Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management,
today announced financial results for its third quarter ended
September 30, 2021.
Third Quarter 2021 Financial Highlights
-
ARR: ARR increase of 47% year-over-year to
$384.8 million as of September 30, 2021.
- Revenue: Total
revenue of $95.6 million, an increase of 36% year-over-year.
- Gross Profit: GAAP
gross profit of $69.2 million, or 72% of total revenue, compared to
$55.4 million in the third quarter of 2020. Non-GAAP Gross Profit
was $76.4 million, or 80% of total revenue, compared to $58.4
million in the third quarter of 2020.
- Operating
Loss/Income: GAAP operating loss of $29.9 million,
compared to GAAP operating loss of $0.6 million in the third
quarter of 2020. Non-GAAP Operating Income of $2.0 million, or 2%
of total revenue, compared to $11.7 million in the third quarter of
2020.
- Cash Flow: Cash
flow provided by operations of $84.5 million for TTM ended
September 30, 2021, compared to $39.6 million for TTM ended
September 30, 2020. Unlevered free cash flow of $81.5 million for
TTM ended September 30, 2021, or 24% of TTM total revenue,
compared to $57.6 million, or 23% of total revenue for TTM ended
September 30, 2020.
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.
“Throughout the year we’ve talked about the
remarkable momentum, consistency and balance across our business,
and Q3 was no exception, with 47% total ARR growth and 37% organic
ARR growth, with growth in commercial markets continuing to
accelerate,” said Dean Hager, CEO of Jamf. “We continue to lead the
Apple Enterprise Management category, as evidenced by our customer
base and the numerous enhancements we rolled out at our annual Jamf
Nation User Conference to empower individuals with technology that
is enterprise secure, consumer simple and protects personal
privacy.”
Recent Business Highlights
- Ended the third
quarter serving more than 57,000 customers and running on more than
25.0 million Apple devices.
- Completed the acquisition of
Wandera, a leader in zero trust cloud security and access for
mobile devices, on July 1, 2021.
- Showcased numerous Jamf platform
enhancements at our 12th annual Jamf Nation User Conference,
including the launch of the cloud-based security solutions Jamf
Private Access, Jamf Threat Defense and Jamf Safe Internet, along
with data loss prevention capabilities with Jamf Protect and
compliance tools for organizations using Jamf and Google with a new
Google Cloud BeyondCorp Enterprise integration.
- Announced same-day support for all
of Apple’s fall operating system releases, including macOS Monterey
and iOS 15, which include features like account-driven User
Enrollment and Private Relay, which when combined with Jamf, help
organizations provide privacy and security without compromising
user productivity.
- Appointed Linh Lam as Chief
Information Officer, leading Jamf’s technology strategy to create
and implement a model for the modern hybrid workplace.
- Ranked #44 on the Fortune Best
Workplaces for Women™ 2021 list.
Financial Outlook
For the fourth quarter of fiscal year 2021, the
company currently expects:
- Total revenue of $99.0 to $101.0
million
- Non-GAAP Operating Income of $1.5 to $2.5 million
For the full year 2021, the company currently
expects:
- Total revenue of $361.5 to $363.5
million
- Non-GAAP Operating Income of $19.0 to $20.0 million
To assist with modeling, for the fourth quarter
of 2021 and full year 2021, amortization is expected to be
approximately $12.2 million and $41.3 million, respectively. These
amounts reflect the impact of the preliminary purchase price
allocation for the Wandera acquisition and are subject to change.
In addition, for the fourth quarter of 2021 and full year 2021,
stock-based compensation and related payroll taxes is expected to
be approximately $47.6 million and $70.4 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,
costs incurred by us in connection with secondary offerings by
certain shareholders, 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.
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 November 11, 2021. The press release with
financial results will be accessible from Jamf’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
November 18, 2021. To access the replay, parties should dial (855)
859-2056, or (404) 537-3406 and enter the passcode 6221708#.
