Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at
work, today announced financial results for its second quarter
ended June 30, 2023.
“Our second quarter of 2023 represents the 13th
consecutive quarter where Jamf outperformed expectations,” said
Dean Hager, CEO. “We continue to experience tailwinds of Apple
adoption in the enterprise across industries and customer
preference to consolidate device management and security on a
single platform to enhance their security posture and realize cost
savings. Jamf’s unmatched platform of solutions is uniquely
positioned to leverage these tailwinds to meet the needs of
organizations of all sizes and help drive further adoption of Apple
in the enterprise.”
Second Quarter 2023 Financial
Highlights
-
ARR: ARR of $547.8 million as of
June 30, 2023, an increase of 18% year-over-year.
- Revenue: Total
revenue of $135.1 million, an increase of 17% year-over-year.
- Gross Profit: GAAP
gross profit of $104.2 million, or 77% of total revenue, compared
to $86.2 million in the second quarter of 2022. Non-GAAP gross
profit of $110.6 million, or 82% of total revenue, compared to
$93.9 million in the second quarter of 2022.
- Operating
Loss/Income: GAAP operating loss of $37.6 million, or
(28)% of total revenue, compared to $61.8 million in the second
quarter of 2022. Non-GAAP operating income of $5.8 million, or 4%
of total revenue, compared to $4.5 million in the second quarter of
2022.
- Cash Flow: Cash
flow provided by operations of $60.4 million for the TTM ended
June 30, 2023, or 12% of TTM total revenue, compared to $43.5
million for the TTM ended June 30, 2022. Unlevered free cash
flow of $66.6 million for the TTM ended June 30, 2023, or 13%
of TTM total revenue, compared to $48.1 million for the TTM ended
June 30, 2022.
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.
“Our vision of delivering organizations Trusted
Access, which combines management, connection and protection into a
single, powerful, easy-to-use platform, is resonating with our
customers and provides Jamf with significant opportunity,” said
John Strosahl, President and COO. “We’re at the early stages and
are excited to continue to help our customers succeed with
Apple.”
Recent Business Highlights
- Ended the second
quarter serving more than 73,500 customers with 31.3 million
total devices on our platform.
- Achieved 37% year-over-year growth
in security ARR, to $114.6 million as of June 30, 2023,
representing 21% of Jamf’s total ARR.
- Launched three new integrations
with Google Cloud, enabling and protecting mobile workforces.
Encompassing Zero Trust, observability, and identity workflows,
Jamf continues to provide unique value for Google Cloud users with
Apple devices.
- Announced and completed the
acquisition of dataJAR, a leading Apple technology managed services
provider. We believe this acquisition will help Jamf expand
partnerships with managed service provider partners through
dataJAR’s proprietary technology and make it easier for
organizations to harness the power of Jamf’s management and
security platform.
- Announced Jamf now empowers more
than 42 million students globally, serving eight of the top 10
largest school districts in the United States (according to March
2023 data from Niche) and all of the top 10 best global
universities (as ranked by US News and World Report in March
2023).
- Launched Jamf Safe Internet for
Microsoft Windows, furthering our goal of ensuring that students on
all devices are protected.
- Announced Jamf’s participation in
the renowned CEO Action for Diversity & Inclusion™ pledge. This
powerful initiative brings together business leaders from various
industries to foster a more inclusive workplace environment and
drive meaningful change.
- Published our 2023 Purpose and
Impact Report, detailing our strategic commitments and approach to
environmental, social, and governance topics to empower employees,
customers, and communities.
Financial Outlook
For the third quarter of 2023, Jamf currently
expects:
- Total revenue of $139.0 to $141.0 million
- Non-GAAP operating income of $10.0 to $11.0 million
For the full year 2023, Jamf currently
expects:
- Total revenue of $555.0 to $558.0 million
- Non-GAAP operating income of $41.0 to $43.0 million
To assist with modeling, for the third quarter
of 2023 and full year 2023, amortization is expected to be
approximately $10.5 million and $42.0 million, respectively. In
addition, for the third quarter of 2023 and full year 2023,
stock-based compensation and related payroll taxes are expected to
be approximately $30.2 million and $107.1 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, stock-based compensation and related
payroll taxes, and system transformation costs. 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 August 8, 2023.
The conference call will be webcast live on
Jamf’s Investor Relations website at https://ir.jamf.com, along
with the earnings press release, financial tables, earnings
presentation, and investor presentation. Those parties interested
in participating via telephone may register on Jamf’s Investor
Relations website.
A replay of the call will be available on the
Investor Relations website beginning on August 8, 2023, at
approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).
