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01/11 03:08
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary presents a mixed picture. Financial performance shows strong revenue growth and margin improvements, but guidance is weak, with a slight decrease in net retention rate. The Q&A session reveals management's confidence in security as a growth driver, yet they avoided specifics on achieving long-term goals and the impact of macroeconomic factors. The lack of a share repurchase plan and potential regulatory and economic risks further neutralize the outlook. Given the small-cap nature of the company, the stock price is likely to remain stable, resulting in a neutral sentiment.
Total Revenue $165.5 million to $167.5 million (9% to 10% year-over-year growth) for Q1 2025, with full year 2025 expected at $675.5 million to $680.5 million (8.1% year-over-year growth).
Non-GAAP Operating Income $35.5 million to $37.5 million (22% margin) for Q1 2025, with full year 2025 expected at $142.5 million to $146.5 million (21% margin), reflecting a 500 basis point improvement over fiscal year 2024.
Recurring Revenue Grew 9% year-over-year, representing 98% of total revenues in Q4 2024.
Non-GAAP Operating Income Margin 18% in Q4 2024, a 400 basis point improvement over Q4 2023, with full year margin of 16%, reflecting an 800 basis point improvement from 2023.
Unlevered Free Cash Flow Margin 12% for the trailing 12 months, up from 10% in the prior year, with unlevered free cash flow dollars growing over 30% compared to the prior year.
Annual Recurring Revenue (ARR) $646 million in Q4 2024, representing 10% year-over-year growth, with security ARR growing 17% year-over-year to $156 million.
Net Retention Rate Decreased slightly to 104% in Q4 2024 compared to Q3 2024.
International Revenue Grew 17% year-over-year, representing just over a third of total revenue.
Security ARR Growth: Security ARR grew 17% year-over-year to $156 million, representing 24% of Jamf's total ARR.
Mobile Device Deployment: One of the world's largest semiconductor manufacturers plans to deploy over 60,000 mobile devices over three years with Jamf Pro.
Mobile Security Solution Launch: Launched a new mobile security solution in Q3, combining mobile threat defense and data policy with zero trust network access.
International Revenue Growth: Revenue from geographies outside the U.S. grew 17% to just over a third of total revenue.
Education Sector Expansion: Selected by the Ministry of Education in Singapore for all student iPads due to compliance with data encryption and access control requirements.
Non-GAAP Operating Income Margin: Non-GAAP operating income margin improved to 18% in Q4, with a full year margin of 16%.
Sales and Marketing Efficiency: Sales and marketing as a percent of total revenue improved by 500 basis points in 2024.
Unlevered Free Cash Flow Margin: Trailing 12-month unlevered free cash flow margin improved to 12%, with unlevered free cash flow dollars growing over 30%.
Partner Program Launch: Launched the Jamf Partner Hub and new partner program in Q3, leading to significant uptick in partner-led deal registrations.
Rule of 40 Objective: Aiming to achieve the Rule of 40 run rate by the end of fiscal 2026.
Regulatory Issues: Jamf's ability to meet stringent regulatory requirements was highlighted as a key factor in winning contracts, particularly with a major UK bank.
Economic Factors: Ongoing layoffs and budget constraints in end markets were mentioned as uncertainties affecting the selling environment.
Supply Chain Challenges: Delayed billings and collections associated with a comprehensive systems update impacted cash flow and revenue recognition.
Competitive Pressures: The consolidation of unified endpoint management vendors has created opportunities for Jamf, but also indicates a competitive landscape.
ARR Growth: ARR grew 10% year-over-year to $646 million.
Security ARR Growth: Security ARR grew 17% year-over-year to $156 million, representing 24% of Jamf's total ARR.
International Revenue Growth: Revenue from geographies outside the U.S. grew 17% to just over a third of total revenue.
Partner Program Launch: Launched the Jamf Partner Hub and new partner program in Q3, leading to significant uptick in partner-led deal registrations.
Efficiency Initiatives: Implemented scalability and efficiency initiatives to drive future growth and margin expansion.
GIGA School Project: Involved in Japan's GIGA project, providing educational opportunities across Asia.
Q1 2025 Revenue Outlook: Expect total revenues of $165.5 million to $167.5 million, representing year-over-year growth of 9% to 10%.
Q1 2025 Non-GAAP Operating Income: Expected non-GAAP operating income of $35.5 million to $37.5 million, with a margin of 22% at the midpoint.
2025 Full Year Revenue Outlook: Expect total revenue of $675.5 million to $680.5 million, representing year-over-year growth of 8.1% at the midpoint.
2025 Full Year Non-GAAP Operating Income: Expected non-GAAP operating income of $142.5 million to $146.5 million, with a margin of 21% at the midpoint.
Unlevered Free Cash Flow Growth: Anticipate unlevered free cash flow growth of at least 75%.
Rule of 40 Objective: Objective to exit fiscal 2026 at a Rule of 40 run rate.
Share Repurchase Program: None
The earnings call presented strong financial performance with a 15% revenue growth and improved margins. The Q&A highlighted strategic initiatives and positive traction in new markets, despite some economic uncertainties. The company has a substantial cash position and optimistic guidance for the year. The repurchase of convertible notes and strong ARR growth further support a positive outlook. The market cap indicates a potential 2-8% stock price increase over the next two weeks, classifying the sentiment as positive.
Jamf's earnings call presented a mixed picture. Strong financial metrics, including revenue and cash flow growth, were offset by competitive pressures and regulatory concerns. The guidance was maintained, reflecting caution due to macroeconomic uncertainty. The lack of a share buyback program and slight decrease in free cash flow margin also weigh negatively. However, optimistic outlooks on new partnerships and the Identity Automation acquisition could mitigate some concerns. With a market cap of around $2 billion, the stock is unlikely to see significant short-term movement, leading to a neutral sentiment.
The earnings call summary presents a mixed picture. Financial performance shows strong revenue growth and margin improvements, but guidance is weak, with a slight decrease in net retention rate. The Q&A session reveals management's confidence in security as a growth driver, yet they avoided specifics on achieving long-term goals and the impact of macroeconomic factors. The lack of a share repurchase plan and potential regulatory and economic risks further neutralize the outlook. Given the small-cap nature of the company, the stock price is likely to remain stable, resulting in a neutral sentiment.
The earnings call reflects a mixed sentiment. While there is consistent revenue and ARR growth, competitive pressures and regulatory challenges pose risks. The lack of a shareholder return plan and muted guidance for Q4 suggest caution. However, strong security ARR growth and positive customer feedback at JNUC provide optimism. The market cap suggests moderate volatility. Overall, the sentiment is neutral, with potential upward movement limited by economic and competitive headwinds.
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