Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at
work, today announced financial results for its fourth quarter and
fiscal year ended December 31, 2022.
“The fourth quarter capped off a year of
milestones for Jamf, one of which was exceeding expectations for
the eleventh consecutive quarter with year-over-year revenue growth
of 26%, resulting in 2022 total revenue growth of 31%. This is a
testament to Jamf’s strong underlying business fundamentals and
exceptional execution by our team,” said Dean Hager, CEO of Jamf.
“As we continue to navigate a challenging economic environment, we
will remain prudent with our investments to ensure financial
flexibility while preparing to meet future demand as macroeconomic
conditions ease.”
Fourth Quarter 2022 Financial
Highlights
-
ARR: ARR of $512.5 million as of
December 31, 2022, an increase of 24% year-over-year.
- Revenue: Total
revenue of $130.3 million, an increase of 26% year-over-year.
- Gross Profit: GAAP
gross profit of $99.9 million, or 77% of total revenue, compared to
$76.5 million in the fourth quarter of 2021. Non-GAAP gross profit
of $107.0 million, or 82% of total revenue, compared to $83.4
million in the fourth quarter of 2021.
- Operating
Loss/Income: GAAP operating loss of $24.7 million, or
(19)% of total revenue, compared to $26.1 million in the fourth
quarter of 2021. Non-GAAP operating income of $8.7 million, or 7%
of total revenue, compared to $2.9 million in the fourth quarter of
2021.
Fiscal Year 2022 Financial
Highlights
-
Revenue: Total revenue of $478.8 million, an
increase of 31% year-over-year.
- Gross Profit: GAAP
gross profit of $359.5 million, or 75% of total revenue, compared
to $276.0 million in fiscal year 2021. Non-GAAP gross profit of
$390.0 million, or 81% of total revenue, compared to $296.6 million
in fiscal year 2021.
- Operating
Loss/Income: GAAP operating loss of $138.9 million, or
(29)% of total revenue, compared to GAAP operating loss of $76.2
million in fiscal year 2021. Non-GAAP operating income of $25.9
million, or 5% of total revenue, compared to $20.5 million for
fiscal year 2021.
- Cash Flow: Cash
flow provided by operations of $90.0 million for fiscal year 2022,
or 19% of total revenue, compared to $65.2 million for fiscal year
2021. Unlevered free cash flow of $87.5 million for fiscal year
2022, or 18% of total revenue, compared to $66.4 million for fiscal
year 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.
Recent Business Highlights
- Ended the fourth
quarter serving more than 71,000 customers with 30.0 million
total devices on our platform.
- Achieved the largest year-over-year
Mac device growth in Jamf’s history, adding over one million Mac
under management in 2022.
- Completed the acquisition of
ZecOps, a leader in mobile detection and response, uniquely
positioning Jamf to help IT and security teams strengthen their
organization’s mobile security posture.
- Announced a new ZTNA integration
with Amazon Web Services, AWS Verified Access, allowing shared AWS
and Jamf customers to verify that their devices are managed and
meet an acceptable risk threshold before providing access to
sensitive or critical internal services.
- Released the latest version of Jamf’s ZTNA integration with
Microsoft, Device Compliance, for macOS and iOS.
- Launched Jamf Safe Internet for
Chromebook, helping students safely learn online from anywhere,
whether they are using Apple devices or Chromebooks. Jamf Safe
Internet for Chromebook is the latest in security innovations
brought to market by the Jamf-Google partnership.
- Enhanced Jamf Protect to address
requirements outlined in the new “Executive Order 14028, Improving
the Nation’s Cybersecurity,” making Jamf Protect a more powerful
macOS security solution for organizations with high compliance
requirements, such as government agencies.
- Jamf Threat Labs, Jamf’s team of experienced threat
researchers, cybersecurity experts, and data scientists, identified
and reported on a highly sophisticated malware that had been
operating undetected by security applications, showcasing Jamf’s
continued commitment to delivering a top-of-market secure
experience to customers.
- Recognized by G2 in their 2023 Top Global Software Companies
and 2023 Top IT Management Software lists.
