Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management,
today announced financial results for its fourth quarter and fiscal
year ended December 31, 2020.
Fourth Quarter 2020 Financial
Highlights:
- ARR: ARR increased 37% year-over-year to
$285.3 million as of December 31, 2020.
- Revenue: Total revenue was $76.4 million, an
increase of 34% year-over-year. Recurring revenue was $70.0
million, an increase of 40% year-over-year.
- Gross Profit: GAAP gross profit was $59.5
million, or 78% of total revenue, compared to $41.6 million, or 73%
of total revenue, in the fourth quarter of 2019. Non-GAAP Gross
Profit was $62.7 million, or 82% of total revenue, compared to
$44.3 million, or 78% of total revenue, in the fourth quarter of
2019.
- Operating Loss/Income: GAAP operating loss was
$11.9 million, compared to $9.9 million in the fourth quarter of
2019. Non-GAAP Operating Income was $3.0 million, or 4% of total
revenue, compared to Non-GAAP Operating Loss of $0.8 million in the
fourth quarter of 2019.
- Cash Flow: Cash flow provided by operations
was $19.7 million, compared to $6.5 million in the fourth quarter
of 2019. Unlevered free cash flow was $19.1 million, or 25% of
total revenue, compared to $10.4 million, or 18% of total revenue
in the fourth quarter of 2019.
Fiscal Year 2020 Financial
Highlights:
- Revenue: Total revenue was $269.5 million, an
increase of 32% year-over-year. Recurring revenue was $249.2
million, an increase of 42% year-over-year.
- Gross Profit: GAAP gross profit was $208.7
million, or 77% of total revenue, compared to $148.0 million, or
73% of total revenue, in fiscal year 2019. Non-GAAP Gross Profit
was $220.3 million, or 82% of total revenue, compared to $158.5
million, or 78% of total revenue, in fiscal year 2019.
- Operating Loss/Income: GAAP operating loss was
$14.5 million, compared to $20.3 million in fiscal year 2019.
Non-GAAP Operating Income was $30.4 million, or 11% of total
revenue, compared to $16.5 million, or 8% of total revenue in
fiscal year 2019.
- Cash Flow: Cash flow provided by operations
was $52.7 million, compared to $11.9 million in fiscal year 2019.
Unlevered free cash flow was $66.2 million, or 25% of total
revenue, compared to $26.8 million, or 13% of total revenue in
fiscal year 2019.
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 finished 2020 with high growth across every
product, geography, and the top 10 industries we serve,
demonstrating the strength and diversity of our platform,” said
Dean Hager, CEO of Jamf. “As we look to 2021, we’ll continue to
expand the breadth and depth of our Apple Enterprise Management
platform to enhance our value to customers and accelerate further
penetration of Apple in the enterprise.”
Recent Business Highlights:
- Achieved our goal of powering 20 million Apple devices by the
end of 2020, a goal we set in 2015. We ended the year with
20.4 million Apple devices on our platform across more than 47,000
customers.
- Awarded two U.S. patents for innovative workflow solutions,
Jamf Setup and Jamf Reset, and Virtual Visits.
- Expanded education offering with several new capabilities in
Jamf School, including an enhanced Jamf Teacher app allowing
teachers to use a Mac to manage student iPads, as well as enhanced
student connectivity with batch activation capabilities for
cellular-enabled student iPad devices, ensuring student equity is
improved from the moment the iPad is activated.
- Enhanced security offerings via Jamf Protect with new audit
logging capabilities and a customer-facing API, allowing customers
to access Jamf Protect data on-demand and to make changes right
within the app.
- Completed the acquisition of the assets of cmdSecurity, a suite
of security and compliance tools purpose-built for macOS, extending
the security capabilities of our platform.
- Expanded the availability of Jamf business plan, originally
launched in Q4 to new customers, to current customers in February
2021.
- Received certification as a “Great Place to Work®,” with
employee experience statistics well ahead of the averages for
U.S.-based companies, including 96% of employees indicating they
are proud to work at Jamf.
