Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management,
today announced financial results for its fourth quarter and fiscal
year ended December 31, 2021.
Fourth Quarter 2021 Financial Highlights
-
ARR: ARR increase of 45% year-over-year to
$412.5 million as of December 31, 2021.
- Revenue: Total
revenue of $103.8 million, an increase of 36% year-over-year.
- Gross Profit: GAAP
gross profit of $76.5 million, or 74% of total revenue, compared to
$59.1 million in the fourth quarter of 2020. Non-GAAP Gross Profit
of $83.4 million, or 80% of total revenue, compared to $62.2
million in the fourth quarter of 2020.
- Operating
Loss/Income: GAAP operating loss of $26.1 million,
compared to GAAP operating loss of $13.1 million in the fourth
quarter of 2020. Non-GAAP Operating Income of $2.9 million, or 3%
of total revenue, compared to $1.8 million in the fourth quarter of
2020.
Fiscal Year 2021 Financial
Highlights
- Revenue: Total
revenue of $366.4 million, an increase of 36% year-over-year.
- Gross Profit: GAAP
gross profit of $276.0 million, or 75% of total revenue, compared
to $208.1 million in fiscal year 2020. Non-GAAP Gross Profit of
$296.6 million, or 81% of total revenue, compared to $219.7 million
in fiscal year 2020.
- Operating
Loss/Income: GAAP operating loss of $76.2 million,
compared to GAAP operating loss of $17.5 million in fiscal year
2020. Non-GAAP Operating Income of $20.5 million, or 6% of total
revenue, compared to $27.5 million for fiscal year 2020.
- Cash Flow: Cash
flow provided by operations of $65.2 million for the fiscal year
ended December 31, 2021, compared to $52.8 million for the
fiscal year ended December 31, 2020. Unlevered free cash flow
of $66.4 million for the fiscal year ended December 31, 2021,
or 18% of total revenue, compared to $66.3 million for the fiscal
year ended December 31, 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.
“2021 represented a pivotal year for Jamf as we
expanded and strengthened our platform, completed our largest
acquisition to date, closed the three largest customer contracts in
our history, and added a record number of devices to our platform,
all while completing our first full fiscal year as a public company
and consistently delivering strong financial results,” said Dean
Hager, CEO of Jamf. “As we enter 2022, we’re well-positioned to
continue delivering for our customers, employees and investors as
we help drive expansion of Apple in the enterprise.”
Recent Business Highlights
- Added a record number of devices in
fiscal year 2021, over six million, to end the fiscal year with
more than 26.6 million devices on our platform.
- Ended fiscal year 2021 serving more
than 60,000 customers, representing an increase of over 13,000
customers for the fiscal year.
- Announced success with our new line
of security-focused products for commercial organizations, with
approximately 8,000 commercial customers running Jamf Connect, Jamf
Private Access, Jamf Protect, Jamf Threat Defense, or Jamf Data
Policy on millions of devices.
- Helped customers deploy
approximately one million Macs powered by the M1 family of chips in
the first year of availability.
- Announced we now empower more than
36 million students via one-to-one and shared Apple devices across
more than 32,000 schools around the globe with key functionality to
facilitate technology-enabled active learning.
- Appointed John Strosahl to
president and chief operating officer and Beth Tschida to chief
technology officer, as Jamf continues to build a world-class team
to further its mission of helping organizations succeed with
Apple.
- Ranked #75 in the 2021 Best
Workplaces for Parents™ by Great Place to Work®.
Financial Outlook
For the first quarter of 2022, Jamf currently
expects:
- Total revenue of $104.5 to $106.5
million
- Non-GAAP Operating Income of $1.0 to $2.0 million
For the full year 2022, Jamf currently
expects:
- Total revenue of $466.0 to $472.0
million
- Non-GAAP Operating Income of $18.0 to $22.0 million
To assist with modeling, for the first quarter
of 2022 and full year 2022, amortization is expected to be
approximately $12.2 million and $47.6 million, respectively. In
addition, for the first quarter of 2022 and full year 2022,
stock-based compensation and related payroll taxes is expected to
be approximately $16.9 million and $114.2 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 March 1, 2022. Parties in the United
States and Canada can access the call by dialing +1
(833) 519-1319, and international parties can access the call by
dialing +1 (914) 800-3885.
