News Release Details

Jamf Announces First Quarter 2021 Financial Results

May 11, 2021
  • Q1 total revenue grew 34% year-over-year to $81.2 million
  • Q1 recurring revenue grew 37% year-over-year to $74.9 million
  • ARR grew 37% year-over-year to $308.0 million as of March 31, 2021

MINNEAPOLIS, May 11, 2021 (GLOBE NEWSWIRE) -- Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced financial results for its first quarter ended March 31, 2021.

First Quarter 2021 Financial Highlights:

  • ARR: ARR increased 37% year-over-year to $308.0 million as of March 31, 2021.
  • Revenue: Total revenue was $81.2 million, an increase of 34% year-over-year. Recurring revenue was $74.9 million, an increase of 37% year-over-year.
  • Gross Profit: GAAP gross profit was $63.9 million, or 79% of total revenue, compared to $45.4 million, or 75% of total revenue, in the first quarter of 2020. Non-GAAP Gross Profit was $67.1 million, or 83% of total revenue, compared to $48.1 million, or 80% of total revenue, in the first quarter of 2020.
  • Operating Loss/Income: GAAP operating loss was $2.8 million, compared to $6.5 million in the first quarter of 2020. Non-GAAP Operating Income was $9.3 million, or 11% of total revenue, compared to $4.3 million, or 7% of total revenue, in the first quarter of 2020.
  • Cash Flow: Cash flow provided by operations was $4.0 million, compared to cash flow used by operations of $7.4 million in the first quarter of 2020. Unlevered free cash flow was $0.8 million, compared to ($2.1) million in the first quarter of 2020.

A reconciliation between historical GAAP and non-GAAP information is contained in the tables below and the section titled “Non-GAAP Financial Measures” below contains reconciliations of these non-GAAP financial measures.

“We experienced strong momentum and balanced growth across our business in the first quarter as current trends in mobile work, education technology and digital health continued to strengthen our value proposition to customers as well as our business results,” said Dean Hager, CEO of Jamf. “The year is off to a great start, and with the strategic acquisition of Wandera, we will enhance our leadership position in security with a uniquely comprehensive platform, including advanced security solutions like zero trust network access. We are excited to round out our offering to provide customers an Apple-first enterprise solution that connects, manages and protects all Apple devices, data and users.”

Recent Business Highlights:

  • Announced the acquisition of Wandera, a leader in zero trust cloud security and access for mobile devices, extending our leadership in Apple Enterprise Management.
  • Completed the acquisition of the assets of cmdSecurity, a suite of security and compliance tools purpose-built for macOS, extending the security capabilities of our platform.
  • Completed the first quarter with 21.8 million Apple devices on our platform and more than 50,000 customers.
  • Enhanced security capabilities with extended workflows in the Microsoft security ecosystem and expanded application titles for automated application lifecycle workflows.
  • Expanded education capabilities with classroom management for Mac in the Jamf Teacher app and an Android version of the Jamf Parent app, empowering both teachers and parents with management control over all school-issued Apple devices.
  • Announced same-day compatibility and key feature support across its product portfolio for Apple’s spring releases, including iOS 14.5, iPadOS 14.5, macOS 11.3 and tvOS 14.5.
  • Ranked #22 in the 2021 Fortune Best Workplaces in Technology™, Jamf’s first time being named to this prestigious list.
  • Jamf Pro ranked #1 in 23 categories in the Spring 2021 G2 reports, the world’s largest tech marketplace that ranks software and services based on customer reviews.

Financial Outlook:
For the second quarter of fiscal year 2021, excluding Wandera, the company currently expects:

  • Total revenue of $82 to $84 million
  • Non-GAAP Operating Income of $5.5 to $6.5 million

For the full year 2021, excluding Wandera, the company currently expects:

  • Total revenue of $335 to $341 million
  • Non-GAAP Operating Income of $27.5 to $31.5 million

We expect the Wandera acquisition to close in the third quarter of 2021, subject to customary closing conditions. Provided that the Wandera acquisition closes as expected in the third quarter of 2021, we expect Wandera to contribute an additional $9 to $11 million of revenue for the full year 2021.

  • This amount assumes an acquisition close date of early in the third quarter of 2021 and is subject to change.
  • This amount reflects the impact of our initial purchase price accounting analysis and is subject to change.

To assist with modeling, for the second quarter of 2021 and full year 2021 amortization is expected to be approximately $8.5 million and $33.9 million, respectively. In addition, for the second quarter of 2021 and full year 2021 stock-based compensation and related payroll taxes is expected to be approximately $5.6 million and $55.7 million, respectively. These amounts exclude any impact of the Wandera acquisition.