Financial Outlook:For the first
quarter of fiscal year 2021, the company currently expects:
- Total revenue of $76 to $77 million
- Non-GAAP Operating Income of $6 to $7 million
For the full year 2021, the company currently
expects:
- Total revenue of $330 to $336 million
- Non-GAAP Operating Income of $27 to $31 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 March 4, 2021. 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
Thursday, March 11, 2021. To access the replay, parties should dial
(855) 859-2056, or (404) 537-3406 and enter the passcode
7943058#.
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, costs associated with our secondary
offering, 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. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses that
are required by GAAP to be recorded in the company’s financial
statements. In addition, they are subject to inherent limitations
as they reflect the exercise of judgment by the company's
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 review our consolidated financial statements
included in publicly filed reports in their entirety and not rely
solely on any single financial measurement or communication.
Jamf is not providing 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,
costs associated with our secondary offering, amortization and
stock-based compensation. 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. However, for the first quarter of 2021
and full year 2021 amortization is expected to be approximately
$8.4 million and $33.8 million, respectively. In addition, for the
first quarter of 2021 and full year 2021 stock-based compensation
is expected to be approximately $3 million and $54 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; 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 Amazon Web Services; 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; 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; our ability to develop and expand our
marketing and sales capabilities; the risks associated with sales
to new and existing enterprise customers; 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;
the impact of any catastrophic events; the impact of global
economic conditions; risks associated with cyber-security events;
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; 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; and the risks associated with our use of open source
software in our products.
Additional information concerning these and
other factors can be found in the company's filings with the
Securities and Exchange Commission. 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 JamfJamf, 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 Contact:Jennifer
Gaumondir@jamf.com
Media Contact:Aleena
Kaleemmedia@jamf.com
Jamf Holding Corp. |
|
Consolidated Balance Sheets |
|
(In thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
December 31, |
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
194,868 |
|
|
$ |
32,433 |
|
|
|
Trade accounts
receivable, net of allowances of $530 and $200 |
|
|
69,056 |
|
|
|
46,513 |
|
|
|
Income taxes
receivable |
|
|
632 |
|
|
|
14 |
|
|
|
Deferred contract
costs |
|
|
9,959 |
|
|
|
5,553 |
|
|
|
Prepaid
expenses |
|
|
13,283 |
|
|
|
10,935 |
|
|
|
Other current
assets |
|
|
1,113 |
|
|
|
3,133 |
|
|
|
|
Total current
assets |
|
|
288,911 |
|
|
|
