Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management,
today announced financial results for its first quarter ended
March 31, 2022.
“Our first quarter results again reflect
consistently strong and balanced growth across our business despite
tough comparables due to the education buying surge that lasted
through Q1 of 2021,” said Dean Hager, CEO of Jamf. “With continued
demand for Apple, a healthier balance between commercial and
education markets, and the only comprehensive platform that
delivers robust capabilities across management and security, Jamf
is poised to continue delivering on expectations and leading the
way with Apple in the enterprise.”
First Quarter 2022 Financial
Highlights
-
ARR: ARR increase of 42% year-over-year to
$436.5 million as of March 31, 2022.
- Revenue: Total
revenue of $108.3 million, an increase of 34% year-over-year.
- Gross Profit: GAAP
gross profit of $80.0 million, or 74% of total revenue, compared to
$63.5 million in the first quarter of 2021. Non-GAAP gross profit
of $87.5 million, or 81% of total revenue, compared to $66.6
million in the first quarter of 2021.
- Operating
Loss/Income: GAAP operating loss of $23.7 million, or
(22)% of total revenue, compared to $4.2 million in the first
quarter of 2021. Non-GAAP operating income of $5.8 million, or 5%
of total revenue, compared to $7.8 million in the first quarter of
2021.
- Cash Flow: Cash
flow provided by operations of $58.2 million for the TTM ended
March 31, 2022, or 15% of TTM total revenue, compared to $64.1
million for the TTM ended March 31, 2021. Unlevered free cash
flow of $61.9 million for the TTM ended March 31, 2022, or 16%
of TTM total revenue, compared to $69.1 million for the TTM ended
March 31, 2021.
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
descriptions of these reconciliations.
“The foundation of these strong results lies in
the quality of our revenues and disciplined investing to drive
margins, allowing Jamf to exceed a Rule of 50,” said Jill Putman,
CFO. “This balanced approach to growth and margins, combined with
our loyal customer base, award-winning company culture and
continued demand for Apple, uniquely position Jamf for continued
success.”
Recent Business Highlights
- Ended the first quarter serving
more than 62,000 customers with more than 27.3 million devices
on our platform.
- Hosted a Spring Jamf Customer
Event, showcasing a number of new offerings developed to help
organizations deliver an enterprise-secure, consumer-simple
environment that protects personal privacy.
- Launched Jamf Fundamentals, a new
plan to help growing small-midsized business manage and secure
their devices.
- Rolled out our new BYOD offering,
helping organizations manage and secure personally-owned devices
that employees bring to work while upholding employees’ personal
privacy.
- Revolutionized Application
Lifecycle Management with the launch of App Installers, which
streamlines deployment of apps and automatically keeps them
up-to-date.
- Unveiled holistic endpoint security
platform that delivers new network security capabilities for macOS,
making Jamf the only provider that manages and secures the
Apple-first enterprise.
- Announced same-day support for
Apple’s Spring operating system updates.
- Appointed Michelle Bucaria as Chief
People Officer, as the company continues its rapid global expansion
and cultivates its award-winning culture.
- Named as one of the Fortune 100
Best Companies to Work For® by Great Place to Work®.
Financial Outlook
For the second quarter of 2022, Jamf currently
expects:
- Total revenue of $112 to $114
million
- Non-GAAP operating income of $2 to $3 million
For the full year 2022, Jamf currently
expects:
- Total revenue of $472 to $477
million
- Non-GAAP operating income of $19 to $22 million
To assist with modeling, for the second quarter
of 2022 and full year 2022, amortization is expected to be
approximately $12.3 million and $47.9 million, respectively. In
addition, for the second quarter of 2022 and full year 2022,
stock-based compensation and related payroll taxes is expected to
be approximately $56.1 million and $119.4 million,
respectively.
Jamf is unable to provide a quantitative
reconciliation of forward-looking guidance of non-GAAP operating
income to GAAP operating income (loss) 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,
offering costs, amortization and stock-based compensation and
related payroll taxes. Accordingly, a reconciliation for
forward-looking non-GAAP operating income is not available without
unreasonable effort. These items are uncertain, depend on various
factors, and could result in projected GAAP operating income (loss)
being materially less than is indicated by currently estimated
non-GAAP operating income.
These statements are forward-looking and actual
results may differ materially. Refer to the Forward-Looking
Statements safe harbor below for information on the factors that
could cause our actual results to differ materially from these
forward-looking statements.
