Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management,
today announced financial results for its second quarter ended June
30, 2020.
Financial Highlights for the Second
Quarter 2020:
- ARR: ARR increased
36% year-over-year to $241 million as of June 30, 2020.
- Revenue: Total
revenue was $62.2 million, an increase of 29% year-over-year.
Recurring revenue was $58.7 million, an increase of 42%
year-over-year.
- Gross Profit: GAAP
gross profit was $48.6 million, or 78% of total revenue, compared
to $34.8 million, or 72% of total revenue, in the second quarter of
2019. Non-GAAP gross profit was $51.3 million, or 82% of total
revenue, compared to $37.4 million, or 77% of total revenue, in the
second quarter of 2019.
- Operating
Loss/Income: GAAP operating income was $4.2 million, or
6.8% of total revenue, compared to GAAP operating loss of $4.4
million in the second quarter of 2019. Non-GAAP operating income
was $11.2 million, or 18.0% of total revenue, compared to $4.4
million in the second quarter of 2019, or 9.0% of total
revenue.
- Cash Flow: Cash
flow provided by operations was $16.8 million, compared to negative
$1.9 million used in the second quarter of 2019. Unlevered free
cash flow was $21.0 million, or 33.8% of total revenue, compared to
$1.8 million in the second quarter of 2019, or 3.8% of total
revenue.
A reconciliation between historical GAAP and
non-GAAP information is contained in the tables below and the
section titled "Non-GAAP Financial Measures" below contains
reconciliations of these non-GAAP financial measures.
“We delivered strong second quarter results
driven by the essential role we play in deploying, managing and
securing Apple in the enterprise, education and healthcare,” said
Dean Hager, CEO of Jamf. “We experienced strength across our key
metrics, including ARR which grew 36% year-over-year, and which we
believe provides the best representation of the underlying growth
of our business. The extraordinary challenges resulting from
COVID-19 have accelerated remote work, distance learning and
telehealth trends, and have continued demand for our platform which
enables businesses, hospitals and schools to connect, manage and
protect their Apple devices remotely. We are excited about the
multiple growth drivers for the business and the large and growing
market opportunity ahead of us. We look forward to continuing to
help organizations successfully deploy Apple devices seamlessly and
securely across their organizations.”
Recent Business Highlights:
- Completed its initial public offering and began trading on
Nasdaq on July 22, 2020. Net proceeds from the IPO were
approximately $319 million, after underwriting discounts and
estimated offering expenses. On July 27th, we paid down debt and
related interest and penalties of approximately $210.4
million.
- Grew the number of devices running Jamf to 17.2 million in the
second quarter, representing 19% growth over the same period last
year.
- Introduced macOS malware prevention and unified log forwarding
to help organizations keep users, devices and company data secure
and compliant. These new capabilities added to Jamf Protect give
enterprise security teams extended visibility into their macOS
fleet and the ability to prevent, respond and block identified
threats.
- Introduced Virtual Visits, a new, patent pending telehealth
workflow to protect healthcare providers while still enabling
quality care and providing connectivity to patients. With Virtual
Visits powered by Jamf, healthcare organizations can configure and
instantly deploy third-party conferencing platforms like Cisco
Webex, Zoom and Microsoft Teams to iPad or iPhone. Providers are
able to easily virtually round to their patients, and patients can
simply connect with loved ones outside the hospital - without IT
ever having to touch the device.
- Announced Learn Anywhere, a complete Apple education solution
for schools, teachers and students looking to communicate, use
engaging resources and assess learning objectives from any
environment.
Financial Outlook:
For the third quarter of 2020, the company
currently expects:
- Total revenue of $65 to $66 million
- Non-GAAP operating income of $5 to $7 million
For the full year 2020, the company currently
expects:
- Total revenue of $255 to $257 million
- Non-GAAP operating income of $20 to $23 million
Conference Call
Information:
Jamf will host a conference call and live
webcast for analysts and investors at 3:30 p.m Central Time (4:30
p.m. Eastern Time) on September 1, 2020. The news release with the
financial results will be accessible from the company’s website
prior to the conference call. Parties in the United
States and Canada can access the call by dialing +1
(833) 519-1319, and international parties can access the call by
dialing +1 (914) 800-3885.
