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Mar 31, 2024
Jamf Q1 2024 Earnings Report
Reported solid results, exceeding Q1 outlook and demonstrating year-over-year growth.
Key Takeaways
Jamf announced its Q1 2024 financial results, demonstrating a solid start to the year with total revenue growth of 15% year-over-year to $152.1 million and ARR growth of 14% year-over-year to $602.4 million. The company exceeded the high end of its Q1 outlook and is focused on its three-year plan for improved revenue growth and increased profitability.
Total revenue increased by 15% year-over-year to $152.1 million.
ARR grew by 14% year-over-year to $602.4 million as of March 31, 2024.
GAAP operating loss was $21.1 million, or (14)% of total revenue.
Non-GAAP operating income was $22.1 million, or 15% of total revenue.
Jamf
Jamf
Jamf Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comServices Revenue
CapyFin.comLicense Revenue
CapyFin.com Forward Guidance
For the second quarter of 2024, Jamf expects total revenue of $150.5 to $152.5 million and non-GAAP operating income of $21.5 to $22.5 million. For the full year 2024, Jamf expects total revenue of $618.5 to $622.5 million and non-GAAP operating income of $92.5 to $95.5 million.
Positive Outlook
- Total revenue of $150.5 to $152.5 million for Q2 2024.
- Non-GAAP operating income of $21.5 to $22.5 million for Q2 2024.
- Total revenue of $618.5 to $622.5 million for full year 2024.
- Non-GAAP operating income of $92.5 to $95.5 million for full year 2024.
- Amortization is expected to be approximately $10.1 million for Q2 2024 and $40.3 million for full year 2024.
Challenges Ahead
- Stock-based compensation and related payroll taxes are expected to be approximately $28.1 million for Q2 2024.
- Stock-based compensation and related payroll taxes are expected to be approximately $104.9 million for full year 2024.
- Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss).
- Adjustments to non-GAAP operating income have historically included acquisition-related expense and acquisition-related earn-out, amortization, stock-based compensation and related payroll taxes, and system transformation costs.
- These items are uncertain, depend on various factors, and could result in projected GAAP operating income (loss) being materially less than is indicated by currently estimated non-GAAP operating income.
Revenue & Expenses
Visualization of income flow from segment revenue to net income