Webcast and 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 May 10, 2022. 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 live webcast of Jamf’s earnings conference
call can be accessed at ir.jamf.com, along with the earnings press
release, financial tables, earnings presentation and investor
presentation. A telephonic replay of the conference call will be
available through May 17, 2022. To access the replay, parties
should dial (855) 859-2056, or (404) 537-3406 and enter the
passcode 5262389#.
Please note that Jamf uses its
https://ir.jamf.com website as a means of disclosing material
non-public information, announcing upcoming investor conferences
and for complying with its disclosure obligations under Regulation
FD. Accordingly, you should monitor our investor relations website
in addition to following our press releases, SEC filings and public
conference calls and webcasts.
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 (loss), non-GAAP operating
income (loss) margin, non-GAAP income before income taxes, non-GAAP
provision for income taxes as it relates to the calculation of
non-GAAP net income, non-GAAP net income, 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, amortization expense, acquisition-related
expenses, acquisition-related earnout, offering costs, foreign
currency transaction loss, payroll taxes related to stock-based
compensation, legal settlement, loss on extinguishment of debt and
amortization of debt issuance costs. 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. The
principal limitation of these non-GAAP financial measures is that
they exclude significant expenses that are required by GAAP to be
recorded in our financial statements. In addition, they are subject
to inherent limitations as they reflect the exercise of judgment by
our management about which expenses are excluded or included in
determining these non-GAAP financial measures. 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 strongly
encourages investors to review our consolidated financial
statements included in publicly filed reports in their entirety and
not rely solely on any single financial measurement or
communication.
Forward-Looking StatementsThis
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 and
include statements regarding our future financial and operating
performance (including our financial outlook for future reporting
periods). 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, among others:
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; 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 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 Amazon Web
Services; our ability to meet service-level commitments under our
subscription agreements; 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
acquisitions and divestitures (such as our recent acquisition of
Wandera); 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; our ability to attract and
retain highly qualified personnel; risks associated with
competitive challenges faced by our customers; the impact of our
often long and unpredictable sales cycle; the risks associated with
sales to new and existing enterprise customers; our ability to
develop and expand our marketing and sales capabilities; the risks
associated with free trials and other inbound, lead-generation
sales strategies; the risks associated with indemnity provisions in
our contracts; our management team’s limited experience managing a
public company; risks associated with cyber-security events; the
impact of real or perceived errors, failures or bugs in our
products; the impact of general disruptions to data transmission;
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
risks associated with intellectual property infringement claims;
our reliance on third-party software and intellectual property
licenses; our ability to protect our intellectual property and
proprietary rights; the risks associated with our use of open
source software in our products; risks associated with our
indebtedness; and risks associated with global events (such as
Russia’s invasion of Ukraine and related sanctions).
Additional information concerning these and
other factors can be found in our filings with the Securities and
Exchange Commission. Given these factors, as well as other
variables that may affect our 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 relate only to events as of the date hereof. We undertake
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 people love to
businesses, schools and government organizations through its
software and the world’s largest online community of IT admins
focused exclusively on Apple, Jamf Nation. To learn more, visit:
www.jamf.com.