Please note that Jamf uses its
https://ir.jamf.com website as a means of disclosing material
non-public information, announcing upcoming investor conferences
and for complying with its disclosure obligations under Regulation
FD. Accordingly, you should monitor our investor relations website
in addition to following our press releases, SEC filings, and
public conference calls and webcasts.
Non-GAAP Financial Measures
In addition to our results determined in
accordance with generally accepted accounting principles in the
United States (“GAAP”), we believe the non-GAAP measures of
non-GAAP operating expenses, non-GAAP gross profit, non-GAAP gross
profit margin, non-GAAP operating income (loss), non-GAAP operating
income (loss) margin, non-GAAP income before income taxes, non-GAAP
provision for income taxes as it relates to the calculation of
non-GAAP net income, non-GAAP net income, free cash flow, free cash
flow margin, unlevered free cash flow, and unlevered free cash flow
margin are useful in evaluating our operating performance. Certain
of these non-GAAP measures exclude stock-based compensation,
amortization expense, acquisition-related expenses,
acquisition-related earnout, offering costs, foreign currency
transaction (gain) loss, payroll taxes related to stock-based
compensation, legal settlement, loss on extinguishment of debt,
amortization of debt issuance costs, and system transformation
costs. We believe that non-GAAP financial information, when
taken collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance and
assists in comparisons with other companies, some of which use
similar non-GAAP information to supplement their GAAP results. The
non-GAAP financial information is presented for supplemental
informational purposes only, should not be considered a substitute
for financial information presented in accordance with GAAP, and
may be different from similarly-titled non-GAAP measures used by
other companies. The principal limitation of these non-GAAP
financial measures is that they exclude significant expenses that
are required by GAAP to be recorded in our financial statements. In
addition, they are subject to inherent limitations as they reflect
the exercise of judgment by our management about which expenses are
excluded or included in determining these non-GAAP financial
measures. Reconciliation tables of the most comparable GAAP
financial measures to the non-GAAP financial measures used in this
press release are included with the financial tables at the end of
this press release. We strongly encourage investors to review our
consolidated financial statements included in our publicly filed
reports in their entirety and not rely solely on any single
financial measurement or communication.
Forward-Looking Statements
This press release and the accompanying
conference call contain “forward-looking statements” within the
meaning of federal securities laws, which statements involve
substantial risks and uncertainties. Forward-looking statements
generally relate to future events or our future financial or
operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
“may,” “can,” “will,” “would,” “should,” “expects,” “plans,”
“anticipates,” “could,” “intends,” “target,” “projects,”
“contemplates,” “believes,” “estimates,” “predicts,” “forecasts,”
“potential” or “continue,” or other similar terms or expressions
that concern our expectations, strategy, plans, or intentions.
Forward-looking statements may involve known and unknown risks,
uncertainties, and other factors that may cause our actual results,
performance, or achievements to be materially different from those
expressed or implied by the forward-looking statements. These
statements include, but are not limited to, statements regarding
our future financial and operating performance (including our
outlook and guidance), the demand for our platform, anticipated
impacts of macroeconomic conditions on our business, our
expectations regarding business benefits and financial impacts from
our acquisitions, partnerships and investments, and our ability to
deliver on our long-term strategy.
The forward-looking statements contained in this
press release and the accompanying conference call are also subject
to additional risks, uncertainties, and factors, including those
more fully described in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2022. Additional information will
also be set forth in our Quarterly Report on Form 10-Q for the
fiscal quarter ended June 30, 2023, as well as the subsequent
periodic and current reports and other filings that we make with
the Securities and Exchange Commission from time to time. Moreover,
we operate in a very competitive and rapidly changing environment,
and new risks and uncertainties may emerge that could have an
impact on the forward-looking statements contained in this press
release and the accompanying conference call.
Given these factors, as well as other variables
that may affect our operating results, you should not rely on
forward-looking statements, assume that past financial performance
will be a reliable indicator of future performance, or use
historical trends to anticipate results or trends in future
periods. The forward-looking statements included in this press
release and the accompanying conference call relate only to events
as of the date hereof. We undertake no obligation to update or
revise any forward-looking statement as a result of new
information, future events or otherwise, except as otherwise
required by law.
About Jamf
Jamf’s purpose is to simplify work by helping
organizations manage and secure an Apple experience that end users
love and organizations trust. Jamf is the only company in the world
that provides a complete management and security solution for an
Apple-first environment designed to be enterprise secure, consumer
simple and protect personal privacy. To learn more, visit
www.jamf.com.
