Jamf Holding Corp. (NASDAQ:JAMF) Q1 2024 Earnings Call Transcript May 8, 2024 4:30 PM ET

Company Participants

Jennifer Gaumond - IR
John Strosahl - CEO
Ian Goodkind - CFO

Conference Call Participants

Joshua Reilly - Needham & Company
Koji Ikeda - Bank of America
Dan Bergstrom - RBC Capital Markets
Jake Roberge - William Blair
Vinod Srinivasaraghavan - Mizuho

Operator

Thank you for standing by. My name is Rochelle, 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. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Jennifer. Please go ahead.

Jennifer Gaumond

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 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 responsible 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 Strosahl. John?

John Strosahl

Thanks, Jen. Jamf started off the year strong, reaching the milestone of $600 million of total ARR. At the end of Q1, ARR grew 14% year-over-year to $602.4 million. We're delivering on the expectations we set for 2024. Both Q1 revenue and non-GAAP operating income exceeded the high end of our outlook. Q1 year-over-year revenue growth was 15% and non-GAAP operating income was $22.1 million, with non-GAAP operating income margin of 15%. This margin represents a 1,000 basis point improvement from Q1 of 2023.