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 Net Income (Loss), 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, costs
incurred by us in connection with secondary offerings by certain
shareholders, foreign currency transaction loss, payroll taxes
related to stock-based compensation, legal reserve, loss on
extinguishment of debt, amortization of debt issuance costs 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 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 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, statements about the potential benefits of the
acquisition, possible or assumed business strategies, potential
growth opportunities, and the potential value creation as a result
of combined offerings. 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:
statements regarding our future financial and operating performance
(including our financial outlook for future reporting periods); our
ability to realize the potential benefits of the acquisition of
Wandera; other risks related to our integration of Wandera’s
business, team, and technology; 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; the risks associated with our use of open source software
in our products; and risks associated with our indebtedness.
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)
|
September 30,2021 |
|
December 31, 2020 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
227,148 |
|
|
$ |
194,868 |
|
Trade accounts receivable, net of allowances of $460 and $530 |
69,486 |
|
|
69,056 |
|
Income taxes receivable |
652 |
|
|
632 |
|
Deferred contract costs |
11,673 |
|
|
8,284 |
|
Prepaid expenses |
18,677 |
|
|
13,283 |
|
Other current assets |
3,592 |
|
|
1,113 |
|
Total current assets |
331,228 |
|
|
|
287,236 |
|
Equipment and leasehold
improvements, net |
17,529 |
|
|
15,130 |
|
Goodwill |
846,057 |
|
|
541,480 |
|
Other intangible assets, net |
276,750 |
|
|
202,878 |
|
Deferred contract costs,
non-current |
27,830 |
|
|
22,202 |
|
Other assets |
30,685 |
|
|
5,359 |
|
Total assets |
$ |
1,530,079 |
|
|
$ |
1,074,285 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
12,717 |
|
|
$ |
6,967 |
|
Accrued liabilities |
98,598 |
|
|
31,916 |
|
Income taxes payable |
730 |
|
|
713 |
|
Deferred revenues |
211,029 |
|
|
160,002 |
|
Total current liabilities |
323,074 |
|
|
|
199,598 |
|
Deferred revenues,
non-current |
59,338 |
|
|
45,507 |
|
Deferred tax liability, net |
11,455 |
|
|
5,087 |
|
Convertible senior notes,
net |
361,474 |
|
|
— |
|
Other liabilities |
27,969 |
|
|
13,079 |
|
Total liabilities |
783,310 |
|
|
|
263,271 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock |
— |
|
|
— |
|
Common stock |
119 |
|
|
117 |
|
Additional paid-in capital |
898,428 |
|
|
903,116 |
|
Accumulated other comprehensive loss |
(8,120 |
) |
|
— |
|
Accumulated deficit |
|
(143,658 |
) |
|
(92,219 |
) |
Total stockholders’ equity |
746,769 |
|
|
|
811,014 |
|
Total liabilities and stockholders’ equity |
$ |
1,530,079 |
|
|
$ |
1,074,285 |
|
|
|
|
|
|
|
|
|
Jamf Holding
Corp.Consolidated Statements of
Operations(in thousands, except share and per share
amounts)(unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 (1)(2) |
|
2021 |
|
2020 (1)(2) |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
Revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
90,700 |
|
|
$ |
65,634 |
|
|
$ |
245,900 |
|
|
$ |
178,438 |
|
Services |
4,083 |
|
|
3,897 |
|
|
12,015 |
|
|
10,616 |
|
License |
838 |
|
|
1,017 |
|
|
4,671 |
|
|
3,811 |
|
Total revenue |
95,621 |
|
|
70,548 |
|
|
262,586 |
|
|
192,865 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of subscription(3)(4)(5)(6) (exclusive of amortization expense
shown below) |
18,317 |
|
|
10,032 |
|
|
44,206 |
|
|
28,020 |
|
Cost of services(3)(4)(5) (exclusive of amortization expense shown
below) |
2,955 |
|
|
2,447 |
|
|
8,027 |
|
|
7,747 |
|
Amortization expense |
5,198 |
|
|
2,679 |