Investor ContactsJennifer
GaumondMichael Thomasir@jamf.com
Media ContactRachel
Nauenmedia@jamf.com
Jamf Holding
Corp.Consolidated Balance Sheets(in
thousands)(unaudited)
| |
June 30,2023 |
|
December 31, 2022 |
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
211,471 |
|
|
$ |
224,338 |
|
|
Trade accounts receivable, net of allowances of $508 and $445 |
|
100,184 |
|
|
|
88,163 |
|
|
Income taxes receivable |
|
782 |
|
|
|
465 |
|
|
Deferred contract costs |
|
20,386 |
|
|
|
17,652 |
|
|
Prepaid expenses |
|
18,092 |
|
|
|
14,331 |
|
|
Other current assets |
|
8,078 |
|
|
|
6,097 |
|
|
Total current assets |
|
358,993 |
|
|
|
351,046 |
|
| Equipment and leasehold
improvements, net |
|
17,514 |
|
|
|
19,421 |
|
| Goodwill |
|
867,909 |
|
|
|
856,925 |
|
| Other intangible assets, net |
|
200,128 |
|
|
|
218,744 |
|
| Deferred contract costs,
non-current |
|
46,145 |
|
|
|
39,643 |
|
| Other assets |
|
42,340 |
|
|
|
43,763 |
|
|
Total assets |
$ |
1,533,029 |
|
|
$ |
1,529,542 |
|
| |
|
|
|
| Liabilities and
stockholders’ equity |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
15,168 |
|
|
$ |
15,393 |
|
|
Accrued liabilities |
|
56,902 |
|
|
|
67,051 |
|
|
Income taxes payable |
|
866 |
|
|
|
486 |
|
|
Deferred revenues |
|
290,663 |
|
|
|
278,038 |
|
|
Total current liabilities |
|
363,599 |
|
|
|
360,968 |
|
| Deferred revenues,
non-current |
|
64,388 |
|
|
|
68,112 |
|
| Deferred tax liability, net |
|
5,146 |
|
|
|
5,505 |
|
| Convertible senior notes,
net |
|
365,750 |
|
|
|
364,505 |
|
| Other liabilities |
|
25,783 |
|
|
|
29,114 |
|
|
Total liabilities |
|
824,666 |
|
|
|
828,204 |
|
| Commitments and
contingencies |
|
|
|
| Stockholders’ equity: |
|
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
|
Common stock |
|
125 |
|
|
|
123 |
|
|
Additional paid-in capital |
|
1,105,703 |
|
|
|
1,049,875 |
|
|
Accumulated other comprehensive loss |
|
(28,357 |
) |
|
|
(39,951 |
) |
|
Accumulated deficit |
|
(369,108 |
) |
|
|
(308,709 |
) |
|
Total stockholders’ equity |
|
708,363 |
|
|
|
701,338 |
|
|
Total liabilities and stockholders’ equity |
$ |
1,533,029 |
|
|
$ |
1,529,542 |
|
Jamf Holding
Corp.Consolidated Statements of
Operations(in thousands, except share and per share
amounts)(unaudited)
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
130,591 |
|
|
$ |
109,407 |
|
|
$ |
257,821 |
|
|
$ |
211,608 |
|
|
Services |
|
4,254 |
|
|
|
5,027 |
|
|
|
8,638 |
|
|
|
8,971 |
|
|
License |
|
244 |
|
|
|
1,204 |
|
|
|
842 |
|
|
|
3,317 |
|
|
Total revenue |
|
135,089 |
|
|
|
115,638 |
|
|
|
267,301 |
|
|
|
223,896 |
|
| Cost of revenue: |
|
|
|
|
|
|
|
|
Cost of subscription(1)(2)(3)(4) (exclusive of amortization expense
shown below) |
|
24,186 |
|
|
|
20,634 |
|
|
|
47,345 |
|
|
|
40,536 |
|
|
Cost of services(1)(2)(3)(4) (exclusive of amortization expense
shown below) |
|
3,385 |
|
|
|
3,493 |
|
|
|
6,677 |
|
|
|
6,600 |
|
|
Amortization expense |
|
3,312 |
|
|
|
5,265 |
|
|
|
6,608 |
|
|
|
10,483 |
|
|
Total cost of revenue |
|
30,883 |
|
|
|
29,392 |
|
|
|
60,630 |
|
|
|
57,619 |
|
|
Gross profit |
|
104,206 |
|
|
|
86,246 |
|
|
|
206,671 |
|
|
|
166,277 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing(1)(2)(3)(4)(5) |
|
63,890 |
|
|
|
58,750 |
|
|
|
124,098 |
|
|
|
105,075 |
|
|
Research and development(1)(2)(3)(4)(5) |
|
34,725 |
|
|
|
33,983 |
|
|
|
66,797 |
|
|
|
58,785 |
|
|
General and administrative(1)(2)(3)(4)(5) |
|
35,966 |
|
|
|
48,321 |
|
|
|
64,402 |
|
|
|
73,933 |
|
|
Amortization expense |
|
7,247 |
|
|
|
7,034 |
|
|
|
14,488 |
|
|
|
14,063 |
|
|
Total operating expenses |
|
141,828 |
|
|
|
