Q2 2024 Jamf Holding Corp Earnings Call Transcript
Key Points
- Q2 revenue and non-GAAP operating income exceeded the high end of the outlook.
- Year-over-year revenue growth was 13%, with non-GAAP operating income margin improving by over 1,000 basis points from Q2 2023.
- Security ARR grew 27% to $145 million, representing 23% of Jamf's total ARR.
- Strong traction in industries with historically low technology adoption, leveraging unique workflows for purpose-based devices.
- Positive impact from Apple's innovations, including privacy and security enhancements, which Jamf is well-positioned to support.
- Softness in the Tech and K-12 industries related to device expansion.
- Net retention rate decreased slightly to 106% in Q2 compared to Q1.
- Less strategic revenue sources like license, services, and on-premise revenues continue to experience year-over-year declines.
- Continued expectation of softness in device upsell through the remainder of 2024.
- General and administrative expenses and sales and marketing expenses as a percentage of total revenue, while improving, still represent significant costs.
Thank you for standing by. Welcome to Jamf's second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, today's program is being recorded. And now introduce Jennifer Gaumond.
Good afternoon and thank you for joining us on today's conference call to discuss Jamf's second-quarter 2024 financial results. With me on today's call are John Strosahl, Chief Executive Officer; and Ian Goodkind, Chief Financial Officer.
Before we begin, I'd like to remind you that shortly after the market closed today, we issued a press release announcing our second quarter financial results. We also published a Q2 earnings presentation, investor presentation and Excel file containing quarterly financial statements to assist you with modeling, you may access this information on the Investor Relations section of jamf.com.
Today's discussion includes forward looking statements. These statements involve risks and uncertainties that could cause actual results to
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