|
|
10,835 |
|
|
8,034 |
|
Total cost of revenue |
26,470 |
|
|
15,158 |
|
|
63,068 |
|
|
43,801 |
|
Gross profit |
69,151 |
|
|
55,390 |
|
|
199,518 |
|
|
149,064 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing(3)(4)(5)(6) |
40,856 |
|
|
23,773 |
|
|
103,640 |
|
|
67,558 |
|
Research and development(3)(4)(5)(6) |
25,608 |
|
|
12,757 |
|
|
58,437 |
|
|
37,344 |
|
General and administrative(3)(4)(5)(6) |
25,536 |
|
|
13,845 |
|
|
69,288 |
|
|
31,588 |
|
Amortization expense |
7,025 |
|
|
5,633 |
|
|
18,275 |
|
|
16,941 |
|
Total operating expenses |
99,025 |
|
|
56,008 |
|
|
249,640 |
|
|
153,431 |
|
Loss from operations |
(29,874 |
) |
|
(618 |
) |
|
(50,122 |
) |
|
(4,367 |
) |
Interest expense, net |
(1,386 |
) |
|
(1,207 |
) |
|
(1,608 |
) |
|
(10,675 |
) |
Loss on extinguishment of
debt |
(449 |
) |
|
(5,213 |
) |
|
(449 |
) |
|
(5,213 |
) |
Foreign currency transaction
loss |
(269 |
) |
|
(154 |
) |
|
(795 |
) |
|
(471 |
) |
Other income, net |
— |
|
|
— |
|
|
— |
|
|
91 |
|
Loss before income tax benefit |
(31,978 |
) |
|
(7,192 |
) |
|
(52,974 |
) |
|
(20,635 |
) |
Income tax benefit |
1,595 |
|
|
1,804 |
|
|
1,535 |
|
|
4,917 |
|
Net loss |
$ |
(30,383 |
) |
|
$ |
(5,388 |
) |
|
$ |
(51,439 |
) |
|
$ |
(15,718 |
) |
Net loss per share, basic and
diluted |
$ |
(0.26 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.15 |
) |
Weighted‑average shares used
to compute net loss per share, basic and diluted |
118,640,565 |
|
|
113,203,074 |
|
|
117,983,463 |
|
|
106,333,836 |
|
(1) Certain prior period amounts have been revised to correct an
immaterial error related to certain commissions that were
incorrectly capitalized. The commissions, as well as the associated
payroll taxes and retirement plan contributions, were not
incremental to the acquisition of customer contracts and should
have been expensed as incurred. In addition, certain prior period
amounts have been revised to correct other immaterial errors.
(2) In the fourth quarter of 2020, we reclassified on-premise
subscription revenue from license revenue to subscription revenue
on a retroactive basis.
(3) Includes stock-based compensation as follows:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
1,716 |
|
|
$ |
314 |
|
|
$ |
2,384 |
|
|
$ |
390 |
|
Services |
229 |
|
|
62 |
|
|
381 |
|
|
62 |
|
Sales and marketing |
4,833 |
|
|
675 |
|
|
6,763 |
|
|
897 |
|
Research and development |
5,145 |
|
|
523 |
|
|
7,076 |
|
|
821 |
|
General and
administrative |
3,913 |
|
|
754 |
|
|
6,170 |
|
|
1,733 |
|
|
$ |
15,836 |
|
|
$ |
2,328 |
|
|
$ |
22,774 |
|
|
$ |
3,903 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Includes payroll taxes related to stock-based compensation
as follows:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
112 |
|
|
$ |
— |
|
|
$ |
112 |
|
|
$ |
— |
|
Services |
22 |
|
|
— |
|
|
22 |
|
|
— |
|
Sales and marketing |
270 |
|
|
— |
|
|
416 |
|
|
— |
|
Research and development |
174 |
|
|
— |
|
|
291 |
|
|
— |
|
General and
administrative |
148 |
|
|
— |
|
|
501 |
|
|
— |
|
|
$ |
726 |
|
|
$ |
— |
|
|
$ |
1,342 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5) Includes depreciation expense as follows:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
302 |
|
|
$ |
236 |
|
|
$ |
814 |
|
|
$ |
736 |
|
Services |
43 |
|
|
49 |
|
|
124 |
|
|
156 |
|
Sales and marketing |
608 |
|
|
454 |
|
|
1,706 |
|
|
1,452 |
|
Research and development |
341 |
|
|
271 |
|
|
923 |
|
|
865 |
|
General and
administrative |
194 |
|
|
142 |
|
|
572 |
|
|
448 |
|
|
$ |
1,488 |
|
|
$ |
1,152 |
|
|
$ |
4,139 |
|
|
$ |
3,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) Includes acquisition-related expense as follows:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
17 |
|
|
$ |
— |
|
|
$ |
17 |
|
|
$ |
— |
|
Sales and marketing |
34 |
|
|
— |
|
|
34 |
|
|
— |
|
Research and development |
549 |
|
|
— |
|
|
590 |
|
|
— |
|
General and
administrative |
1,859 |
|
