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Jamf Announces Fourth Quarter and Fiscal Year 2022 Financial Results

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Jamf reported strong financial results for Q4 and FY 2022, showcasing a 26% revenue growth to $130.3 million in Q4 and a 31% increase to $478.8 million for the fiscal year. Notably, the company's ARR reached $512.5 million, up 24% year-over-year. Operational cash flow was robust at $90 million or 19% of total revenue. Despite a GAAP operating loss of $138.9 million for the year, non-GAAP operating income improved to $25.9 million. Looking ahead, for Q1 2023, Jamf anticipates revenue between $128.5 and $130.5 million and expects annual revenue of $559 to $563 million.

Positive
  • Q4 revenue growth of 26% to $130.3 million.
  • FY 2022 revenue growth of 31% to $478.8 million.
  • ARR increased by 24% year-over-year to $512.5 million.
  • Operated with cash flow of $90 million, 19% of total revenue.
  • Non-GAAP operating income improved to $25.9 million for FY 2022.
Negative
  • GAAP operating loss of $138.9 million for FY 2022, increased from $76.2 million in FY 2021.
  • Q4 total revenue year-over-year growth of 26% to $130.3 million; fiscal year total revenue growth of 31% to $478.8 million
  • ARR year-over-year growth of 24% to $512.5 million as of December 31, 2022
  • Cash flow provided by operations of $90.0 million for the fiscal year ended December 31, 2022, or 19% of total revenue; unlevered free cash flow of $87.5 million, or 18% of total revenue

MINNEAPOLIS, Feb. 28, 2023 (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, 2022.

“The fourth quarter capped off a year of milestones for Jamf, one of which was exceeding expectations for the eleventh consecutive quarter with year-over-year revenue growth of 26%, resulting in 2022 total revenue growth of 31%. This is a testament to Jamf’s strong underlying business fundamentals and exceptional execution by our team,” said Dean Hager, CEO of Jamf. “As we continue to navigate a challenging economic environment, we will remain prudent with our investments to ensure financial flexibility while preparing to meet future demand as macroeconomic conditions ease.”

Fourth Quarter 2022 Financial Highlights

  • ARR: ARR of $512.5 million as of December 31, 2022, an increase of 24% year-over-year.
  • Revenue: Total revenue of $130.3 million, an increase of 26% year-over-year.
  • Gross Profit: GAAP gross profit of $99.9 million, or 77% of total revenue, compared to $76.5 million in the fourth quarter of 2021. Non-GAAP gross profit of $107.0 million, or 82% of total revenue, compared to $83.4 million in the fourth quarter of 2021.
  • Operating Loss/Income: GAAP operating loss of $24.7 million, or (19)% of total revenue, compared to $26.1 million in the fourth quarter of 2021. Non-GAAP operating income of $8.7 million, or 7% of total revenue, compared to $2.9 million in the fourth quarter of 2021.

Fiscal Year 2022 Financial Highlights

  • Revenue: Total revenue of $478.8 million, an increase of 31% year-over-year.
  • Gross Profit: GAAP gross profit of $359.5 million, or 75% of total revenue, compared to $276.0 million in fiscal year 2021. Non-GAAP gross profit of $390.0 million, or 81% of total revenue, compared to $296.6 million in fiscal year 2021.
  • Operating Loss/Income: GAAP operating loss of $138.9 million, or (29)% of total revenue, compared to GAAP operating loss of $76.2 million in fiscal year 2021. Non-GAAP operating income of $25.9 million, or 5% of total revenue, compared to $20.5 million for fiscal year 2021.
  • Cash Flow: Cash flow provided by operations of $90.0 million for fiscal year 2022, or 19% of total revenue, compared to $65.2 million for fiscal year 2021. Unlevered free cash flow of $87.5 million for fiscal year 2022, or 18% of total revenue, compared to $66.4 million for fiscal year 2021.

