jamf-20220301
0001721947false00017219472022-03-012022-03-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 1, 2022
JAMF HOLDING CORP.
(Exact name of registrant as specified in its charter)
Delaware001-3939982-3031543
(State or other jurisdiction
of incorporation)
(Commission File Number)(IRS Employer
Identification No.)
100 Washington Ave S, Suite 1100
MinneapolisMN
55401
(Address of principal executive offices)(Zip Code)
(612605-6625
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which
registered
Common Stock, $0.001 par valueJAMFThe NASDAQ Stock Market LLC



Item 2.02. Results of Operations and Financial Condition.

On March 1, 2022, Jamf Holding Corp. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2021. In the press release, the Company also announced that it will hold a conference call on March 1, 2022 to discuss its financial results for the quarter and year ended December 31, 2021. The full text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description of Exhibit
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JAMF HOLDING CORP.
Date: March 1, 2022
By:/s/ Jeff Lendino
Name:Jeff Lendino
Title:Chief Legal Officer

Document
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Exhibit 99.1

Jamf Announces Fourth Quarter and Fiscal Year 2021 Financial Results
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, MN – March 1, 2022 – 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.”
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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 ParentsTM 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.

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

December 31,
2021
December 31, 2020
Assets
Current assets:
Cash and cash equivalents$177,150$194,868 
Trade accounts receivable, net of allowances of $391 and $530
79,14369,056 
Income taxes receivable608632 
Deferred contract costs12,9048,284 
Prepaid expenses17,58113,283 
Other current assets4,2121,113 
Total current assets291,598287,236
Equipment and leasehold improvements, net18,04515,130 
Goodwill845,734541,480 
Other intangible assets, net264,593202,878 
Deferred contract costs, non-current29,84222,202 
Other assets30,6085,359 
Total assets$1,480,420$1,074,285
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$9,306$6,967 
Accrued liabilities54,02231,916 
Income taxes payable167713 
Deferred revenues223,031160,002 
Total current liabilities286,526199,598
Deferred revenues, non-current59,09745,507 
Deferred tax liability, net8,7005,087 
Convertible senior notes, net362,031— 
Other liabilities25,64013,079 
Total liabilities741,994263,271
Commitments and contingencies
Stockholders’ equity:
Preferred stock— 
Common stock119117 
Additional paid-in capital913,581903,116 
Accumulated other comprehensive loss(7,866)— 
Accumulated deficit(167,408)(92,219)
Total stockholders’ equity738,426811,014
Total liabilities and stockholders’ equity$1,480,420$1,074,285
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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,
2021202020212020
Revenue:
Subscription$98,343 $70,441 $344,243 $248,879 
Services4,107 3,903 16,122 14,519 
License1,352 1,923 6,023 5,734 
Total revenue103,802 76,267 366,388 269,132 
Cost of revenue:
Cost of subscription(1)(2)(3)(4) (exclusive of amortization expense shown below)
19,235 11,509 63,441 39,529 
Cost of services(1)(2)(3) (exclusive of amortization expense shown below)
2,871 2,979 10,898 10,726 
Amortization expense5,183 2,719 16,018 10,753 
Total cost of revenue27,289 17,207 90,357 61,008 
Gross profit76,513 59,060 276,031 208,124 
Operating expenses:
Sales and marketing(1)(2)(3)(4)
44,552 31,327 148,192 98,885 
Research and development(1)(2)(3)(4)
24,104 15,169 82,541 52,513 
General and administrative(1)(2)(3)(4)
26,918 20,015 96,206 51,603 
Amortization expense7,019 5,634 25,294 22,575 
Total operating expenses102,593 72,145 352,233 225,576 
Loss from operations(26,080)(13,085)(76,202)(17,452)
Interest expense, net(870)(66)(2,478)(10,741)
Loss on extinguishment of debt— — (449)(5,213)
Foreign currency transaction loss(54)(251)(849)(722)
Other income, net— — — 91 
Loss before income tax benefit(27,004)(13,402)(79,978)(34,037)