|
1,092 |
|
|
4,143 |
|
|
4,328 |
|
|
$ |
2,459 |
|
|
$ |
1,092 |
|
|
$ |
4,784 |
|
|
$ |
4,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative also includes acquisition-related
earnout of $0.6 million for both the three months ended
September 30, 2021 and 2020 and $4.8 million and $(3.1)
million for the nine months ended September 30, 2021 and 2020,
respectively. The acquisition-related earnout was an expense for
the nine months ended September 30, 2021 compared to a benefit for
the prior year period reflecting the change in fair value of the
Digita acquisition contingent liability due to growth in sales of
our Jamf Protect product. General and administrative also includes
legal reserve of $4.2 million for the nine months ended
September 30, 2021.
Jamf Holding
Corp.Consolidated Statements of Cash
Flows(in thousands)(unaudited)
|
Nine Months Ended September 30, |
|
2021 |
|
2020 (1) |
|
|
|
(As Revised) |
Cash flows from
operating activities |
|
|
|
Net loss |
$ |
(51,439 |
) |
|
$ |
(15,718 |
) |
Adjustments to reconcile net loss to cash provided by operating
activities: |
|
|
|
Depreciation and amortization expense |
33,249 |
|
|
28,632 |
|
Amortization of deferred contract costs |
9,034 |
|
|
5,518 |
|
Amortization of debt issuance costs |
573 |
|
|
700 |
|
Non-cash lease expense |
3,705 |
|
|
— |
|
Provision for bad debt expense and returns |
(7 |
) |
|
894 |
|
Loss on extinguishment of debt |
449 |
|
|
5,213 |
|
Share‑based compensation |
22,774 |
|
|
3,903 |
|
Deferred tax benefit |
(2,568 |
) |
|
(5,169 |
) |
Adjustment to contingent consideration |
4,837 |
|
|
(3,100 |
) |
Other |
1,144 |
|
|
(277 |
) |
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable |
3,184 |
|
|
(18,274 |
) |
Income tax receivable/payable |
(107 |
) |
|
(183 |
) |
Prepaid expenses and other assets |
(8,129 |
) |
|
(4,200 |
) |
Deferred contract costs |
(18,052 |
) |
|
(13,970 |
) |
Accounts payable |
5,020 |
|
|
2,987 |
|
Accrued liabilities |
1,644 |
|
|
(4,207 |
) |
Deferred revenue |
59,464 |
|
|
47,189 |
|
Other liabilities |
52 |
|
|
3,161 |
|
Net cash provided by operating activities |
64,827 |
|
|
33,099 |
|
Cash flows from
investing activities |
|
|
|
Acquisitions, net of cash acquired |
(352,711 |
) |
|
— |
|
Purchases of equipment and leasehold improvements |
(7,261 |
) |
|
(1,836 |
) |
Proceeds from sale of equipment and leasehold improvements |
35 |
|
|
— |
|
Net cash used in investing activities |
(359,937 |
) |
|
(1,836 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds from convertible senior notes |
373,750 |
|
|
— |
|
Proceeds from bank borrowings |
250,000 |
|
|
— |
|
Payment of bank borrowings |
(250,000 |
) |
|
(205,000 |
) |
Payment for purchase of capped calls |
(36,030 |
) |
|
— |
|
Debt issuance costs |
(12,636 |
) |
|
(1,264 |
) |
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 |
(543 |
) |
|
(6,601 |
) |
Proceeds from private placement |
— |
|
|
2,233 |
|
Cash paid for contingent consideration |
(4,206 |
) |
|
— |
|
Proceeds from the exercise of stock options |
8,570 |
|
|
185 |
|
Net cash provided by financing activities |
328,905 |
|
|
113,819 |
|
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
(865 |
) |
|
— |
|
Net increase in cash, cash equivalents and restricted cash |
32,930 |
|
|
145,082 |
|
Cash, cash equivalents and
restricted cash, beginning of period |
194,868 |
|
|
32,375 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
227,798 |
|
|
$ |
177,457 |
|
|
|
|
|
|
|
|
|
(1) Certain prior period amounts have been revised to correct an
immaterial error related to certain commissions that were
incorrectly capitalized. The commissions, as well as the associated
payroll taxes and retirement plan contributions, were not
incremental to the acquisition of customer contracts and should
have been expensed as incurred. In addition, certain prior period
amounts have been revised to correct other immaterial errors.