The live webcast of Jamf’s earnings conference call can be
accessed at ir.jamf.com, along with the earnings press release,
financial tables, earnings presentation and investor presentation.
A telephonic replay of the conference call will be available
through March 8, 2022. To access the replay, parties should dial
(855) 859-2056, or (404) 537-3406 and enter the passcode
8134528#.
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 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, offering
costs, foreign currency transaction loss, payroll taxes related to
stock-based compensation, legal settlement, 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. 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); the
impact on our operations and financial condition from the effects
of the current COVID-19 pandemic; the potential impact of customer
dissatisfaction with Apple or other negative events affecting Apple
services and devices, and failure of enterprises to adopt Apple
products; the potentially adverse impact of changes in features and
functionality by Apple on our engineering focus or product
development efforts; changes in our continued relationship with
Apple; the fact that we are not party to any exclusive agreements
or arrangements with Apple; our reliance, in part, on channel
partners for the sale and distribution of our products; our ability
to successfully develop new products or materially enhance current
products through our research and development efforts; our ability
to continue to attract new customers; our ability to retain our
current customers; our ability to sell additional functionality to
our current customers; our ability to correctly estimate market
opportunity and forecast market growth; risks associated with
failing to continue our recent growth rates; our dependence on one
of our products for a substantial portion of our revenue; our
ability to scale our business and manage our expenses; our ability
to change our pricing models, if necessary to compete successfully;
the impact of delays or outages of our cloud services from any
disruptions, capacity limitations or interferences of third-party
data centers that host our cloud services, including Amazon Web
Services; our ability to meet service-level commitments under our
subscription agreements; our ability to maintain, enhance and
protect our brand; our ability to maintain our corporate culture;
the ability of Jamf Nation to thrive and grow as we expand our
business; the potential impact of inaccurate, incomplete or
misleading content that is posted on Jamf Nation; our ability to
offer high-quality support; risks and uncertainties associated with
acquisitions and divestitures (such as our recent acquisition of
Wandera); our ability to predict and respond to rapidly evolving
technological trends and our customers' changing needs; our ability
to compete with existing and new companies; the impact of adverse
general and industry-specific economic and market conditions; the
impact of reductions in IT spending; our ability to attract and
retain highly qualified personnel; risks associated with
competitive challenges faced by our customers; the impact of our
often long and unpredictable sales cycle; the risks associated with
sales to new and existing enterprise customers; our ability to
develop and expand our marketing and sales capabilities; the risks
associated with free trials and other inbound, lead-generation
