Summary
Jamf reported first quarter fiscal 2024 total revenue of $152.1 million, up 15.1% from the prior-year quarter. Gross profit was $117.0 million, up 14.2%, while gross margin slipped to 76.9%, down 0.6 percentage points from the prior-year quarter. The company posted a GAAP operating loss of $21.1 million, an improvement from the prior-year quarter as the loss narrowed. Operating margin was negative 13.9%, up 5.4 percentage points from the prior-year quarter. Net loss was $20.5 million, also narrowed from the prior-year quarter, and diluted EPS was negative $0.16, up $0.04 from the prior-year quarter. On a non-GAAP basis, operating income was $22.1 million, or 15% of total revenue, compared with $6.1 million, or 5% of total revenue, in the first quarter of 2023.
Annual recurring revenue reached $602.4 million as of March 31, 2024, up 14% year over year. Security ARR grew 31% to $138.4 million and represented 23% of total ARR. Jamf ended the quarter with more than 75,900 customers and 32.8 million devices on its platform. Dollar-based net retention was 107% for the trailing twelve months ended March 31, 2024, compared with 111% for the trailing twelve months ended March 31, 2023. Deferred revenue was $364.5 million, up 6.9% from the prior-year quarter, and remaining performance obligations were $499.0 million, up 17.6%. The company also announced a workforce reduction plan in January 2024 affecting approximately 6% of full-time employees.
Cash flow from operations was negative $15.9 million for the quarter, an improvement of $8.9 million from the prior-year quarter. Capital expenditures were $1.76 million, up 56.6% from the prior-year quarter. Free cash flow was negative $17.7 million for the quarter, compared with negative $25.9 million in the prior-year quarter. Unlevered free cash flow was $72.6 million for the trailing twelve months ended March 31, 2024, compared with $72.8 million for the trailing twelve months ended March 31, 2023. The company refinanced its revolving credit facility in May 2024, increasing capacity from $150.0 million to $175.0 million.
Operationally, Jamf launched same-day support for Apple Vision Pro's visionOS 1.1 release and highlighted product updates at its Spring Event, including a Compliance dashboard in Jamf Protect, Compliance Editor for iOS and iPadOS, Jamf Routines, Privilege Elevation in Jamf Connect, App Version Control, and balanced privacy reporting for Jamf Safe Internet. The company won three Cyber Defense Magazine Global InfoSec Awards and announced a strategic relationship with FTI Consulting.
Guidance for the second quarter of 2024 calls for non-GAAP operating income of $21.5 million to $22.5 million. For the full year 2024, Jamf expects non-GAAP operating income of $92.5 million to $95.5 million. The company said it is unable to provide a quantitative reconciliation of forward-looking non-GAAP operating income to GAAP operating income without unreasonable effort. Risks include macroeconomic uncertainty, high inflation, elevated interest rates, reductions in IT spending, and customers taking a more moderate outlook on hiring and device growth. The company also faces competition, international expansion challenges, and data transfer and privacy regulations. The workforce reduction plan is expected to be substantially complete by the end of the second quarter of 2024.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2024 | Q4 FY2023 | QoQ | Q1 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $152.1M | $150.6M | +1.0% | $132.2M | +15.1% |
| Gross profit | $117.0M | $117.5M | -0.4% | $102.5M | +14.2% |
| Gross margin | 76.9% | 78.0% | -1.0 pp | 77.5% | -0.6 pp |
| Research & development | $34.3M | $32.9M | +4.1% | $32.1M | +6.8% |
| Sales & marketing | $64.8M | $62.4M | +3.8% | $60.2M | +7.6% |
| General & administrative | $32.2M | $34.9M | -7.8% | $28.4M | +13.2% |
| Total operating expenses | $138.1M | $137.7M | +0.3% | $128.0M | +8.0% |
| Operating income (loss) | -$21.1M | -$20.3M | -4.2% | -$25.5M | +17.2% |
| Operating margin | -13.9% | -13.4% | -0.4 pp | -19.3% | +5.4 pp |
| Net income (loss) | -$20.5M | -$17.4M | -17.9% | -$24.2M | +15.2% |
| Net margin | -13.5% | -11.6% | -1.9 pp | -18.3% | +4.8 pp |
| Diluted EPS | -$0.16 | -$0.14 | -$0.02 | -$0.20 | +$0.04 |
| Net retention rate | 107.0% | 108.0% | -1.0 pp | 111.0% | -4.0 pp |
Risks
MD&A states U.S. and key international economies are impacted by high inflation, elevated interest rates, financial instability, and overall uncertainty, and that some customers have taken a more moderate outlook on future hiring and device growth needs. The company expects these conditions to continue throughout 2024.
Dollar-based net retention rate was 107% for the trailing twelve months ended March 31, 2024 compared with 111% for the trailing twelve months ended March 31, 2023, indicating less expansion or more contraction within the existing customer base even as ARR increased 14% year-over-year.
A January 25, 2024 workforce reduction plan impacted approximately 6% of full-time employees and incurred $7.1 million of restructuring charges in the quarter, with execution expected to be substantially complete by the end of the second quarter of 2024. This creates execution and cost-savings realization risk.
Gross margin was 76.9% in the current quarter, down 0.6 percentage points from 77.5% in the prior-year quarter, as cost of subscription revenue rose 21% and third-party hosting fees increased $3.0 million to support growth.
MD&A notes international expansion requires management attention and is subject to data transfer and privacy regulations, geopolitical challenges, and dependence on Apple product adoption in international markets.
SaaS KPIs
All quarters →ARR
Non-GAAP Gross Profit Margin
Non-GAAP Operating Income
Non-GAAP Operating Income Margin
Customers
Devices
Security ARR
Unlevered Free Cash Flow
ARR from commercial customers as a percent of total ARR
ARR from education customers as a percent of total ARR
ARR from management solutions as a percent of total ARR
ARR from security solutions as a percent of total ARR
Dollar-Based Net Retention Rate
Summary, forecast, risks and KPIs are extracted from Jamf Holding Corp.'s SEC filings for Q1 FY2024 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 2, 2026.