Investor ContactJennifer
Gaumondir@jamf.com
Media ContactRachel
Nauenmedia@jamf.com
Jamf Holding
Corp.Consolidated Balance Sheets(in
thousands)(unaudited)
|
|
|
|
|
March 31,2022 |
|
December 31,2021 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
164,595 |
|
|
$ |
177,150 |
|
Trade accounts receivable, net of allowances of $492 and $391 |
|
81,121 |
|
|
|
79,143 |
|
Income taxes receivable |
|
287 |
|
|
|
608 |
|
Deferred contract costs |
|
14,142 |
|
|
|
12,904 |
|
Prepaid expenses |
|
19,616 |
|
|
|
17,581 |
|
Other current assets |
|
4,318 |
|
|
|
4,212 |
|
Total current assets |
|
284,079 |
|
|
|
291,598 |
|
Equipment and leasehold
improvements, net |
|
18,237 |
|
|
|
18,045 |
|
Goodwill |
|
841,984 |
|
|
|
845,734 |
|
Other intangible assets, net |
|
251,072 |
|
|
|
264,593 |
|
Deferred contract costs,
non-current |
|
31,793 |
|
|
|
29,842 |
|
Other assets |
|
39,159 |
|
|
|
30,608 |
|
Total assets |
$ |
1,466,324 |
|
|
$ |
1,480,420 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
8,808 |
|
|
$ |
9,306 |
|
Accrued liabilities |
|
45,558 |
|
|
|
54,022 |
|
Income taxes payable |
|
376 |
|
|
|
167 |
|
Deferred revenues |
|
234,389 |
|
|
|
223,031 |
|
Total current liabilities |
|
289,131 |
|
|
|
286,526 |
|
Deferred revenues,
non-current |
|
58,110 |
|
|
|
59,097 |
|
Deferred tax liability, net |
|
8,097 |
|
|
|
8,700 |
|
Convertible senior notes,
net |
|
362,648 |
|
|
|
362,031 |
|
Other liabilities |
|
26,417 |
|
|
|
25,640 |
|
Total liabilities |
|
744,403 |
|
|
|
741,994 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
119 |
|
|
|
119 |
|
Additional paid-in capital |
|
930,788 |
|
|
|
913,581 |
|
Accumulated other comprehensive loss |
|
(15,949 |
) |
|
|
(7,866 |
) |
Accumulated deficit |
|
(193,037 |
) |
|
|
(167,408 |
) |
Total stockholders’ equity |
|
721,921 |
|
|
|
738,426 |
|
Total liabilities and stockholders’ equity |
$ |
1,466,324 |
|
|
$ |
1,480,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jamf Holding
Corp.Consolidated Statements of
Operations(in thousands, except share and per share
amounts)(unaudited)
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
Subscription |
$ |
102,201 |
|
|
$ |
74,482 |
|
Services |
|
3,944 |
|
|
|
4,003 |
|
License |
|
2,113 |
|
|
|
2,242 |
|
Total revenue |
|
108,258 |
|
|
|
80,727 |
|
Cost of revenue: |
|
|
|
Cost of subscription(1)(3)(4) (exclusive of amortization expense
shown below) |
|
19,902 |
|
|
|
12,014 |
|
Cost of services(1)(3) (exclusive of amortization expense shown
below) |
|
3,107 |
|
|
|
2,465 |
|
Amortization expense |
|
5,218 |
|
|
|
2,777 |
|
Total cost of revenue |
|
28,227 |
|
|
|
17,256 |
|
Gross profit |
|
80,031 |
|
|
|
63,471 |
|
Operating expenses: |
|
|
|
Sales and marketing(1)(2)(3)(4) |
|
46,325 |
|
|
|
30,167 |
|
Research and development(1)(2)(3)(4) |
|
24,802 |
|
|
|
15,626 |
|
General and administrative(1)(2)(3)(4) |
|
25,612 |
|
|
|
16,244 |
|
Amortization expense |
|
7,029 |
|
|
|
5,627 |
|
Total operating expenses |
|
103,768 |
|
|
|
67,664 |
|
Loss from operations |
|
(23,737 |
) |
|
|
(4,193 |
) |
Interest expense, net |
|
(859 |
) |
|
|
(55 |
) |
Foreign currency transaction
loss |
|
(781 |
) |
|
|
(218 |
) |
Loss before income tax provision |
|
(25,377 |
) |
|
|
(4,466 |
) |
Income tax provision |
|
(252 |
) |
|
|
(123 |
) |
Net loss |
$ |
(25,629 |
) |
|
$ |
(4,589 |
) |
Net loss per share, basic and
diluted |
$ |
(0.21 |
) |
|
$ |
(0.04 |
) |
Weighted‑average shares used
to compute net loss per share, basic and diluted |
|
119,594,341 |
|
|
|
117,386,322 |
|
(1) Includes stock-based compensation as
follows:
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Cost of revenue: |
|
|
|
Subscription |
$ |
1,955 |
|
$ |
324 |
Services |
|
304 |
|
|
77 |
Sales and marketing |
|
5,859 |
|
|
842 |
Research and development |
|
3,859 |
|
|
778 |
General and
administrative |
|
4,033 |
|
|
811 |
|
$ |
16,010 |
|
$ |
2,832 |
(2) Includes payroll taxes related to
stock-based compensation as follows:
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Sales and marketing |
$ |
12 |
|
$ |
87 |
Research and development |
|
27 |
|
|
93 |
General and
administrative |
|
97 |
|
|
215 |
|
$ |
136 |
|
$ |
395 |
(3) Includes depreciation expense as
follows:
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Cost of revenue: |
|
|
|
Subscription |
$ |
320 |
|
$ |
263 |
Services |
|
45 |
|
|
43 |
Sales and marketing |
|
684 |
|
|
574 |
Research and development |
|
359 |
|
|
305 |
General and
administrative |
|
238 |
|
|
195 |
|
$ |
1,646 |
|
$ |
1,380 |
(4) Includes acquisition-related expense as
follows:
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Cost of revenue: |
|
|
|
Subscription |
$ |
38 |
|
$ |
— |
Sales and marketing |
|
7 |
|
|
— |
Research and development |
|
263 |
|
|
— |
General and
administrative |
|
793 |
|
|
110 |
|
$ |
1,101 |
|
$ |
110 |
|
|
|
|
|
|
General and administrative also includes
acquisition-related earnout of $0.1 million and $0.3 million for
the three months ended March 31, 2022 and 2021, respectively.