sales strategies; the risks associated with indemnity provisions in
our contracts; our management team’s limited experience managing a
public company; risks associated with cyber-security events; the
impact of real or perceived errors, failures or bugs in our
products; the impact of general disruptions to data transmission;
risks associated with stringent and changing privacy laws,
regulations and standards, and information security policies and
contractual obligations related to data privacy and security; the
risks associated with intellectual property infringement claims;
our reliance on third-party software and intellectual property
licenses; our ability to protect our intellectual property and
proprietary rights; the risks associated with our use of open
source software in our products; 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)(unaudited)
| |
December 31,2021 |
|
December 31,2020 |
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
177,150 |
|
|
$ |
194,868 |
|
|
Trade accounts receivable, net of allowances of $391 and $530 |
|
79,143 |
|
|
|
69,056 |
|
|
Income taxes receivable |
|
608 |
|
|
|
632 |
|
|
Deferred contract costs |
|
12,904 |
|
|
|
8,284 |
|
|
Prepaid expenses |
|
17,581 |
|
|
|
13,283 |
|
|
Other current assets |
|
4,212 |
|
|
|
1,113 |
|
|
Total current assets |
|
291,598 |
|
|
|
287,236 |
|
| Equipment and leasehold
improvements, net |
|
18,045 |
|
|
|
15,130 |
|
| Goodwill |
|
845,734 |
|
|
|
541,480 |
|
| Other intangible assets,
net |
|
264,593 |
|
|
|
202,878 |
|
| Deferred contract costs,
non-current |
|
29,842 |
|
|
|
22,202 |
|
| Other assets |
|
30,608 |
|
|
|
5,359 |
|
|
Total assets |
$ |
1,480,420 |
|
|
$ |
1,074,285 |
|
| |
|
|
|
| Liabilities and
stockholders’ equity |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
9,306 |
|
|
$ |
6,967 |
|
|
Accrued liabilities |
|
54,022 |
|
|
|
31,916 |
|
|
Income taxes payable |
|
167 |
|
|
|
713 |
|
|
Deferred revenues |
|
223,031 |
|
|
|
160,002 |
|
|
Total current liabilities |
|
286,526 |
|
|
|
199,598 |
|
| Deferred revenues,
non-current |
|
59,097 |
|
|
|
45,507 |
|
| Deferred tax liability,
net |
|
8,700 |
|
|
|
5,087 |
|
| Convertible senior notes,
net |
|
362,031 |
|
|
|
— |
|
| Other liabilities |
|
25,640 |
|
|
|
13,079 |
|
|
Total liabilities |
|
741,994 |
|
|
|
263,271 |
|
| Commitments and
contingencies |
|
|
|
| Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
|
Common stock |
|
119 |
|
|
|
117 |
|
|
Additional paid-in capital |
|
913,581 |
|
|
|
903,116 |
|
|
Accumulated other comprehensive loss |
|
(7,866 |
) |
|
|
— |
|
|
Accumulated deficit |
|
(167,408 |
) |
|
|
(92,219 |
) |
|
Total stockholders’ equity |
|
738,426 |
|
|
|
811,014 |
|
|
Total liabilities and stockholders’ equity |
$ |
1,480,420 |
|
|
$ |
1,074,285 |
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
98,343 |
|
|
$ |
70,441 |
|
|
$ |
344,243 |
|
|
$ |
248,879 |
|
|
Services |
|
4,107 |
|
|
|
3,903 |
|
|
|
16,122 |
|
|
|
14,519 |
|
|
License |
|
1,352 |
|
|
|
1,923 |
|
|
|
6,023 |
|
|
|
5,734 |
|
|
Total revenue |
|
103,802 |
|
|
|
76,267 |
|
|
|
366,388 |
|
|
|
269,132 |
|
| Cost of revenue: |
|
|
|
|
|
|
|
|
Cost of subscription(1)(2)(3)(4) (exclusive of amortization expense
shown below) |
|
19,235 |
|
|
|
11,509 |
|
|
|
63,441 |
|
|
|
39,529 |
|
|
Cost of services(1)(2)(3) (exclusive of amortization expense shown
below) |
|
2,871 |
|
|
|
2,979 |
|
|
|
10,898 |
|
|
|
10,726 |
|
|
Amortization expense |
|
5,183 |
|
|
|
2,719 |
|
|
|
16,018 |
|
|
|
10,753 |
