Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at
work, today announced financial results for its fourth quarter and
fiscal year ended December 31, 2023.
“Jamf completed 2023 with solid results as
organizations choose Jamf to enable an Apple-first, modern approach
to managing and securing employee devices,” said John Strosahl,
Jamf CEO. “Our unique ability to deliver Trusted Access, where only
trusted users on trusted devices are able to access company
resources, has helped us navigate the recent headwinds related to
lower device expansion.”
Fourth Quarter 2023 Financial
Highlights
-
ARR: ARR of $588.6 million as of
December 31, 2023, an increase of 15% year-over-year.
- Revenue: Total
revenue of $150.6 million, an increase of 16% year-over-year.
- Gross Profit: GAAP
gross profit of $117.5 million, or 78% of total revenue, compared
to $99.9 million in the fourth quarter of 2022. Non-GAAP gross
profit of $124.1 million, or 82% of total revenue, compared to
$107.0 million in the fourth quarter of 2022.
- Operating
Loss/Income: GAAP operating loss of $20.3 million, or
(13)% of total revenue, compared to $24.7 million in the fourth
quarter of 2022. Non-GAAP operating income of $21.1 million, or 14%
of total revenue, compared to $8.7 million in the fourth quarter of
2022.
Fiscal Year 2023 Financial
Highlights
-
Revenue: Total revenue of $560.6 million, an
increase of 17% year-over-year.
- Gross Profit: GAAP
gross profit of $434.5 million, or 78% of total revenue, compared
to $359.5 million in fiscal year 2022. Non-GAAP gross profit of
$460.1 million, or 82% of total revenue, compared to $390.0 million
in fiscal year 2022.
- Operating
Loss/Income: GAAP operating loss of $115.2 million, or
(21)% of total revenue, compared to GAAP operating loss of $138.9
million in fiscal year 2022. Non-GAAP operating income of $45.4
million, or 8% of total revenue, compared to $25.9 million for
fiscal year 2022.
- Cash Flow: Cash
flow provided by operations of $36.0 million for fiscal year 2023,
or 6% of total revenue, compared to $90.0 million for fiscal year
2022. Unlevered free cash flow of $55.4 million for fiscal year
2023, or 10% of total revenue, compared to $87.5 million for fiscal
year 2022.
“We achieved significant margin improvement on
both on a GAAP and non-GAAP basis in 2023 as a result of revenue
outperformance and diligent cost management,” said Ian Goodkind,
Jamf CFO. “As we look to the next three years, we’ll ramp up our
efforts to increase profitability to align our cost structure with
the current revenue growth profile of Jamf, with the goal of
exceeding the Rule of 40 in 2026. I look forward to sharing more
during our Investor Day on March 13th.”
A reconciliation between historical GAAP and
non-GAAP information is contained in the tables below and the
section titled “Non-GAAP Financial Measures” below contains
descriptions of these reconciliations.
Recent Business Highlights
- Ended fiscal year
2023 serving more than 75,300 customers with 32.3 million
total devices on our platform.
- Achieved 33% year-over-year growth
in security ARR, to $133.8 million as of December 31, 2023,
representing 23% of Jamf’s total ARR.
- Launched first-to-market support
for Apple Vision Pro, adding this powerful new endpoint to Jamf’s
Apple-first, Apple-best security and access products, Jamf Protect
and Jamf Connect.
- Announced participation in the
Microsoft Security Copilot Partner Private Preview, working with
Microsoft product teams to help shape product development for the
first AI-powered security product that enables security
professionals to respond to threats quickly using an advanced large
language model (LLM) with a security-specific model that is
informed by Microsoft's unique global threat intelligence and more
than 65 trillion daily signals.
- Released Jamf’s annual Security
360: Annual Trends Report, analyzing the threats impacting devices
used in the modern workplace.
- Profiled in the Omdia Universe on
Digital Workspace Management / Unified Endpoint Management
Platforms, 2024 assessment.
For the first quarter of 2024, Jamf currently
expects:
- Total revenue of $148.0 to $150.0 million
- Non-GAAP operating income of $19.0 to $20.0 million
For the full year 2024, Jamf currently
expects:
- Total revenue of $614.5 to $619.5 million
- Non-GAAP operating income of $89.0 to $93.0 million
To assist with modeling, for the first quarter
of 2024 and full year 2024, amortization is expected to be
approximately $10.2 million and $40.3 million, respectively. In
addition, for the first quarter of 2024 and full year 2024,
stock-based compensation and related payroll taxes are expected to
be approximately $23.1 million and $110.8 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 expense 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.