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 the fourth quarter serving more than 71,000 customers with 30.0 million total devices on our platform.
  • Achieved the largest year-over-year Mac device growth in Jamf’s history, adding over one million Mac under management in 2022.
  • Completed the acquisition of ZecOps, a leader in mobile detection and response, uniquely positioning Jamf to help IT and security teams strengthen their organization’s mobile security posture.
  • Announced a new ZTNA integration with Amazon Web Services, AWS Verified Access, allowing shared AWS and Jamf customers to verify that their devices are managed and meet an acceptable risk threshold before providing access to sensitive or critical internal services.
  • Released the latest version of Jamf’s ZTNA integration with Microsoft, Device Compliance, for macOS and iOS.
  • Launched Jamf Safe Internet for Chromebook, helping students safely learn online from anywhere, whether they are using Apple devices or Chromebooks. Jamf Safe Internet for Chromebook is the latest in security innovations brought to market by the Jamf-Google partnership.
  • Enhanced Jamf Protect to address requirements outlined in the new “Executive Order 14028, Improving the Nation’s Cybersecurity,” making Jamf Protect a more powerful macOS security solution for organizations with high compliance requirements, such as government agencies.
  • Jamf Threat Labs, Jamf’s team of experienced threat researchers, cybersecurity experts, and data scientists, identified and reported on a highly sophisticated malware that had been operating undetected by security applications, showcasing Jamf’s continued commitment to delivering a top-of-market secure experience to customers.
  • Recognized by G2 in their 2023 Top Global Software Companies and 2023 Top IT Management Software lists.

Financial Outlook

For the first quarter of 2023, Jamf currently expects:

  • Total revenue of $128.5 to $130.5 million
  • Non-GAAP operating income of $3.0 to $4.0 million

For the full year 2023, Jamf currently expects:

  • Total revenue of $559.0 to $563.0 million
  • Non-GAAP operating income of $37.5 to $40.5 million

To assist with modeling, for the first quarter of 2023 and full year 2023, amortization is expected to be approximately $10.6 million and $42.2 million, respectively. In addition, for the first quarter of 2023 and full year 2023, stock-based compensation and related payroll taxes are expected to be approximately $21.3 million and $101.6 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 February 28, 2023.

The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com, along with the earnings press release, financial tables, earnings presentation, and investor presentation. Those parties interested in participating via telephone may register on Jamf’s Investor Relations website.

A replay of the call will be available on the Investor Relations website beginning on February 28, 2023, 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, 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 loss, payroll taxes related to stock-based compensation, legal settlement, loss on extinguishment of debt, and amortization of debt issuance costs. 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 Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022. Additional information will also be set forth in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as well as the subsequent periodic and current reports and other filings that we make with the Securities and Exchange Commission from time to time. 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 Contacts
Jennifer Gaumond
Michael Thomas

ir@jamf.com

Media Contact
Rachel Nauen
media@jamf.com

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

 December 31,
2022
 December 31, 2021
Assets   
Current assets:   
Cash and cash equivalents$224,338  $177,150 
Trade accounts receivable, net of allowances of $445 and $391 88,163   79,143 
Income taxes receivable 465   608 
Deferred contract costs 17,652   12,904 
Prepaid expenses 14,331   17,581 
Other current assets 6,097   4,212 
Total current assets 351,046   291,598 
Equipment and leasehold improvements, net 19,421   18,045 
Goodwill 856,925   845,734 
Other intangible assets, net 218,744   264,593 
Deferred contract costs, non-current 39,643   29,842 
Other assets 43,763   30,608 
Total assets$1,529,542  $1,480,420 
    
Liabilities and stockholders’ equity   
Current liabilities:   
Accounts payable$15,393  $9,306 
Accrued liabilities 67,051   54,022 
Income taxes payable 486   167 
Deferred revenues 278,038   223,031 
Total current liabilities 360,968   286,526 
Deferred revenues, non-current 68,112   59,097 
Deferred tax liability, net 5,505   8,700 
Convertible senior notes, net 364,505   362,031 
Other liabilities 29,114   25,640 
Total liabilities 828,204   741,994 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock     
Common stock 123   119 
Additional paid-in capital 1,049,875   913,581 
Accumulated other comprehensive loss (39,951)  (7,866)
Accumulated deficit (308,709)  (167,408)
Total stockholders’ equity 701,338   738,426 
Total liabilities and stockholders’ equity$1,529,542  $1,480,420 
        

