Jamf Holding Corp at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference Transcript

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

Question: Matt Hedberg - RBC Capital Market - Analyst : Let's start out with just a high-level question. When we think about the performance of the business, obviously, there's been a lot of economic stress on the system over the past several years. Certainly in your business, your ad business is been under a fair amount of stress and pressure. Maybe just talk about trends that you saw in 3Q. Obviously ads been a bit more pressured, enterprise has been better. Talk about just kind of level set us from what you saw from a 3Q perspective from an overall demand perspective and kind of those two broad businesses and obviously cyber, it feels like that's a third business, but that's been doing exceptionally well.

Question: Matt Hedberg - RBC Capital Market - Analyst : Why is that? I mean, because to me it's like the kids have -- whether they have a device or they don't, like, why does a refresh really matter from an ad perspective, if they already have a device and they're already a subscriber.

Question: Matt Hedberg - RBC Capital Market - Analyst : I was going to save this for later, but from a US Presidential election perspective. I don't recall, John, you would have, you probably have a better recollection what 2016 and 2020 meant from EdTech spending perspective from Trump's first term, but any thoughts on what that could mean from an ad perspective over the next four-years? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2024 / 7:40PM, JAMF.OQ - Jamf Holding Corp at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference

Question: Matt Hedberg - RBC Capital Market - Analyst : In '26? yeah, okay. So I like I don't remember what I had for lunch yesterday, let alone what happened in 2016, but I couldn't recall if that was -- if there was any sort of like ad bills that drove some additional spending, but I guess we'll see -- we'll see with this term. Okay, so you talked a little bit about tech. What about some of the other verticals on the enterprise side?

Question: Matt Hedberg - RBC Capital Market - Analyst : Yeah, excellent. Take a pause for a second. David, we've known each other forever. He was on your side for many years, and then he was the CFO of Encino. I guess you had a choice. You had a lot of options. Why Jamf, you were asked that on the call, but I guess it's sort of curious like, you had a lot of choice. You had a lot of options.

Question: Matt Hedberg - RBC Capital Market - Analyst : I guess, yeah, from that -- I've often thought too there's just a tremendous amount of value here to unlock. From your perspective looking outside in, what are some of the things that you see that like, and obviously it comes down to execution, it comes down to a lot of things that you can't control, but what are some of those things that you're like, I think this could unlock some value for shareholders.

Question: Matt Hedberg - RBC Capital Market - Analyst : That's -- it's a great segue. I was going to ask next about Mac adoption. I don't like -- I've been using a Mac forever too. We actually use -- what do we use (inaudible) what is that? ThinkPad? Which is just I can't use it on an airplane. It just doesn't work. The battery it's just, it's a horrible experience. Do we have any IT guys in the -- when you sit back, it just feels like why haven't we seen faster like when you hear [SAP] and like some like old companies that have embracement. Why are you surprised that we haven't seen more Mac adoption in the enterprise to this point?

Question: Matt Hedberg - RBC Capital Market - Analyst : I mean it feels like there's a generational thing too that could help.

Question: Matt Hedberg - RBC Capital Market - Analyst : Are you seeing a change in Chromebook though within -- like Chromebook growing within the EdTech space?

Question: Matt Hedberg - RBC Capital Market - Analyst : You haven't seen a ton of Apple share loss to Chrome.

Question: Matt Hedberg - RBC Capital Market - Analyst : It's so funny. Our daughter goes to Minnetonka. So they're a Jamf customer. They use IPads there and she just transferred to a Southwest Christian, which you may not know where that is, but she got a Chromebook this year and she just like, it was two weeks in and the keys didn't work and so she just leaves it at home now and she'll bring her Mac -- her MacBook Air, which is not an authorized device, but she's like, it's just easier and I can connect to. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2024 / 7:40PM, JAMF.OQ - Jamf Holding Corp at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference So yeah, I just was kind of curious if you're seeing. But the durability of those Chromebooks just feels, it's not a great experience despite the cost maybe.

Question: Matt Hedberg - RBC Capital Market - Analyst : Okay, we'll get back to the site. I mean, I remember when you guys first announced the site security products. And I tell people it was like -- I don't remember what user conference it was, but I remember being in the audience and people would get up and clap, almost like they were at a Mac event, talking about the next great feature. It felt like that was a real unlock, and it's grown into a $150 million business for you guys. You kind of level set us on sort of how we think that adoption, like how penetrated in that enterprise base with business plan and is kind of the cyber and what is that kind of that growth opportunity in your base if sort of every customer took sort of your cyber product or even business plan, what could that mean from like an ARR perspective?

Question: Matt Hedberg - RBC Capital Market - Analyst : I guess I mean you listen to customers obviously and what are they asking you to do in addition to sort of the base cyber offerings today? Are they pulling you in any direction that could be interesting.

Question: Matt Hedberg - RBC Capital Market - Analyst : Yeah, okay. We can spend quite a bit more time on just the cyber piece, David, your answers on the earnings call, I think we know the answer, but I'm curious, you said you looked at the '26 targets which were issued earlier this year and maybe give your -- you probably don't necessarily, you're still doing your work and you're still trying to understand some of the drivers here, but just kind of give some of the high level because that were pretty solid targets that were put out earlier this year.