|
|
Total cost of revenue |
|
27,289 |
|
|
|
17,207 |
|
|
|
90,357 |
|
|
|
61,008 |
|
|
Gross profit |
|
76,513 |
|
|
|
59,060 |
|
|
|
276,031 |
|
|
|
208,124 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing(1)(2)(3)(4) |
|
44,552 |
|
|
|
31,327 |
|
|
|
148,192 |
|
|
|
98,885 |
|
|
Research and development(1)(2)(3)(4) |
|
24,104 |
|
|
|
15,169 |
|
|
|
82,541 |
|
|
|
52,513 |
|
|
General and administrative(1)(2)(3)(4) |
|
26,918 |
|
|
|
20,015 |
|
|
|
96,206 |
|
|
|
51,603 |
|
|
Amortization expense |
|
7,019 |
|
|
|
5,634 |
|
|
|
25,294 |
|
|
|
22,575 |
|
|
Total operating expenses |
|
102,593 |
|
|
|
72,145 |
|
|
|
352,233 |
|
|
|
225,576 |
|
|
Loss from operations |
|
(26,080 |
) |
|
|
(13,085 |
) |
|
|
(76,202 |
) |
|
|
(17,452 |
) |
| Interest expense, net |
|
(870 |
) |
|
|
(66 |
) |
|
|
(2,478 |
) |
|
|
(10,741 |
) |
| Loss on extinguishment of
debt |
|
— |
|
|
|
— |
|
|
|
(449 |
) |
|
|
(5,213 |
) |
| Foreign currency transaction
loss |
|
(54 |
) |
|
|
(251 |
) |
|
|
(849 |
) |
|
|
(722 |
) |
| Other income, net |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
91 |
|
|
Loss before income tax benefit |
|
(27,004 |
) |
|
|
(13,402 |
) |
|
|
(79,978 |
) |
|
|
(34,037 |
) |
| Income tax benefit |
|
3,254 |
|
|
|
5,038 |
|
|
|
4,789 |
|
|
|
9,955 |
|
|
Net loss |
$ |
(23,750 |
) |
|
$ |
(8,364 |
) |
|
$ |
(75,189 |
) |
|
$ |
(24,082 |
) |
| Net loss per share, basic and
diluted |
$ |
(0.20 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.22 |
) |
| Weighted‑average shares used
to compute net loss per share, basic and diluted |
|
119,145,856 |
|
|
|
116,647,340 |
|
|
|
118,276,462 |
|
|
|
108,908,597 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes stock-based compensation as follows:
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
1,371 |
|
|
$ |
342 |
|
|
$ |
3,755 |
|
|
$ |
732 |
|
|
Services |
|
213 |
|
|
|
77 |
|
|
|
594 |
|
|
|
139 |
|
| Sales and marketing |
|
4,175 |
|
|
|
851 |
|
|
|
10,938 |
|
|
|
1,748 |
|
| Research and development |
|
3,436 |
|
|
|
712 |
|
|
|
10,512 |
|
|
|
1,533 |
|
| General and
administrative |
|
3,836 |
|
|
|
858 |
|
|
|
10,006 |
|
|
|
2,591 |
|
| |
$ |
13,031 |
|
|
$ |
2,840 |
|
|
$ |
35,805 |
|
|
$ |
6,743 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes payroll taxes related to stock-based compensation
as follows:
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
10 |
|
|
$ |
— |
|
|
$ |
122 |
|
|
$ |
— |
|
|
Services |
|
2 |
|
|
|
— |
|
|
|
24 |
|
|
|
— |
|
| Sales and marketing |
|
15 |
|
|
|
— |
|
|
|
431 |
|
|
|
— |
|
| Research and development |
|
44 |
|
|
|
— |
|
|
|
335 |
|
|
|
— |
|
| General and
administrative |
|
114 |
|
|
|
— |
|
|
|
615 |
|
|
|
— |
|
| |
$ |
185 |
|
|
$ |
— |
|
|
$ |
1,527 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3) Includes depreciation expense as follows:
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
320 |
|
|
$ |
249 |
|
|
$ |
1,134 |
|
|
$ |
985 |
|
|
Services |
|
45 |
|
|
|
51 |
|
|
|
169 |
|
|
|
207 |
|
| Sales and marketing |
|
636 |
|
|
|
514 |
|
|
|
2,342 |
|
|
|
1,966 |
|
| Research and development |
|
354 |
|
|
|
284 |
|
|
|
1,277 |
|
|
|
1,149 |
|
| General and
administrative |
|
263 |
|
|
|
428 |
|
|
|
835 |
|
|
|
876 |
|
| |
$ |
1,618 |
|
|
$ |
1,526 |
|
|
$ |
5,757 |
|
|
$ |
5,183 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4) Includes acquisition-related expense as follows:
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
71 |
|
|
$ |
— |
|
|
$ |
88 |