148,088 |
|
|
|
269,785 |
|
|
|
251,856 |
|
|
Loss from operations |
|
(37,622 |
) |
|
|
(61,842 |
) |
|
|
(63,114 |
) |
|
|
(85,579 |
) |
| Interest income (expense),
net |
|
1,481 |
|
|
|
(641 |
) |
|
|
2,766 |
|
|
|
(1,500 |
) |
| Foreign currency transaction
gain (loss) |
|
1,048 |
|
|
|
(676 |
) |
|
|
1,652 |
|
|
|
(1,457 |
) |
|
Loss before income tax (provision) benefit |
|
(35,093 |
) |
|
|
(63,159 |
) |
|
|
(58,696 |
) |
|
|
(88,536 |
) |
| Income tax (provision)
benefit |
|
(1,106 |
) |
|
|
20 |
|
|
|
(1,703 |
) |
|
|
(232 |
) |
|
Net loss |
$ |
(36,199 |
) |
|
$ |
(63,139 |
) |
|
$ |
(60,399 |
) |
|
$ |
(88,768 |
) |
| Net loss per share, basic and
diluted |
$ |
(0.29 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.74 |
) |
| Weighted‑average shares used
to compute net loss per share, basic and diluted |
|
124,382,767 |
|
|
|
119,941,482 |
|
|
|
123,905,072 |
|
|
|
119,768,871 |
|
(1) Includes stock-based compensation as follows:
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
2,715 |
|
$ |
2,061 |
|
$ |
4,982 |
|
$ |
4,016 |
|
Services |
|
323 |
|
|
313 |
|
|
632 |
|
|
617 |
| Sales and marketing |
|
9,076 |
|
|
13,811 |
|
|
16,575 |
|
|
19,670 |
| Research and development |
|
6,401 |
|
|
10,631 |
|
|
11,434 |
|
|
14,490 |
| General and
administrative |
|
11,668 |
|
|
26,208 |
|
|
16,110 |
|
|
30,241 |
| |
$ |
30,183 |
|
$ |
53,024 |
|
$ |
49,733 |
|
$ |
69,034 |
(2) Includes payroll taxes related to stock-based compensation
as follows:
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
71 |
|
$ |
24 |
|
$ |
83 |
|
$ |
24 |
|
Services |
|
12 |
|
|
1 |
|
|
12 |
|
|
1 |
| Sales and marketing |
|
303 |
|
|
65 |
|
|
407 |
|
|
77 |
| Research and development |
|
175 |
|
|
77 |
|
|
246 |
|
|
104 |
| General and
administrative |
|
146 |
|
|
86 |
|
|
222 |
|
|
183 |
| |
$ |
707 |
|
$ |
253 |
|
$ |
970 |
|
$ |
389 |
(3) Includes depreciation expense as follows:
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
306 |
|
$ |
286 |
|
$ |
621 |
|
$ |
606 |
|
Services |
|
39 |
|
|
41 |
|
|
78 |
|
|
86 |
| Sales and marketing |
|
787 |
|
|
633 |
|
|
1,592 |
|
|
1,317 |
| Research and development |
|
456 |
|
|
397 |
|
|
923 |
|
|
756 |
| General and
administrative |
|
267 |
|
|
235 |
|
|
528 |
|
|
473 |
| |
$ |
1,855 |
|
$ |
1,592 |
|
$ |
3,742 |
|
$ |
3,238 |
(4) Includes acquisition-related expense as follows:
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
| |
(in thousands) |
| Cost of revenue: |
|
|
|
|
|
|
|
|
Subscription |
$ |
— |
|
$ |
23 |
|
$ |
— |
|
$ |
61 |
|
Services |
|
1 |
|
|
— |
|
|
2 |
|
|
— |
| Sales and marketing |
|
115 |
|
|
— |
|
|
115 |
|
|
7 |
| Research and development |
|
124 |
|
|
283 |
|
|
175 |
|
|
546 |
| General and
administrative |
|
439 |
|
|
242 |
|
|
1,145 |
|
|
1,035 |
| |
$ |
679 |
|
$ |
548 |
|
$ |
1,437 |
|
$ |
1,649 |
(5) Includes system transformation costs as follows:
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
| |
(in thousands) |
| Sales and marketing |
$ |
37 |
|
$ |
— |
|
$ |
37 |
|
$ |
— |
| Research and development |
|
10 |
|
|
— |
|
|
10 |
|
|
— |
| General and
administrative |
|
1,293 |
|
|
— |
|
|
1,734 |
|
|
— |
| |
$ |
1,340 |
|
$ |
— |
|
$ |
1,781 |
|
$ |
— |
General and administrative also includes acquisition-related
earnout of $0.1 million and $0.2 million for the three and six
months ended June 30, 2022, respectively. The
acquisition-related earnout was an expense for the three and six
months ended June 30, 2022 reflecting the increase in fair
value of the Digita acquisition contingent liability due to growth
in sales of our Jamf Protect product.