Financial Outlook
For the first quarter of 2023, Jamf currently
expects:
- Total revenue of $128.5 to $130.5 million
- Non-GAAP operating income of $3.0 to $4.0 million
For the full year 2023, Jamf currently
expects:
- Total revenue of $559.0 to $563.0 million
- Non-GAAP operating income of $37.5 to $40.5 million
To assist with modeling, for the first quarter
of 2023 and full year 2023, amortization is expected to be
approximately $10.6 million and $42.2 million, respectively. In
addition, for the first quarter of 2023 and full year 2023,
stock-based compensation and related payroll taxes are
expected to be approximately $21.3 million and $101.6 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
February 28, 2023.
The conference call will be webcast live on Jamf’s Investor
Relations website at https://ir.jamf.com, along with the earnings
press release, financial tables, earnings presentation, and
investor presentation. Those parties interested in participating
via telephone may register on Jamf’s Investor Relations
website.
A replay of the call will be available on the Investor Relations
website beginning on February 28, 2023, at approximately 6:00
p.m. Central Time (7:00 p.m. Eastern Time).
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, free cash flow, free cash
flow 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,
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, 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 press release. We
strongly encourage investors to review our consolidated financial
statements included in our publicly filed reports in their entirety
and not rely solely on any single financial measurement or
communication.
Forward-Looking Statements
This press release and the accompanying
conference call contain “forward-looking statements” within the
meaning of federal securities laws, which statements involve
substantial risks and uncertainties. Forward-looking statements
generally relate to future events or our future financial or
operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
“may,” “can,” “will,” “would,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “forecasts,”
“potential” or “continue,” or other similar terms or expressions
that concern our expectations, strategy, plans, or intentions.
Forward-looking statements may involve known and unknown risks,
uncertainties, and other factors that may cause our actual results,
performance, or achievements to be materially different from those
expressed or implied by the forward-looking statements. These
statements include, but are not limited to, statements regarding
our future financial and operating performance (including our
outlook and guidance), the demand for our platform, anticipated
impacts of macroeconomic conditions on our business, our
expectations regarding business benefits and financial impacts from
our acquisitions, partnerships and investments, and our ability to
deliver on our long-term strategy.
The forward-looking statements contained in this
press release and the accompanying conference call are also subject
to additional risks, uncertainties, and factors, including those
more fully described in our Quarterly Report on Form 10-Q for the
fiscal quarter ended September 30, 2022. Additional information
will also be set forth in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022, as well as the subsequent
periodic and current reports and other filings that we make with
the Securities and Exchange Commission from time to time. Moreover,
we operate in a very competitive and rapidly changing environment,
and new risks and uncertainties may emerge that could have an
impact on the forward-looking statements contained in this press
release and the accompanying conference call.
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 and the accompanying conference call 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’s purpose is to simplify work by helping
organizations manage and secure an Apple experience that end users
love and organizations trust. Jamf is the only company in the world
that provides a complete management and security solution for an
Apple-first environment designed to be enterprise secure, consumer
simple and protect personal privacy. To learn more, visit
www.jamf.com.