Jamf to Host Investor Day
Jamf will host an Investor Day for analysts and
investors to provide an update on the business, strategy and 3-year
financial expectations.
The event will begin at 9:00 a.m. Eastern Time
on March 13th, 2024 and will be hosted in person in New York, New
York and via live webcast.
The event will be webcast live on Jamf’s
Investor Relations website at https://ir.jamf.com. Those parties
interested in participating in person, please reach out to
investorevents@jamf.com. The presentation and related materials
provided in connection with this event will be available on Jamf’s
Investor Relations website.
A replay of the event will be available on the
Investor Relations website beginning on March 13th, 2024, at
approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).
Webcast and Conference Call
Information
Jamf will host a conference call and live
webcast for analysts and investors at 3:30 p.m. Central Time (4:30
p.m. Eastern Time) on February 27, 2024.
The conference call will be webcast live on
Jamf’s Investor Relations website at https://ir.jamf.com. Those
parties interested in participating via telephone may register on
Jamf’s Investor Relations website. The financial tables, earnings
presentation, and investor presentation provided in connection with
this press release and the accompanying conference call will also
be available on Jamf’s Investor Relations website.
A replay of the call will be available on the
Investor Relations website beginning on February 27, 2024, 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, adjusted EBITDA, 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, extraordinary legal settlements and other
non-recurring litigation costs, loss on extinguishment of debt,
amortization of debt issuance costs, system transformation costs,
and restructuring charges. 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, 2023. 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 ContactJennifer
Gaumondir@jamf.com
Media ContactRachel
Nauenmedia@jamf.com
Jamf Holding Corp.Consolidated Balance Sheets(in
thousands)(unaudited) |
|
|
December 31,2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
243,576 |
|
|
$ |
224,338 |
|
Trade accounts receivable, net of allowances of $444 and $445 |
|
108,240 |
|
|
|
88,163 |
|
Deferred contract costs |
|
23,508 |
|
|
|
17,652 |
|
Prepaid expenses |
|
14,255 |
|
|
|
14,331 |
|
Other current assets |
|
13,055 |
|
|
|
6,562 |
|
Total current assets |
|
402,634 |
|
|
|
351,046 |
|
Equipment and leasehold
improvements, net |
|
15,184 |
|
|
|
19,421 |
|
Goodwill |
|
887,121 |
|
|
|
856,925 |
|
Other intangible assets,
net |
|
187,891 |
|
|
|
218,744 |
|
Deferred contract costs,
non-current |
|
53,070 |
|
|
|
39,643 |
|
Other assets |
|
43,752 |
|
|
|
43,763 |
|
Total assets |
$ |
1,589,652 |
|
|
$ |
1,529,542 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
25,909 |
|
|
$ |
15,393 |
|
Accrued liabilities |
|
77,447 |
|
|
|
67,051 |
|
Income taxes payable |
|
1,248 |
|
|
|
486 |
|
Deferred revenue |
|
317,546 |
|
|
|
278,038 |
|
Total current liabilities |
|
422,150 |
|
|
|
360,968 |
|
Deferred revenue,
non-current |
|
55,886 |
|
|
|
68,112 |
|
Deferred tax liability,
net |
|
5,952 |
|
|
|
5,505 |
|
Convertible senior notes,
net |
|