Jamf Holding
Corp.Consolidated Statements of Cash
Flows(in thousands)(unaudited)
| |
Six Months Ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
| Operating
activities |
|
|
|
|
Net loss |
$ |
(60,399 |
) |
|
$ |
(88,768 |
) |
|
Adjustments to reconcile net loss to cash (used in) provided by
operating activities: |
|
|
|
|
Depreciation and amortization expense |
|
24,838 |
|
|
|
27,784 |
|
|
Amortization of deferred contract costs |
|
9,987 |
|
|
|
7,859 |
|
|
Amortization of debt issuance costs |
|
1,368 |
|
|
|
1,358 |
|
|
Non-cash lease expense |
|
2,955 |
|
|
|
2,943 |
|
|
Provision for credit losses and returns |
|
217 |
|
|
|
274 |
|
|
Share‑based compensation |
|
49,733 |
|
|
|
69,034 |
|
|
Deferred tax benefit |
|
(355 |
) |
|
|
(1,199 |
) |
|
Adjustment to contingent consideration |
|
— |
|
|
|
188 |
|
|
Other |
|
(1,856 |
) |
|
|
1,438 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Trade accounts receivable |
|
(12,047 |
) |
|
|
(17,870 |
) |
|
Income tax receivable/payable |
|
81 |
|
|
|
165 |
|
|
Prepaid expenses and other assets |
|
(6,694 |
) |
|
|
(3,851 |
) |
|
Deferred contract costs |
|
(19,124 |
) |
|
|
(15,438 |
) |
|
Accounts payable |
|
(483 |
) |
|
|
292 |
|
|
Accrued liabilities |
|
(10,205 |
) |
|
|
(3,100 |
) |
|
Deferred revenue |
|
8,753 |
|
|
|
35,233 |
|
|
Net cash (used in) provided by operating activities |
|
(13,231 |
) |
|
|
16,342 |
|
| Investing
activities |
|
|
|
|
Acquisitions, net of cash acquired |
|
— |
|
|
|
(4,023 |
) |
|
Purchases of equipment and leasehold improvements |
|
(1,786 |
) |
|
|
(2,876 |
) |
|
Purchase of investments |
|
(750 |
) |
|
|
— |
|
|
Other |
|
(25 |
) |
|
|
(79 |
) |
|
Net cash used in investing activities |
|
(2,561 |
) |
|
|
(6,978 |
) |
| Financing
activities |
|
|
|
|
Debt issuance costs |
|
— |
|
|
|
(50 |
) |
|
Cash paid for offering costs |
|
— |
|
|
|
(80 |
) |
|
Cash paid for contingent consideration |
|
(206 |
) |
|
|
(4,588 |
) |
|
Payment of acquisition-related holdback |
|
(277 |
) |
|
|
(200 |
) |
|
Proceeds from the exercise of stock options |
|
2,965 |
|
|
|
1,543 |
|
|
Net cash provided by (used in) financing activities |
|
2,482 |
|
|
|
(3,375 |
) |
|
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
92 |
|
|
|
(790 |
) |
|
Net (decrease) increase in cash, cash equivalents, and restricted
cash |
|
(13,218 |
) |
|
|
5,199 |
|
| Cash, cash equivalents, and
restricted cash, beginning of period |
|
231,921 |
|
|
|
177,150 |
|
| Cash, cash equivalents, and
restricted cash, end of period |
$ |
218,703 |
|
|
$ |
182,349 |
|
| |
|
|
|
| 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 |
$ |
211,471 |
|
|
$ |
182,349 |
|
|
Restricted cash included in other current assets |
|
32 |
|
|
|
— |
|
|
Restricted cash included in other assets |
|
7,200 |
|
|
|
— |
|
| Total cash, cash equivalents,
and restricted cash |
$ |
218,703 |
|
|
$ |
182,349 |
|
Jamf Holding
Corp.Supplemental Financial
InformationDisaggregated Revenues(in
thousands)(unaudited)
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
| SaaS subscription and support
and maintenance |
$ |
126,566 |
|
$ |
104,291 |
|
$ |
247,328 |
|
$ |
200,641 |
| On‑premise subscription |
|
4,025 |
|
|
5,116 |
|
|
10,493 |
|
|
10,967 |
|
Subscription revenue |
|
130,591 |
|
|
109,407 |
|
|
257,821 |
|
|
211,608 |
| Professional services |
|
4,254 |
|
|
5,027 |
|
|
8,638 |
|
|
8,971 |
| Perpetual licenses |
|
244 |
|
|
1,204 |
|
|
842 |
|
|
3,317 |
|
Non‑subscription revenue |
|
4,498 |
|
|
6,231 |
|
|
9,480 |
|
|
12,288 |
|
Total revenue |
$ |
135,089 |
|
$ |
