Apple device management company, Jamf (NASDAQ:JAMF) beat analysts' expectations in Q1 CY2024, with revenue up 15.1% year on year to $152.1 million. The company expects next quarter's revenue to be around $151.5 million, in line with analysts' estimates. It made a non-GAAP profit of $0.14 per share, improving from its profit of $0.05 per share in the same quarter last year.

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Founded in 2002 by Zach Halmstad and Chip Pearson, right around the time when Apple began to dominate the personal computing market, Jamf (NASDAQ:JAMF) provides software for companies to manage Apple devices such as Macs, iPads, and iPhones.

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Sales Growth

As you can see below, Jamf's revenue growth has been strong over the last three years, growing from $80.73 million in Q1 2021 to $152.1 million this quarter.

This quarter, Jamf's quarterly revenue was once again up 15.1% year on year. However, its growth did slow down compared to last quarter as the company's revenue increased by just $1.48 million in Q1 compared to $8.02 million in Q4 CY2023. While we'd like to see revenue increase by a greater amount each quarter, a one-off fluctuation is usually not concerning.

Next quarter's guidance suggests that Jamf is expecting revenue to grow 12.1% year on year to $151.5 million, slowing down from the 16.8% year-on-year increase it recorded in the same quarter last year. Looking ahead, analysts covering the company were expecting sales to grow 9.3% over the next 12 months before the earnings results announcement.

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Cash Is King

If you've followed StockStory for a while, you know that we emphasize free cash flow. Why, you ask? We believe that in the end, cash is king, and you can't use accounting profits to pay the bills. Jamf burned through $17.66 million of cash in Q1, increasing its cash burn by 31.9% year on year.

Jamf has generated $41.29 million in free cash flow over the last 12 months, or 7.1% of revenue. This FCF margin enables it to reinvest in its business without depending on the capital markets.

Key Takeaways from Jamf's Q1 Results

It was encouraging to see Jamf narrowly top analysts' revenue expectations this quarter. On the other hand, its billings unfortunately missed analysts' expectations and its gross margin shrunk. Overall, the results could have been better. The company is down 1.2% on the results and currently trades at $19.5 per share.

Jamf may have had a tough quarter, but does that actually create an opportunity to invest right now? When making that decision, it's important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here, it's free.