Jamf Holding Corp.

Thank you for standing by and welcome to James' fourth quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star 1-1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 1-1 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Jennifer Gammon, Vice President, Investor Relations.

Good afternoon, and thank you for joining today's call to discuss Jamf's fourth quarter and full year 2024 financial results. Joining me on today's call are John Strossel, CEO, and David Rudow, CFO. Before we begin, a reminder that shortly after the market closed today, we issued a press release announcing our fourth quarter and full year financial results. We also published our Q4 investor and earnings presentations along with an Excel file containing quarterly financial statements to assist with modeling. You may access this information on the investor relations section of Jamf.com. Today's discussion includes forward-looking statements which involve risks and uncertainties that could cause actual results and trends to differ materially from our forecast. For more details, please refer to the risk factors and other information discussed in our most recent SEC reports, including our most recent annual report on Form 10-K. JAMF assumes no obligation to update forward-looking statements which speak only as of the date they are made. We will also reference some non-GAAP measures related to JAMF's performance. Reconciliations to the nearest comparable GAAP measures are available in our earnings release. To facilitate a full Q&A, please limit yourself to one initial question and one follow-up. Now, I'll turn it over to John.

Thanks, Jen. JAMF achieves strong results in Q4 with year-over-year revenue growth of 8% and non-GAAP operating income margin of 18%, exceeding the high end of our outlook for each metric. This resulted in full year revenue growth of 12% and non-GAAP operating income margin of 16%. I'm pleased that we met our objective of exceeding our financial targets for all four quarters of 2024. I'm especially proud of our team for delivering strong bookings growth in Q4. This performance was driven by contributions across products, regions, and size of business reflecting broader stabilization than we have seen in over the past two years. ARR grew 10% year-over-year to $646 million. We continue to successfully target customers impacted by recent consolidation of unified endpoint management vendors. Our win rates for these customers spanning all industries and business sizes have remained elevated since late 2023. Additionally, we continue to see strength in our core MAC business, especially in the tech space. I'd like to share some of our successes we saw in Q4 across our four key growth vectors, security, mobile, international, and channel. In security, we continue to see demand for Jamf's Apple-first security platform with 17% year-over-year growth in security ARR to $156 million, or 24% of Jamf's total ARR. Customers increasingly choose Jamf to meet both their management and security needs, with Q4 representing another record quarter for ARR added for Jamf business plan. This includes five financial services firms across North America and Europe and representing over $400 billion in market cap. One of the largest banks in the UK has grown their MAC and Jamf footprint over the last year with Jamf Pro in select divisions. In Q4, the bank expanded to Jamf Business Plan as part of its MAC Choice program rollout across the entire organization. Key to winning this five-year renewal was Jamf's ability to meet the UK's stringent regulatory requirements. Jamf's platform solution is seamlessly integrated across management and security, ensuring that only authorized users on enrolled devices can safely access sensitive data. In mobile, we continue to demonstrate our ability to support organizations in any business setting, whether desk bound or not. In the tech space, one of the world's largest semiconductor manufacturers recently renewed and grew with Jamf Pro for mobile with plans to deploy over 60,000 mobile devices over three years. In the transportation space, we saw three global airlines expand with Jamf in Q4 as airlines increasingly seek out solutions for mobile devices both in the air and on the ground. Jamf meets the varying needs of airlines with an integrated solution that can be used by pilots and in-flight crews, ramp agents, baggage handlers, and maintenance personnel. One of these airlines based in Asia became a customer in Q4 of 2023 with Jamf Pro for pilot iOS devices. In just one year, the airline expanded with Jamf, adding our new mobile security solutions. This solution, which was launched in Q3, combines mobile threat defense and data policy with zero trust network access. Given the pilot iOS devices are mission critical during flights and are often used across the globe on various networks, Jamf's ability to both manage and protect these devices anywhere was key to this win. We believe deskless opportunities will continue to grow as companies look to manage and secure all devices in their fleet, regardless of locations. Now, turning to international, in 2024, revenue from geographies outside the U.S. grew 17% to just over a third of our total revenue. We expect international revenue to continue to increase as a percentage of our total revenue over time as we invest in strategic geographies outside the U.S. We've utilized success with Lighthouse customers in certain geographies like Asia, where our involvement in Japan's Giga Project, which started back in 2020, has provided additional education opportunities across Asia. The GigaSchool project is a government-funded initiative to provide at least one device to every student in Japan. In Q4, Jamf was selected by the Ministry of Education in Singapore for all student iPads due to our ability to meet the ministry's requirements for data encryption, threat detection, and access control with Jamf School and Jamf Safe Internet. We're excited about the multiple opportunities that exist with other ministries of education across Asia. as we continue to grow our business outside of the U.S. We're also working to capitalize on the success we've had outside the U.S. in the channel space with the goal of driving more of our business through our partners, increasing the efficiency of our go-to-market organization. One key milestone in this journey was the launch of the Jamf Partner Hub and our new partner program in Q3. While it's early, we've seen significant uptick in partner-led deal registrations since the program's launch. We're encouraged by the progress we've seen in such a short amount of time and are excited for what this is going to come and bring in the space. 2024 was a year of transformation for Jamf with a number of scalability and efficiency initiatives to drive future growth and margin expansion, including the launch of our new partner program and system updates. We're excited to see the continued benefits of these initiatives to our business as we progress toward our goal of achieving the rule of 40. I'm looking forward to 2025 and what it will bring as we continue to help organizations seed with Apple. Now, I'll turn it over to David to review our Q4 results and provide our 2025 outlook.