jamf(JAMF) - 2025 Q1 - Quarterly Results

Financial Performance - Q1 total revenue of $167.6 million, representing a year-over-year growth of 10%[7] - ARR as of March 31, 2025, reached $657.9 million, an increase of 9% year-over-year[7] - GAAP operating loss of $4.2 million, or (2)% of total revenue, improved from a loss of $21.1 million, or (14)% of total revenue, in Q1 2024[7] - Non-GAAP operating income of $37.6 million, or 22% of total revenue, compared to $22.1 million, or 15% of total revenue, in Q1 2024[7] - Net income of $0.5 million, or 0% of total revenue, compared to a net loss of $20.5 million in Q1 2024[8] - Total revenue for Q1 2025 was $167.621 million, a 10.1% increase from $152.123 million in Q1 2024[27] - Subscription revenue increased to $164.224 million, up 10.7% from $148.353 million year-over-year[27] - Gross profit for Q1 2025 was $130.519 million, representing a gross profit margin of 77.8%, compared to $117.031 million and 77% in Q1 2024[27][34] - Operating loss narrowed to $4.156 million in Q1 2025 from a loss of $21.109 million in Q1 2024[27][34] - Net income for Q1 2025 was $529, a significant improvement from a net loss of $20.524 million in Q1 2024[27] - Non-GAAP net income for Q1 2025 reached $30.168 million, compared to $18.894 million in Q1 2024, reflecting a year-over-year increase of 59.5%[35] - Total revenue for Q1 2025 was $167.621 million, up from $152.123 million in Q1 2024, representing a growth of 10.3%[36] - Adjusted EBITDA for Q1 2025 was $39.447 million, which is 24% of total revenue, compared to 16% in Q1 2024[36] Cash Flow and Expenses - Cash flow from operations for the TTM ended March 31, 2025, was $51.2 million, or 8% of TTM total revenue, up from $44.9 million in the previous year[8] - Cash provided by operating activities was $4.066 million, compared to cash used of $15.904 million in Q1 2024[31] - Total operating expenses decreased to $134.675 million in Q1 2025 from $138.140 million in Q1 2024[27] - Free cash flow for Q1 2025 was $1.017 million, a recovery from a negative free cash flow of $17.659 million in Q1 2024[36] - Unlevered free cash flow for the trailing twelve months ended March 31, 2025, was $79.142 million, an increase from $72.561 million in the previous year[37] - Cash paid for system transformation costs in Q1 2025 was $2.494 million, compared to $8.224 million in Q1 2024, indicating a reduction in expenses[36] - The company reported a net cash provided by operating activities of $4.066 million in Q1 2025, a turnaround from a cash outflow of $15.904 million in Q1 2024[36] - The company’s net cash provided by operating activities as a percentage of total revenue was 2% in Q1 2025, compared to a negative 10% in Q1 2024[36] Future Guidance - For Q2 2025, total revenue is expected to be between $167.5 million and $169.5 million, with non-GAAP operating income projected between $29.5 million and $30.5 million[15] - Full year 2025 total revenue guidance is set between $691.0 million and $695.0 million, with non-GAAP operating income expected between $144.5 million and $147.5 million[15] Acquisitions and Growth - Completed the acquisition of Identity Automation on April 1, 2025, enhancing the Jamf platform[8] - Security ARR reached $162 million as of March 31, 2025, reflecting a year-over-year growth of 17%[8] Stock and Shares - The weighted-average shares used in computing diluted net income per share increased to 140,073,323 in Q1 2025 from 127,292,097 in Q1 2024[35] - The company reported stock-based compensation of $24.395 million in Q1 2025, up from $20.579 million in Q1 2024[31][34]