Jamf's Q1 2025 Earnings Call: Unpacking Key Contradictions in Security Growth and Market Dynamics
Earnings DecryptWednesday, May 7, 2025 7:28 pm ET

Security growth and impact of data reclassification, confidence in security as a growth driver, impact of tariffs on Apple device purchases, growth drivers in 2025, identity automation acquisition strategy are the key contradictions discussed in Jamf's latest 2025Q1 earnings call.
Revenue and ARR Growth:
- Jamf achieved year-over-year revenue growth of 10% and non-GAAP operating income margin of 22%, exceeding the high end of their outlook for both metrics.
- Total ARR grew 9% year-over-year to $658 million.
- Growth was fueled by strong new logo bookings and a strategic focus on security, mobile, and international markets.
Acquisition Impact and Strategic Expansion:
- The acquisition of Identity Automation contributed to 17% year-over-year growth in security ARR, reaching $162 million.
- This acquisition added nearly 90 employees and expanded Jamf's product offerings with dynamic identity management, particularly in education and deskless workflows.
- The integration is expected to enhance existing security solutions, expand market reach, and improve overall user experience.
Channel Growth and Partner Program:
- Deal registration grew nearly 50% year-over-year since the launch of the new global partner program in August 2024.
- Partner driven ARR represented over 60% of Jamf's total ARR, with international partner ARR accounting for over 80%.
- The program has improved partner engagement and expanded Jamf's global reach, leading to recognition as a 5-Star partner program.
Operating Efficiency and Financial Health:
- The trailing 12-month unlevered free cash flow margin decreased slightly to 12.3%, but is expected to improve as DSOs normalize.
- With a strong balance sheet, Jamf remains in a healthy liquidity position, maintaining its commitment to strategic investments and profitability.
- The company anticipates unlevered free cash flow growth of at least 75% for the year, with a focus on achieving the Rule of 40.
JAMF Total Revenue YoY, Total Revenue
Revenue and ARR Growth:
- Jamf achieved year-over-year revenue growth of 10% and non-GAAP operating income margin of 22%, exceeding the high end of their outlook for both metrics.
- Total ARR grew 9% year-over-year to $658 million.
- Growth was fueled by strong new logo bookings and a strategic focus on security, mobile, and international markets.
Acquisition Impact and Strategic Expansion:
- The acquisition of Identity Automation contributed to 17% year-over-year growth in security ARR, reaching $162 million.
- This acquisition added nearly 90 employees and expanded Jamf's product offerings with dynamic identity management, particularly in education and deskless workflows.
- The integration is expected to enhance existing security solutions, expand market reach, and improve overall user experience.
Channel Growth and Partner Program:
- Deal registration grew nearly 50% year-over-year since the launch of the new global partner program in August 2024.
- Partner driven ARR represented over 60% of Jamf's total ARR, with international partner ARR accounting for over 80%.
- The program has improved partner engagement and expanded Jamf's global reach, leading to recognition as a 5-Star partner program.
Operating Efficiency and Financial Health:
- The trailing 12-month unlevered free cash flow margin decreased slightly to 12.3%, but is expected to improve as DSOs normalize.
- With a strong balance sheet, Jamf remains in a healthy liquidity position, maintaining its commitment to strategic investments and profitability.
- The company anticipates unlevered free cash flow growth of at least 75% for the year, with a focus on achieving the Rule of 40.

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