Q1 2024 Jamf Holding Corp Earnings Call Transcript
Key Points
- Jamf Holding Corp (JAMF) achieved a total ARR of $602.4 million in Q1, marking a 14% year-over-year growth.
- Q1 revenue and non-GAAP operating income both exceeded the high end of Jamf's outlook, with revenue growing 15% year-over-year.
- Non-GAAP operating income for Q1 was $22.1 million, with a non-GAAP operating margin of 15%, showing a 1000 basis point improvement from Q1 2023.
- Security ARR grew 31% year-over-year to $138 million, representing 23% of total ARR, indicating strong growth in security solutions.
- International expansion is showing positive results, with significant wins in the Middle East and India, particularly with government agencies.
- The largest industries for Jamf, Tech & K through 12, showed muted device expansion, indicating a slowdown in these sectors.
- Despite overall growth, the net retention rate decreased slightly to 107% in Q1 from Q4 2023, reflecting some challenges in customer retention.
- The effective tax rate for Q1 was negative 5.4%, which could indicate potential volatility in future tax obligations.
- Challenges in the SMB segment due to higher for longer interest rates, impacting customer purchasing decisions.
- While PC shipments are showing signs of recovery, the outlook for 2024 does not rely on a significant uplift in device expansion, suggesting cautious optimism.
Thank you for standing by. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jamf's first-quarter 2024 earnings call. (Operator Instructions) Thank you, and I would now like to turn the call over to Jennifer. Please go ahead.
Good afternoon, and thank you for joining us on today's conference call to discuss Jamf's first-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 first-quarter financial results. We also published a Q1 earnings presentation investor presentation and Excel file containing quarterly financial statements to assist with modeling, you may access this information on the Investor Relations section of jamf.com.
Today's discussion may include forward-looking statements. Please refer to
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