98,581 |
|
|
|
|
|
|
|
|
|
|
Equipment and
leasehold improvements, net |
|
|
12,755 |
|
|
|
12,477 |
|
|
Goodwill |
|
|
541,480 |
|
|
|
539,818 |
|
|
Other intangible
assets, net |
|
|
202,878 |
|
|
|
235,099 |
|
|
Deferred contract
costs |
|
|
26,770 |
|
|
|
16,234 |
|
|
Other assets |
|
|
5,359 |
|
|
|
2,599 |
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
1,078,153 |
|
|
$ |
904,808 |
|
|
|
|
|
|
|
|
|
|
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$ |
6,967 |
|
|
$ |
3,684 |
|
|
|
Accrued
liabilities |
|
|
31,574 |
|
|
|
26,927 |
|
|
|
Income taxes
payable |
|
|
713 |
|
|
|
819 |
|
|
|
Deferred
revenues |
|
|
160,443 |
|
|
|
120,089 |
|
|
|
|
Total current
liabilities |
|
|
199,697 |
|
|
|
151,519 |
|
|
|
|
|
|
|
|
|
|
Deferred revenues,
noncurrent |
|
|
45,507 |
|
|
|
20,621 |
|
|
Deferred tax
liability, net |
|
|
6,422 |
|
|
|
18,133 |
|
|
Debt |
|
|
- |
|
|
|
201,319 |
|
|
Other
liabilities |
|
|
11,046 |
|
|
|
9,338 |
|
|
|
|
Total
liabilities |
|
|
262,672 |
|
|
|
400,930 |
|
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
|
Preferred stock |
|
|
- |
|
|
|
- |
|
|
|
Common stock |
|
|
117 |
|
|
|
103 |
|
|
|
Additional paid‑in capital |
|
|
903,116 |
|
|
|
568,756 |
|
|
|
Accumulated deficit |
|
|
(87,752 |
) |
|
|
(64,981 |
) |
|
|
|
Total stockholders'
equity |
|
|
815,481 |
|
|
|
503,878 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity |
|
$ |
1,078,153 |
|
|
$ |
904,808 |
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Subscription |
|
$ |
70,044 |
|
|
$ |
50,093 |
|
|
$ |
249,192 |
|
|
$ |
175,189 |
|
|
|
Services |
|
|
4,459 |
|
|
|
4,479 |
|
|
|
14,525 |
|
|
|
19,008 |
|
|
|
License |
|
|
1,923 |
|
|
|
2,449 |
|
|
|
5,734 |
|
|
|
9,830 |
|
|
|
|
Total
revenue |
|
|
76,426 |
|
|
|
57,021 |
|
|
|
269,451 |
|
|
|
204,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
|
Cost of
subscription(1) (exclusive of amortization expense shown
below) |
|
|
11,196 |
|
|
|
9,114 |
|
|
|
39,323 |
|
|
|
31,539 |
|
|
|
Cost of
services(1) (exclusive of amortization expense shown below) |
|
|
2,976 |
|
|
|
3,635 |
|
|
|
10,712 |
|
|
|
14,224 |
|
|
|
Amortization
expense |
|
|
2,719 |
|
|
|
2,678 |
|
|
|
10,753 |
|
|
|
10,266 |
|
|
|
|
Total cost of
revenue |
|
|
16,891 |
|
|
|
15,427 |
|
|
|
60,788 |
|
|
|
56,029 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
59,535 |
|
|
|
41,594 |
|
|
|
208,663 |
|
|
|
147,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
Sales and
marketing(1) |
|
|
30,516 |
|
|
|
22,156 |
|
|
|
96,251 |
|
|
|
71,006 |
|
|
|
Research and
development(1) |
|
|
15,149 |
|
|
|
13,376 |
|
|
|
52,431 |
|
|
|
42,829 |
|
|
|
General and
administrative(1) |
|
|
20,091 |
|
|
|
10,427 |
|
|
|
51,904 |
|
|
|
32,003 |
|
|
|
Amortization
expense |
|
|
5,634 |
|
|
|
5,530 |
|
|
|
22,575 |
|
|
|
22,416 |
|
|
|
|
Total operating
expenses |
|
|
71,390 |
|
|
|
51,489 |
|
|
|
223,161 |
|
|
|
168,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(11,855 |
) |
|
|
(9,895 |
) |
|
|
(14,498 |
) |
|
|
(20,256 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net |
|
|
(66 |
) |
|
|
(4,998 |
) |
|
|
(10,741 |
) |
|
|
(21,423 |
) |
|
Loss on
extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
(5,213 |
) |
|
|
- |
|
|
Foreign currency
transaction gain (loss) |
|
|
(251 |
) |
|
|
59 |
|
|
|
(722 |
) |
|
|
(1,252 |
) |
|
Other income,
net |
|
|
- |
|
|
|
55 |
|
|
|
91 |
|
|
|
220 |
|
|
