Jamf Holding Corp. (NASDAQ:JAMF) Q4 2023 Results Conference Call February 27, 2024 4:30 PM ET

Company Participants

Jennifer Gaumond - Vice President of Investor Relations

John Strosahl - Chief Executive Officer

Ian Goodkind - Chief Financial Officer

Conference Call Participants

Joshua Reilly - Needham & Company

Rob Owens - Piper

Gregg Moskowitz - Mizuho

Jake Roberge - William Blair

Matt Hedberg - RBC

Chad Bennett - Craig-Hallum

Pat Walravens - JMP

Koji Ikeda - Bank of America Securities

Operator

Thank you for standing by, and welcome to the Jamf Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.

And now I'd like to introduce your host for today's program, Jennifer Gaumond, Vice President, Investor Relations. Please go ahead.

Jennifer Gaumond

Good afternoon, and thank you for joining us on today's conference call to discuss Jamf's fourth quarter and full year 2023 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 fourth quarter and full year 2023 financial results. We also published a Q4 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 gan.com.

Today's discussion may include forward-looking statements. Please refer to our most recent SEC reports, including our most recent annual report on Form 10-K, where you will see a discussion of factors that could cause actual results to differ materially from these statements.

I would also like to remind you that during the call, we will discuss some non-GAAP measures related to Jamf's performance. You can find the reconciliation of those measures to the nearest comparable GAAP measures in our earnings release. Additionally, to ensure we can address as many analyst questions as possible during the call, we ask that you please limit your questions to one initial question and one follow-up.

Now I'd like to turn the call over to John.

John Strosahl

Thanks, Jen. Jamf achieved strong results in Q4 to round out the year, exceeding expectations for the 15th consecutive quarter. Q4 year-over-year revenue growth was 16%, representing the first quarter of revenue growth acceleration since Q2 of 2021. This strong revenue growth led to our highest non-GAAP operating income quarter ever at $21.1 million, with a non-GAAP operating income margin of 14%. This represents a 700 basis points improvement from Q4 of 2022. Full year revenue growth was 17% and ARR grew 15% year-over-year in 2023 to $588.6 million. Full year non-GAAP operating income was $45.4 million, a 75% increase over 2022. This resulted in a full year non-GAAP operating income margin of 8%, a 300 basis points improvement over 2022.