Jamf Holding
Corp.Consolidated Statements of Cash Flows
(continued)(in thousands)(unaudited)
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
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 |
$ |
227,148 |
|
|
$ |
177,457 |
|
Restricted cash included in other current assets |
650 |
|
|
— |
|
Total cash, cash equivalents
and restricted cash |
$ |
227,798 |
|
|
$ |
177,457 |
|
|
|
|
|
|
|
|
|
Jamf Holding
Corp.Supplemental Financial
InformationDisaggregated Revenues(in
thousands)(unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 (1) |
|
2021 |
|
2020 (1) |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
SaaS subscription and support and maintenance |
$ |
83,775 |
|
|
$ |
57,785 |
|
|
$ |
222,672 |
|
|
$ |
160,279 |
|
On‑premise subscription |
6,925 |
|
|
7,849 |
|
|
23,228 |
|
|
18,159 |
|
Subscription revenue |
90,700 |
|
|
65,634 |
|
|
245,900 |
|
|
178,438 |
|
Professional services |
4,083 |
|
|
3,897 |
|
|
12,015 |
|
|
10,616 |
|
Perpetual licenses |
838 |
|
|
1,017 |
|
|
4,671 |
|
|
3,811 |
|
Non‑subscription revenue |
4,921 |
|
|
4,914 |
|
|
16,686 |
|
|
14,427 |
|
Total revenue |
$ |
95,621 |
|
|
$ |
70,548 |
|
|
$ |
262,586 |
|
|
$ |
192,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Certain prior period amounts have been revised to correct
immaterial errors.
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 September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 (1) |
|
2021 |
|
2020 (1) |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
Operating expenses |
$ |
99,025 |
|
|
$ |
56,008 |
|
|
$ |
249,640 |
|
|
$ |
153,431 |
|
Amortization expense |
(7,025 |
) |
|
(5,633 |
) |
|
(18,275 |
) |
|
(16,941 |
) |
Stock-based compensation |
(13,891 |
) |
|
(1,952 |
) |
|
(20,009 |
) |
|
(3,451 |
) |
Acquisition-related expense |
(2,442 |
) |
|
(1,092 |
) |
|
(4,767 |
) |
|
(4,328 |
) |
Acquisition-related earnout |
(600 |
) |
|
(600 |
) |
|
(4,837 |
) |
|
3,100 |
|
Offering costs |
— |
|
|
— |
|
|
(594 |
) |
|
— |
|
Payroll taxes related to
stock-based compensation |
(592 |
) |
|
— |
|
|
(1,208 |
) |
|
— |
|
Legal reserve |
— |
|
|
— |
|
|
(4,200 |
) |
|
— |
|
Non-GAAP Operating Expenses |
$ |
74,475 |
|
|
$ |
46,731 |
|
|
$ |
195,750 |
|
|
$ |
131,811 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 (1) |
|
2021 |
|
2020 (1) |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
Gross profit |
$ |
69,151 |
|
|
$ |
55,390 |
|
|
$ |
199,518 |
|
|
$ |
149,064 |
|
Amortization expense |
5,198 |
|
|
2,679 |
|
|
10,835 |
|
|
8,034 |
|
Stock-based compensation |
1,945 |
|
|
376 |
|
|
2,765 |
|
|
452 |
|
Acquisition-related
expense |
17 |
|
|
— |
|
|
17 |
|
|
— |
|
Payroll taxes related to
stock-based compensation |
134 |
|
|
— |
|
|
134 |
|
|
— |
|
Non-GAAP Gross Profit |
$ |
76,445 |
|
|
$ |
58,445 |
|
|
$ |
213,269 |
|
|
$ |
157,550 |
|
Non-GAAP Gross Profit
Margin |
|
80 |
% |
|
|
83 |
% |
|
|
81 |
% |
|
|
82 |
% |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 (1) |
|