115,638 |
|
$ |
267,301 |
|
$ |
223,896 |
Jamf Holding
Corp.Supplemental InformationKey
Business Metrics(in millions, except number of customers
and percentages)(unaudited)
| |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ARR |
|
$ |
547.8 |
|
|
$ |
526.6 |
|
|
$ |
512.5 |
|
|
$ |
490.5 |
|
|
$ |
466.0 |
|
|
$ |
436.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR from management solutions as a percent of total ARR |
|
|
79 |
% |
|
|
80 |
% |
|
|
80 |
% |
|
|
82 |
% |
|
|
82 |
% |
|
|
83 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ARR
from security solutions as a percent of total ARR |
|
|
21 |
% |
|
|
20 |
% |
|
|
20 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR from commercial customers as a percent of total ARR |
|
|
73 |
% |
|
|
72 |
% |
|
|
72 |
% |
|
|
71 |
% |
|
|
71 |
% |
|
|
70 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| ARR
from education customers as a percent of total ARR |
|
|
27 |
% |
|
|
28 |
% |
|
|
28 |
% |
|
|
29 |
% |
|
|
29 |
% |
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dollar-based net retention
rate (1) |
|
|
109 |
% |
|
|
111 |
% |
|
|
113 |
% |
|
|
115 |
% |
|
|
117 |
% |
|
|
120 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Devices |
|
|
31.3 |
|
|
|
30.8 |
|
|
|
30.0 |
|
|
|
29.3 |
|
|
|
28.4 |
|
|
|
26.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Customers |
|
|
73,500 |
|
|
|
72,500 |
|
|
|
71,000 |
|
|
|
69,000 |
|
|
|
67,000 |
|
|
|
62,000 |
|
(1) The dollar-based net retention rate for March 31, 2022 was
based on our Jamf legacy business and does not include Wandera
since it had not been a part of our business for the full trailing
twelve months.
Jamf Holding
Corp.Supplemental Financial
InformationReconciliation of GAAP to non-GAAP
Financial Data(in thousands, except share and per share
amounts)(unaudited)
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Operating expenses |
$ |
141,828 |
|
|
$ |
148,088 |
|
|
$ |
269,785 |
|
|
$ |
251,856 |
|
| Amortization expense |
|
(7,247 |
) |
|
|
(7,034 |
) |
|
|
(14,488 |
) |
|
|
(14,063 |
) |
| Stock-based compensation |
|
(27,145 |
) |
|
|
(50,650 |
) |
|
|
(44,119 |
) |
|
|
(64,401 |
) |
| Acquisition-related expense |
|
(678 |
) |
|
|
(525 |
) |
|
|
(1,435 |
) |
|
|
(1,588 |
) |
| Acquisition-related earnout |
|
— |
|
|
|
(100 |
) |
|
|
— |
|
|
|
(188 |
) |
| Offering costs |
|
— |
|
|
|
(124 |
) |
|
|
— |
|
|
|
(124 |
) |
| Payroll taxes related to
stock-based compensation |
|
(624 |
) |
|
|
(228 |
) |
|
|
(875 |
) |
|
|
(364 |
) |
| System transformation costs |
|
(1,340 |
) |
|
|
— |
|
|
|
(1,781 |
) |
|
|
— |
|
| Non-GAAP operating expenses |
$ |
104,794 |
|
|
$ |
89,427 |
|
|
$ |
207,087 |
|
|
$ |
171,128 |
|
| |
|
|
|
|
|
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Gross profit |
$ |
104,206 |
|
|
$ |
86,246 |
|
|
$ |
206,671 |
|
|
$ |
166,277 |
|
| Amortization expense |
|
3,312 |
|
|
|
5,265 |
|
|
|
6,608 |
|
|
|
10,483 |
|
| Stock-based compensation |
|
3,038 |
|
|
|
2,374 |
|
|
|
5,614 |
|
|
|
4,633 |
|
| Acquisition-related
expense |
|
1 |
|
|
|
23 |
|
|
|
2 |
|
|
|
61 |
|
| Payroll taxes related to
stock-based compensation |
|
83 |
|
|
|
25 |
|
|
|
95 |
|
|
|
25 |
|
| Non-GAAP gross profit |
$ |
110,640 |
|
|
$ |
93,933 |
|
|
$ |
218,990 |
|
|
$ |
181,479 |
|
| Gross profit margin |
|
77 |
% |
|
|
75 |
% |
|
|
77 |
% |
|
|
74 |
% |
| Non-GAAP gross profit
margin |
|
82 |
% |
|
|
81 |
% |
|
|
82 |
% |
|
|
81 |
% |
| |
|
|
|
|
|
|
|
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Operating loss |
$ |
(37,622 |
) |
|
$ |
(61,842 |
) |