The webcast will be accessible on Jamf’s
investor relations website at https://ir.jamf.com. A
telephonic replay of the conference call will be available through
Tuesday, September 8, 2020. To access the replay, parties should
dial (855) 859-2056, or (404) 537-3406 and enter the passcode
9599614#.
Non-GAAP Financial
Measures:
In addition to our results determined in
accordance with generally accepted accounting principles in the
United States (“GAAP”), we believe the non‑GAAP measures of
Non-GAAP Operating Expenses, Non-GAAP Gross Profit, Non-GAAP Gross
Profit Margin, Non‑GAAP Operating Income, Non‑GAAP Operating Income
Margin, Unlevered Free Cash Flow and Unlevered Free Cash Flow
Margin are useful in evaluating our operating performance. Certain
of these non-GAAP measures exclude stock-based compensation,
depreciation and amortization expense, acquisition-related
expenses, acquisition‑related earnout, foreign currency transaction
loss and discrete tax items. We believe that non‑GAAP
financial information, when taken collectively, may be helpful to
investors because it provides consistency and comparability with
past financial performance and assists in comparisons with other
companies, some of which use similar non‑GAAP information to
supplement their GAAP results. The non‑GAAP financial information
is presented for supplemental informational purposes only, and
should not be considered a substitute for financial information
presented in accordance with GAAP, and may be different from
similarly‑titled non‑GAAP measures used by other companies.
Reconciliation tables of the most comparable GAAP financial
measures to the non-GAAP financial measures used in this press
release are included with the financial tables at the end of this
release. Jamf is not providing a quantitative reconciliation of
forward-looking guidance of non-GAAP operating income to its most
directly comparable GAAP measure because certain items are out of
Jamf’s control or cannot be reasonably predicted. Historically,
these items have included, but are not limited to,
acquisition-related expenses and acquisition-related earn-out.
These items are uncertain, depend on various factors, and could
have a material impact on U.S. GAAP reported results for the
guidance period. Accordingly, a reconciliation for forward-looking
non-GAAP operating income is not available without unreasonable
effort. However, for the third quarter of 2020 and full year 2020
amortization is expected to be $8.3 million and $33.3 million,
respectively. In addition, for the third quarter of 2020 and full
year 2020 stock-based compensation is expected to be $2.3 million
and $6.7 million, respectively.
Forward-Looking Statements:
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995, including but
not limited to, statements regarding our financial outlook and
market positioning. Forward-looking statements give our current
expectations and projections relating to our financial condition,
results of operations, plans, objectives, future performance and
business. You can identify forward-looking statements by the fact
that they do not relate strictly to historical or current facts.
These statements may include words such as "anticipate",
"estimate", "expect", "project", "plan", "intend", "believe",
"may", "will", "should", "can have", "likely" and other words and
terms of similar meaning in connection with any discussion of the
timing or nature of future operating or financial performance or