Jamf is not providing a quantitative reconciliation of forward-looking guidance of Non-GAAP Operating Income to GAAP operating income (loss) because certain items are out of Jamf’s control or cannot be reasonably predicted. Historically, these items have included, but are not limited to, acquisition-related expenses and acquisition-related earn-out, costs associated with our secondary offering, amortization and stock-based compensation. Accordingly, a reconciliation for forward-looking Non-GAAP Operating Income is not available without unreasonable effort. These items are uncertain, depend on various factors, and could result in projected GAAP operating income (loss) being materially less than is indicated by currently estimated Non-GAAP Operating Income.

Conference Call Information:
Jamf will host a conference call and live webcast for analysts and investors at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on May 11, 2021. The news release with the financial results will be accessible from the company’s website prior to the conference call. Parties in the United States and Canada can access the call by dialing +1 (833) 519-1319, and international parties can access the call by dialing +1 (914) 800-3885.

The webcast will be accessible on Jamf’s investor relations website at A telephonic replay of the conference call will be available through Thursday, May 18, 2021. To access the replay, parties should dial (855) 859-2056, or (404) 537-3406 and enter the passcode 7284453#.

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, Non-GAAP Operating Income Margin, Non-GAAP Net Income, Unlevered Free Cash Flow and Unlevered Free Cash Flow Margin are useful in evaluating our operating performance. Certain of these non-GAAP measures exclude stock-based compensation, amortization expense, acquisition-related expenses, acquisition-related earnout, costs associated with our secondary offering, foreign currency transaction loss, payroll taxes related to stock-based compensation and discrete tax items. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by the company's management about which expenses are excluded or included in determining these non-GAAP financial measures. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. Jamf strongly encourages investors review our consolidated financial statements included in publicly filed reports in their entirety and not rely solely on any single financial measurement or communication.

Forward-Looking Statements:
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events statements about the potential benefits of the acquisition, possible or assumed business strategies, potential growth opportunities, and the potential value creation as a result of combined offerings. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: the ability of Jamf and Wandera to close the announced transaction; the ability of Jamf to realize the potential benefits of the acquisition of Wandera; the possibility that the closing of the transaction may be delayed; other risks related to Jam’s integration of Wandera’s business, team, and technology, the impact on our operations and financial condition from the effects of the current COVID-19 pandemic; the potential impact of customer dissatisfaction with Apple or other negative events affecting Apple services and devices, and failure of enterprises to adopt Apple products; the potentially adverse impact of changes in features and functionality by Apple on our engineering focus or product development efforts; changes in our continued relationship with Apple; the fact that we are not party to any exclusive agreements or arrangements with Apple; our reliance, in part, on channel partners for the sale and distribution of our products; the impact of reputational harm if users perceive our products as the cause of device failure; our ability to successfully develop new products or materially enhance current products through our research and development efforts; our ability to continue to attract new customers; our ability to retain our current customers; our ability to sell additional functionality to our current customers; our ability to meet service-level commitments under our subscription agreements; our ability to correctly estimate market opportunity and forecast market growth; risks associated with failing to continue our recent growth rates; our dependence on one of our products for a substantial portion of our revenue; our ability to scale our business and manage our expenses; our ability to change our pricing models, if necessary to compete successfully; the impact of delays or outages of our cloud services from any disruptions, capacity limitations or interferences of third-party data centers that host our cloud services, including Amazon Web Services; our ability to maintain, enhance and protect our brand; our ability to maintain our corporate culture; the ability of Jamf Nation to thrive and grow as we expand our business; the potential impact of inaccurate, incomplete or misleading content that is posted on Jamf Nation; our ability to offer high-quality support; risks and uncertainties associated with potential acquisitions and divestitures, including, but not limited to, disruptions to ongoing operations; diversions of management from day-to-day responsibilities; adverse impacts on our financial condition; failure of an acquired business to further our strategy; uncertainty of synergies; personnel issues; resulting lawsuits and issues unidentified in diligence processes; our ability to predict and respond to rapidly evolving technological trends and our customers' changing needs; our ability to compete with existing and new companies; the impact of adverse general and industry-specific economic and market conditions; the impact of reductions in IT spending; our ability to attract and retain highly qualified personnel; risks associated with competitive challenges faced by our customers; the impact of our often long and unpredictable sales cycle; our ability to develop and expand our marketing and sales capabilities; the risks associated with sales to new and existing enterprise customers; the risks associated with free trials and other inbound, lead-generation sales strategies; the risks associated with indemnity provisions in our contracts; our management team’s limited experience managing a public company; the impact of any catastrophic events; the impact of global economic conditions; risks associated with cyber-security events; the impact of real or perceived errors, failures or bugs in our products; the impact of interruptions or performance problems associated with our technology or infrastructure; the impact of general disruptions to data transmission; risks associated with stringent and changing privacy laws, regulations and standards, and information security policies and contractual obligations related to data privacy and security; the risks associated with intellectual property infringement claims; our reliance on third-party software and intellectual property licenses; our ability to protect our intellectual property and proprietary rights; and the risks associated with our use of open source software in our products.

