Jamf Holding Corp at Morgan Stanley Technology, Media & Telecom Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Great. Great. So yeah, you mentioned a very large installed base. Starting off in device management, really specializing on the Mac ecosystem. In recent years, you've also expanded into the security arena, which is now close to $160 million ARR, 20% of the total business. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 05, 2025 / 9:50PM, JAMF.OQ - Jamf Holding Corp at Morgan Stanley Technology, Media & Telecom Conference Curious what that entails, what the composition of that is and how the upsell momentum has been going there within your device management base.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Yeah. Can you maybe explain a little bit on that recent acquisition that you made? What is identity automation exactly? How does it differ from maybe some of the access management providers that we know like Okta, et cetera?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Great. Great. David, may shut the comments into you. So you've been at Jamf now a little over 4 months actually. But just curious, as you've been here now for 4 months, what are some of the immediate priorities that you have? And what have been your first impression so far?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Great. I definitely want to come back to that. So John, I had the pleasure of going to your user conference some months back, and it was really great to hear the customer feedback, 76,000-plus customers, not all of them were there, obviously. But they love the core device management product. Maybe a big tailwind for Jamf has been Apple's share gain in the enterprise. It really seems like Jamf is very much the category leader there, very much aligned with that trend. What would you think -- what are sort of the two or three differentiation points that separates you from competitors who are also trying to align themselves with the trend?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Got it. And then as far as the growth drivers are concerned, I mean, most recently, you ended last year with about 10% ARR growth, a lot of improvement in the profitability, which we'll get into as well, David. But I think this is a business that was growing much faster, probably can grow much faster. So when you think about some of the exogenous factors from a macro standpoint as well as things that you're trying to do, what are some of the things that -- levers that you have that can get you back to a mid- to high teens growth rate over time?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : And actually, that's a good segue into my next question. I did have a chance to talk to some of your go-to-market folks in Nashville at your user conference. And it did seem like the channel was a really big focus, particularly related to security. We know a lot of security is sold through channel partners, MSSPs. Maybe talk to us about the different levels of investment when it comes to the security sale, what you're kind of doing there from a channel perspective Relative to the core device management offering.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : I think one of the things that maybe the exogenous factors that maybe perhaps a little bit out of control is we are seeing longer replacement cycles for devices, Apple devices. I did update my iPhone actually recently though. So -- but I think, in general, to your point, more and more people are going to use Apple in the enterprise as consumers start to move their devices into the workplace. But just curious, are you seeing anything change around that? How are you thinking about just the refresh cycle, if you will, as it relates to your guide? It's really a question for David. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 05, 2025 / 9:50PM, JAMF.OQ - Jamf Holding Corp at Morgan Stanley Technology, Media & Telecom Conference

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : That makes a lot of sense. I mean even if units are maybe not growing as fast, you like -- there's a lot of room to drive ASPs higher as well. I think one of the things -- just drilling into the security side of the house. So there's the endpoint security as well as the identity security. Just -- sometimes when people think of endpoint protection, they think of obviously CrowdStrike and some on others as well. Just curious, are those some of the competitors you go after and how you think about differentiating versus them?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Also the most resilient operating system out there as we've seen in the last year.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Another lever of growth has been expansion in other verticals. I think we're not the majority, but a decent portion of the business is within tech, education and some SLED verticals. Just curious regarding the diversification of verticals, where else do you see opportunity to diversify the business and see growth beyond the main verticals that you go after today?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Another driver, going back to channel, has also been -- I think you recently expanded your partnership with Microsoft Azure as well. You're selling through the marketplace there. So maybe talk a little bit about that. And are there other ways that you can drive leverage through marketplace partnerships like that?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : David, maybe going back to the multiproduct story. So are there any stats or any color you can give us around when a customer does buy the Business Plan, when they do buy multiple products with Jamf, what does the gross or net retention uplift generally look like? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 05, 2025 / 9:50PM, JAMF.OQ - Jamf Holding Corp at Morgan Stanley Technology, Media & Telecom Conference

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Well, you can give high-level comment.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : That's helpful. Sorry for the curveball there.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Yeah. She said, no, it was good. I'd love to open it up to the audience for any Q&A or you can take a minute as you collect your thoughts. I can ask more questions as well.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Oh, okay. All right. David, I'll go back to you. Obviously, as a CFO, you're always trying to balance growth versus profitability. So I hear John talk

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Yeah. I wouldn't be a software analyst if I didn't ask about AI. So curious if there's any ways that you're using AI internally, whether it's to automate customer support or drive more efficiencies?

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Yeah. And certainly, the majority of threat telemetry is coming from the endpoint today. So that's an important point. I'll open up to the audience one more time. Any Q&A? I can certainly ask more questions but -- One of the things I also heard at the user conference during the analyst presentation, one of the things that you were trying to address was around building a strong integration ecosystem. I mean you've got almost 80,000 customers. And when it comes to Mac, you're really a system of record. But what were some of the things that you're trying to solve for when it comes to integration? And what's been the progress in the last year since that user conference.

Question: Hamza Fodderwala - Morgan Stanley & Co LLC - Analyst : Great. I'll open up to the audience one last time. Okay. Well, hey, why don't we end a few minutes early, but John, David, thank you so much for your time. Really appreciate you coming out here, and best of luck with reaccelerating the business and also showing the profitability.