|
|
Loss before income tax
benefit |
|
|
(12,172 |
) |
|
|
(14,779 |
) |
|
|
(31,083 |
) |
|
|
(42,711 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
benefit |
|
|
3,207 |
|
|
|
3,530 |
|
|
|
8,312 |
|
|
|
10,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,965 |
) |
|
$ |
(11,249 |
) |
|
$ |
(22,771 |
) |
|
$ |
(32,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share, basic and diluted |
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used to compute net loss per share, basic
and diluted |
|
116,647,340 |
|
|
|
102,825,965 |
|
|
|
108,908,597 |
|
|
|
102,752,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes
stock-based compensation as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Cost of
revenue: |
|
|
|
|
|
|
|
|
|
Subscription |
|
$ |
342 |
|
|
$ |
38 |
|
|
$ |
732 |
|
|
$ |
194 |
|
|
Services |
|
|
77 |
|
|
|
- |
|
|
|
139 |
|
|
|
- |
|
|
Sales and
marketing |
|
|
851 |
|
|
|
112 |
|
|
|
1,748 |
|
|
|
460 |
|
|
Research and
development |
|
|
712 |
|
|
|
110 |
|
|
|
1,533 |
|
|
|
394 |
|
|
General and
administrative |
|
|
858 |
|
|
|
385 |
|
|
|
2,591 |
|
|
|
1,413 |
|
|
|
|
|
|
$ |
2,840 |
|
|
$ |
645 |
|
|
$ |
6,743 |
|
|
$ |
2,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jamf Holding Corp. |
Consolidated Statements of Cash Flows |
(In thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
Cash flows from
operating activities |
|
|
|
|
|
Net loss |
$ |
(22,771 |
) |
|
$ |
(32,600 |
) |
|
|
Adjustments to
reconcile net loss to cash |
|
|
|
|
|
provided by (used in) operating activities: |
|
|
|
|
|
|
Depreciation and
amortization expense |
|
38,168 |
|
|
|
36,807 |
|
|
|
|
Amortization of
deferred contract costs |
|
9,647 |
|
|
|
6,250 |
|
|
|
|
Amortization of
debt issuance costs |
|
773 |
|
|
|
1,120 |
|
|
|
|
Provision for bad
debt expense and returns |
|
1,024 |
|
|
|
279 |
|
|
|
|
Loss (gain) on
disposal of equipment and leasehold improvements |
|
(29 |
) |
|
|
(17 |
) |
|
|
|
Loss on
extinguishment of debt |
|
5,213 |
|
|
|
- |
|
|
|
|
Share‑based
compensation |
|
6,743 |
|
|
|
2,461 |
|
|
|
|
Deferred tax
benefit |
|
(8,675 |
) |
|
|
(11,247 |
) |
|
|
|
Adjustment to
contingent consideration |
|
(1,000 |
) |
|
|
200 |
|
|
|
|
Other |
|
(263 |
) |
|
|
- |
|
|
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
|
Trade accounts
receivable |
|
(23,170 |
) |
|
|
(14,741 |
) |
|
|
|
|
Income tax
receivable/payable |
|
(766 |
) |
|
|
559 |
|
|
|
|
|
Prepaid expenses
and other assets |
|
(4,119 |
) |
|
|
(4,585 |
) |
|
|
|
|
Deferred contract
costs |
|
(24,589 |
) |
|
|
(17,050 |
) |
|
|
|
|
Deferred
taxes |
|
145 |
|
|
|
- |
|
|
|
|
|
Accounts
payable |
|
3,888 |
|
|
|
1,138 |
|
|
|
|
|
Accrued
liabilities |
|
5,501 |
|
|
|
6,390 |
|
|
|
|
|
Deferred
revenue |
|
65,125 |
|
|
|
36,998 |
|
|
|
|
|
Other
liabilities |
|
1,898 |
|
|
|
(58 |
) |
|
|
|
|
|
Net cash provided by
operating activities |
|
52,743 |
|
|
|
11,904 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities |
|
|
|
|
|
Acquisition, net
of cash acquired |
|
(2,512 |
) |
|
|
(40,173 |
) |
|
|
Purchases of
equipment and leasehold improvements |
|
(4,368 |
) |
|
|
(7,190 |
) |
|
|
Proceeds from sale
of equipment and leasehold improvements |
|
4 |
|
|
|
- |
|
|
|
|
|
|
Net cash used in
investing activities |
|
(6,876 |
) |
|
|
(47,363 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities |
|
|
|
|
|
Proceeds from