Investor ContactsJennifer
GaumondMichael Thomas
ir@jamf.com
Media ContactRachel
Nauenmedia@jamf.com
Jamf Holding
Corp.Consolidated Balance Sheets(in
thousands)(unaudited)
|
December 31,2022 |
|
December 31, 2021 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
224,338 |
|
|
$ |
177,150 |
|
Trade accounts receivable, net of allowances of $445 and $391 |
|
88,163 |
|
|
|
79,143 |
|
Income taxes receivable |
|
465 |
|
|
|
608 |
|
Deferred contract costs |
|
17,652 |
|
|
|
12,904 |
|
Prepaid expenses |
|
14,331 |
|
|
|
17,581 |
|
Other current assets |
|
6,097 |
|
|
|
4,212 |
|
Total current assets |
|
351,046 |
|
|
|
291,598 |
|
Equipment and leasehold
improvements, net |
|
19,421 |
|
|
|
18,045 |
|
Goodwill |
|
856,925 |
|
|
|
845,734 |
|
Other intangible assets, net |
|
218,744 |
|
|
|
264,593 |
|
Deferred contract costs,
non-current |
|
39,643 |
|
|
|
29,842 |
|
Other assets |
|
43,763 |
|
|
|
30,608 |
|
Total assets |
$ |
1,529,542 |
|
|
$ |
1,480,420 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
15,393 |
|
|
$ |
9,306 |
|
Accrued liabilities |
|
67,051 |
|
|
|
54,022 |
|
Income taxes payable |
|
486 |
|
|
|
167 |
|
Deferred revenues |
|
278,038 |
|
|
|
223,031 |
|
Total current liabilities |
|
360,968 |
|
|
|
286,526 |
|
Deferred revenues,
non-current |
|
68,112 |
|
|
|
59,097 |
|
Deferred tax liability, net |
|
5,505 |
|
|
|
8,700 |
|
Convertible senior notes,
net |
|
364,505 |
|
|
|
362,031 |
|
Other liabilities |
|
29,114 |
|
|
|
25,640 |
|
Total liabilities |
|
828,204 |
|
|
|
741,994 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
123 |
|
|
|
119 |
|
Additional paid-in capital |
|
1,049,875 |
|
|
|
913,581 |
|
Accumulated other comprehensive loss |
|
(39,951 |
) |
|
|
(7,866 |
) |
Accumulated deficit |
|
(308,709 |
) |
|
|
(167,408 |
) |
Total stockholders’ equity |
|
701,338 |
|
|
|
738,426 |
|
Total liabilities and stockholders’ equity |
$ |
1,529,542 |
|
|
$ |
1,480,420 |
|
|
|
|
|
|
|
|
|
Jamf Holding
Corp.Consolidated Statements of
Operations(in thousands, except share and per share
amounts)(unaudited)
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
124,875 |
|
|
$ |
98,343 |
|
|
$ |
455,007 |
|
|
$ |
344,243 |
|
Services |
|
4,838 |
|
|
|
4,107 |
|
|
|
19,025 |
|
|
|
16,122 |
|
License |
|
610 |
|
|
|
1,352 |
|
|
|
4,744 |
|
|
|
6,023 |
|
Total revenue |
|
130,323 |
|
|
|
103,802 |
|
|
|
478,776 |
|
|
|
366,388 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of subscription(1)(2)(3)(4) (exclusive of amortization expense
shown below) |
|
22,609 |
|
|
|
19,235 |
|
|
|
85,479 |
|
|
|
63,441 |
|
Cost of services(1)(2)(3) (exclusive of amortization expense shown
below) |
|
3,632 |
|
|
|
2,871 |
|
|
|
13,816 |
|
|
|
10,898 |
|
Amortization expense |
|
4,172 |
|
|
|
5,183 |
|
|
|
19,932 |
|
|
|
16,018 |
|
Total cost of revenue |
|
30,413 |
|
|
|
27,289 |
|
|
|
119,227 |
|
|
|
90,357 |
|
Gross profit |
|
99,910 |
|
|
|
76,513 |
|
|
|
359,549 |
|
|
|
276,031 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing(1)(2)(3)(4) |
|
58,557 |
|
|
|
44,552 |
|
|
|
217,728 |
|
|
|
148,192 |
|
Research and development(1)(2)(3)(4) |
|
30,322 |
|
|
|
24,104 |
|
|
|
119,906 |
|
|
|
82,541 |
|
General and administrative(1)(2)(3)(4) |
|
28,568 |
|
|
|
26,918 |
|
|
|
132,562 |
|
|
|
96,206 |
|
Amortization expense |
|
7,124 |
|
|
|
7,019 |
|
|
|