Additional information concerning these and other factors can be found in the company's filings with the Securities and Exchange Commission. Given these factors, as well as other variables that may affect Jamf’s 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 on the related teleconference call relate only to events as of the date hereof. Jamf undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Jamf
Jamf, the standard in Apple Enterprise Management, extends the legendary Apple experience people love to businesses, schools and government organizations through its software and the world’s largest online community of IT admins focused exclusively on Apple, Jamf Nation. To learn more, visit:

Investor Contact:
Jennifer Gaumond

Media Contact:
Rachel Nauen

Jamf Holding Corp.
Consolidated Balance Sheets
(In thousands)
    March 31, December 31,
     2021   2020 
Current assets:
 Cash and cash equivalents $196,190  $194,868 
 Trade accounts receivable, net of allowances of $603 and $530  75,882   69,056 
 Income taxes receivable  632   632 
 Deferred contract costs  11,155   9,959 
 Prepaid expenses  15,009   13,283 
 Other current assets  2,325   1,113 
  Total current assets  301,193   288,911 
Equipment and leasehold improvements, net  16,965   12,755 
  541,850   541,480 
Other intangible assets, net  197,504   202,878 
Deferred contract costs  28,774   26,770 
Other assets
  28,898   5,359 
  Total assets $1,115,184  $1,078,153 
Liabilities and stockholders' equity        
Current liabilities:        
 Accounts payable $5,744  $6,967 
 Accrued liabilities  28,131   31,574 
 Income taxes payable  1,153   713 
 Deferred revenues  167,868   160,443 
  Total current liabilities  202,896   199,697 
Deferred revenues, noncurrent  53,711   45,507 
Deferred tax liability, net  5,475   6,422 
Other liabilities  33,839   11,046 
  Total liabilities  295,921   262,672 
Commitments and contingencies        
Stockholders' equity:        
 Preferred stock  -   - 
 Common stock  118   117 
 Additional paid‑in capital  909,966   903,116 
 Accumulated deficit  (90,821)  (87,752)
  Total stockholders' equity  819,263   815,481 
  Total liabilities and stockholders' equity $1,115,184  $1,078,153 

Jamf Holding Corp.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
    Three Months Ended March 31,
     2021   2020 
 Subscription $74,923  $54,618 
 Services  4,003   4,010 
 License   2,242   1,762 
  Total revenue  81,168   60,390 
Cost of revenue:        
 Cost of subscription(1) (exclusive of amortization expense shown below)  12,014   9,248 
 Cost of services(1) (exclusive of amortization expense shown below)  2,465   3,086 
 Amortization expense  2,777   2,677 
  Total cost of revenue  17,256   15,011 
  Gross profit  63,912   45,379 
Operating expenses:        
 Sales and marketing(1)  29,332   22,282 
 Research and development(1)  15,626   12,617 
 General and administrative(1)  16,105   11,289 
 Amortization expense  5,627   5,674 
  Total operating expenses  66,690   51,862 
  Loss from operations  (2,778)  (6,483)
Interest expense, net  (55)  (4,778)
Foreign currency transaction loss  (171)  (304)
Other income, net  -   55 
  Loss before income tax (provision) benefit  (3,004)  (11,510)
Income tax (provision) benefit  (65)  3,220 
  Net loss $(3,069) $(8,290)
Net loss per share, basic and diluted $(0.03) $(0.08)
Weighted-average shares used to compute net loss per share, basic and diluted 117,386,322   102,860,545 
(1) Includes stock-based compensation as follows:        
    Three Months Ended March 31,
     2021   2020 
Cost of revenue:        
Subscription $324  $38 
  77   - 
Sales and marketing  842   111 
Research and development  778   157 
General and administrative  811   505 
    $2,832  $811 