debt |
|
- |
|
|
|
40,000 |
|
|
|
Debt issuance
costs |
|
(1,264 |
) |
|
|
(1,550 |
) |
|
|
Payment of
debt |
|
(205,000 |
) |
|
|
(10,000 |
) |
|
|
Payment of debt
extinguishment costs |
|
(2,050 |
) |
|
|
- |
|
|
|
Proceeds from
initial public offering, net of underwriting discounts and
commissions |
|
326,316 |
|
|
|
- |
|
|
|
Cash paid for
offering costs |
|
(7,256 |
) |
|
|
(721 |
) |
|
|
Proceeds from
private placement |
|
2,233 |
|
|
|
- |
|
|
|
Proceeds from the
exercise of stock options |
|
2,985 |
|
|
|
923 |
|
|
|
|
|
|
Net cash provided by
financing activities |
|
115,964 |
|
|
|
28,652 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
604 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
|
162,435 |
|
|
|
(6,807 |
) |
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
32,433 |
|
|
|
39,240 |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents, end of period |
$ |
194,868 |
|
|
$ |
32,433 |
|
|
|
|
|
|
|
|
|
|
|
Jamf Holding Corp. |
|
Supplemental Financial Information |
|
Disaggregated Revenues |
|
(In thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
SaaS subscription and support and maintenance |
$ |
63,525 |
|
$ |
46,239 |
|
$ |
224,514 |
|
$ |
159,111 |
|
On‑premise subscription |
|
6,519 |
|
|
3,854 |
|
|
24,678 |
|
|
16,078 |
|
Subscription revenue |
|
70,044 |
|
|
50,093 |
|
|
249,192 |
|
|
175,189 |
|
|
|
|
|
|
|
|
|
|
Professional services |
|
4,459 |
|
|
4,479 |
|
|
14,525 |
|
|
19,008 |
|
Perpetual licenses |
|
1,923 |
|
|
2,449 |
|
|
5,734 |
|
|
9,830 |
|
Non-subscription revenue |
|
6,382 |
|
|
6,928 |
|
|
20,259 |
|
|
28,838 |
|
Total revenue |
$ |
76,426 |
|
$ |
57,021 |
|
$ |
269,451 |
|
$ |
204,027 |
|
|
|
|
|
|
|
|
|
|
Jamf Holding Corp. |
|
Supplemental Financial Information |
|
Reconciliation 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, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Operating expenses |
$ |
71,390 |
|
|
$ |
51,489 |
|
|
$ |
223,161 |
|
|
$ |
168,254 |
|
|
Amortization expense |
|
(5,634 |
) |
|
|
(5,530 |
) |
|
|
(22,575 |
) |
|
|
(22,416 |
) |
|
Stock-based compensation |
|
(2,421 |
) |
|
|
(607 |
) |
|
|
(5,872 |
) |
|
|
(2,267 |
) |
|
Acquisition-related
expense |
|
(872 |
) |
|
|
- |
|
|
|
(5,200 |
) |
|
|
(1,392 |
) |
|
Acquisition-related
earnout |
|
(2,100 |
) |
|
|
(200 |
) |
|
|
1,000 |
|
|
|
(200 |
) |
|
Offering costs |
|
(670 |
) |
|
|
- |
|
|
|
(670 |
) |
|
|
- |
|
|
Non-GAAP Operating
Expenses |
$ |
59,693 |
|
|
$ |
45,152 |
|
|
$ |
189,844 |
|
|
$ |
141,979 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Gross profit |
$ |
59,535 |
|
|
$ |
41,594 |
|
|
$ |
208,663 |
|
|
$ |
147,998 |
|
|
Amortization expense |
|
2,719 |
|
|
|
2,678 |
|
|
|
10,753 |
|
|
|
10,266 |
|
|
Stock-based compensation |
|
419 |
|
|
|
38 |
|
|
|
871 |
|
|
|
194 |
|
|
Non-GAAP Gross Profit |
$ |
62,673 |
|
|
$ |
44,310 |
|
|
$ |
220,287 |
|
|
$ |
158,458 |
|
|
Non-GAAP Gross Profit
Margin |
|
82 |
% |
|
|
78 |
% |
|
|
82 |
% |
|
|
78 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Operating loss |
$ |
(11,855 |
) |
|
$ |
(9,895 |
) |
|
$ |
(14,498 |
) |
|
$ |
(20,256 |
) |
|
Amortization expense |
|
8,353 |
|
|
|
8,208 |
|
|
|
33,328 |
|
|
|
32,682 |
|
|
Stock-based compensation |
|
2,840 |
|
|
|
645 |
|
|
|
6,743 |
|
|
|
2,461 |
|
|
Acquisition-related
expense |
|
872 |
|
|
|
- |
|
|
|
5,200 |
|
|
|
1,392 |
|
|
Acquisition-related
earnout |