The acquisition-related earnout was an expense for both the three
months ended March 31, 2022 and 2021 reflecting the increase
in fair value of the Digita acquisition contingent liability due to
growth in sales of our Jamf Protect product.
Jamf Holding
Corp.Consolidated Statements of Cash
Flows(in thousands)(unaudited)
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(25,629 |
) |
|
$ |
(4,589 |
) |
Adjustments to reconcile net loss to cash (used in) provided by
operating activities: |
|
|
|
Depreciation and amortization expense |
|
13,893 |
|
|
|
9,784 |
|
Amortization of deferred contract costs |
|
3,755 |
|
|
|
2,700 |
|
Amortization of debt issuance costs |
|
679 |
|
|
|
69 |
|
Non-cash lease expense |
|
1,291 |
|
|
|
1,267 |
|
Provision for credit losses and returns |
|
128 |
|
|
|
159 |
|
Share‑based compensation |
|
16,010 |
|
|
|
2,832 |
|
Deferred tax benefit |
|
(468 |
) |
|
|
(613 |
) |
Adjustment to contingent consideration |
|
88 |
|
|
|
300 |
|
Other |
|
725 |
|
|
|
201 |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable |
|
(2,190 |
) |
|
|
(7,066 |
) |
Income tax receivable/payable |
|
533 |
|
|
|
376 |
|
Prepaid expenses and other assets |
|
(3,668 |
) |
|
|
(3,317 |
) |
Deferred contract costs |
|
(6,952 |
) |
|
|
(5,065 |
) |
Accounts payable |
|
(413 |
) |
|
|
(1,191 |
) |
Accrued liabilities |
|
(11,250 |
) |
|
|
(7,683 |
) |
Deferred revenue |
|
10,478 |
|
|
|
15,913 |
|
Other liabilities |
|
— |
|
|
|
(54 |
) |
Net cash (used in) provided by operating activities |
|
(2,990 |
) |
|
|
4,023 |
|
Cash flows from
investing activities |
|
|
|
Acquisitions, net of cash acquired |
|
(4,023 |
) |
|
|
(3,041 |
) |
Purchases of equipment and leasehold improvements |
|
(1,964 |
) |
|
|
(3,290 |
) |
Proceeds from sale of equipment and leasehold improvements |
|
8 |
|
|
|
12 |
|
Net cash used in investing activities |
|
(5,979 |
) |
|
|
(6,319 |
) |
Cash flows from
financing activities |
|
|
|
Debt issuance costs |
|
(50 |
) |
|
|
— |
|
Cash paid for contingent consideration |
|
(4,588 |
) |
|
|
— |
|
Proceeds from the exercise of stock options |
|
1,197 |
|
|
|
4,019 |
|
Net cash (used in) provided by financing activities |
|
(3,441 |
) |
|
|
4,019 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(145 |
) |
|
|
(401 |
) |
Net (decrease) increase in cash and cash equivalents |
|
(12,555 |
) |
|
|
1,322 |
|
Cash and cash equivalents,
beginning of period |
|
177,150 |
|
|
|
194,868 |
|
Cash and cash equivalents, end
of period |
$ |
164,595 |
|
|
$ |
196,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jamf Holding
Corp.Supplemental Financial
InformationDisaggregated Revenues(in
thousands)(unaudited)
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2021 |
SaaS subscription and support
and maintenance |
$ |
96,350 |
|
$ |
66,776 |
On‑premise subscription |
|
5,851 |
|
|
7,706 |
Subscription revenue |
|
102,201 |
|
|
74,482 |
Professional services |
|
3,944 |
|
|
4,003 |
Perpetual licenses |
|
2,113 |
|
|
2,242 |
Non‑subscription revenue |
|
6,057 |
|
|
6,245 |
Total revenue |
$ |
108,258 |
|
$ |
80,727 |
|
|
|
|
|
|
|
|
|
|
|
|
Jamf Holding
Corp.Supplemental Financial
InformationReconciliation of GAAP to non-GAAP
Financial Data(in thousands, except share and per share