other events. All forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially from those that we expected, including: the impact on
our operations and financial condition from the effects of the
current COVID-19 pandemic; the potential impact of customer
dissatisfaction with Apple or other negative events affecting Apple
services and devices, and failure of enterprises to adopt Apple
products; the potentially adverse impact of changes in features and
functionality by Apple on our engineering focus or product
development efforts; changes in our continued relationship with
Apple; the fact that we are not party to any exclusive agreements
or arrangements with Apple; our reliance, in part, on channel
partners for the sale and distribution of our products; risks
associated with cyber-security events; the impact of reputational
harm if users perceive our products as the cause of device failure;
our ability to successfully develop new products or materially
enhance current products through our research and development
efforts; our ability to continue to attract new customers; our
ability to retain our current customers; our ability to sell
additional functionality to our current customers; our ability to
meet service-level commitments under our subscription agreements;
our ability to correctly estimate market opportunity and forecast
market growth; risks associated with failing to continue our recent
growth rates; our dependence on one of our products for a
substantial portion of our revenue; our ability to scale our
business and manage our expenses; our ability to change our pricing
models, if necessary to compete successfully; the impact of delays
or outages of our cloud services from any disruptions, capacity
limitations or interferences of third-party data centers that host
our cloud services, including AWS; our ability to maintain, enhance
and protect our brand; our ability to maintain our corporate
culture; the ability of Jamf Nation to thrive and grow as we expand
our business; the potential impact of inaccurate, incomplete or
misleading content that is posted on Jamf Nation; our ability to
offer high-quality support; risks and uncertainties associated with
potential acquisitions and divestitures, including, but not limited
to, disruptions to ongoing operations; diversions of management
from day-to-day responsibilities; adverse impacts on our financial
condition; failure of an acquired business to further our strategy;
uncertainty of synergies; personnel issues; resulting lawsuits and
issues unidentified in diligence processes; our ability to predict
and respond to rapidly evolving technological trends and our
customers' changing needs; our ability to compete with existing and
new companies; the impact of adverse general and industry-specific
economic and market conditions; the impact of reductions in IT
spending; the impact of real or perceived errors, failures or bugs
in our products; the impact of interruptions or performance
problems associated with our technology or infrastructure; our
ability to attract and retain highly qualified personnel; risks
associated with competitive challenges faced by our customers; the
impact of statutory and regulatory determinations on our offerings
to governmental entities; risks associated with stringent and
changing privacy laws, regulations and standards, and information
security policies and contractual obligations related to data
privacy and security; the impact of any catastrophic events; and,