Jamf Holding Corp.
Consolidated Statements of Cash Flows
(In thousands)
       Three Months Ended March 31,
        2021   2020 
Cash flows from operating activities     
 Net loss   $(3,069) $(8,290)
 Adjustments to reconcile net loss to cash provided by (used in) operating activities:     
  Depreciation and amortization expense   9,784   9,586 
  Amortization of deferred contract costs   3,296   2,090 
  Amortization of debt issuance costs   69   279 
  Non-cash lease expense   1,267   - 
  Provision for bad debt expense and returns   159   240 
  Share‑based compensation   2,832   811 
  Deferred tax benefit   (758)  (2,564)
  Adjustment to contingent consideration   300   - 
  Other    62   10 
  Changes in operating assets and liabilities:     
   Trade accounts receivable   (7,066)  220 
   Income tax receivable/payable   463   (789)
   Prepaid expenses and other assets   (3,317)  (2,255)
   Deferred contract costs   (6,496)  (4,788)
   Accounts payable   (1,191)  (1,989)
   Accrued liabilities   (7,694)  (4,928)
   Deferred revenue   15,472   5,025 
   Other liabilities   (90)  (13)
    Net cash provided by (used in) operating activities   4,023   (7,355)
Cash flows from investing activities     
 Acquisition, net of cash acquired   (3,041)  - 
 Purchases of equipment and leasehold improvements   (3,290)  (1,039)
 Proceeds from sale of equipment and leasehold improvements   12   - 
    Net cash used in investing activities   (6,319)  (1,039)
Cash flows from financing activities     
 Cash paid for offering costs   -   (1,465)
 Proceeds from the exercise of stock options   4,019   103 
    Net cash provided by (used in) financing activities   4,019   (1,362)
    Effect of exchange rate changes on cash and cash equivalents   (401)  - 
    Net increase (decrease) in cash and cash equivalents   1,322   (9,756)
Cash and cash equivalents, beginning of period   194,868   32,433 
Cash and cash equivalents, end of period  $196,190  $22,677 

Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenues
(In thousands)
  Three Months Ended March 31,
  2021 2020
SaaS subscription and support and maintenance $66,669 $50,078
On‑premise subscription  8,254  4,540
Subscription revenue  74,923  54,618
Professional services  4,003  4,010
Perpetual licenses  2,242  1,762
Non-subscription revenue  6,245  5,772
Total revenue $81,168 $60,390

Jamf Holding Corp.
Supplemental Financial Information
Reconciliation of GAAP to non-GAAP Financial Data
(In thousands, except share and per share amounts)
 Three Months Ended March 31,
  2021   2020 
Operating expenses$66,690  $51,862 
Amortization expense (5,627)  (5,674)
Stock-based compensation (2,431)  (773)
Acquisition-related expense (110)  (1,600)
Acquisition-related earnout (300)  - 
Payroll taxes related to stock-based compensation (395)  - 
Non-GAAP Operating Expenses$57,827  $43,815 
 Three Months Ended March 31,
  2021   2020 
Gross profit$63,912  $45,379 
Amortization expense 2,777   2,677 
Stock-based compensation 401   38 
Non-GAAP Gross Profit$67,090  $48,094 
Non-GAAP Gross Profit Margin 83%  80%
 Three Months Ended March 31,
  2021   2020 
Operating loss$(2,778) $(6,483)
Amortization expense 8,404   8,351 
Stock-based compensation 2,832   811 
Acquisition-related expense 110   1,600 
Acquisition-related earnout 300   - 
Payroll taxes related to stock-based compensation 395   - 
Non-GAAP Operating Income$9,263  $4,279 
Non-GAAP Operating Income Margin 11%  7%
 Three Months Ended March 31,
  2021   2020 
Net loss$(3,069) $(8,290)
Amortization expense 8,404   8,351 
Stock-based compensation 2,832   811 
Foreign currency transaction loss 171   304 
Acquisition-related expense 110   1,600 
Acquisition-related earnout 300   - 
Payroll taxes related to stock-based compensation 395   - 
Discrete tax items 49   (318)
Provision (benefit) for income taxes(1) 66   (2,703)
Non-GAAP Net Income (Loss)$9,258  $(245)
Net loss per share:   
Basic$(0.03) $(0.08)
Diluted$(0.03) $(0.08)
Weighted-average shares used in computing net loss per share:   
Basic 117,386,322   102,860,545 
Diluted 117,386,322   102,860,545 
Non-GAAP Net Income (Loss) per Share:   
Basic$0.08  $(0.00)
Diluted$0.08  $(0.00)
Weighted-average shares used in computing Non-GAAP Net Income (Loss) per Share:   
Basic 117,386,322   102,860,545 
Diluted 120,458,105   102,860,545 
(1) In the first quarter of 2020, the related tax effects of the adjustments to Non-GAAP Net Income (Loss) were calculated using the respective statutory tax rate for applicable jurisdictions, which was not materially different from our annual effective tax rate for full year 2020 of approximately 25%. In the first quarter of 2021, our annual effective tax rate was impacted by changes in the domestic valuation allowance. Therefore, we used the annual effective tax rate of (0.5)% in the first quarter of 2021 as this rate was materially different than our statutory rate.
 Three Months Ended March 31,
  2021   2020 
Net cash provided by (used in) operating activities$4,023  $(7,355)
Cash paid for interest 3   4,734 
Cash paid for acquisition-related expense 61   1,600 
Purchases of equipment and leasehold improvements (3,290)  (1,039)
Unlevered free cash flow$797  $(2,060)
Unlevered free cash flow margin 1%  -3%