|
2,100 |
|
|
|
200 |
|
|
|
(1,000 |
) |
|
|
200 |
|
|
Offering costs |
|
670 |
|
|
|
- |
|
|
|
670 |
|
|
|
- |
|
|
Non-GAAP Operating Income
(Loss) |
$ |
2,980 |
|
|
$ |
(842 |
) |
|
$ |
30,443 |
|
|
$ |
16,479 |
|
|
Non-GAAP Operating Income
Margin |
|
4 |
% |
|
|
-1 |
% |
|
|
11 |
% |
|
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Net loss |
$ |
(8,965 |
) |
|
$ |
(11,249 |
) |
|
$ |
(22,771 |
) |
|
$ |
(32,600 |
) |
|
Amortization expense |
|
8,353 |
|
|
|
8,208 |
|
|
|
33,328 |
|
|
|
32,682 |
|
|
Stock-based compensation |
|
2,840 |
|
|
|
645 |
|
|
|
6,743 |
|
|
|
2,461 |
|
|
Foreign currency transaction
loss (gain) |
|
251 |
|
|
|
(59 |
) |
|
|
722 |
|
|
|
1,252 |
|
|
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
5,213 |
|
|
|
- |
|
|
Acquisition-related expense |
|
872 |
|
|
|
- |
|
|
|
5,200 |
|
|
|
1,392 |
|
|
Acquisition-related earnout |
|
2,100 |
|
|
|
200 |
|
|
|
(1,000 |
) |
|
|
200 |
|
|
Offering costs |
|
670 |
|
|
|
- |
|
|
|
670 |
|
|
|
- |
|
|
Discrete tax items |
|
(1,338 |
) |
|
|
(13 |
) |
|
|
(2,937 |
) |
|
|
53 |
|
|
Benefit for income taxes(1) |
|
(2,323 |
) |
|
|
(2,197 |
) |
|
|
(9,793 |
) |
|
|
(9,280 |
) |
|
Non-GAAP Net Income (Loss) |
$ |
2,460 |
|
|
$ |
(4,465 |
) |
|
$ |
15,375 |
|
|
$ |
(3,840 |
) |
|
Net loss per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.32 |
) |
|
Diluted |
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.32 |
) |
|
Weighted-average shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
Basic |
|
116,647,340 |
|
|
|
102,825,965 |
|
|
|
108,908,597 |
|
|
|
102,752,092 |
|
|
Diluted |
|
116,647,340 |
|
|
|
102,825,965 |
|
|
|
108,908,597 |
|
|
|
102,752,092 |
|
|
Non-GAAP Net Income (Loss) per Share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
$ |
0.14 |
|
|
$ |
(0.04 |
) |
|
Diluted |
$ |
0.02 |
|
|
$ |
(0.04 |
) |
|
$ |
0.14 |
|
|
$ |
(0.04 |
) |
|
Weighted-average shares used in computing Non-GAAP Net Income
(Loss) per Share: |
|
|
|
|
|
|
|
|
Basic |
|
116,647,340 |
|
|
|
102,825,965 |
|
|
|
108,908,597 |
|
|
|
102,752,092 |
|
|
Diluted |
|
120,069,893 |
|
|
|
102,825,965 |
|
|
|
111,868,920 |
|
|
|
102,752,092 |
|
|
|
|
|
|
|
|
|
|
|
(1) With exception
of the fourth quarter of 2020, 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
was not materially different from our annual effective tax rate of
approximately 25%. In the fourth quarter of 2020, our annual
effective tax rate was impacted by changes in valuation allowance
and foreign currencies. Therefore, we used the annual effective tax
rate of 15.4% in the fourth quarter of 2020 as this was materially
different than our statutory rate. |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Net cash provided by operating
activities |
$ |
19,702 |
|
|
$ |
6,537 |
|
|
$ |
52,743 |
|
|
$ |
11,904 |
|
|
Add: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
2 |
|
|
|
4,908 |
|
|
|
12,649 |
|
|
|
20,693 |
|
|
Cash paid for acquisition-related expense |
|
1,900 |
|
|
|
- |
|
|
|
5,200 |
|
|
|
1,392 |
|
|
Less: |
|
|
|
|
|
|
|
|
Purchases of equipment and leasehold improvements |
|
(2,532 |
) |
|
|
(1,026 |
) |
|
|
(4,368 |
) |
|
|
(7,190 |
) |
|
Unlevered free cash flow |
$ |
19,072 |
|
|
$ |
10,419 |
|
|
$ |
66,224 |
|
|
$ |
26,799 |
|
|
Unlevered free cash flow
margin |
|
25 |
% |
|
|
18 |
% |
|
|
25 |
% |
|
|
13 |
% |
|
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