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Dec 31, 2023
Jamf Q4 2023 Earnings Report
Jamf's Q4 2023 financial performance showed year-over-year growth in total revenue and ARR, alongside margin improvements.
Key Takeaways
Jamf announced its Q4 and Fiscal Year 2023 financial results, highlighting a 16% increase in Q4 total revenue to $150.6 million and a 15% increase in ARR to $588.6 million. The company also reported a GAAP operating loss of $20.3 million, but a non-GAAP operating income of $21.1 million, showcasing margin improvements. Jamf ended the year serving more than 75,300 customers with 32.3 million total devices on their platform.
Q4 total revenue grew by 16% year-over-year to $150.6 million.
ARR increased by 15% year-over-year, reaching $588.6 million as of December 31, 2023.
GAAP operating loss was $20.3 million, representing (13)% of total revenue.
Non-GAAP operating income was $21.1 million, or 14% of total revenue.
Revenue by Segment
Forward Guidance
For Q1 2024, Jamf expects total revenue between $148.0 to $150.0 million and non-GAAP operating income between $19.0 to $20.0 million. For the full year 2024, total revenue is projected to be $614.5 to $619.5 million, with non-GAAP operating income of $89.0 to $93.0 million.
Positive Outlook
- Total revenue of $148.0 to $150.0 million expected for Q1 2024
- Non-GAAP operating income of $19.0 to $20.0 million expected for Q1 2024
- Total revenue of $614.5 to $619.5 million expected for full year 2024
- Non-GAAP operating income of $89.0 to $93.0 million expected for full year 2024
- Amortization is expected to be approximately $10.2 million for Q1 2024 and $40.3 million for full year 2024.
Challenges Ahead
- Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss) because certain items are out of Jamf’s control or cannot be reasonably predicted.
- These items have historically included acquisition-related expense and acquisition-related earn-out, offering costs, amortization, stock-based compensation and related payroll taxes, and system transformation costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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