366,999 |
|
|
|
364,505 |
|
Other liabilities |
|
21,118 |
|
|
|
29,114 |
|
Total liabilities |
|
872,105 |
|
|
|
828,204 |
|
Commitments and
contingencies |
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock |
|
— |
|
|
|
— |
|
Common stock |
|
126 |
|
|
|
123 |
|
Additional paid-in capital |
|
1,162,993 |
|
|
|
1,049,875 |
|
Accumulated other comprehensive loss |
|
(26,777 |
) |
|
|
(39,951 |
) |
Accumulated deficit |
|
(418,795 |
) |
|
|
(308,709 |
) |
Total stockholders’ equity |
|
717,547 |
|
|
|
701,338 |
|
Total liabilities and stockholders’ equity |
$ |
1,589,652 |
|
|
$ |
1,529,542 |
|
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, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
146,677 |
|
|
$ |
124,875 |
|
|
$ |
543,019 |
|
|
$ |
455,007 |
|
Services |
|
3,731 |
|
|
|
4,838 |
|
|
|
16,325 |
|
|
|
19,025 |
|
License |
|
237 |
|
|
|
610 |
|
|
|
1,227 |
|
|
|
4,744 |
|
Total revenue |
|
150,645 |
|
|
|
130,323 |
|
|
|
560,571 |
|
|
|
478,776 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of subscription(1)(2)(3)(4)(5)(exclusive of amortization
expense shown below) |
|
26,200 |
|
|
|
22,609 |
|
|
|
98,554 |
|
|
|
85,479 |
|
Cost of services(1)(2)(3)(4)(exclusive of amortization expense
shown below) |
|
3,563 |
|
|
|
3,632 |
|
|
|
13,976 |
|
|
|
13,816 |
|
Amortization expense |
|
3,427 |
|
|
|
4,172 |
|
|
|
13,529 |
|
|
|
19,932 |
|
Total cost of revenue |
|
33,190 |
|
|
|
30,413 |
|
|
|
126,059 |
|
|
|
119,227 |
|
Gross profit |
|
117,455 |
|
|
|
99,910 |
|
|
|
434,512 |
|
|
|
359,549 |
|
Operating expenses: |
|
|
|
|
|
|
|
Sales and marketing(1)(2)(3)(4)(5) |
|
62,420 |
|
|
|
58,557 |
|
|
|
250,757 |
|
|
|
217,728 |
|
Research and development(1)(2)(3)(4)(5) |
|
32,921 |
|
|
|
30,322 |
|
|
|
134,422 |
|
|
|
119,906 |
|
General and administrative(1)(2)(3)(4)(5)(6) |
|
34,935 |
|
|
|
28,568 |
|
|
|
135,233 |
|
|
|
132,562 |
|
Amortization expense |
|
7,441 |
|
|
|
7,124 |
|
|
|
29,349 |
|
|
|
28,227 |
|
Total operating expenses |
|
137,717 |
|
|
|
124,571 |
|
|
|
549,761 |
|
|
|
498,423 |
|
Loss from operations |
|
(20,262 |
) |
|
|
(24,661 |
) |
|
|
(115,249 |
) |
|
|
(138,874 |
) |
Interest income (expense),
net |
|
2,073 |
|
|
|
917 |
|
|
|
6,526 |
|
|
|
(538 |
) |
Foreign currency transaction
gain (loss) |
|
1,911 |
|
|
|
1,279 |
|
|
|
916 |
|
|
|
(2,802 |
) |
Loss before income tax (provision) benefit |
|
(16,278 |
) |
|
|
(22,465 |
) |
|
|
(107,807 |
) |
|
|
(142,214 |
) |
Income tax (provision)
benefit |
|
(1,132 |
) |
|
|
1,234 |
|
|
|
(2,279 |
) |
|
|
913 |
|
Net loss |
$ |
(17,410 |
) |
|
$ |
(21,231 |
) |
|
$ |
(110,086 |
) |
|
$ |
(141,301 |
) |
Net loss per share, basic and
diluted |
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.88 |
) |
|
$ |
(1.17 |
) |
Weighted‑average shares used
to compute net loss per share, basic and diluted |
|
126,361,484 |
|
|
|
122,300,221 |
|
|
|
124,935,620 |
|
|
|
120,720,972 |
|
(1) Includes stock-based compensation as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
2,594 |
|
$ |
2,359 |
|
$ |
10,229 |
|
$ |
8,854 |
Services |
|
392 |
|
|
338 |
|
|
1,386 |
|
|
1,299 |
Sales and marketing |
|
8,059 |
|
|
6,934 |
|
|
33,127 |
|
|
33,559 |
Research and development |
|
5,856 |
|
|
4,772 |
|
|
23,719 |
|
|
24,392 |
General and
administrative |
