Executive Summary

Q4 revenue was $163.0M (+8% y/y), GAAP operating loss was $12.2M (-7% margin), and non-GAAP operating income was $29.7M (18% margin), exceeding the high end of company outlook .
ARR reached $646.0M (+10% y/y); Security ARR was $156.0M (+17% y/y) and comprised 24% of total ARR; dollar-based net retention declined to 104% from 106% in Q3 .
FY25 guidance: revenue $675.5–$680.5M and non-GAAP operating income $142.5–$146.5M; Q1 2025 guidance: revenue $165.5–$167.5M, non-GAAP operating income $35.5–$37.5M; management targets ≥75% y/y growth in unlevered FCF for FY25 .
Key catalysts: strong mobile/security momentum, Azure Marketplace channel launch, international traction (17% y/y international revenue growth) and a clear path toward Rule of 40 by FY26 exit, per management commentary .

What Went Well and What Went Wrong

What Went Well

Beat-and-raise execution: “Non-GAAP operating income exceeded the high end of our Q4 outlook at $30M (18% margin)” and revenue growth of 8% y/y; full-year non-GAAP margin improved 800 bps vs 2023 .
Mobile adoption accelerated with large deployments in airlines and a top semiconductor manufacturer planning ~60,000 mobile devices over three years; mobile security launched in Q3 aided wins .
International momentum: 2024 international revenue +17% and selection by Singapore’s Ministry of Education for student iPads, expanding education footprint across Asia .

What Went Wrong

Net retention rate dipped to 104% (from 106% in Q3); management expects improvement in the back half of 2025 as upsell/cross-sell trends resume .
Security ARR growth moderated to +17% y/y and was reduced by ~2 pts due to ARR data reclassification (would have been ~19% absent adjustment) .
Cash flow timing headwind: delayed billings/collections from system upgrades increased DSOs to 82 days and weighed on TTM unlevered FCF margin to 12%; management expects benefit in 2025 .

Financial Results

Quarterly P&L and Margin Comparison

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$153.016	$159.286	$162.974
Revenue YoY Growth (%)	13%	12%	8%
GAAP Gross Margin (%)	77%	77%	78%
Non-GAAP Gross Margin (%)	82%	82%	82%
GAAP Operating Margin (%)	(13)%	(10)%	(7)%
Non-GAAP Operating Margin (%)	15%	17%	18%
GAAP Net Loss per Share (Diluted)	$ (0.15)	$ (0.10)	$ (0.13)
Non-GAAP Net Income per Share (Diluted)	$ 0.14	$ 0.16	$ 0.17

Disaggregated Revenue (Quarterly)

Category ($USD Millions)	Q2 2024	Q3 2024	Q4 2024
SaaS Subscription + Support/Maintenance	$146.101	$151.485	$152.600
On‑premise Subscription	$3.327	$4.585	$7.140
Subscription Revenue (Total)	$149.428	$156.070	$159.740
Professional Services	$3.497	$3.192	$3.167
Perpetual Licenses	$0.091	$0.024	$0.067
Non‑subscription Revenue (Total)	$3.588	$3.216	$3.234
Total Revenue	$153.016	$159.286	$162.974

KPIs

KPI	Q2 2024	Q3 2024	Q4 2024
ARR ($USD Millions)	$621.7	$635.0	$646.0
Security ARR ($USD Millions)	$145.1	$151.5	$156.0
Security ARR (% of total)	23%	24%	24%
Dollar-based Net Retention	106%	106%	104%
Devices (Millions)	33.6	33.9	33.2
Customers	76,600	76,000	76,500

Non-GAAP treatment: Jamf’s non-GAAP metrics exclude amortization, stock-based comp, acquisition-related expenses, offering costs, payroll taxes related to SBC, system transformation costs, restructuring charges, and extraordinary legal settlements/non-recurring litigation costs; reconciliations are provided in company filings .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue ($M)	Q1 2025	—	$165.5–$167.5	Initiated
Non-GAAP Operating Income ($M)	Q1 2025	—	$35.5–$37.5	Initiated
Total Revenue ($M)	FY 2025	—	$675.5–$680.5	Initiated
Non-GAAP Operating Income ($M)	FY 2025	—	$142.5–$146.5	Initiated
Unlevered Free Cash Flow Growth	FY 2025	—	≥75% y/y	Initiated
Amortization Expense ($M)	Q1 2025	—	~$9.7	Modeling detail
Amortization Expense ($M)	FY 2025	—	~$38.1	Modeling detail
Stock-based Comp + Payroll Taxes ($M)	Q1 2025	—	~$26.2	Modeling detail
Stock-based Comp + Payroll Taxes ($M)	FY 2025	—	~$112.5	Modeling detail