28,227 |
|
|
|
25,294 |
|
Total operating expenses |
|
124,571 |
|
|
|
102,593 |
|
|
|
498,423 |
|
|
|
352,233 |
|
Loss from operations |
|
(24,661 |
) |
|
|
(26,080 |
) |
|
|
(138,874 |
) |
|
|
(76,202 |
) |
Interest income (expense),
net |
|
917 |
|
|
|
(870 |
) |
|
|
(538 |
) |
|
|
(2,478 |
) |
Loss on extinguishment of
debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(449 |
) |
Foreign currency transaction
gain (loss) |
|
1,279 |
|
|
|
(54 |
) |
|
|
(2,802 |
) |
|
|
(849 |
) |
Loss before income tax benefit |
|
(22,465 |
) |
|
|
(27,004 |
) |
|
|
(142,214 |
) |
|
|
(79,978 |
) |
Income tax benefit |
|
1,234 |
|
|
|
3,254 |
|
|
|
913 |
|
|
|
4,789 |
|
Net loss |
$ |
(21,231 |
) |
|
$ |
(23,750 |
) |
|
$ |
(141,301 |
) |
|
$ |
(75,189 |
) |
Net loss per share, basic and
diluted |
$ |
(0.17 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.17 |
) |
|
$ |
(0.64 |
) |
Weighted‑average shares used
to compute net loss per share, basic and diluted |
|
122,300,221 |
|
|
|
119,145,856 |
|
|
|
120,720,972 |
|
|
|
118,276,462 |
|
(1) Includes stock-based compensation as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
2,359 |
|
$ |
1,371 |
|
$ |
8,854 |
|
$ |
3,755 |
Services |
|
338 |
|
|
213 |
|
|
1,299 |
|
|
594 |
Sales and marketing |
|
6,934 |
|
|
4,175 |
|
|
33,559 |
|
|
10,938 |
Research and development |
|
4,772 |
|
|
3,436 |
|
|
24,392 |
|
|
10,512 |
General and
administrative |
|
5,243 |
|
|
3,836 |
|
|
41,066 |
|
|
10,006 |
|
$ |
19,646 |
|
$ |
13,031 |
|
$ |
109,170 |
|
$ |
35,805 |
(2) Includes payroll taxes related to stock-based compensation
as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
160 |
|
$ |
10 |
|
$ |
293 |
|
$ |
122 |
Services |
|
30 |
|
|
2 |
|
|
54 |
|
|
24 |
Sales and marketing |
|
367 |
|
|
15 |
|
|
810 |
|
|
431 |
Research and development |
|
183 |
|
|
44 |
|
|
429 |
|
|
335 |
General and
administrative |
|
153 |
|
|
114 |
|
|
428 |
|
|
615 |
|
$ |
893 |
|
$ |
185 |
|
$ |
2,014 |
|
$ |
1,527 |
(3) Includes depreciation expense as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
310 |
|
$ |
320 |
|
$ |
1,201 |
|
$ |
1,134 |
Services |
|
44 |
|
|
45 |
|
|
170 |
|
|
169 |
Sales and marketing |
|
739 |
|
|
636 |
|
|
2,725 |
|
|
2,342 |
Research and development |
|
445 |
|
|
354 |
|
|
1,610 |
|
|
1,277 |
General and
administrative |
|
258 |
|
|
263 |
|
|
965 |
|
|
835 |
|
$ |
1,796 |
|
$ |
1,618 |
|
$ |
6,671 |
|
$ |
5,757 |
(4) Includes acquisition-related expense as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
— |
|
$ |
71 |
|
$ |
61 |
|
$ |
88 |
Sales and marketing |
|
— |
|
|
146 |
|
|
7 |
|
|
180 |
Research and development |
|
120 |
|
|
498 |
|
|
912 |
|
|
1,088 |
General and
administrative |
|
1,092 |
|
|
889 |
|
|
3,663 |
|
|
5,032 |
|
$ |
1,212 |
|
$ |
1,604 |
|
$ |
4,643 |
|
$ |
6,388 |
General and administrative also includes acquisition-related
earnout of $0.3 million and $1.2 million for the three months ended
December 31, 2022 and 2021, respectively, and $0.7 million and
$6.0 million for the years ended December 31, 2022 and 2021,
respectively. The acquisition-related earnout was an expense for
the years ended December 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.
General and administrative also includes the full settlement of a
$5.0 million legal-related matter for the year ended December
31, 2021.
