO emphasized margin expansion (500bps YoY) and free cash flow growth, targeting Rule of 40 by 2026. CEO noted cautious optimism on hiring trends, with Q4 signs of stabilization in tech and education.
- **ARR & Device Metrics**: CFO shifted focus to ARR (disclosed quarterly) over device counts, citing cross-sell opportunities. 2025 will report device/customer metrics annually due to diverse customer mix.


Actual	0.05	0.07	0.02	0.08	0.06	0.01	0.02	0.03	0.03	0.04	0.06	0.05	0.05	0.08	0.13	0.14	0.1424	0.16	0.17	0.22	0.18	0.25
Forecast	0.0698	0.0277	0.009	0.0511	0.05	0.0083	0.0058	0.0083	0.0155	0.026	0.0422	0.022	0.036	0.0644	0.1188	0.1156	0.1354	0.1613	0.1527	0.2119	0.1732	0.2322
Surprise	-28.37%	+152.71%	+122.22%	+56.56%	+20.00%	+20.48%	+244.83%	+261.45%	+93.55%	+53.85%	+42.18%	+127.27%	+38.89%	+24.22%	+9.43%	+21.11%	+5.17%	-0.81%	+11.33%	+3.82%	+3.93%	+7.67%

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