|
6,017 |
|
|
5,243 |
|
|
32,539 |
|
|
41,066 |
|
$ |
22,918 |
|
$ |
19,646 |
|
$ |
101,000 |
|
$ |
109,170 |
(2) Includes payroll taxes related to stock-based compensation
as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
143 |
|
$ |
160 |
|
$ |
318 |
|
$ |
293 |
Services |
|
32 |
|
|
30 |
|
|
57 |
|
|
54 |
Sales and marketing |
|
451 |
|
|
367 |
|
|
1,162 |
|
|
810 |
Research and development |
|
171 |
|
|
183 |
|
|
581 |
|
|
429 |
General and
administrative |
|
137 |
|
|
153 |
|
|
490 |
|
|
428 |
|
$ |
934 |
|
$ |
893 |
|
$ |
2,608 |
|
$ |
2,014 |
(3) Includes depreciation expense as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
296 |
|
$ |
310 |
|
$ |
1,219 |
|
$ |
1,201 |
Services |
|
44 |
|
|
44 |
|
|
168 |
|
|
170 |
Sales and marketing |
|
777 |
|
|
739 |
|
|
3,155 |
|
|
2,725 |
Research and development |
|
444 |
|
|
445 |
|
|
1,814 |
|
|
1,610 |
General and
administrative |
|
266 |
|
|
258 |
|
|
1,064 |
|
|
965 |
|
$ |
1,827 |
|
$ |
1,796 |
|
$ |
7,420 |
|
$ |
6,671 |
(4) Includes acquisition-related expense as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
61 |
Services |
|
34 |
|
|
— |
|
|
50 |
|
|
— |
Sales and marketing |
|
152 |
|
|
— |
|
|
371 |
|
|
7 |
Research and development |
|
299 |
|
|
120 |
|
|
807 |
|
|
912 |
General and
administrative |
|
2,704 |
|
|
1,092 |
|
|
6,133 |
|
|
3,663 |
|
$ |
3,189 |
|
$ |
1,212 |
|
$ |
7,361 |
|
$ |
4,643 |
(5) Includes system transformation costs as follows:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
Cost of revenue: |
|
|
|
|
|
|
|
Subscription |
$ |
29 |
|
$ |
— |
|
$ |
51 |
|
$ |
— |
Sales and marketing |
|
82 |
|
|
— |
|
|
174 |
|
|
— |
Research and development |
|
— |
|
|
— |
|
|
12 |
|
|
— |
General and
administrative |
|
1,569 |
|
|
— |
|
|
4,596 |
|
|
— |
|
$ |
1,680 |
|
$ |
— |
|
$ |
4,833 |
|
$ |
— |
(6) General and administrative also includes the following:
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
(in thousands) |
Acquisition-related
earnout |
$ |
— |
|
$ |
306 |
|
$ |
— |
|
$ |
694 |
Offering costs |
|
— |
|
|
— |
|
|
— |
|
|
124 |
Restructuring charges |
|
1,393 |
|
|
— |
|
|
1,393 |
|
|
— |
Legal settlements and other
non-recurring litigation costs |
|
359 |
|
|
— |
|
|
559 |
|
|
— |
Jamf Holding Corp.Consolidated Statements of Cash
Flows(in thousands)(unaudited) |
|
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Operating
activities |
|
|
|
Net loss |
$ |
(110,086 |
) |
|
$ |
(141,301 |
) |
Adjustments to reconcile net loss to cash provided by operating
activities: |
|
|
|
Depreciation and amortization expense |
|
50,298 |
|
|
|
54,830 |
|
Amortization of deferred contract costs |
|
21,497 |
|
|
|
16,563 |
|
Amortization of debt issuance costs |
|
2,742 |
|
|
|
2,722 |
|
Non-cash lease expense |
|
5,935 |
|
|
|
5,869 |
|
Impairment of lease right-of-use assets |
|
1,077 |
|
|
|
— |
|
Provision for credit losses and returns |
|
472 |
|
|
|
328 |
|
Share‑based compensation |
|
101,000 |
|
|
|
109,170 |
|
Deferred tax benefit |
|
(1,976 |
) |
|
|
(2,955 |
) |
Adjustment to contingent consideration |
|
— |
|
|
|
694 |
|
Other |
|
(1,673 |
) |
|
|
3,333 |
|
Changes in operating assets and liabilities: |
|
|
|
Trade accounts receivable |
|
(19,233 |
) |
|
|
(9,487 |
) |
Prepaid expenses and other assets |