Question: Matt Hedberg - RBC Capital Market - Analyst : For '25.

Question: Matt Hedberg - RBC Capital Market - Analyst : Thinking about that bridge, like if we kind of use '26 and then kind of bridge that, is it still right to think that '26 is -- I mean I think you said at this point you still felt comfortable with them and we kind of use that as a bit of a bridge to get to -- you use '26 as a bridge for '25.

Question: Matt Hedberg - RBC Capital Market - Analyst : I mean you've obviously been -- you were part of that planning process. Has anything changed from a kind of like three months or three quarters of this year that would that would deviate? It's 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. NOVEMBER 20, 2024 / 7:40PM, JAMF.OQ - Jamf Holding Corp at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference

Question: Matt Hedberg - RBC Capital Market - Analyst : And like yeah, when you think about longer term, I mean, I remember the days when, and this is like there's probably some COVID benefits of growth and all products and all geos, it was like a 30, 30, 30 everything was 30. I mean, do we think we can get -- I mean, is there is still the opportunity I mean, I don't know, maybe it's not 30, but like there's some pretty big growth opportunities here. I mean, talk about sort of like, what are some of the bigger levers to get you maybe back to some of those levels.

Question: Matt Hedberg - RBC Capital Market - Analyst : Do you think it's hard to know what the future looks like, but I mean, given the headwinds that you've seen, which the seat count headwinds have been certainly noticeable and you've been talking about for a while, do you think the worst of that is behind us at this point? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2024 / 7:40PM, JAMF.OQ - Jamf Holding Corp at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference

Question: Matt Hedberg - RBC Capital Market - Analyst : Reminds me like your average contract duration would be within enterprise.

Question: Matt Hedberg - RBC Capital Market - Analyst : 21 months. And so if you think about maybe the peak of hiring might have been what [20] -- I don't know some point in 2022 and so now we're kind of we're going on three years from that (inaudible) -- Okay, that's helpful. Maybe I'll ask one more and then we'll see if there's a question from the group. We competitively, there's been a lot of change in AirWatch is obviously feels like I don't even know who owns AirWatch anymore these days. But like, could you talk about the broader competitive landscape and what opportunities you see there?

Question: Matt Hedberg - RBC Capital Market - Analyst : Excellent. But I'll pause here for a second. Is there any questions from anybody out there? Anything Jamf related or Minneapolis sports related. We're happy to talk Vikings or Timberwolves or Bears.

Question: Matt Hedberg - RBC Capital Market - Analyst : Oh, I didn't know that.

Question: Matt Hedberg - RBC Capital Market - Analyst : I didn't know you're --

Question: Matt Hedberg - RBC Capital Market - Analyst : I guess you're not -- you've been part of this long enough.

Question: Matt Hedberg - RBC Capital Market - Analyst : Well the Bears though -- I mean -- All right, we'll get back on track. There we go. Oh, Caleb Williams question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2024 / 7:40PM, JAMF.OQ - Jamf Holding Corp at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference

Question: Matt Hedberg - RBC Capital Market - Analyst : Kayla Williams question. Yeah.

Question: Matt Hedberg - RBC Capital Market - Analyst : We're not too scared of him. I would say, but -- All right, so when I guess -- I asked you that, I asked you the political question from an ad perspective, we heard a lot of people saying, oh, there's uncertainty around the election. And maybe that was holding some deals back. I guess when we think about December and more of your enterprise side and I guess from a device refresh perspective, have you historically seen a December budget flush historic? I can't imagine you're counting on one this 4Q, but have you seen that historically when it comes to spending some of those dollars that were maybe earmarked for new devices that people are using to deploy those at the year end?

Question: Matt Hedberg - RBC Capital Market - Analyst : Even if it's not this year thing. So maybe just to wrap up, so it's a little bit of a softball fat pitch down the middle of the plate, but when you -- if we're sitting here a year from now or two years from now and growth has improved beyond what we kind of are thinking from a '25 perspective, what do you think the most likely reason for that might be at this point? It's kind of like probably picking your favorite child, which is hard to do like, you to say is it security, is it -- we see some some tailwinds and some of these enterprise verticals, is it enterprise or education? What do you think the the the recipe for outperform this next year is? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2024 / 7:40PM, JAMF.OQ - Jamf Holding Corp at RBC Capital Markets Technology, Internet, Media and Telecommunications Conference

Question: Matt Hedberg - RBC Capital Market - Analyst : Okay, GSIs and (multiple speakers)

Question: Matt Hedberg - RBC Capital Market - Analyst : A lot of it seems like a lot of little S curve opportunities out there, but yeah, the return of the -- when some of those headwinds turning the tailwind just from a renewal opportunity. That's certainly resonates with me the script, yeah, totally. Alright guys, well, from all of us at RBC, thank you for supporting Midwest Tech, and yeah -- who knows, maybe we'll get another company out of Midwest Public at some time, but yeah, thanks again for joining and best of luck.