risks associated with our financial results or difficulty in
predicting our financial results due to our revenue recognition.
Given these factors, as well as other variables that may affect
Jamf’s operating results, you should not rely on forward-looking
statements, assume that past financial performance will be a
reliable indicator of future performance, or use historical trends
to anticipate results or trends in future periods. The
forward-looking statements included in this press release and on
the related teleconference call relate only to events as of the
date hereof. Jamf undertakes no obligation to update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
About Jamf
Jamf, the standard in Apple Enterprise
Management, extends the legendary Apple experience that users have
come to expect to businesses, hospitals, schools and government
agencies through its software and the world’s largest online
community of IT administrators exclusively focused on Apple, Jamf
Nation.
Investor Contact:Lisa Laukkanen
& Lana Adairir@jamf.com
Media Contact:Rachel
Nauenmedia@jamf.com
|
|
Jamf Holding Corp. |
Consolidated Balance Sheets |
(In thousands, except share and per share data) |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
Assets |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
38,424 |
|
|
$ |
32,433 |
|
|
Trade accounts receivable, net |
|
|
53,275 |
|
|
|
46,513 |
|
|
Income taxes receivable |
|
|
554 |
|
|
|
14 |
|
|
Deferred contract costs |
|
|
7,270 |
|
|
|
5,553 |
|
|
Prepaid expenses |
|
|
10,880 |
|
|
|
10,935 |
|
|
Other current assets |
|
|
6,314 |
|
|
|
3,133 |
|
|
|
Total current assets |
|
|
116,717 |
|
|
|
98,581 |
|
|
|
|
|
|
|
|
|
|
|
|
Equipment and leasehold improvements, net |
|
|
11,494 |
|
|
|
12,477 |
|
Goodwill |
|
|
|
539,818 |
|
|
|
539,818 |
|
Other intangible assets, net |
|
|
218,430 |
|
|
|
235,099 |
|
Deferred contract costs |
|
|
20,334 |
|
|
|
16,234 |
|
Other assets |
|
|
2,557 |
|
|
|
2,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
909,350 |
|
|
$ |
904,808 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,909 |
|
|
$ |
3,684 |
|
|
Accrued liabilities |
|
|
26,099 |
|
|
|
26,927 |
|
|
Income taxes payable |
|
|
1,081 |
|
|
|
819 |
|
|
Deferred revenues |
|
|
130,309 |
|
|
|
120,089 |
|
|
|
Total current liabilities |
|
|
161,398 |
|
|
|
151,519 |
|
|
|
|
|
|
|
|
Deferred revenues, noncurrent |
|
|
27,429 |
|
|
|
20,621 |
|
Deferred tax liability |
|
|
14,913 |
|
|
|
18,133 |
|
Debt |
|
|
|
201,891 |
|
|
|
201,319 |
|
Other liabilities |
|
|
6,876 |
|
|
|
9,338 |
|
|
|
Total liabilities |
|
|
412,507 |
|
|
|
400,930 |
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
Common stock, $0.001 par value, 132,000,000 shares authorized,
102,862,404 and |
|
|
|
|
|
102,843,612 shares issued and outstanding at June 30, 2020 and
December 31, 2019, |
|
|
|
|
|
respectively |
|
|
103 |
|
|
|
103 |
|
|
Additional paid-in capital |
|
|
570,434 |
|
|
|
568,756 |
|
|
Accumulated deficit |
|
|
(73,694 |
) |
|
|
(64,981 |
) |
|
|
Total stockholders' equity |
|
|
496,843 |
|
|
|
503,878 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
909,350 |
|
|
$ |
904,808 |
|
|
|
|
|
|
|
|
Jamf Holding Corp. |
Consolidated Statements of Operations |
(In thousands, except share and per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription |
|
$ |
52,978 |
|
|
$ |
37,216 |
|
|
$ |
103,056 |
|
|
$ |
70,956 |
|
|
Services |
|
|
2,451 |
|
|
|
4,794 |
|
|
|
6,461 |
|
|
|
9,295 |