amounts)(unaudited)
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Operating expenses |
$ |
103,768 |
|
|
$ |
67,664 |
|
Amortization expense |
|
(7,029 |
) |
|
|
(5,627 |
) |
Stock-based compensation |
|
(13,751 |
) |
|
|
(2,431 |
) |
Acquisition-related expense |
|
(1,063 |
) |
|
|
(110 |
) |
Acquisition-related earnout |
|
(88 |
) |
|
|
(300 |
) |
Payroll taxes related to
stock-based compensation |
|
(136 |
) |
|
|
(395 |
) |
Non-GAAP operating expenses |
$ |
81,701 |
|
|
$ |
58,801 |
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Gross profit |
$ |
80,031 |
|
|
$ |
63,471 |
|
Amortization expense |
|
5,218 |
|
|
|
2,777 |
|
Stock-based compensation |
|
2,259 |
|
|
|
401 |
|
Acquisition-related
expense |
|
38 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
87,546 |
|
|
$ |
66,649 |
|
Gross profit margin |
|
74 |
% |
|
|
79 |
% |
Non-GAAP gross profit
margin |
|
81 |
% |
|
|
83 |
% |
|
|
|
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Operating loss |
$ |
(23,737 |
) |
|
$ |
(4,193 |
) |
Amortization expense |
|
12,247 |
|
|
|
8,404 |
|
Stock-based compensation |
|
16,010 |
|
|
|
2,832 |
|
Acquisition-related
expense |
|
1,101 |
|
|
|
110 |
|
Acquisition-related
earnout |
|
88 |
|
|
|
300 |
|
Payroll taxes related to
stock-based compensation |
|
136 |
|
|
|
395 |
|
Non-GAAP operating income |
$ |
5,845 |
|
|
$ |
7,848 |
|
Operating loss margin |
|
(22 |
)% |
|
|
(5 |
)% |
Non-GAAP operating income
margin |
|
5 |
% |
|
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Method |
|
Prior Method |
|
Three Months Ended March 31, |
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
$ |
(25,629 |
) |
|
$ |
(4,589 |
) |
|
$ |
(25,629 |
) |
|
$ |
(4,589 |
) |
Exclude: Income tax
provision |
|
(252 |
) |
|
|
(123 |
) |
|
|
(252 |
) |
|
|
(123 |
) |
Loss before income tax
provision |
|
(25,377 |
) |
|
|
(4,466 |
) |
|
|
(25,377 |
) |
|
|
(4,466 |
) |
Amortization expense |
|
12,247 |
|
|
|
8,404 |
|
|
|
12,247 |
|
|
|
8,404 |
|
Stock-based compensation |
|
16,010 |
|
|
|
2,832 |
|
|
|
16,010 |
|
|
|
2,832 |
|
Foreign currency transaction
loss |
|
781 |
|
|
|
218 |
|
|
|
781 |
|
|
|
218 |
|
Amortization of debt issuance
costs |
|
679 |
|
|
|
— |
|
|
|
679 |
|
|
|
— |
|
Acquisition-related
expense |
|
1,101 |
|
|
|
110 |
|
|
|
1,101 |
|
|
|
110 |
|
Acquisition-related
earnout |
|
88 |
|
|
|
300 |
|
|
|
88 |
|
|
|
300 |
|
Payroll taxes related to
stock-based compensation |
|
136 |
|
|
|
395 |
|
|
|
136 |
|
|
|
395 |
|
Non-GAAP income before income
taxes |
|
5,665 |
|
|
|
7,793 |
|
|
|
5,665 |
|
|
|
7,793 |
|
Non-GAAP provision for income
taxes (1) |
|
(1,360 |
) |
|
|
(1,870 |
) |
|
|
(46 |
) |
|
|
(73 |
) |
Non-GAAP net income |
$ |
4,305 |
|
|
$ |
5,923 |
|
|
$ |
5,619 |
|
|
$ |
7,720 |
|
Net loss per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.21 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.04 |
) |
Diluted |
$ |
(0.21 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.04 |
) |
Weighted‑average shares used in
computing net loss per share: |
|
|
|
|
|
|
|
Basic |
|
119,594,341 |
|
|
|
117,386,322 |
|
|
|
119,594,341 |
|
|
|
117,386,322 |
|
Diluted |
|
119,594,341 |
|
|
|
117,386,322 |
|
|
|
119,594,341 |
|
|
|
117,386,322 |