2021 |
|
2020 (1) |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
Operating loss |
$ |
(29,874 |
) |
|
$ |
(618 |
) |
|
$ |
(50,122 |
) |
|
$ |
(4,367 |
) |
Amortization expense |
12,223 |
|
|
8,312 |
|
|
29,110 |
|
|
24,975 |
|
Stock-based compensation |
15,836 |
|
|
2,328 |
|
|
22,774 |
|
|
3,903 |
|
Acquisition-related
expense |
2,459 |
|
|
1,092 |
|
|
4,784 |
|
|
4,328 |
|
Acquisition-related
earnout |
600 |
|
|
600 |
|
|
4,837 |
|
|
(3,100 |
) |
Offering costs |
— |
|
|
— |
|
|
594 |
|
|
— |
|
Payroll taxes related to
stock-based compensation |
726 |
|
|
— |
|
|
1,342 |
|
|
— |
|
Legal reserve |
— |
|
|
— |
|
|
4,200 |
|
|
— |
|
Non-GAAP Operating Income |
$ |
1,970 |
|
|
$ |
11,714 |
|
|
$ |
17,519 |
|
|
$ |
25,739 |
|
Non-GAAP Operating Income
Margin |
|
2 |
% |
|
|
17 |
% |
|
|
7 |
% |
|
|
13 |
% |
(1) Certain prior period amounts have been revised to correct an
immaterial error related to certain commissions that were
incorrectly capitalized. The commissions, as well as the associated
payroll taxes and retirement plan contributions, were not
incremental to the acquisition of customer contracts and should
have been expensed as incurred. In addition, certain prior period
amounts have been revised to correct other immaterial errors.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 (1) |
|
2021 |
|
2020 (1) |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
Net loss |
$ |
(30,383 |
) |
|
$ |
(5,388 |
) |
|
$ |
(51,439 |
) |
|
$ |
(15,718 |
) |
Amortization expense |
12,223 |
|
|
8,312 |
|
|
29,110 |
|
|
24,975 |
|
Stock-based compensation |
15,836 |
|
|
2,328 |
|
|
22,774 |
|
|
3,903 |
|
Foreign currency transaction
loss |
269 |
|
|
154 |
|
|
795 |
|
|
471 |
|
Loss on extinguishment of
debt |
449 |
|
|
5,213 |
|
|
449 |
|
|
5,213 |
|
Amortization of debt issuance
costs |
324 |
|
|
— |
|
|
324 |
|
|
— |
|
Acquisition-related
expense |
2,459 |
|
|
1,092 |
|
|
4,784 |
|
|
4,328 |
|
Acquisition-related
earnout |
600 |
|
|
600 |
|
|
4,837 |
|
|
(3,100 |
) |
Offering costs |
— |
|
|
— |
|
|
594 |
|
|
— |
|
Payroll taxes related to
stock-based compensation |
726 |
|
|
— |
|
|
1,342 |
|
|
— |
|
Legal reserve |
— |
|
|
— |
|
|
4,200 |
|
|
— |
|
Discrete tax items |
(13 |
) |
|
(1,389 |
) |
|
(64 |
) |
|
(1,666 |
) |
Benefit for income
taxes(2) |
(1,525 |
) |
|
(2,642 |
) |
|
(1,525 |
) |
|
(6,470 |
) |
Non-GAAP Net Income |
$ |
965 |
|
|
$ |
8,280 |
|
|
$ |
16,181 |
|
|
$ |
11,936 |
|
Net loss per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.26 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.15 |
) |
Diluted |
$ |
(0.26 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.15 |
) |
Weighted‑average shares used in
computing net loss per share: |
|
|
|
|
|
|
|
Basic |
118,640,565 |
|
|
113,203,074 |
|
|
117,983,463 |
|
|
106,333,836 |
|
Diluted |
118,640,565 |
|
|
113,203,074 |
|
|
117,983,463 |
|
|
106,333,836 |
|
Non-GAAP Net Income per
Share: |
|
|
|
|
|
|
|
Basic |
$ |
0.01 |
|
|
$ |
0.07 |
|
|
$ |