|
|
License |
|
|
6,802 |
|
|
|
6,300 |
|
|
|
13,104 |
|
|
|
12,187 |
|
|
|
Total revenue |
|
|
62,231 |
|
|
|
48,310 |
|
|
|
122,621 |
|
|
|
92,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of subscription (exclusive of amortization shown below) |
|
|
8,762 |
|
|
|
7,423 |
|
|
|
18,010 |
|
|
|
14,380 |
|
|
Cost of services (exclusive of amortization shown below) |
|
|
2,207 |
|
|
|
3,549 |
|
|
|
5,293 |
|
|
|
7,192 |
|
|
Amortization expense |
|
|
2,678 |
|
|
|
2,513 |
|
|
|
5,355 |
|
|
|
4,954 |
|
|
|
Total cost of revenue |
|
|
13,647 |
|
|
|
13,485 |
|
|
|
28,658 |
|
|
|
26,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
48,584 |
|
|
|
34,825 |
|
|
|
93,963 |
|
|
|
65,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
20,202 |
|
|
|
16,612 |
|
|
|
42,484 |
|
|
|
31,888 |
|
|
Research and development |
|
|
11,929 |
|
|
|
9,491 |
|
|
|
24,546 |
|
|
|
18,534 |
|
|
General and administrative |
|
|
6,603 |
|
|
|
7,534 |
|
|
|
17,892 |
|
|
|
14,797 |
|
|
Amortization expense |
|
|
5,634 |
|
|
|
5,626 |
|
|
|
11,308 |
|
|
|
11,259 |
|
|
|
Total operating expenses |
|
|
44,368 |
|
|
|
39,263 |
|
|
|
96,230 |
|
|
|
76,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from operations |
|
|
4,216 |
|
|
|
(4,438 |
) |
|
|
(2,267 |
) |
|
|
(10,566 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(4,690 |
) |
|
|
(5,481 |
) |
|
|
(9,468 |
) |
|
|
(10,952 |
) |
Foreign currency transaction loss |
|
|
(13 |
) |
|
|
(197 |
) |
|
|
(317 |
) |
|
|
(450 |
) |
Other income, net |
|
|
36 |
|
|
|
55 |
|
|
|
91 |
|
|
|
110 |
|
|
|
Loss before income tax benefit |
|
|
(451 |
) |
|
|
(10,061 |
) |
|
|
(11,961 |
) |
|
|
(21,858 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit |
|
|
28 |
|
|
|
2,390 |
|
|
|
3,248 |
|
|
|
5,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(423 |
) |
|
$ |
(7,671 |
) |
|
$ |
(8,713 |
) |
|
$ |
(16,681 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
|
$ |
(0.00 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net loss per share, basic
and diluted |
|
102,862,404 |
|
|
|
102,709,405 |
|
|
|
102,861,475 |
|
|
|
102,694,756 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
|
$ |
38 |
|
|
$ |
55 |
|
|
$ |
76 |
|
|
$ |
118 |
|
Services |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Sales and marketing |
|
|
111 |
|
|
|
143 |
|
|
|
222 |
|
|
|
236 |
|
Research and development |
|
|
141 |
|
|
|
95 |
|
|
|
298 |
|
|
|
185 |
|
General and administrative |
|
|
474 |
|
|
|
356 |
|
|
|
979 |
|
|
|
679 |
|
|
|
|
|
$ |
764 |
|
|
$ |
649 |
|
|
$ |
1,575 |
|
|
$ |
1,218 |
|
|
|
|
|
|
|
|
|
|
|
|
Jamf Holding Corp. |
Consolidated Statements of Cash Flows |
(In thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
Cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,713 |
) |
|
$ |
(16,681 |
) |
|
Adjustments to reconcile net loss to cash |
|
|
|
|
|
|
|
|
|
provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
19,002 |
|
|
|
18,085 |
|
|
|
Amortization of deferred contract costs |
|
|
4,218 |
|
|
|
2,795 |
|
|
|
Amortization of debt issuance costs |
|
|
571 |
|
|
|
571 |
|
|
|
Provision for bad debt expense and returns |
|
|
812 |
|
|
|
- |
|
|
|
Loss (gain) on disposal of equipment and leasehold |
|
|
|
|
|
|
|
|
|
|
|
improvements |
|
|
12 |
|
|
|
(7 |
) |
|
|
Share-based compensation |
|
|
1,575 |
|
|
|
1,218 |
|
|
|
Deferred taxes |
|
|
(3,217 |
) |
|
|
(5,407 |
) |
|
|
Adjustment to contingent consideration |
|
|
(3,700 |
) |
|
|