|
|
$ |
— |
|
| Sales and marketing |
|
146 |
|
|
|
— |
|
|
|
180 |
|
|
|
— |
|
| Research and development |
|
498 |
|
|
|
— |
|
|
|
1,088 |
|
|
|
— |
|
| General and
administrative |
|
889 |
|
|
|
872 |
|
|
|
5,032 |
|
|
|
5,200 |
|
| |
$ |
1,604 |
|
|
$ |
872 |
|
|
$ |
6,388 |
|
|
$ |
5,200 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and administrative also includes acquisition-related
earnout of $1.2 million and $2.1 million for the three months ended
December 31, 2021 and 2020, respectively, and $6.0 million and
$(1.0) million for the years ended December 31, 2021 and 2020,
respectively. The acquisition-related earnout was an expense for
the year ended December 31, 2021 compared to a benefit for the
year ended December 31, 2020 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 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, |
|
|
|
2021 |
|
|
|
2020 |
|
| Cash flows from
operating activities |
|
|
|
|
Net loss |
$ |
(75,189 |
) |
|
$ |
(24,082 |
) |
|
Adjustments to reconcile net loss to cash provided by operating
activities: |
|
|
|
|
Depreciation and amortization expense |
|
47,069 |
|
|
|
38,511 |
|
|
Amortization of deferred contract costs |
|
12,534 |
|
|
|
7,953 |
|
|
Amortization of debt issuance costs |
|
1,251 |
|
|
|
773 |
|
|
Non-cash lease expense |
|
4,994 |
|
|
|
— |
|
|
Provision for credit losses and returns |
|
37 |
|
|
|
1,024 |
|
|
Loss on extinguishment of debt |
|
449 |
|
|
|
5,213 |
|
|
Share‑based compensation |
|
35,805 |
|
|
|
6,743 |
|
|
Deferred tax benefit |
|
(5,644 |
) |
|
|
(10,318 |
) |
|
Adjustment to contingent consideration |
|
6,037 |
|
|
|
(1,000 |
) |
|
Other |
|
1,419 |
|
|
|
(490 |
) |
|
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts receivable |
|
(6,521 |
) |
|
|
(23,112 |
) |
|
Income tax receivable/payable |
|
(611 |
) |
|
|
(766 |
) |
|
Prepaid expenses and other assets |
|
(9,265 |
) |
|
|
(3,620 |
) |
|
Deferred contract costs |
|
(24,795 |
) |
|
|
(20,398 |
) |
|
Accounts payable |
|
2,069 |
|
|
|
4,026 |
|
|
Accrued liabilities |
|
4,345 |
|
|
|
5,501 |
|
|
Deferred revenue |
|
71,216 |
|
|
|
64,945 |
|
|
Other liabilities |
|
(35 |
) |
|
|
1,898 |
|
|
Net cash provided by operating activities |
|
65,165 |
|
|
|
52,801 |
|
| Cash flows from
investing activities |
|
|
|
|
Acquisitions, net of cash acquired |
|
(352,711 |
) |
|
|
(2,512 |
) |
|
Payment of deferred consideration |
|
(25,000 |
) |
|
|
— |
|
|
Purchases of equipment and leasehold improvements |
|
(9,755 |
) |
|
|
(4,368 |
) |
|
Proceeds from sale of equipment and leasehold improvements |
|
48 |
|
|
|
4 |
|
|
Net cash used in investing activities |
|
(387,418 |
) |
|
|
(6,876 |
) |
| 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 |
|
(13,134 |
) |
|
|
(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 |
) |
|
|
(7,256 |
) |
|
Proceeds from private placement |
|
— |
|
|
|
2,233 |
|
|
Cash paid for contingent consideration |
|
(4,206 |
) |
|
|
— |
|
|
Payment of deferred consideration |
|
(25,000 |
) |
|
|
— |
|
|
Proceeds from the exercise of stock options |
|
10,691 |
|
|
|
2,985 |
|
|
Net cash provided by financing activities |
|
305,528 |
|
|
|
115,964 |
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
(993 |
) |
|
|
604 |
|
|
Net (decrease) increase in cash and cash equivalents |
|
(17,718 |
) |
|
|
162,493 |
|
| Cash and cash equivalents,
beginning of period |
|
194,868 |
|
|
|
32,375 |
|
| Cash and cash equivalents, end
of period |
$ |
177,150 |
|
|
$ |
