Summary
Jamf closed fiscal 2024 with $163.0 million in fourth-quarter revenue, up 8.2% from the prior-year quarter. Full-year revenue reached $627.4 million, up 11.9%. Gross profit was $127.8 million in the quarter, up 8.8%, and $486.1 million for the year, up 11.9%. Gross margin was 78.4% in the quarter, up 0.4 percentage points, and 77.5% for the year, flat. The company still reported GAAP operating losses. Fourth-quarter operating loss narrowed to $12.2 million, a 40.0% improvement. Full-year operating loss narrowed to $69.1 million, a 40.0% improvement. Net loss narrowed to $16.4 million in the quarter, a 5.6% improvement, and to $68.5 million for the year, a 37.8% improvement. Diluted EPS for the full year was -$0.53, up from -$0.88.
Operational momentum was mixed. ARR was $646.0 million as of December 31, 2024, up 10% year over year. Security ARR reached $156 million, up 17% and 24% of total ARR. Jamf Business Plan ARR grew over 50%. International revenue grew 17%. The company served more than 76,500 customers with 33.2 million devices on its platform. Dollar-based net retention rate was 104%, down from 108% a year earlier. ARR from management solutions was 76% of total ARR, while ARR from security solutions was 24%. ARR from commercial customers was 75% of total ARR, and ARR from education customers was 25%. Non-GAAP operating income was $29.7 million in the quarter, or 18% of revenue, and $103.1 million for the year, or 16% of revenue. Non-GAAP gross profit was $134.3 million in the quarter, or 82% of revenue, and $512.8 million for the year, or 82% of revenue. Unlevered free cash flow was $72.4 million for fiscal 2024, or 12% of revenue.
Cash generation and backlog showed different trends. Operating cash flow was $31.2 million for fiscal 2024, down 13.3%. Fourth-quarter operating cash flow was $9.7 million, down 39.2%. Capital expenditures were $9.0 million for the year, up 207.1%, and $2.3 million in the quarter, up 466.7%. Deferred revenue was $385.7 million at year end, up 3.3%. Remaining performance obligations were $552.6 million, up 10.6%. The company also reported a full-year operating margin of -11.0%, up 9.5 percentage points, and a fourth-quarter operating margin of -7.5%, up 6.0 percentage points.
Guidance points to continued growth. For the first quarter of 2025, Jamf guided non-GAAP operating income of $35.5 to $37.5 million. For the full year 2025, the company guided non-GAAP operating income of $142.5 to $146.5 million. It also expects year-over-year unlevered free cash flow growth of at least 75%. Management noted amortization of approximately $9.7 million for the first quarter and $38.1 million for the full year, plus stock-based compensation and related payroll taxes of approximately $26.2 million and $112.5 million, respectively. The guidance excludes a quantitative reconciliation of forward-looking non-GAAP operating income to GAAP operating income and unlevered free cash flow to cash flow from operations because certain items are out of the company's control or cannot be reasonably predicted.
Risks remain. Macroeconomic uncertainty, high inflation, elevated interest rates, financial instability, trade relations, the Russia-Ukraine war, and overall economic uncertainty could reduce IT spending. Customers have taken a more moderate outlook on hiring and device growth. The company faces competition in a rapidly changing environment. A workforce reduction plan in 2024 impacted approximately 6% of full-time employees. Jamf continues to invest in system transformation and restructuring efforts, which may affect near-term results. The company also achieved StateRAMP Authorized status for Jamf Pro and Jamf School, was awarded Microsoft Azure's IP co-sell top-tier partner designation, and was included as a Representative Vendor in the 2025 Gartner Market Guide for Endpoint Management Tools. It was named to Forbes' first-ever Most Trusted Companies in America list.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $163.0M | $159.3M | +2.3% | $150.6M | +8.2% |
| Gross profit | $127.8M | $123.3M | +3.7% | $117.5M | +8.8% |
| Gross margin | 78.4% | 77.4% | +1.0 pp | 78.0% | +0.4 pp |
| Research & development | $34.0M | $36.0M | -5.6% | $32.9M | +3.2% |
| Sales & marketing | $65.4M | $60.1M | +8.9% | $62.4M | +4.8% |
| General & administrative | $33.8M | $36.1M | -6.4% | $34.9M | -3.2% |
| Total operating expenses | $139.9M | $139.1M | +0.6% | $137.7M | +1.6% |
| Operating income (loss) | -$12.2M | -$15.9M | +23.3% | -$20.3M | +40.0% |
| Operating margin | -7.5% | -10.0% | +2.5 pp | -13.4% | +6.0 pp |
| Net income (loss) | -$16.4M | -$12.2M | -34.2% | -$17.4M | +5.6% |
| Net margin | -10.1% | -7.7% | -2.4 pp | -11.6% | +1.5 pp |
| Diluted EPS | -$0.13 | -$0.10 | -$0.03 | -$0.14 | +$0.01 |
| Customers | 76,500 | — | — | 75,300 | +1.6% |
| Net retention rate | 104.0% | 106.0% | -2.0 pp | 108.0% | -4.0 pp |
Risks
Adverse general and industry-specific economic conditions and reductions in IT spending may reduce demand. The filing states customers have delayed or canceled IT projects, requested price concessions and delayed payment terms, and sought to renegotiate contracts on less advantageous terms such as shifting to annual billing of multi-year contracts.