- |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Trade accounts receivable |
|
|
(7,374 |
) |
|
|
(10,637 |
) |
|
|
|
Income tax receivable/payable |
|
|
(278 |
) |
|
|
(226 |
) |
|
|
|
Prepaid expenses and other assets |
|
|
429 |
|
|
|
(2,663 |
) |
|
|
|
Deferred contract costs |
|
|
(10,035 |
) |
|
|
(8,701 |
) |
|
|
|
Accounts payable |
|
|
258 |
|
|
|
(1,437 |
) |
|
|
|
Accrued liabilities |
|
|
(2,371 |
) |
|
|
(828 |
) |
|
|
|
Deferred revenues |
|
|
17,028 |
|
|
|
14,207 |
|
|
|
|
Other liabilities |
|
|
1,240 |
|
|
|
(8 |
) |
|
|
|
|
Net cash provided by (used in) operating
activities |
|
|
9,457 |
|
|
|
(9,719 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in investing activities: |
|
|
|
|
|
|
|
|
|
Acquisition, net of cash acquired |
|
|
- |
|
|
|
(35,306 |
) |
|
Purchases of equipment and leasehold improvements |
|
|
(1,366 |
) |
|
|
(3,319 |
) |
|
|
|
|
Net cash used in investing activities |
|
|
(1,366 |
) |
|
|
(38,625 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from credit agreements |
|
|
- |
|
|
|
40,000 |
|
|
Debt issuance costs |
|
|
- |
|
|
|
(1,550 |
) |
|
Cash paid for offering costs |
|
|
(2,203 |
) |
|
|
- |
|
|
Proceeds from the exercise of stock options |
|
|
103 |
|
|
|
656 |
|
|
|
|
|
Net cash used in financing activities |
|
|
(2,100 |
) |
|
|
39,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash |
|
|
5,991 |
|
|
|
(9,238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, beginning of period |
|
|
32,433 |
|
|
|
39,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
|
$ |
38,424 |
|
|
$ |
30,002 |
|
|
|
|
|
|
|
|
|
|
Jamf Holding Corp. |
|
Supplemental Financial Information |
|
Disaggregated Revenues |
|
(In thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SaaS subscription and support and maintenance |
|
$ |
52,978 |
|
$ |
37,216 |
|
$ |
103,056 |
|
$ |
70,956 |
|
On-premise subscription |
|
|
5,770 |
|
|
4,048 |
|
|
10,310 |
|
|
7,089 |
|
Recurring revenue |
|
|
58,748 |
|
|
41,264 |
|
|
113,366 |
|
|
78,045 |
|
|
|
|
|
|
|
|
|
|
|
Perpetual licenses |
|
|
1,032 |
|
|
2,252 |
|
|
2,794 |
|
|
5,098 |
|
Professional services |
|
|
2,451 |
|
|
4,794 |
|
|
6,461 |
|
|
9,295 |
|
Non-recurring revenue |
|
|
3,483 |
|
|
7,046 |
|
|
9,255 |
|
|
14,393 |
|
Total revenue |
|
$ |
62,231 |
|
$ |
48,310 |
|
$ |
122,621 |
|
$ |
92,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jamf Holding
Corp. |
Supplemental
Financial Information |
Reconciliation of GAAP to non-GAAP Financial
Data |
(In thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Operating
expenses |
$ |
44,368 |
|
|
$ |
39,263 |
|
|
$ |
96,230 |
|
|
$ |
76,478 |
|
Amortization
expense |
|
(5,634 |
) |
|
|
(5,626 |
) |
|
|
(11,308 |
) |
|
|
(11,259 |
) |
Stock-based
compensation |
|
(726 |
) |
|
|
(594 |
) |
|
|
(1,499 |
) |
|
|
(1,100 |
) |
Acquisition-related expense |
|
(1,636 |
) |
|
|
- |
|
|
|
(3,236 |
) |
|
|
(904 |
) |
Acquisition-related earnout |
|
3,700 |
|
|
|
- |
|
|
|
3,700 |
|
|
|
- |
|
Non-GAAP
Operating Expenses |
$ |
40,072 |
|
|
$ |
33,043 |
|
|
$ |
83,887 |
|
|
$ |
63,215 |
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Gross
profit |
$ |
48,584 |
|
|
$ |
34,825 |
|
|
$ |
93,963 |
|
|
$ |
65,912 |
|
Amortization
expense |
|
2,678 |
|
|
|
2,513 |
|
|
|
5,355 |
|
|
|
4,954 |
|
Stock-based
compensation |
|
38 |
|
|
|
55 |
|
|
|
76 |
|
|
|
118 |
|
Non-GAAP
Gross Profit |
$ |
51,300 |
|
|
$ |
37,393 |
|
|
$ |
99,394 |
|
|
$ |
70,984 |
|
Non-GAAP
Gross Profit Margin |
|
82 |
% |
|
|
77 |
% |
|
|
81 |
% |
|
|