|
(11,354 |
) |
|
|
1,888 |
|
Deferred contract costs |
|
(40,643 |
) |
|
|
(31,134 |
) |
Accounts payable |
|
9,352 |
|
|
|
5,891 |
|
Accrued liabilities |
|
2,690 |
|
|
|
10,017 |
|
Income taxes payable |
|
727 |
|
|
|
151 |
|
Deferred revenue |
|
23,939 |
|
|
|
63,426 |
|
Other liabilities |
|
1,200 |
|
|
|
— |
|
Net cash provided by operating activities |
|
35,964 |
|
|
|
90,005 |
|
Investing
activities |
|
|
|
Acquisitions, net of cash acquired |
|
(18,797 |
) |
|
|
(23,816 |
) |
Purchases of equipment and leasehold improvements |
|
(2,934 |
) |
|
|
(7,727 |
) |
Purchase of investments |
|
(750 |
) |
|
|
(3,100 |
) |
Other |
|
5 |
|
|
|
(139 |
) |
Net cash used in investing activities |
|
(22,476 |
) |
|
|
(34,782 |
) |
Financing
activities |
|
|
|
Debt issuance costs |
|
— |
|
|
|
(50 |
) |
Cash paid for offering costs |
|
— |
|
|
|
(104 |
) |
Cash paid for contingent consideration |
|
(206 |
) |
|
|
(4,588 |
) |
Payment of acquisition-related holdback |
|
(515 |
) |
|
|
(200 |
) |
Proceeds from the exercise of stock options |
|
6,042 |
|
|
|
5,203 |
|
Net cash provided by financing activities |
|
5,321 |
|
|
|
261 |
|
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
79 |
|
|
|
(713 |
) |
Net increase in cash, cash equivalents, and restricted cash |
|
18,888 |
|
|
|
54,771 |
|
Cash, cash equivalents, and
restricted cash, beginning of period |
|
231,921 |
|
|
|
177,150 |
|
Cash, cash equivalents, and
restricted cash, end of period |
$ |
250,809 |
|
|
$ |
231,921 |
|
|
|
|
|
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 |
$ |
243,576 |
|
|
$ |
224,338 |
|
Restricted cash included in other current assets |
|
3,633 |
|
|
|
383 |
|
Restricted cash included in other assets |
|
3,600 |
|
|
|
7,200 |
|
Total cash, cash equivalents,
and restricted cash |
$ |
250,809 |
|
|
$ |
231,921 |
|
Jamf Holding Corp.Supplemental Financial
InformationDisaggregated Revenue(in
thousands)(unaudited) |
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
SaaS subscription and support
and maintenance |
$ |
140,315 |
|
$ |
117,621 |
|
$ |
521,269 |
|
$ |
430,613 |
On‑premise subscription |
|
6,362 |
|
|
7,254 |
|
|
21,750 |
|
|
24,394 |
Subscription revenue |
|
146,677 |
|
|
124,875 |
|
|
543,019 |
|
|
455,007 |
Professional services |
|
3,731 |
|
|
4,838 |
|
|
16,325 |
|
|
19,025 |
Perpetual licenses |
|
237 |
|
|
610 |
|
|
1,227 |
|
|
4,744 |
Non‑subscription revenue |
|
3,968 |
|
|
5,448 |
|
|
17,552 |
|
|
23,769 |
Total revenue |
$ |
150,645 |
|
$ |
130,323 |
|
$ |
560,571 |
|
$ |
478,776 |
Jamf Holding Corp.Supplemental InformationKey
Business Metrics(in millions, except number of customers and
percentages)(unaudited) |
|
|
December 31,2023 |
|
September 30,2023 |
|
June 30,2023 |
|
March 31,2023 |
|
December 31,2022 |
|
September 30,2022 |
|
June 30,2022 |
|
March 31,2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR |
$ |
588.6 |
|
|
$ |
566.3 |
|
|
$ |
547.8 |
|
|
$ |
526.6 |
|
|
$ |
512.5 |
|
|
$ |
490.5 |
|
|
$ |
466.0 |
|
|
$ |
436.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR from management solutions as a percent of total ARR |
|
77 |
% |
|
|
79 |
% |
|
|
79 |
% |
|
|
80 |
% |
|
|
80 |
% |
|
|
82 |
% |
|
|
82 |
% |
|
|
83 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR
from security solutions as a percent of total ARR |
|
23 |
% |
|
|
21 |
% |
|
|
21 |
% |
|
|
20 |
% |
|
|
20 |
% |
|
|
18 |
% |
|
|
18 |
% |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR from commercial customers as a percent of total ARR |
|
74 |
% |
|
|
73 |
% |
|
|
73 |
% |
|
|
72 |
% |
|
|
72 |
% |
|
|
71 |
% |
|
|
71 |
% |
|
|
70 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARR
from education customers as a percent of total ARR |
|
26 |
% |
|
|
27 |
% |
|
|
27 |
% |
|
|
28 |
% |
|
|
28 |
% |
|
|
29 |
% |
|
|
29 |
% |
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dollar-based net retention
rate(1) |
|
108 |
% |
|
|
108 |
% |
|
|
109 |
% |
|
|
111 |
% |
|
|
113 |
% |
|
|
115 |
% |
|
|
117 |
% |
|
|
120 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Devices |
|
32.3 |
|
|
|
31.8 |
|
|
|
31.3 |
|
|
|
30.8 |
|
|
|
30.0 |
|
|
|
29.3 |
|
|
|
28.4 |
|
|
|
26.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customers |
|
75,300 |
|
|
|
74,400 |
|
|
|
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 December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating expenses |
$ |
137,717 |
|
|
$ |
124,571 |
|
|
$ |
549,761 |
|
|
$ |
498,423 |
|
Amortization expense |
|
(7,441 |
) |
|
|
(7,124 |
) |
|
|
(29,349 |
) |
|
|
(28,227 |
) |
Stock-based compensation |
|
(19,932 |
) |
|
|
(16,949 |
) |
|
|
(89,385 |
) |
|
|
(99,017 |
) |
Acquisition-related expense |
|
(3,155 |
) |
|
|
(1,212 |
) |
|
|
(7,311 |
) |
|
|
(4,582 |
) |
Acquisition-related earnout |
|
— |
|
|
|
(306 |
) |
|
|
— |
|
|
|
(694 |
) |
Offering costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(124 |
) |
Payroll taxes related to
stock-based compensation |
|
(759 |
) |
|
|
(703 |
) |
|
|
(2,233 |
) |
|
|
(1,667 |
) |
System transformation costs |
|
(1,651 |
) |
|
|
— |
|
|
|
(4,782 |
) |
|
|
— |
|
Restructuring charges |
|
(1,393 |
) |
|
|
— |
|
|
|
(1,393 |
) |
|
|
— |
|
Legal settlements and other
non-recurring litigation costs |
|
(359 |
) |
|
|
— |
|
|
|
(559 |
) |
|
|
— |
|
Non-GAAP operating expenses |
$ |
103,027 |
|
|
$ |
98,277 |
|
|
$ |
414,749 |
|
|
$ |
364,112 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Gross profit |
$ |
117,455 |
|
|
$ |
99,910 |
|
|
$ |
434,512 |
|
|
$ |
359,549 |
|
Amortization expense |
|
3,427 |
|
|
|
4,172 |
|
|
|
13,529 |
|
|
|
19,932 |
|
Stock-based compensation |
|
2,986 |
|
|
|
2,697 |
|
|
|
11,615 |
|
|
|
10,153 |
|
Acquisition-related
expense |
|
34 |
|
|
|
— |
|
|
|
50 |
|
|
|
61 |
|
Payroll taxes related to
stock-based compensation |
|
175 |
|
|
|
190 |
|
|
|
375 |
|
|
|
347 |
|
System transformation
costs |
|
29 |
|
|
|
— |
|
|
|
51 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
124,106 |
|
|
$ |
106,969 |
|
|
$ |
460,132 |
|
|
$ |
390,042 |
|
Gross profit margin |
|
78% |
|
|
|
77% |
|
|
|
78% |
|
|
|
75% |
|
Non-GAAP gross profit
margin |
|
82% |
|
|
|
82% |
|
|
|
82% |
|
|
|
81% |
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating loss |
$ |
(20,262 |
) |
|
$ |
(24,661 |
) |
|
$ |
(115,249 |
) |
|
$ |
(138,874 |
) |
Amortization expense |
|
10,868 |
|
|
|
11,296 |
|
|
|
42,878 |
|
|
|
48,159 |
|
Stock-based compensation |
|
22,918 |
|
|
|
19,646 |
|
|
|
101,000 |
|
|
|
109,170 |
|
Acquisition-related
expense |
|
3,189 |
|
|
|
1,212 |
|
|
|
7,361 |
|
|
|
4,643 |
|