|
$ |
(63,114 |
) |
|
$ |
(85,579 |
) |
| Amortization expense |
|
10,559 |
|
|
|
12,299 |
|
|
|
21,096 |
|
|
|
24,546 |
|
| Stock-based compensation |
|
30,183 |
|
|
|
53,024 |
|
|
|
49,733 |
|
|
|
69,034 |
|
| Acquisition-related
expense |
|
679 |
|
|
|
548 |
|
|
|
1,437 |
|
|
|
1,649 |
|
| Acquisition-related
earnout |
|
— |
|
|
|
100 |
|
|
|
— |
|
|
|
188 |
|
| Offering costs |
|
— |
|
|
|
124 |
|
|
|
— |
|
|
|
124 |
|
| Payroll taxes related to
stock-based compensation |
|
707 |
|
|
|
253 |
|
|
|
970 |
|
|
|
389 |
|
| System transformation
costs |
|
1,340 |
|
|
|
— |
|
|
|
1,781 |
|
|
|
— |
|
| Non-GAAP operating income |
$ |
5,846 |
|
|
$ |
4,506 |
|
|
$ |
11,903 |
|
|
$ |
10,351 |
|
| Operating loss margin |
|
(28) |
% |
|
|
(53) |
% |
|
|
(24) |
% |
|
|
(38) |
% |
| Non-GAAP operating income
margin |
|
4 |
% |
|
|
4 |
% |
|
|
4 |
% |
|
|
5 |
% |
| |
Three Months Ended June 30, |
|
Six Months Ended June 30, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Net loss |
$ |
(36,199 |
) |
|
$ |
(63,139 |
) |
|
$ |
(60,399 |
) |
|
$ |
(88,768 |
) |
| Exclude: income tax
(provision) benefit |
|
(1,106 |
) |
|
|
20 |
|
|
|
(1,703 |
) |
|
|
(232 |
) |
| Loss before income tax
(provision) benefit |
|
(35,093 |
) |
|
|
(63,159 |
) |
|
|
(58,696 |
) |
|
|
(88,536 |
) |
| Amortization expense |
|
10,559 |
|
|
|
12,299 |
|
|
|
21,096 |
|
|
|
24,546 |
|
| Stock-based compensation |
|
30,183 |
|
|
|
53,024 |
|
|
|
49,733 |
|
|
|
69,034 |
|
| Foreign currency transaction
(gain) loss |
|
(1,048 |
) |
|
|
676 |
|
|
|
(1,652 |
) |
|
|
1,457 |
|
| Amortization of debt issuance
costs |
|
684 |
|
|
|
679 |
|
|
|
1,368 |
|
|
|
1,358 |
|
| Acquisition-related
expense |
|
679 |
|
|
|
548 |
|
|
|
1,437 |
|
|
|
1,649 |
|
| Acquisition-related
earnout |
|
— |
|
|
|
100 |
|
|
|
— |
|
|
|
188 |
|
| Offering costs |
|
— |
|
|
|
124 |
|
|
|
— |
|
|
|
124 |
|
| Payroll taxes related to
stock-based compensation |
|
707 |
|
|
|
253 |
|
|
|
970 |
|
|
|
389 |
|
| System transformation
costs |
|
1,340 |
|
|
|
— |
|
|
|
1,781 |
|
|
|
— |
|
| Non-GAAP income before income
taxes |
|
8,011 |
|
|
|
4,544 |
|
|
|
16,037 |
|
|
|
10,209 |
|
| Non-GAAP provision for income
taxes (1) |
|
(1,923 |
) |
|
|
(1,090 |
) |
|
|
(3,849 |
) |
|
|
(2,450 |
) |
| Non-GAAP net income |
$ |
6,088 |
|
|
$ |
3,454 |
|
|
$ |
12,188 |
|
|
$ |
7,759 |
|
| Net loss per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.29 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.74 |
) |
|
Diluted |
$ |
(0.29 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.49 |
) |
|
$ |
(0.74 |
) |
| Weighted‑average shares used in
computing net loss per share: |
|
|
|
|
|
|
|
|
Basic |
|
124,382,767 |
|
|
|
119,941,482 |
|
|
|
123,905,072 |
|
|
|
119,768,871 |
|
|
Diluted |
|
124,382,767 |
|
|
|
119,941,482 |
|
|
|
123,905,072 |
|
|
|
119,768,871 |
|
| Non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.05 |
|
|
$ |
0.03 |
|
|
$ |
0.10 |
|
|
$ |
0.06 |
|
|
Diluted |
$ |
0.05 |
|
|
$ |
0.03 |
|
|
$ |
0.09 |
|
|
$ |
0.06 |
|
| Weighted-average shares used
in computing non-GAAP net income per share: |
|
|
|
|
|
|
|
|
Basic |
|
124,382,767 |
|
|
|
119,941,482 |
|
|
|
123,905,072 |
|
|
|
119,768,871 |
|
|
Diluted |
|
134,690,326 |
|
|
|
129,189,399 |
|
|
|
134,316,268 |
|
|
|
129,436,956 |
|
(1) In accordance with the SEC’s Non-GAAP Financial Measures
Compliance and Disclosure Interpretation, the Company’s blended
U.S. statutory rate of 24% is used as an estimate for the current
and deferred income tax expense associated with our non-GAAP income
before income taxes.