0.14 |
|
|
$ |
0.11 |
|
Diluted |
$ |
0.01 |
|
|
$ |
0.07 |
|
|
$ |
0.13 |
|
|
$ |
0.11 |
|
Weighted-average shares used
in computing Non-GAAP Net Income per Share: |
|
|
|
|
|
|
|
Basic |
118,640,565 |
|
|
113,203,074 |
|
|
117,983,463 |
|
|
106,333,836 |
|
Diluted |
121,974,161 |
|
|
116,688,193 |
|
|
121,006,865 |
|
|
109,188,051 |
|
(1) Certain prior period amounts have been revised to correct an
immaterial error related to certain commissions that were
incorrectly capitalized. The commissions, as well as the associated
payroll taxes and retirement plan contributions, were not
incremental to the acquisition of customer contracts and should
have been expensed as incurred. In addition, certain prior period
amounts have been revised to correct other immaterial errors.
(2) For the three and nine months ended September 30, 2021,
our annual effective tax rate was materially different from our
statutory rate due to changes in the domestic valuation allowance.
Therefore, we used a tax rate of 4.7% for the third quarter which
reflects the annual effective tax rate catchup for the first and
second quarters due to the Wandera acquisition resulting in a tax
rate of 2.2% for the nine months ended September 30, 2021. For the
three and nine months ended September 30, 2020, the related tax
effects of the adjustments to Non-GAAP Net Income were calculated
using the respective statutory tax rate for applicable
jurisdictions, which was not materially different from our annual
effective tax rate for full year 2020 of approximately 25%.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
|
2020 (1) |
|
2021 |
|
|
2020 (1) |
|
|
|
(As Revised) |
|
|
|
(As Revised) |
Net cash provided by operating activities |
$ |
26,805 |
|
|
$ |
23,584 |
|
|
$ |
64,827 |
|
|
$ |
33,099 |
|
Add: |
|
|
|
|
|
|
|
Cash paid for interest |
938 |
|
|
3,385 |
|
|
944 |
|
|
12,647 |
|
Cash paid for acquisition-related expense |
2,791 |
|
|
1,700 |
|
|
3,885 |
|
|
3,300 |
|
Less: |
|
|
|
|
|
|
|
Purchases of equipment and leasehold improvements |
|
(2,050 |
) |
|
|
(470 |
) |
|
(7,261 |
) |
|
(1,836 |
) |
Unlevered free cash flow |
$ |
28,484 |
|
|
$ |
28,199 |
|
|
$ |
62,395 |
|
|
$ |
47,210 |
|
Unlevered free cash flow
margin |
30 |
% |
|
40 |
% |
|
24 |
% |
|
24 |
% |
|
Trailing Twelve Months Ended September 30, |
|
2021 (1) |
|
2020 (1) |
|
(As Revised) |
|
(As Revised) |
Net cash provided by operating activities |
$ |
84,529 |
|
|
$ |
39,578 |
|
Add: |
|
|
|
Cash paid for interest |
946 |
|
|
17,555 |
|
Cash paid for acquisition-related expense |
5,785 |
|
|
3,300 |
|
Less: |
|
|
|
Purchases of equipment and leasehold improvements |
|
(9,793 |
) |
|
|
(2,862 |
) |
Unlevered free cash flow |
$ |
81,467 |
|
|
$ |
57,571 |
|
Total revenue |
$ |
338,853 |
|
|
$ |
250,438 |
|
Unlevered free cash flow
margin |
24 |
% |
|
23 |
% |
(1) Certain prior period amounts have been revised to correct
immaterial errors.
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