Acquisition-related
earnout |
|
— |
|
|
|
306 |
|
|
|
— |
|
|
|
694 |
|
Offering costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
124 |
|
Payroll taxes related to
stock-based compensation |
|
934 |
|
|
|
893 |
|
|
|
2,608 |
|
|
|
2,014 |
|
System transformation
costs |
|
1,680 |
|
|
|
— |
|
|
|
4,833 |
|
|
|
— |
|
Restructuring charges |
|
1,393 |
|
|
|
— |
|
|
|
1,393 |
|
|
|
— |
|
Legal settlements and other
non-recurring litigation costs |
|
359 |
|
|
|
— |
|
|
|
559 |
|
|
|
— |
|
Non-GAAP operating income |
$ |
21,079 |
|
|
$ |
8,692 |
|
|
$ |
45,383 |
|
|
$ |
25,930 |
|
Operating loss margin |
(13)% |
|
|
(19)% |
|
|
(21)% |
|
|
(29)% |
|
Non-GAAP operating income
margin |
|
14% |
|
|
|
7% |
|
|
|
8% |
|
|
|
5% |
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(17,410 |
) |
|
$ |
(21,231 |
) |
|
$ |
(110,086 |
) |
|
$ |
(141,301 |
) |
Exclude: income tax
(provision) benefit |
|
(1,132 |
) |
|
|
1,234 |
|
|
|
(2,279 |
) |
|
|
913 |
|
Loss before income tax
(provision) benefit |
|
(16,278 |
) |
|
|
(22,465 |
) |
|
|
(107,807 |
) |
|
|
(142,214 |
) |
Amortization expense |
|
10,868 |
|
|
|
11,296 |
|
|
|
42,878 |
|
|
|
48,159 |
|
Stock-based compensation |
|
22,918 |
|
|
|
19,646 |
|
|
|
101,000 |
|
|
|
109,170 |
|
Foreign currency transaction
(gain) loss |
|
(1,911 |
) |
|
|
(1,279 |
) |
|
|
(916 |
) |
|
|
2,802 |
|
Amortization of debt issuance
costs |
|
687 |
|
|
|
682 |
|
|
|
2,742 |
|
|
|
2,722 |
|
Acquisition-related
expense |
|
3,189 |
|
|
|
1,212 |
|
|
|
7,361 |
|
|
|
4,643 |
|
Acquisition-related
earnout |
|
— |
|
|
|
306 |
|
|
|
— |
|
|
|
694 |
|
Offering costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
124 |
|
Payroll taxes related to
stock-based compensation |
|
934 |
|
|
|
893 |
|
|
|
2,608 |
|
|
|
2,014 |
|
System transformation
costs |
|
1,680 |
|
|
|
— |
|
|
|
4,833 |
|
|
|
— |
|
Restructuring charges |
|
1,393 |
|
|
|
— |
|
|
|
1,393 |
|
|
|
— |
|
Legal settlements and other
non-recurring litigation costs |
|
359 |
|
|
|
— |
|
|
|
559 |
|
|
|
— |
|
Non-GAAP income before income
taxes |
|
23,839 |
|
|
|
10,291 |
|
|
|
54,651 |
|
|
|
28,114 |
|
Non-GAAP provision for income
taxes(1) |
|
(5,721 |
) |
|
|
(2,469 |
) |
|
|
(13,116 |
) |
|
|
(6,747 |
) |
Non-GAAP net income |
$ |
18,118 |
|
|
$ |
7,822 |
|
|
$ |
41,535 |
|
|
$ |
21,367 |
|
Net loss per share: |
|
|
|
|
|
|
|
Basic |
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.88 |
) |
|
$ |
(1.17 |
) |
Diluted |
$ |
(0.14 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.88 |
) |
|
$ |
(1.17 |
) |
Weighted‑average shares used in
computing net loss per share: |
|
|
|
|
|
|
|
Basic |
|
126,361,484 |
|
|
|
122,300,221 |
|
|
|
124,935,620 |
|
|
|
120,720,972 |
|
Diluted |
|
126,361,484 |
|
|
|
122,300,221 |
|
|
|
124,935,620 |
|
|
|
120,720,972 |
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.14 |
|
|
$ |
0.06 |
|
|
$ |
0.33 |
|
|
$ |
0.18 |
|
Diluted |
$ |
0.13 |
|
|
$ |
0.06 |
|
|
$ |
0.31 |
|
|
$ |
0.16 |
|
Weighted-average shares used
in computing non-GAAP net income per share: |
|
|
|
|
|
|
|
Basic |
|
126,361,484 |
|
|
|
122,300,221 |
|
|
|
124,935,620 |
|
|
|
120,720,972 |
|
Diluted |
|
136,716,406 |
|
|
|
133,027,869 |
|
|
|
135,285,356 |
|
|
|
130,965,684 |
|
(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.
