9/4/2023 0 Comments Jamf pro sso![]() Over the past four quarters, Mac shipments have declined 6% compared to the prior four quarters, while shipments of all non-Mac computers declined 23% over the same period. While no PC maker has escaped this trend, despite a significant Q1 decline in Mac shipments, Apple has fared better than most. And in Q1, PC shipments declined year-over-year even further. ![]() According to Gartner, Q4 marked the largest quarterly PC shipment decline, since they began tracking the PC market. In Q1, we continued this approach in order to deliver both strong top-line and bottom-line improvements this year.Īs we look across the global market, our observation that device expansion has significantly slowed is supported by industry research. In Q4 of last year, we made targeted investments in our sales team and enacted a number of cost initiatives to position Jamf for both margin expansion and future growth when macro conditions improve. Jamf remains well positioned to navigate these challenges due to a number of factors, including significant product differentiation, customer value and continuing to take a prudent approach to growth and profitability. This uncertainty has led to a muted hiring environment, causing both new and existing customers to limit their device growth expectations at the time of purchase and renewal.Īnd as we outlined last quarter, as part of our 2023 outlook, we anticipate these macro headwinds to continue for most of the year. While the demand for Jamf solutions remains high, the rate at which devices have been purchased within organizations have significantly slowed due to continued macroeconomic uncertainty. Similar to last quarter, we saw continued demand for Jamf's management and security offerings with strong new logo growth and customer retention. We ended Q1 with more than 72,500 customers running Jamf on 30.8 million devices, adding approximately 800,000 devices within the quarter, slightly more than we added in Q1 or Q4 of 2022. These results are reflective of Jamf's continued strong performance amid this difficult macroeconomic environment. Jamf's ARR grew 21% year-over-year in Q1 to $526.6 million. Q1 year-over-year revenue growth was 22% and non-GAAP operating margin was 5%, both of which exceeded the high end of our outlook. Jamf is pleased to report that our first quarter of 2023 marks the 12th consecutive quarter where Jamf outperformed expectations. ![]() Thank you, Jenn, and thank you everyone for joining us. Now I'd like to turn the call over to Dean Hager. Additionally, to ensure we can address as many analyst questions as possible during the call, we ask that you please limit your question to one initial question and one follow-up. You can find the reconciliation of those measures to the nearest comparable GAAP measures in our earnings release. I would also like to remind you that during the call, we will discuss some non-GAAP measures related to Jamf's performance. Please refer to our most recent SEC reports, including our most recent annual report on Form 10-K, where you'll see a discussion of factors that could cause actual results to differ materially from these statements. Today's discussion may include forward-looking statements. You may access this information on the Investor Relations section of. Additionally, we issued a press release announcing Dean's retirement and John's appointment to CEO, effective September 2, 2023. We also published a Q1 earnings presentation, along with an updated investor presentation and Excel file containing quarterly financial statements to assist with modeling. With me on today's call are Dean Hager, Chief Executive Officer Ian Goodkind, Chief Financial Officer and John Strosahl, President and Chief Operating Officer.īefore 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. Good afternoon, and thank you for joining us on today's conference call to discuss Jamf's first quarter financial results. As a reminder, today's program is being recorded.Īnd now I'd like to introduce your host for today's program, Jennifer Gaumond, Vice President, Investor Relations. After the speakers' presentation, there will be a question-and-answer session. At this time, all participants are in a listen-only mode. Welcome to the Jamf First Quarter 2023 Earnings Conference Call. John Strosahl - President and Chief Operating Officer Jennifer Gaumond - Vice President, Investor Relations ( NASDAQ: JAMF) Q1 2023 Earnings Conference Call 4:30 PM ET
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