194,868 |
|
| |
|
|
|
|
|
|
|
Jamf Holding
Corp.Supplemental Financial
InformationDisaggregated Revenues(in
thousands)(unaudited)
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| SaaS subscription and support
and maintenance |
$ |
91,278 |
|
|
$ |
63,376 |
|
|
$ |
313,950 |
|
|
$ |
223,655 |
|
| On‑premise subscription |
|
7,065 |
|
|
|
7,065 |
|
|
|
30,293 |
|
|
|
25,224 |
|
|
Subscription revenue |
|
98,343 |
|
|
|
70,441 |
|
|
|
344,243 |
|
|
|
248,879 |
|
| Professional services |
|
4,107 |
|
|
|
3,903 |
|
|
|
16,122 |
|
|
|
14,519 |
|
| Perpetual licenses |
|
1,352 |
|
|
|
1,923 |
|
|
|
6,023 |
|
|
|
5,734 |
|
|
Non‑subscription revenue |
|
5,459 |
|
|
|
5,826 |
|
|
|
22,145 |
|
|
|
20,253 |
|
|
Total revenue |
$ |
103,802 |
|
|
$ |
76,267 |
|
|
$ |
366,388 |
|
|
$ |
269,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Operating expenses |
$ |
102,593 |
|
|
$ |
72,145 |
|
|
$ |
352,233 |
|
|
$ |
225,576 |
|
| Amortization expense |
|
(7,019 |
) |
|
|
(5,634 |
) |
|
|
(25,294 |
) |
|
|
(22,575 |
) |
| Stock-based compensation |
|
(11,447 |
) |
|
|
(2,421 |
) |
|
|
(31,456 |
) |
|
|
(5,872 |
) |
| Acquisition-related
expense |
|
(1,533 |
) |
|
|
(872 |
) |
|
|
(6,300 |
) |
|
|
(5,200 |
) |
| Acquisition-related
earnout |
|
(1,200 |
) |
|
|
(2,100 |
) |
|
|
(6,037 |
) |
|
|
1,000 |
|
| Offering costs |
|
— |
|
|
|
(670 |
) |
|
|
(594 |
) |
|
|
(670 |
) |
| Payroll taxes related to
stock-based compensation |
|
(173 |
) |
|
|
— |
|
|
|
(1,381 |
) |
|
|
— |
|
| Legal settlement |
|
(800 |
) |
|
|
— |
|
|
|
(5,000 |
) |
|
|
— |
|
| Non-GAAP Operating
Expenses |
$ |
80,421 |
|
|
$ |
60,448 |
|
|
$ |
276,171 |
|
|
$ |
192,259 |
|
| |
|
|
|
|
|
|
|
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
| |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Gross profit |
$ |
76,513 |
|
|
$ |
59,060 |
|
|
$ |
276,031 |
|
|
$ |
208,124 |
|
| Amortization expense |
|
5,183 |
|
|
|
2,719 |
|
|
|
16,018 |
|
|
|
10,753 |
|
| Stock-based compensation |
|
1,584 |
|
|
|
419 |
|
|
|
4,349 |
|
|
|
871 |
|
| Acquisition-related
expense |
|
71 |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
| Payroll taxes related to
stock-based compensation |
|
12 |
|
|
|
— |
|
|
|
146 |
|
|
|
— |
|
| Non-GAAP Gross Profit |
$ |
83,363 |
|
|
$ |
62,198 |
|
|
$ |
296,632 |
|
|
$ |
219,748 |
|
| Non-GAAP Gross Profit
Margin |
|
80% |
|
|
|
82% |
|
|
|
81% |
|
|
|
82% |
|
| |
|
|
|
|
|
|
|
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
| |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Operating loss |
$ |
(26,080 |
) |
|
$ |
(13,085 |
) |
|
$ |
(76,202 |
) |
|
$ |
(17,452 |
) |
| Amortization expense |
|
12,202 |
|
|
|
8,353 |
|
|
|
41,312 |
|
|
|
33,328 |
|
| Stock-based compensation |
|
13,031 |
|
|
|
2,840 |
|
|
|
35,805 |
|
|
|
6,743 |
|
| Acquisition-related
expense |
|
1,604 |
|
|
|
872 |
|
|
|
6,388 |
|
|
|
5,200 |
|
| Acquisition-related
earnout |
|
1,200 |
|
|
|
2,100 |
|
|
|
6,037 |
|
|
|
(1,000 |
) |
| Offering costs |
|
— |
|
|
|
670 |
|
|
|
594 |
|
|
|
670 |
|
| Payroll taxes related to
stock-based compensation |
|
185 |
|
|
|
— |
|
|
|
1,527 |
|
|
|
— |
|
| Legal settlement |
|
800 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
| Non-GAAP Operating Income |
$ |
2,942 |
|
|
$ |
1,750 |
|
|
$ |
20,461 |
|
|
$ |
27,489 |
|
| Non-GAAP Operating Income
Margin |
|
3% |
|
|
|
2% |
|
|
|
6% |
|
|
|
10% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Net loss |
$ |
(23,750 |
) |
|
$ |
(8,364 |
) |
|
$ |