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(17,410 |
) |
|
$ |
(21,231 |
) |
|
$ |
(110,086 |
) |
|
$ |
(141,301 |
) |
Interest (income) expense,
net |
|
(2,073 |
) |
|
|
(917 |
) |
|
|
(6,526 |
) |
|
|
538 |
|
Provision (benefit) for income
taxes |
|
1,132 |
|
|
|
(1,234 |
) |
|
|
2,279 |
|
|
|
(913 |
) |
Depreciation expense |
|
1,827 |
|
|
|
1,796 |
|
|
|
7,420 |
|
|
|
6,671 |
|
Amortization expense |
|
10,868 |
|
|
|
11,296 |
|
|
|
42,878 |
|
|
|
48,159 |
|
Stock-based compensation |
|
22,918 |
|
|
|
19,646 |
|
|
|
101,000 |
|
|
|
109,170 |
|
Foreign currency transaction
(gain) loss |
|
(1,911 |
) |
|
|
(1,279 |
) |
|
|
(916 |
) |
|
|
2,802 |
|
Acquisition-related expense |
|
3,189 |
|
|
|
1,212 |
|
|
|
7,361 |
|
|
|
4,643 |
|
Acquisition-related earnout |
|
— |
|
|
|
306 |
|
|
|
— |
|
|
|
694 |
|
Offering costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
124 |
|
Payroll taxes related to
stock-based compensation |
|
934 |
|
|
|
893 |
|
|
|
2,608 |
|
|
|
2,014 |
|
System transformation costs |
|
1,680 |
|
|
|
— |
|
|
|
4,833 |
|
|
|
— |
|
Restructuring charges |
|
1,393 |
|
|
|
— |
|
|
|
1,393 |
|
|
|
— |
|
Legal settlements and other
non-recurring litigation costs |
|
359 |
|
|
|
— |
|
|
|
559 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
22,906 |
|
|
$ |
10,488 |
|
|
$ |
52,803 |
|
|
$ |
32,601 |
|
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
Net cash provided by operating
activities |
$ |
35,964 |
|
|
$ |
90,005 |
|
Less: |
|
|
|
Purchases of equipment and leasehold improvements |
|
(2,934 |
) |
|
|
(7,727 |
) |
Free cash flow |
|
33,030 |
|
|
|
82,278 |
|
Add: |
|
|
|
Cash paid for interest |
|
784 |
|
|
|
763 |
|
Cash paid for acquisition-related expense |
|
2,975 |
|
|
|
4,480 |
|
Cash paid for system transformation costs |
|
12,493 |
|
|
|
— |
|
Cash paid for contingent consideration |
|
6,000 |
|
|
|
— |
|
Cash paid for legal settlements and other non-recurring litigation
costs |
|
132 |
|
|
|
— |
|
Unlevered free cash flow |
$ |
55,414 |
|
|
$ |
87,521 |
|
Total revenue |
$ |
560,571 |
|
|
$ |
478,776 |
|
Net cash provided by operating
activities as a percentage of total revenue |
|
6% |
|
|
|
19% |
|
Free cash flow margin |
|
6% |
|
|
|
17% |
|
Unlevered free cash flow
margin |
|
10% |
|
|
|
18% |
|
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