Products are primarily focused on Apple devices, and customer dissatisfaction with Apple or negative events affecting Apple services and devices could harm results. The filing notes Apple is a significant reseller of Jamf products, particularly in education, and Apple launched its ABE device management solution in spring 2022, which could compete more directly.
Regulatory bodies are increasingly focused on large technology companies, and Apple has been required to change its business practices, including changes to iOS, iPadOS, the App Store, and Safari in 2024 in response to the EU Digital Markets Act. Such changes could materially affect Jamf's ability to offer certain products effectively or at all.
For the year ended December 31, 2024, sales of subscriptions to Jamf Pro accounted for approximately 57% of total revenue. A decline in demand for Jamf Pro or failure of other products to gain acceptance could disproportionately harm operating results.
As of December 31, 2024, approximately 62% of ARR was facilitated via channel partners. Loss of these partner relationships or partners favoring competitors could reduce ARR growth and harm results.
Dollar-based net retention rate declined to 104% for the trailing twelve months ended December 31, 2024 from 108% for the trailing twelve months ended December 31, 2023. If renewal or expansion rates fall further, revenue growth could be adversely affected.
The company is implementing a recent systems transformation, including a comprehensive redesign of quoting, contracting, and invoicing processes. System transformation costs increased to $16.0 million for the year ended December 31, 2024, and cash paid for system transformation costs increased $16.9 million, contributing to the decrease in net cash provided by operating activities; the process also included minor data reconfiguration and validation that immaterially impacted device count and ARR previously reported as of September 30, 2024.
In 2024 the company executed a workforce reduction plan impacting approximately 6% of full-time employees, intended to reduce operating costs and improve operating margins. The filing states this plan could negatively impact the ability to attract, integrate, retain, and motivate key employees, and the company has had recent CEO, CFO, and Chief Sales Officer changes.
The company has incorporated and may continue to incorporate AI/ML solutions into its platform, but competitors may incorporate AI/ML more quickly or successfully. The filing also notes AI/ML may expose the company to additional claims, regulatory obligations, and reputational harm if models are incorrectly designed or data rights are insufficient.
The market is highly competitive, and competitors may offer free or significantly discounted product offerings to incentivize switching from Jamf, or bundle products. The filing states this has required Jamf to offer discounts or other incentives and has resulted in customers choosing competitor products.
As of December 31, 2024, $369.5 million was outstanding on the 2026 Notes, which mature on September 1, 2026. The 2024 Credit Agreement contains restrictive covenants and limits additional debt, and failure to generate sufficient cash flow could impair ability to service or refinance debt.
Net cash provided by operating activities decreased $4.8 million to $31.2 million for the year ended December 31, 2024 compared to the year ended December 31, 2023. The decrease was primarily attributable to a $16.9 million increase in cash paid for system transformation costs, $9.5 million of restructuring charges paid, and $8.4 million paid in deferred consideration related to the dataJAR acquisition.
The number of devices on the software platform was 33.2 million as of December 31, 2024, representing 3% year-over-year growth. Slower device growth could limit future subscription revenue expansion.
Vista beneficially owned approximately 35.1% of common stock as of December 31, 2024, and has rights to designate the Chair of the Board for so long as it owns at least 30% of voting power. Its interests may conflict with other shareholders, and it can significantly influence corporate actions.
SaaS KPIs
All quarters →ARR
Non-GAAP Gross Profit Margin
Customers
Devices
Security ARR
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
Non-GAAP Operating Margin
Summary, forecast, risks and KPIs are extracted from Jamf Holding Corp.'s SEC filings for Q4 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 1, 2026.