| |
Six Months Ended June 30, |
|
Years Ended December 31, |
| |
|
2023 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Net cash (used in) provided by
operating activities |
$ |
(13,231 |
) |
|
$ |
16,342 |
|
|
$ |
38,022 |
|
|
$ |
90,005 |
|
|
$ |
65,165 |
|
| Less: |
|
|
|
|
|
|
|
|
|
|
Purchases of equipment and leasehold improvements |
|
(1,786 |
) |
|
|
(2,876 |
) |
|
|
(5,211 |
) |
|
|
(7,727 |
) |
|
|
(9,755 |
) |
| Free cash flow |
|
(15,017 |
) |
|
|
13,466 |
|
|
|
32,811 |
|
|
|
82,278 |
|
|
|
55,410 |
|
| Add: |
|
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
391 |
|
|
|
371 |
|
|
|
6 |
|
|
|
763 |
|
|
|
967 |
|
|
Cash paid for acquisition-related expense |
|
1,208 |
|
|
|
1,720 |
|
|
|
1,094 |
|
|
|
4,480 |
|
|
|
5,039 |
|
|
Cash paid for system transformation costs |
|
2,097 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Cash paid for contingent consideration |
|
6,000 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Cash paid for legal settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
| Unlevered free cash flow |
$ |
(5,321 |
) |
|
$ |
15,557 |
|
|
$ |
33,911 |
|
|
$ |
87,521 |
|
|
$ |
66,416 |
|
| Total revenue |
$ |
267,301 |
|
|
$ |
223,896 |
|
|
$ |
166,965 |
|
|
$ |
478,776 |
|
|
$ |
366,388 |
|
| Net cash (used in) provided by
operating activities as a percentage of total revenue |
(5)% |
|
|
7 |
% |
|
|
23 |
% |
|
|
19 |
% |
|
|
18 |
% |
| Free cash flow margin |
(6)% |
|
|
6 |
% |
|
|
20 |
% |
|
|
17 |
% |
|
|
15 |
% |
| Unlevered free cash flow
margin |
(2)% |
|
|
7 |
% |
|
|
20 |
% |
|
|
18 |
% |
|
|
18 |
% |
| |
Trailing Twelve Months Ended June
30, |
| |
|
2023 |
|
|
|
2022 |
|
| Net cash provided by operating
activities |
$ |
60,432 |
|
|
$ |
43,485 |
|
| Less: |
|
|
|
|
Purchases of equipment and leasehold improvements |
|
(6,637 |
) |
|
|
(7,420 |
) |
| Free cash flow |
|
53,795 |
|
|
|
36,065 |
|
| Add: |
|
|
|
|
Cash paid for interest |
|
783 |
|
|
|
1,332 |
|
|
Cash paid for acquisition-related expense |
|
3,968 |
|
|
|
5,665 |
|
|
Cash paid for system transformation costs |
|
2,097 |
|
|
|
— |
|
|
Cash paid for contingent consideration |
|
6,000 |
|
|
|
— |
|
|
Cash paid for legal settlement |
|
— |
|
|
|
5,000 |
|
| Unlevered free cash flow |
$ |
66,643 |
|
|
$ |
48,062 |
|
| Total revenue |
$ |
522,181 |
|
|
$ |
423,319 |
|
| Net cash provided by operating
activities as a percentage of total revenue |
|
12 |
% |
|
|
10 |
% |
| Free cash flow margin |
|
10 |
% |
|
|
9 |
% |
| Unlevered free cash flow
margin |
|
13 |
% |
|
|
11 |
% |
Jamf (NASDAQ:JAMF)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Jamf (NASDAQ:JAMF)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024