(75,189 |
) |
|
$ |
(24,082 |
) |
| Amortization expense |
|
12,202 |
|
|
|
8,353 |
|
|
|
41,312 |
|
|
|
33,328 |
|
| Stock-based compensation |
|
13,031 |
|
|
|
2,840 |
|
|
|
35,805 |
|
|
|
6,743 |
|
| Foreign currency transaction
loss |
|
54 |
|
|
|
251 |
|
|
|
849 |
|
|
|
722 |
|
| Loss on extinguishment of
debt |
|
— |
|
|
|
— |
|
|
|
449 |
|
|
|
5,213 |
|
| Amortization of debt issuance
costs |
|
678 |
|
|
|
— |
|
|
|
1,002 |
|
|
|
— |
|
| Acquisition-related
expense |
|
1,604 |
|
|
|
872 |
|
|
|
6,388 |
|
|
|
5,200 |
|
| Acquisition-related
earnout |
|
1,200 |
|
|
|
2,100 |
|
|
|
6,037 |
|
|
|
(1,000 |
) |
| Offering costs |
|
— |
|
|
|
670 |
|
|
|
594 |
|
|
|
670 |
|
| Payroll taxes related to
stock-based compensation |
|
185 |
|
|
|
— |
|
|
|
1,527 |
|
|
|
— |
|
| Legal settlement |
|
800 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
| Discrete tax items |
|
(1,591 |
) |
|
|
(2,213 |
) |
|
|
(1,655 |
) |
|
|
(3,879 |
) |
| Benefit for income
taxes(1) |
|
(1,836 |
) |
|
|
(3,192 |
) |
|
|
(3,361 |
) |
|
|
(9,662 |
) |
| Non-GAAP Net Income |
$ |
2,577 |
|
|
$ |
1,317 |
|
|
$ |
18,758 |
|
|
$ |
13,253 |
|
| Net loss
per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.20 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.22 |
) |
|
Diluted |
$ |
(0.20 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.22 |
) |
|
Weighted‑average shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
Basic |
|
119,145,856 |
|
|
|
116,647,340 |
|
|
|
118,276,462 |
|
|
|
108,908,597 |
|
|
Diluted |
|
119,145,856 |
|
|
|
116,647,340 |
|
|
|
118,276,462 |
|
|
|
108,908,597 |
|
| Non-GAAP
Net Income per Share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.16 |
|
|
$ |
0.12 |
|
|
Diluted |
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
0.15 |
|
|
$ |
0.12 |
|
| Weighted-average shares used
in computing Non-GAAP Net Income per Share: |
|
|
|
|
|
|
|
|
Basic |
|
119,145,856 |
|
|
|
116,647,340 |
|
|
|
118,276,462 |
|
|
|
108,908,597 |
|
|
Diluted |
|
129,512,412 |
|
|
|
120,069,893 |
|
|
|
123,105,959 |
|
|
|
111,868,920 |
|
(1) For the year ended December 31, 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 6.2% for the fourth quarter of fiscal 2021,
which reflects the annual effective tax rate catch-up for the first
through third quarters due to the impact of the Wandera
acquisition, resulting in a tax rate of 6.0% for the year ended
December 31, 2021. For the years ended December 31, 2020 and 2019,
we used our annual effective tax rates, which were not materially
different from the statutory rates.
| |
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
| Net cash
provided by operating activities |
$ |
338 |
|
|
$ |
19,702 |
|
|
$ |
65,165 |
|
|
$ |
52,801 |
|
|
Add: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
23 |
|
|
|
2 |
|
|
|
967 |
|
|
|
12,649 |
|
|
Cash paid for acquisition-related expense |
|
1,154 |
|
|
|
1,900 |
|
|
|
5,039 |
|
|
|
5,200 |
|
|
Cash paid for legal settlement |
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
|
Less: |
|
|
|
|
|
|
|
|
Purchases of equipment and leasehold improvements |
|
(2,494 |
) |
|
|
(2,532 |
) |
|
|
(9,755 |
) |
|
|
(4,368 |
) |
|
Unlevered free cash flow |
$ |
4,021 |
|
|
$ |
19,072 |
|
|
$ |
66,416 |
|
|
$ |
66,282 |
|
|
Unlevered free cash flow margin |
|
4% |
|
|
|
25% |
|
|
|
18% |
|
|
|
25% |
|
Jamf (NASDAQ:JAMF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Jamf (NASDAQ:JAMF)
Historical Stock Chart
From Jul 2023 to Jul 2024