Jamf Holding
Corp.Consolidated Statements of Cash
Flows(in thousands)(unaudited)
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
Operating
activities |
|
|
|
Net loss |
$ |
(141,301 |
) |
|
$ |
(75,189 |
) |
Adjustments to reconcile net loss to cash provided by operating
activities: |
|
|
|
Depreciation and amortization expense |
|
54,830 |
|
|
|
47,069 |
|
Amortization of deferred contract costs |
|
16,563 |
|
|
|
12,534 |
|
Amortization of debt issuance costs |
|
2,722 |
|
|
|
1,251 |
|
Non-cash lease expense |
|
5,869 |
|
|
|
4,994 |
|
Provision for credit losses and returns |
|
328 |
|
|
|
37 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
449 |
|
Share‑based compensation |
|
109,170 |
|
|
|
35,805 |
|
Deferred tax benefit |
|
(2,955 |
) |
|
|
(5,644 |
) |
Adjustment to contingent consideration |
|
694 |
|
|
|
6,037 |
|
Other |
|
3,333 |
|
|
|
1,419 |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable |
|
(9,487 |
) |
|
|
(6,521 |
) |
Income tax receivable/payable |
|
266 |
|
|
|
(611 |
) |
Prepaid expenses and other assets |
|
1,773 |
|
|
|
(9,265 |
) |
Deferred contract costs |
|
(31,134 |
) |
|
|
(24,795 |
) |
Accounts payable |
|
5,891 |
|
|
|
2,069 |
|
Accrued liabilities |
|
10,017 |
|
|
|
4,345 |
|
Deferred revenue |
|
63,426 |
|
|
|
71,216 |
|
Other liabilities |
|
— |
|
|
|
(35 |
) |
Net cash provided by operating activities |
|
90,005 |
|
|
|
65,165 |
|
Investing
activities |
|
|
|
Acquisitions, net of cash acquired |
|
(23,816 |
) |
|
|
(352,711 |
) |
Payment of deferred consideration |
|
— |
|
|
|
(25,000 |
) |
Purchases of equipment and leasehold improvements |
|
(7,727 |
) |
|
|
(9,755 |
) |
Purchase of investments |
|
(3,100 |
) |
|
|
— |
|
Other |
|
(139 |
) |
|
|
48 |
|
Net cash used in investing activities |
|
(34,782 |
) |
|
|
(387,418 |
) |
Financing
activities |
|
|
|
Proceeds from convertible senior notes |
|
— |
|
|
|
373,750 |
|
Proceeds from bank borrowings |
|
— |
|
|
|
250,000 |
|
Payment of bank borrowings |
|
— |
|
|
|
(250,000 |
) |
Payment for purchase of capped calls |
|
— |
|
|
|
(36,030 |
) |
Debt issuance costs |
|
(50 |
) |
|
|
(13,134 |
) |
Cash paid for offering costs |
|
(104 |
) |
|
|
(543 |
) |
Cash paid for contingent consideration |
|
(4,588 |
) |
|
|
(4,206 |
) |
Payment of deferred consideration |
|
— |
|
|
|
(25,000 |
) |
Payment of acquisition-related holdback |
|
(200 |
) |
|
|
— |
|
Proceeds from the exercise of stock options |
|
5,203 |
|
|
|
10,691 |
|
Net cash provided by financing activities |
|
261 |
|
|
|
305,528 |
|
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
(713 |
) |
|
|
(993 |
) |
Net increase (decrease) in cash, cash equivalents, and restricted
cash |
|
54,771 |
|
|
|
(17,718 |
) |
Cash, cash equivalents, and
restricted cash, beginning of period |
|
177,150 |
|
|
|
194,868 |
|
Cash, cash equivalents, and
restricted cash, end of period |
$ |
231,921 |
|
|
$ |
177,150 |
|
Jamf Holding
Corp.Consolidated Statements of Cash Flows
(continued)(in thousands)(unaudited)
|
Years Ended December 31, |
|
|
2022 |
|
|
2021 |
Reconciliation of
cash, cash equivalents, and restricted cash within the consolidated