77 |
% |
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Operating
income (loss) |
$ |
4,216 |
|
|
$ |
(4,438 |
) |
|
$ |
(2,267 |
) |
|
$ |
(10,566 |
) |
Stock-based
compensation |
|
764 |
|
|
|
649 |
|
|
|
1,575 |
|
|
|
1,218 |
|
Acquisition-related expense |
|
1,636 |
|
|
|
- |
|
|
|
3,236 |
|
|
|
904 |
|
Amortization
expense |
|
8,312 |
|
|
|
8,139 |
|
|
|
16,663 |
|
|
|
16,213 |
|
Acquisition-related earnout |
|
(3,700 |
) |
|
|
- |
|
|
|
(3,700 |
) |
|
|
- |
|
Non-GAAP
Operating Income |
$ |
11,228 |
|
|
$ |
4,350 |
|
|
$ |
15,507 |
|
|
$ |
7,769 |
|
Non-GAAP
Operating Income Margin |
|
18 |
% |
|
|
9 |
% |
|
|
13 |
% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net
loss |
$ |
(423 |
) |
|
$ |
(7,671 |
) |
|
$ |
(8,713 |
) |
|
$ |
(16,681 |
) |
Stock-based
compensation |
|
764 |
|
|
|
649 |
|
|
|
1,575 |
|
|
|
1,218 |
|
Acquisition-related expense |
|
1,636 |
|
|
|
- |
|
|
|
3,236 |
|
|
|
904 |
|
Amortization
expense |
|
8,312 |
|
|
|
8,139 |
|
|
|
16,663 |
|
|
|
16,213 |
|
Acquisition-related earnout |
|
(3,700 |
) |
|
|
- |
|
|
|
(3,700 |
) |
|
|
- |
|
Foreign
currency transaction loss |
|
13 |
|
|
|
197 |
|
|
|
317 |
|
|
|
450 |
|
Discrete tax
items |
|
108 |
|
|
|
5 |
|
|
|
(210 |
) |
|
|
24 |
|
Benefit for
income taxes (1) |
|
(1,716 |
) |
|
|
(2,195 |
) |
|
|
(4,420 |
) |
|
|
(4,589 |
) |
Non-GAAP Net
Income (Loss) |
$ |
4,994 |
|
|
$ |
(876 |
) |
|
$ |
4,748 |
|
|
$ |
(2,461 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.00 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
Diluted |
$ |
(0.00 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.16 |
) |
Weighted-average shares used in computing net loss per share: |
|
|
|
|
|
|
|
Basic |
|
102,862,404 |
|
|
|
102,709,405 |
|
|
|
102,861,475 |
|
|
|
102,694,756 |
|
Diluted |
|
102,862,404 |
|
|
|
102,709,405 |
|
|
|
102,861,475 |
|
|
|
102,694,756 |
|
Non-GAAP Net
Income (Loss) per Share: |
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
$ |
(0.01 |
) |
|
$ |
0.05 |
|
|
$ |
(0.02 |
) |
Diluted |
$ |
0.05 |
|
|
$ |
(0.01 |
) |
|
$ |
0.05 |
|
|
$ |
(0.02 |
) |
Weighted-average shares used in computing Non-GAAP Net Income
(Loss) per Share: |
|
|
|
|
|
|
|
Basic |
|
102,862,404 |
|
|
|
102,709,405 |
|
|
|
102,861,475 |
|
|
|
102,694,756 |
|
Diluted |
|
105,348,252 |
|
|
|
102,709,405 |
|
|
|
105,326,099 |
|
|
|
102,694,756 |
|
|
|
|
|
|
|
|
|
(1) The related tax
effects of the adjustments to Non-GAAP Net Income (Loss) were
calculated using the respective statutory tax rates for applicable
jurisdictions, which is not materially different from our annual
effective tax rate of approximately 25%. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Net cash
provided by (used in) operating activities |
$ |
16,812 |
|
|
$ |
(1,860 |
) |
|
$ |
9,457 |
|
|
$ |
(9,719 |
) |
Add: |
|
|
|
|
|
|
|
Cash paid for interest |
|
4,528 |
|
|
|
5,499 |
|
|
|
9,262 |
|
|
|
10,568 |
|
Cash paid for acquisition-related expense |
|
- |
|
|
|
- |
|
|
|
1,600 |
|
|
|
904 |
|
Less: |
|
|
|
|
|
|
|
Purchases of equipment and leasehold improvements |
|
(327 |
) |
|
|
(1,815 |
) |
|
|
(1,366 |
) |
|
|
(3,319 |
) |
Unlevered
free cash flow |
$ |
21,013 |
|
|
$ |
1,824 |
|
|
$ |
18,953 |
|
|
$ |
(1,566 |
) |
Unlevered
free cash flow margin |
|
34 |
% |
|
|
4 |
% |
|
|
15 |
% |
|
|
-2 |
% |
|
|
|
|
|
|
|
|
Jamf (NASDAQ:JAMF)
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Von Jun 2024 bis Jul 2024
Jamf (NASDAQ:JAMF)
Historical Stock Chart
Von Jul 2023 bis Jul 2024