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.04 |
|
|
$ |
0.05 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
Diluted |
$ |
0.03 |
|
|
$ |
0.05 |
|
|
$ |
0.04 |
|
|
$ |
0.06 |
|
Weighted-average shares used
in computing non-GAAP net income per share: |
|
|
|
|
|
|
|
Basic |
|
119,594,341 |
|
|
|
117,386,322 |
|
|
|
119,594,341 |
|
|
|
117,386,322 |
|
Diluted |
|
129,620,460 |
|
|
|
120,458,105 |
|
|
|
129,620,460 |
|
|
|
120,458,105 |
|
(1) Beginning in the first quarter of 2022, Jamf
changed its method of calculating its non-GAAP provision for income
taxes in accordance with the SEC’s Non-GAAP Financial Measures
Compliance and Disclosure Interpretation on a retroactive basis. In
order to assist investors to better understand the change, Jamf is
providing the calculations under its prior method and the new
method. Under the new method, Jamf’s blended U.S. statutory rate of
24% is used as an estimate for the current and deferred income tax
expense associated with our non-GAAP income before income taxes.
Historically, Jamf has approximated the effective tax rate by
taking into account the sizeable U.S. net operating loss
carryforwards and tax credit carryforwards that have not been
recorded where Jamf does not expect to record or pay tax for the
foreseeable future.
|
|
|
|
|
Three Months Ended March 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net cash (used in) provided by
operating activities |
$ |
(2,990 |
) |
|
$ |
4,023 |
|
|
$ |
(7,297 |
) |
|
$ |
65,165 |
|
|
$ |
52,801 |
|
Add: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
293 |
|
|
|
3 |
|
|
|
4,734 |
|
|
|
967 |
|
|
|
12,649 |
|
Cash paid for acquisition-related expense |
|
960 |
|
|
|
61 |
|
|
|
1,600 |
|
|
|
5,039 |
|
|
|
5,200 |
|
Cash paid for legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
Less: |
|
|
|
|
|
|
|
|
|
Purchases of equipment and leasehold improvements |
|
(1,964 |
) |
|
|
(3,290 |
) |
|
|
(1,039 |
) |
|
|
(9,755 |
) |
|
|
(4,368 |
) |
Unlevered free cash flow |
$ |
(3,701 |
) |
|
$ |
797 |
|
|
$ |
(2,002 |
) |
|
$ |
66,416 |
|
|
$ |
66,282 |
|
Total revenue |
$ |
108,258 |
|
|
$ |
80,727 |
|
|
$ |
60,053 |
|
|
$ |
366,388 |
|
|
$ |
269,132 |
|
Net cash (used in) provided by
operating activities as a percentage of total revenue |
|
(3 |
)% |
|
|
5 |
% |
|
|
(12 |
)% |
|
|
18 |
% |
|
|
20 |
% |
Unlevered free cash flow
margin |
|
(3 |
)% |
|
|
1 |
% |
|
|
(3 |
%) |
|
|
18 |
% |
|
|
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing Twelve Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Net cash provided by operating
activities |
$ |
58,152 |
|
|
$ |
64,121 |
|
Add: |
|
|
|
Cash paid for interest |
|
1,257 |
|
|
|
7,918 |
|
Cash paid for acquisition-related expense |
|
5,938 |
|
|
|
3,661 |
|
Cash paid for legal settlement |
|
5,000 |
|
|
|
— |
|
Less: |
|
|
|
Purchases of equipment and leasehold improvements |
|
(8,429 |
) |
|
|
(6,619 |
) |
Unlevered free cash flow |
$ |
61,918 |
|
|
$ |
69,081 |
|
Total revenue |
$ |
393,919 |
|
|
$ |
289,806 |
|
Net cash provided by operating
activities as a percentage of total revenue |
|
15 |
% |
|
|
22 |
% |
Unlevered free cash flow
margin |
|
16 |
% |
|
|
24 |
% |
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