Income tax benefit3,254 5,038 4,789 9,955 
Net loss$(23,750)$(8,364)$(75,189)$(24,082)
Net loss per share, basic and diluted$(0.20)$(0.07)$(0.64)$(0.22)
Weighted‑average shares used to compute net loss per share, basic and diluted119,145,856 116,647,340 118,276,462 108,908,597 
(1) Includes stock-based compensation as follows:
Three Months Ended December 31,Years Ended December 31,
2021202020212020
(in thousands)
Cost of revenue:
Subscription$1,371 $342 $3,755 $732 
Services213 77 594 139 
Sales and marketing4,175 851 10,938 1,748 
Research and development3,436 712 10,512 1,533 
General and administrative3,836 858 10,006 2,591 
$13,031 $2,840 $35,805 $6,743 
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(2) Includes payroll taxes related to stock-based compensation as follows:
Three Months Ended December 31,Years Ended December 31,
2021202020212020
(in thousands)
Cost of revenue:
Subscription$10 $— $122 $— 
Services— 24 — 
Sales and marketing15 — 431 — 
Research and development44 — 335 — 
General and administrative114 — 615 — 
$185 $— $1,527 $— 
(3) Includes depreciation expense as follows:
Three Months Ended December 31,Years Ended December 31,
2021202020212020
(in thousands)
Cost of revenue:
Subscription$320 $249 $1,134 $985 
Services45 51 169 207 
Sales and marketing636 514 2,342 1,966 
Research and development354 284 1,277 1,149 
General and administrative263 428 835 876 
$1,618 $1,526 $5,757 $5,183 
(4) Includes acquisition-related expense as follows:
Three Months Ended December 31,Years Ended December 31,
2021202020212020
(in thousands)
Cost of revenue:
Subscription$71 $— $88 $— 
Sales and marketing146 — 180 — 
Research and development498 — 1,088 — 
General and administrative889 872 5,032 5,200 
$1,604 $872 $6,388 $5,200 
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 $5.0 million legal-related matter for the year ended December 31, 2021.
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Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Years Ended December 31,
20212020
Cash flows from operating activities
Net loss$(75,189)$(24,082)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense47,069 38,511 
Amortization of deferred contract costs12,534 7,953 
Amortization of debt issuance costs1,251 773 
Non-cash lease expense4,994 — 
Provision for credit losses and returns37 1,024 
Loss on extinguishment of debt449 5,213 
Share‑based compensation35,805 6,743 
Deferred tax benefit(5,644)(10,318)
Adjustment to contingent consideration6,037 (1,000)
Other1,419 (490)
Changes in operating assets and liabilities:
Trade accounts receivable(6,521)(23,112)
Income tax receivable/payable(611)(766)
Prepaid expenses and other assets(9,265)(3,620)
Deferred contract costs(24,795)(20,398)
Accounts payable2,069 4,026 
Accrued liabilities4,345 5,501 
Deferred revenue71,216 64,945 
Other liabilities(35)1,898 
Net cash provided by operating activities65,165 52,801 
Cash flows from investing activities
Acquisitions, net of cash acquired(352,711)(2,512)
Payment of deferred consideration(25,000)— 
Purchases of equipment and leasehold improvements(9,755)(4,368)
Proceeds from sale of equipment and leasehold improvements48 
Net cash used in investing activities(387,418)(6,876)
Cash flows from financing activities
Proceeds from convertible senior notes373,750 — 
Proceeds from bank borrowings250,000 — 
Payment of bank borrowings(250,000)(205,000)
Payment for purchase of capped calls(36,030)— 
Debt issuance costs(13,134)(1,264)
Payment of debt extinguishment costs— (2,050)
Proceeds from initial public offering, net of underwriting discounts and commissions— 326,316 
Cash paid for offering costs(543)(7,256)
Proceeds from private placement— 2,233 
Cash paid for contingent consideration(4,206)— 
Payment of deferred consideration(25,000)— 
Proceeds from the exercise of stock options10,691 2,985 
Net cash provided by financing activities305,528 115,964 
Effect of exchange rate changes on cash and cash equivalents(993)604 
Net (decrease) increase in cash and cash equivalents(17,718)162,493 
Cash and cash equivalents, beginning of period194,868 32,375 
Cash and cash equivalents, end of period$177,150 $194,868 


