Jamf (JAMF) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue grew 13% year-over-year to $153.0 million, exceeding guidance, with non-GAAP operating income of $23.5 million (15% margin), and ARR up 13% to $621.7 million.

• Security ARR increased 27% year-over-year to $145.1 million, now 23% of total ARR; customer base reached 76,600, managing 33.6 million devices.

• Net loss narrowed to $19.3 million from $36.2 million in Q2 2023, reflecting improved operating leverage.

• Recognized as a Leader in IDC MarketScape for Apple device UEM, launched new MSP offerings, and authorized as a CVE Numbering Authority.

• Completed a 6% workforce reduction and repurchased $35.4 million in shares as part of capital allocation actions.

Financial highlights

• Subscription revenue grew 15% year-over-year to $149.4 million, accounting for 98% of total revenue.

• Non-GAAP gross margin was 82% in Q2 2024; GAAP gross margin was 77%.

• Net retention rate was 106% in Q2 2024, down from 111% a year ago.

• Adjusted EBITDA for Q2 was $25.3 million, up from $7.7 million a year ago.

• Cash and cash equivalents totaled $200.9 million as of June 30, 2024.

Outlook and guidance

• Q3 2024 revenue expected at $156.5–$158.5 million (10–11% growth); non-GAAP operating income of $25.5–$26.5 million (16–17% margin).

• Full-year 2024 revenue guidance raised to $622.5–$625.5 million (11–12% growth); non-GAAP operating income of $96.0–$98.0 million (15–16% margin).

• Security ARR growth target of at least 25% for FY 2024 already surpassed at 27% growth as of Q2.

• Unlevered free cash flow margin for 2024 expected to be similar to non-GAAP operating income margin.

• Management expects macroeconomic uncertainty and moderate customer device growth to persist through 2024.