balance sheets to the amounts shown in the consolidated statements
of cash flows above: |
|
|
|
Cash and cash equivalents |
$ |
224,338 |
|
$ |
177,150 |
Restricted cash included in other current assets |
|
383 |
|
|
— |
Restricted cash included in other assets |
|
7,200 |
|
|
— |
Total cash, cash equivalents,
and restricted cash |
$ |
231,921 |
|
$ |
177,150 |
Jamf Holding
Corp.Supplemental Financial
InformationDisaggregated Revenues(in
thousands)(unaudited)
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
SaaS subscription and support
and maintenance |
$ |
117,621 |
|
$ |
91,278 |
|
$ |
430,613 |
|
$ |
313,950 |
On‑premise subscription |
|
7,254 |
|
|
7,065 |
|
|
24,394 |
|
|
30,293 |
Subscription revenue |
|
124,875 |
|
|
98,343 |
|
|
455,007 |
|
|
344,243 |
Professional services |
|
4,838 |
|
|
4,107 |
|
|
19,025 |
|
|
16,122 |
Perpetual licenses |
|
610 |
|
|
1,352 |
|
|
4,744 |
|
|
6,023 |
Non‑subscription revenue |
|
5,448 |
|
|
5,459 |
|
|
23,769 |
|
|
22,145 |
Total revenue |
$ |
130,323 |
|
$ |
103,802 |
|
$ |
478,776 |
|
$ |
366,388 |
Jamf Holding
Corp.Supplemental InformationKey
Business Metrics(in millions, except number of customers
and percentages)(unaudited)
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
|
December 31,2021 |
|
September 30,2021 |
|
June 30,2021 |
|
March 31,2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR |
$ |
512.5 |
|
|
$ |
490.5 |
|
|
$ |
466.0 |
|
|
$ |
436.5 |
|
|
$ |
412.5 |
|
|
$ |
384.8 |
|
|
$ |
333.0 |
|
|
$ |
308.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR from management solutions as a percent of total ARR |
|
80 |
% |
|
|
82 |
% |
|
|
82 |
% |
|
|
83 |
% |
|
|
84 |
% |
|
|
84 |
% |
|
|
91 |
% |
|
|
93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR
from security solutions as a percent of total ARR |
|
20 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
|
17 |
% |
|
|
16 |
% |
|
|
16 |
% |
|
|
9 |
% |
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR from commercial customers as a percent of total ARR |
|
72 |
% |
|
|
71 |
% |
|
|
71 |
% |
|
|
70 |
% |
|
|
69 |
% |
|
|
68 |
% |
|
|
64 |
% |
|
|
63 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR
from education customers as a percent of total ARR |
|
28 |
% |
|
|
29 |
% |
|
|
29 |
% |
|
|
30 |
% |
|
|
31 |
% |
|
|
32 |
% |
|
|
36 |
% |
|
|
37 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar-based net retention
rate (1) |
|
113 |
% |
|
|
115 |
% |
|
|
117 |
% |
|
|
120 |
% |
|
|
120 |
% |
|
|
119 |
% |
|
|
119 |
% |
|
|
117 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Devices |
|
30.0 |
|
|
|
29.3 |
|
|
|
28.4 |
|
|
|
26.8 |
|
|
|
26.1 |
|
|
|
25.0 |
|
|
|
23.2 |
|
|
|
21.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers |
|
71,000 |
|
|
|
69,000 |
|
|
|
67,000 |
|
|
|
62,000 |
|
|
|
60,000 |
|
|
|
57,000 |
|
|
|
53,000 |
|
|
|
50,000 |
|
(1) The dollar-based net retention rates for periods prior to
June 30, 2022 were based on our Jamf legacy business and did not
include Wandera since it had not been a part of our business for
the full trailing twelve months.
