• Q4 total revenue year-over-year growth of 36% to $103.8 million; fiscal year total revenue growth of 36% to $366.4 million  
• ARR year-over-year growth of 45% to $412.5 million as of December 31, 2021
• Cash flow provided by operations of $65.2 million for the fiscal year ended December 31, 2021; Unlevered free cash flow of $66.4 million for the fiscal year ended December 31, 2021, or 18% of total revenue
  

MINNEAPOLIS, March 01, 2022 (GLOBE NEWSWIRE) -- Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced financial results for its fourth quarter and fiscal year ended December 31, 2021.

Fourth Quarter 2021 Financial Highlights

• ARR: ARR increase of 45% year-over-year to $412.5 million as of December 31, 2021.
• Revenue: Total revenue of $103.8 million, an increase of 36% year-over-year.
• Gross Profit: GAAP gross profit of $76.5 million, or 74% of total revenue, compared to $59.1 million in the fourth quarter of 2020. Non-GAAP Gross Profit of $83.4 million, or 80% of total revenue, compared to $62.2 million in the fourth quarter of 2020.
• Operating Loss/Income: GAAP operating loss of $26.1 million, compared to GAAP operating loss of $13.1 million in the fourth quarter of 2020. Non-GAAP Operating Income of $2.9 million, or 3% of total revenue, compared to $1.8 million in the fourth quarter of 2020.

Fiscal Year 2021 Financial Highlights

• Revenue: Total revenue of $366.4 million, an increase of 36% year-over-year.
• Gross Profit: GAAP gross profit of $276.0 million, or 75% of total revenue, compared to $208.1 million in fiscal year 2020. Non-GAAP Gross Profit of $296.6 million, or 81% of total revenue, compared to $219.7 million in fiscal year 2020.
• Operating Loss/Income: GAAP operating loss of $76.2 million, compared to GAAP operating loss of $17.5 million in fiscal year 2020. Non-GAAP Operating Income of $20.5 million, or 6% of total revenue, compared to $27.5 million for fiscal year 2020.
• Cash Flow: Cash flow provided by operations of $65.2 million for the fiscal year ended December 31, 2021, compared to $52.8 million for the fiscal year ended December 31, 2020. Unlevered free cash flow of $66.4 million for the fiscal year ended December 31, 2021, or 18% of total revenue, compared to $66.3 million for the fiscal year ended December 31, 2020.

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

“2021 represented a pivotal year for Jamf as we expanded and strengthened our platform, completed our largest acquisition to date, closed the three largest customer contracts in our history, and added a record number of devices to our platform, all while completing our first full fiscal year as a public company and consistently delivering strong financial results,” said Dean Hager, CEO of Jamf. “As we enter 2022, we’re well-positioned to continue delivering for our customers, employees and investors as we help drive expansion of Apple in the enterprise.”

Recent Business Highlights

• Added a record number of devices in fiscal year 2021, over six million, to end the fiscal year with more than 26.6 million devices on our platform.
• Ended fiscal year 2021 serving more than 60,000 customers, representing an increase of over 13,000 customers for the fiscal year.
• Announced success with our new line of security-focused products for commercial organizations, with approximately 8,000 commercial customers running Jamf Connect, Jamf Private Access, Jamf Protect, Jamf Threat Defense, or Jamf Data Policy on millions of devices.
• Helped customers deploy approximately one million Macs powered by the M1 family of chips in the first year of availability.
• Announced we now empower more than 36 million students via one-to-one and shared Apple devices across more than 32,000 schools around the globe with key functionality to facilitate technology-enabled active learning.
• Appointed John Strosahl to president and chief operating officer and Beth Tschida to chief technology officer, as Jamf continues to build a world-class team to further its mission of helping organizations succeed with Apple.
• Ranked #75 in the 2021 Best Workplaces for Parents™ by Great Place to Work^®.
  

Financial Outlook

For the first quarter of 2022, Jamf currently expects:

• Total revenue of $104.5 to $106.5 million
• Non-GAAP Operating Income of $1.0 to $2.0 million

For the full year 2022, Jamf currently expects:

• Total revenue of $466.0 to $472.0 million
• Non-GAAP Operating Income of $18.0 to $22.0 million

To assist with modeling, for the first quarter of 2022 and full year 2022, amortization is expected to be approximately $12.2 million and $47.6 million, respectively. In addition, for the first quarter of 2022 and full year 2022, stock-based compensation and related payroll taxes is expected to be approximately $16.9 million and $114.2 million, respectively.

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

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Webcast and Conference Call Information

Jamf will host a conference call and live webcast for analysts and investors at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on March 1, 2022. Parties in the United States and Canada can access the call by dialing +1 (833) 519-1319, and international parties can access the call by dialing +1 (914) 800-3885.

The live webcast of Jamf’s earnings conference call can be accessed at ir.jamf.com, along with the earnings press release, financial tables, earnings presentation and investor presentation. A telephonic replay of the conference call will be available through March 8, 2022. To access the replay, parties should dial (855) 859-2056, or (404) 537-3406 and enter the passcode 8134528#.

Please note that Jamf uses its https://ir.jamf.com website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

Non-GAAP Financial Measures

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

Forward-Looking Statements

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

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Jamf

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

Investor Contact
Jennifer Gaumond
ir@jamf.com

Media Contact
Rachel Nauen
media@jamf.com

Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)

Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
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⁽¹⁾ Includes stock-based compensation as follows:

⁽²⁾ Includes payroll taxes related to stock-based compensation as follows:​

⁽³⁾ Includes depreciation expense as follows:

⁽⁴⁾ Includes acquisition-related expense as follows:​

General and administrative also includes acquisition-related earnout of $1.2 million and $2.1 million for the three months ended December 31, 2021 and 2020, respectively, and $6.0 million and $(1.0) million for the years ended December 31, 2021 and 2020, respectively. The acquisition-related earnout was an expense for the year ended December 31, 2021 compared to a benefit for the year ended December 31, 2020 reflecting the change in fair value of the Digita acquisition contingent liability due to growth in sales of our Jamf Protect product. General and administrative also includes the full settlement of a $5.0 million legal-related matter for the year ended December 31, 2021.

Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenues
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(unaudited)

Jamf Holding Corp.
Supplemental Financial Information
Reconciliation of GAAP to non-GAAP Financial Data
(in thousands, except share and per share amounts)
(unaudited)

⁽¹⁾ For the year ended December 31, 2021, our annual effective tax rate was materially different from our statutory rate due to changes in the domestic valuation allowance. Therefore, we used a tax rate of 6.2% for the fourth quarter of fiscal 2021, which reflects the annual effective tax rate catch-up for the first through third quarters due to the impact of the Wandera acquisition, resulting in a tax rate of 6.0% for the year ended December 31, 2021. For the years ended December 31, 2020 and 2019, we used our annual effective tax rates, which were not materially different from the statutory rates.