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Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenues
(in thousands)
(unaudited)
Three Months Ended December 31,Years Ended December 31,
2021202020212020
SaaS subscription and support and maintenance$91,278 $63,376 $313,950 $223,655 
On‑premise subscription7,065 7,065 30,293 25,224 
Subscription revenue98,343 70,441 344,243 248,879 
Professional services4,107 3,903 16,122 14,519 
Perpetual licenses1,352 1,923 6,023 5,734 
Non‑subscription revenue5,459 5,826 22,145 20,253 
Total revenue$103,802 $76,267 $366,388 $269,132 
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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,
2021202020212020
Operating expenses$102,593 $72,145 $352,233 $225,576 
Amortization expense(7,019)(5,634)(25,294)(22,575)
Stock-based compensation(11,447)(2,421)(31,456)(5,872)
Acquisition-related expense(1,533)(872)(6,300)(5,200)
Acquisition-related earnout(1,200)(2,100)(6,037)1,000 
Offering costs— (670)(594)(670)
Payroll taxes related to stock-based compensation(173)— (1,381)— 
Legal settlement(800)— (5,000)— 
Non-GAAP Operating Expenses$80,421 $60,448 $276,171 $192,259 
Three Months Ended December 31,Years Ended December 31,
2021202020212020
Gross profit$76,513 $59,060 $276,031 $208,124 
Amortization expense5,183 2,719 16,018 10,753 
Stock-based compensation1,584 419 4,349 871 
Acquisition-related expense71 — 88 — 
Payroll taxes related to stock-based compensation12 — 146 — 
Non-GAAP Gross Profit$83,363 $62,198 $296,632 $219,748 
Non-GAAP Gross Profit Margin80%82%81%82%
Three Months Ended December 31,Years Ended December 31,
2021202020212020
Operating loss$(26,080)$(13,085)$(76,202)$(17,452)
Amortization expense12,202 8,353 41,312 33,328 
Stock-based compensation13,031 2,840 35,805 6,743 
Acquisition-related expense1,604 872 6,388 5,200 
Acquisition-related earnout1,200 2,100 6,037 (1,000)
Offering costs— 670 594 670 
Payroll taxes related to stock-based compensation185 — 1,527 — 
Legal settlement800 — 5,000 — 
Non-GAAP Operating Income$2,942 $1,750 $20,461 $27,489 
Non-GAAP Operating Income Margin3%2%6%10%
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Three Months Ended December 31,Years Ended December 31,
2021202020212020
Net loss$(23,750)$(8,364)$(75,189)$(24,082)
Amortization expense12,202 8,353 41,312 33,328 
Stock-based compensation13,031 2,840 35,805 6,743 
Foreign currency transaction loss54 251 849 722 
Loss on extinguishment of debt— — 449 5,213 
Amortization of debt issuance costs678 — 1,002 — 
Acquisition-related expense1,604 872 6,388 5,200 
Acquisition-related earnout1,200 2,100 6,037 (1,000)
Offering costs— 670 594 670 
Payroll taxes related to stock-based compensation185 — 1,527 — 
Legal settlement800 — 5,000 — 
Discrete tax items(1,591)(2,213)(1,655)(3,879)
Benefit for income taxes(1)
(1,836)(3,192)(3,361)(9,662)
Non-GAAP Net Income$2,577 $1,317 $18,758 $13,253 
Net loss per share:
Basic$(0.20)$(0.07)$(0.64)$(0.22)
Diluted$(0.20)$(0.07)$(0.64)$(0.22)
Weighted‑average shares used in computing net loss per share:
Basic119,145,856 116,647,340 118,276,462 108,908,597 
Diluted119,145,856 116,647,340 118,276,462 108,908,597 
Non-GAAP Net Income per Share:
Basic$0.02 $0.01 $0.16 $0.12 
Diluted$0.02 $0.01 $0.15 $0.12 
Weighted-average shares used in computing Non-GAAP Net Income per Share:
Basic119,145,856 116,647,340 118,276,462 108,908,597 
Diluted129,512,412 120,069,893 123,105,959 111,868,920 
(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.
Three Months Ended December 31,Years Ended December 31,
2021202020212020
Net cash provided by operating activities$338$19,702$65,165$52,801
Add:
Cash paid for interest23296712,649
Cash paid for acquisition-related expense1,1541,9005,0395,200
Cash paid for legal settlement5,0005,000
Less:
Purchases of equipment and leasehold improvements(2,494)(2,532)(9,755)(4,368)
Unlevered free cash flow$4,021$19,072$66,416$66,282
Unlevered free cash flow margin4%25%18%25%

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