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 December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Operating expenses |
$ |
124,571 |
|
|
$ |
102,593 |
|
|
$ |
498,423 |
|
|
$ |
352,233 |
|
Amortization expense |
|
(7,124 |
) |
|
|
(7,019 |
) |
|
|
(28,227 |
) |
|
|
(25,294 |
) |
Stock-based compensation |
|
(16,949 |
) |
|
|
(11,447 |
) |
|
|
(99,017 |
) |
|
|
(31,456 |
) |
Acquisition-related expense |
|
(1,212 |
) |
|
|
(1,533 |
) |
|
|
(4,582 |
) |
|
|
(6,300 |
) |
Acquisition-related earnout |
|
(306 |
) |
|
|
(1,200 |
) |
|
|
(694 |
) |
|
|
(6,037 |
) |
Offering costs |
|
— |
|
|
|
— |
|
|
|
(124 |
) |
|
|
(594 |
) |
Payroll taxes related to
stock-based compensation |
|
(703 |
) |
|
|
(173 |
) |
|
|
(1,667 |
) |
|
|
(1,381 |
) |
Legal settlement |
|
— |
|
|
|
(800 |
) |
|
|
— |
|
|
|
(5,000 |
) |
Non-GAAP operating expenses |
$ |
98,277 |
|
|
$ |
80,421 |
|
|
$ |
364,112 |
|
|
$ |
276,171 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Gross profit |
$ |
99,910 |
|
|
$ |
76,513 |
|
|
$ |
359,549 |
|
|
$ |
276,031 |
|
Amortization expense |
|
4,172 |
|
|
|
5,183 |
|
|
|
19,932 |
|
|
|
16,018 |
|
Stock-based compensation |
|
2,697 |
|
|
|
1,584 |
|
|
|
10,153 |
|
|
|
4,349 |
|
Acquisition-related
expense |
|
— |
|
|
|
71 |
|
|
|
61 |
|
|
|
88 |
|
Payroll taxes related to
stock-based compensation |
|
190 |
|
|
|
12 |
|
|
|
347 |
|
|
|
146 |
|
Non-GAAP gross profit |
$ |
106,969 |
|
|
$ |
83,363 |
|
|
$ |
390,042 |
|
|
$ |
296,632 |
|
Gross profit margin |
|
77 |
% |
|
|
74 |
% |
|
|
75 |
% |
|
|
75 |
% |
Non-GAAP gross profit
margin |
|
82 |
% |
|
|
80 |
% |
|
|
81 |
% |
|
|
81 |
% |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Operating loss |
$ |
(24,661 |
) |
|
$ |
(26,080 |
) |
|
$ |
(138,874 |
) |
|
$ |
(76,202 |
) |
Amortization expense |
|
11,296 |
|
|
|
12,202 |
|
|
|
48,159 |
|
|
|
41,312 |
|
Stock-based compensation |
|
19,646 |
|
|
|
13,031 |
|
|
|
109,170 |
|
|
|
35,805 |
|
Acquisition-related
expense |
|
1,212 |
|
|
|
1,604 |
|
|
|
4,643 |
|
|
|
6,388 |
|
Acquisition-related
earnout |
|
306 |
|
|
|
1,200 |
|
|
|
694 |
|
|
|
6,037 |
|
Offering costs |
|
— |
|
|
|
— |
|
|
|
124 |
|
|
|
594 |
|
Payroll taxes related to
stock-based compensation |
|
893 |
|
|
|
185 |
|
|
|
2,014 |
|
|
|
1,527 |
|
Legal settlement |
|
— |
|
|
|
800 |
|
|
|
— |
|
|
|
5,000 |
|
Non-GAAP operating income |
$ |
8,692 |
|
|
$ |
2,942 |
|
|
$ |
25,930 |
|
|
$ |
20,461 |
|
Operating loss margin |
(19 |
)% |
|
(25 |
)% |
|
(29 |
)% |
|
(21 |
)% |
Non-GAAP operating income
margin |
|
7 |
% |
|
|
3 |
% |
|
|
5 |
% |
|
|
6 |
% |
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
$ |
(21,231 |
) |
|
$ |
(23,750 |
) |
|
$ |
(141,301 |
) |
|
$ |
(75,189 |
) |
Exclude: income tax
benefit |
|
1,234 |
|
|
|
3,254 |
|
|
|
913 |
|
|
|
4,789 |
|
Loss before income tax
benefit |
|
(22,465 |
) |
|
|
(27,004 |
) |
|
|
(142,214 |
) |
|
|
(79,978 |
) |
Amortization expense |
|
11,296 |
|
|
|
12,202 |
|
|
|
48,159 |
|
|
|
41,312 |
|
Stock-based compensation |
|
19,646 |
|
|
|
13,031 |
|
|
|
109,170 |
