57.56 F
London
December 5, 2024
PI Global Investments
Finance

Jamf Announces Fourth Quarter and Fiscal Year 2023 Financial Results


Jamf

Jamf

  • Q4 total revenue year-over-year growth of 16% to $150.6 million; fiscal year total revenue growth of 17% to $560.6 million

  • ARR year-over-year growth of 15% to $588.6 million as of December 31, 2023

  • GAAP operating loss of $115.2 million, or (21)% of total revenue, compared to GAAP operating loss of $138.9 million, or (29)% of total revenue, in fiscal year 2022.

  • Non-GAAP operating income of $45.4 million, or 8% of total revenue, compared to $25.9 million, or 5% of total revenue, for fiscal year 2022.

MINNEAPOLIS, Feb. 27, 2024 (GLOBE NEWSWIRE) — 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:

For the full year 2024, Jamf currently expects:

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 Contact
Jennifer Gaumond
ir@jamf.com

Media Contact
Rachel Nauen
media@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 Information
Disaggregated 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 Information
Key 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 Information
Reconciliation of GAAP to non-GAAP Financial Data
(in thousands, except share and per share amounts)
(unaudited)

 

 

Three Months Ended December 31,

 

Years Ended December 31,

 

 

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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