Management clarified FY25 guidance reflects: (i) annualized impact of Q3 ARR base adjustment, (ii) selling environment uncertainty (layoffs/budgets), and (iii) higher mobile contribution at lower price point than Mac .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Security initiatives	Security ARR +27% y/y to $145.1M; leadership in Apple UEM; CVE Numbering Authority	Security ARR $151.5M (+26% y/y), 24% of ARR; “Mobile Security Solution of the Year”	Security ARR $156.0M (+17% y/y); reclass reduced growth by ~2 pts; demand strong across commercial/education	Moderating growth (data reclass), durable demand
AI/tech/product innovation	MSP offerings (Insights, Service Provider plan)	AI Assistant, Blueprints, Compliance Benchmarks, Self Service+ highlighted at JNUC	Continued platform focus integrating management/security; same-day support for Apple OS; mobile security adoption	Execution-focused
Channel/hyperscaler	MSP program rollout	Microsoft ISV/Azure agreement; Azure Marketplace path	Azure marketplace live; enablement underway; positive early traction; AWS channel precedent	Ramping partner-led motion
Mobile adoption (“deskless”)	Baseline	Implicit in vertical expansions; not highlighted	Strong mobile wins in airlines/semiconductor; new mobile security SKU aiding wins	Accelerating
International/education	Jamf Nation Live events; global footprint	Adjusted device/customer counts; global highlights	International revenue +17% y/y; Singapore MoE win; Asia education opportunities (GIGA)	Improving
Macro/hiring/budgets	Restructuring charges up; transformation costs	System transformation (Oracle/Salesforce), some delayed collections	Guidance embeds conservatism due to layoffs/budgets; cautious on hiring recovery	Cautiously stabilizing

Management Commentary

CEO: “We met our objective of exceeding our financial targets for all four quarters of 2024… We’re well positioned entering 2025, with multiple growth levers including security adoption, mobile penetration, international expansion, and channel leverage… progressing toward our goal of achieving the Rule of 40” .
CFO: “Non-GAAP operating income exceeded the high end of our Q4 outlook at $30 million, or an 18% margin… full-year margin improved 800 bps vs 2023… focus on disciplined investment while driving top-line growth” .
CEO on mobile/security: “Another record quarter for ARR added for the Jamf Business Plan… airlines increasingly seek solutions for mobile devices… our new mobile security solution… combines mobile threat defense, data policy, and ZTNA” .
CFO on guidance framework: FY25 outlook adjusted for ARR base reset, selling environment uncertainty, and higher mobile mix; target is Rule of 40 run-rate exit in FY26 .

Q&A Highlights

Security ARR growth: Data reclassification reduced reported growth by ~2 pts (to 17% from ~19%); pipeline/demand remain strong across commercial and education .
Channel/hyperscaler: Azure marketplace live; learnings from AWS channel; Microsoft engaged with enablement; early traction supportive of partner-led growth .
Retention/NRR: NRR declined to 104%; modeling points to improvement in H2’25 with upsell/cross-sell as macro stabilizes .
Cash flow/collections: DSOs increased to 82 days due to system upgrades; collections expected to normalize and benefit FY25 cash flow; $175M undrawn revolver and ~$225M cash provide flexibility (converts due 2026) .
Competitive dynamics: Continued replacement share from consolidated UEM vendors; concern among customers about pace of Apple innovation at competitors supports Jamf win rates .

Estimates Context

S&P Global consensus (revenue and EPS) for Q4 2024 was unavailable due to an API daily limit; as a result, a formal comparison vs Wall Street consensus cannot be provided at this time (S&P Global data unavailable).
Company-level comparison: Q4 revenue and non-GAAP operating margin exceeded the high end of Jamf’s own outlook (beat/raise), indicating positive surprise vs internal guidance .

Note: S&P Global consensus data retrieval was unavailable due to a daily request limit exceeded; estimates comparison omitted.

Key Takeaways for Investors

Profitability inflection continues: Q4 non-GAAP operating margin reached 18% and FY25 guidance implies ~21% margin, with ≥75% y/y unlevered FCF growth targeted — a clear path toward Rule of 40 by FY26 exit .
Growth drivers diversified: Security adoption (24% of ARR), mobile penetration across airlines/industrial, international expansion (+17% y/y), and partner channels (Azure/AWS) broaden growth levers and reduce dependence on any single vector .
Retention headwind manageable: NRR at 104% reflects macro pressures; management expects back-half improvement as upsell/cross-sell resumes and hiring normalizes, which should support ARR growth durability .
Collections normalization a 2025 tailwind: System transformation delayed billings/collections (DSOs 82 days), weighing on 2024 cash margins; normalization should support the strong FY25 FCF outlook .
Competitive share gains likely to persist: Customer migrations from consolidated UEM vendors and concern about Apple innovation pace at competitors underpin Jamf’s win rates and Mac/mobile expansion opportunities .
Modeling cues: FY25 guidance incorporates ARR base reset, macro conservatism, and higher mobile mix; use provided amortization/SBC assumptions for near-term model accuracy .
Execution watch items: Track NRR trajectory, Azure marketplace contribution, mobile security upsell, and device refresh cycles in education/tech to gauge upside vs guidance .

Jamf Holding Corp. (JAMF)·Q4 2024 Earnings Summary