|
|
|
35,805 |
|
Foreign currency transaction
(gain) loss |
|
(1,279 |
) |
|
|
54 |
|
|
|
2,802 |
|
|
|
849 |
|
Loss on extinguishment of
debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
449 |
|
Amortization of debt issuance
costs |
|
682 |
|
|
|
678 |
|
|
|
2,722 |
|
|
|
1,002 |
|
Acquisition-related
expense |
|
1,212 |
|
|
|
1,604 |
|
|
|
4,643 |
|
|
|
6,388 |
|
Acquisition-related
earnout |
|
306 |
|
|
|
1,200 |
|
|
|
694 |
|
|
|
6,037 |
|
Offering costs |
|
— |
|
|
|
— |
|
|
|
124 |
|
|
|
594 |
|
Payroll taxes related to
stock-based compensation |
|
893 |
|
|
|
185 |
|
|
|
2,014 |
|
|
|
1,527 |
|
Legal settlement |
|
— |
|
|
|
800 |
|
|
|
— |
|
|
|
5,000 |
|
Non-GAAP income before income
taxes |
|
10,291 |
|
|
|
2,750 |
|
|
|
28,114 |
|
|
|
18,985 |
|
Non-GAAP provision for income
taxes (1) |
|
(2,469 |
) |
|
|
(660 |
) |
|
|
(6,747 |
) |
|
|
(4,556 |
) |
Non-GAAP net income |
$ |
7,822 |
|
|
$ |
2,090 |
|
|
$ |
21,367 |
|
|
$ |
14,429 |
|
Net loss per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.17 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.17 |
) |
|
$ |
(0.64 |
) |
Diluted |
$ |
(0.17 |
) |
|
$ |
(0.20 |
) |
|
$ |
(1.17 |
) |
|
$ |
(0.64 |
) |
Weighted‑average shares used in
computing net loss per share: |
|
|
|
|
|
|
|
Basic |
|
122,300,221 |
|
|
|
119,145,856 |
|
|
|
120,720,972 |
|
|
|
118,276,462 |
|
Diluted |
|
122,300,221 |
|
|
|
119,145,856 |
|
|
|
120,720,972 |
|
|
|
118,276,462 |
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.06 |
|
|
$ |
0.02 |
|
|
$ |
0.18 |
|
|
$ |
0.12 |
|
Diluted |
$ |
0.06 |
|
|
$ |
0.02 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
Weighted-average shares used
in computing non-GAAP net income per share: |
|
|
|
|
|
|
|
Basic |
|
122,300,221 |
|
|
|
119,145,856 |
|
|
|
120,720,972 |
|
|
|
118,276,462 |
|
Diluted |
|
133,027,869 |
|
|
|
129,512,412 |
|
|
|
130,965,684 |
|
|
|
123,105,959 |
|
(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. 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
had 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.
|
Years Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
Net cash provided by operating
activities |
$ |
90,005 |
|
|
$ |
65,165 |
|
Less: |
|
|
|
Purchases of equipment and leasehold improvements |
|
(7,727 |
) |
|
|
(9,755 |
) |
Free cash flow |
|
82,278 |
|
|
|
55,410 |
|
Add: |
|
|
|
Cash paid for interest |
|
763 |
|
|
|
967 |
|
Cash paid for acquisition-related expense |
|
4,480 |
|
|
|
5,039 |
|
Cash paid for legal settlement |
|
— |
|
|
|
5,000 |
|
Unlevered free cash flow |
$ |
87,521 |
|
|
$ |
66,416 |
|
Total revenue |
$ |
478,776 |
|
|
$ |
366,388 |
|
Net cash provided by operating
activities as a percentage of total revenue |
|
19 |
% |
|
|
18 |
% |
Free cash flow margin |
|
17 |
% |
|
|
15 |
% |
Unlevered free cash flow
margin |
|
18 |
% |
|
|
18 |
% |
Jamf (NASDAQ:JAMF)
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Von Jun 2024 bis Jul 2024
Jamf (NASDAQ:JAMF)
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Von Jul 2023 bis Jul 2024