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,
 2022   2021   2022   2021 
Revenue:       
Subscription$124,875  $98,343  $455,007  $344,243 
Services 4,838   4,107   19,025   16,122 
License 610   1,352   4,744   6,023 
Total revenue 130,323   103,802   478,776   366,388 
Cost of revenue:       
Cost of subscription(1)(2)(3)(4) (exclusive of amortization expense shown below) 22,609   19,235   85,479   63,441 
Cost of services(1)(2)(3) (exclusive of amortization expense shown below) 3,632   2,871   13,816   10,898 
Amortization expense 4,172   5,183   19,932   16,018 
Total cost of revenue 30,413   27,289   119,227   90,357 
Gross profit 99,910   76,513   359,549   276,031 
Operating expenses:       
Sales and marketing(1)(2)(3)(4) 58,557   44,552   217,728   148,192 
Research and development(1)(2)(3)(4) 30,322   24,104   119,906   82,541 
General and administrative(1)(2)(3)(4) 28,568   26,918   132,562   96,206 
Amortization expense 7,124   7,019   28,227   25,294 
Total operating expenses 124,571   102,593   498,423   352,233 
Loss from operations (24,661)  (26,080)  (138,874)  (76,202)
Interest income (expense), net 917   (870)  (538)  (2,478)
Loss on extinguishment of debt          (449)
Foreign currency transaction gain (loss) 1,279   (54)  (2,802)  (849)
Loss before income tax benefit (22,465)  (27,004)  (142,214)  (79,978)
Income tax benefit 1,234   3,254   913   4,789 
Net loss$(21,231) $(23,750) $(141,301) $(75,189)
Net loss per share, basic and diluted$(0.17) $(0.20) $(1.17) $(0.64)
Weighted‑average shares used to compute net loss per share, basic and diluted 122,300,221   119,145,856   120,720,972   118,276,462 

(1) Includes stock-based compensation as follows:

 Three Months Ended December 31, Years Ended December 31,
  2022  2021  2022  2021
 (in thousands)
Cost of revenue:       
Subscription$2,359 $1,371 $8,854 $3,755
Services 338  213  1,299  594
Sales and marketing 6,934  4,175  33,559  10,938
Research and development 4,772  3,436  24,392  10,512
General and administrative 5,243  3,836  41,066  10,006
 $19,646 $13,031 $109,170 $35,805

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

Three Months Ended December 31, Years Ended December 31,
 2022  2021  2022  2021
 (in thousands)
Cost of revenue:       
Subscription$160 $10 $293 $122
Services 30  2  54  24
Sales and marketing 367  15  810  431
Research and development 183  44  429  335
General and administrative 153  114  428  615
$893 $185 $2,014 $1,527

(3) Includes depreciation expense as follows:

Three Months Ended December 31, Years Ended December 31,
 2022  2021  2022  2021
 (in thousands)
Cost of revenue:      
Subscription$310 $320 $1,201 $1,134
Services 44  45  170  169
Sales and marketing 739  636  2,725  2,342
Research and development 445  354  1,610  1,277
General and administrative 258  263  965  835
$1,796 $1,618 $6,671 $5,757

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

Three Months Ended December 31, Years Ended December 31,
 2022  2021  2022  2021
 (in thousands)
Cost of revenue:       
Subscription$ $71 $61 $88
Sales and marketing   146  7  180
Research and development 120  498  912  1,088
General and administrative 1,092  889  3,663  5,032
 $1,212 $1,604 $4,643 $6,388

General and administrative also includes acquisition-related earnout of $0.3 million and $1.2 million for the three months ended December 31, 2022 and 2021, respectively, and $0.7 million and $6.0 million for the years ended December 31, 2022 and 2021, respectively. The acquisition-related earnout was an expense for the years ended December 31, 2022 and 2021 reflecting the increase 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)

Years Ended December 31,
 2022   2021 
Operating activities 
Net loss$(141,301) $(75,189)
Adjustments to reconcile net loss to cash provided by operating activities:   
Depreciation and amortization expense 54,830   47,069 
Amortization of deferred contract costs 16,563   12,534 
Amortization of debt issuance costs 2,722   1,251 
Non-cash lease expense 5,869   4,994 
Provision for credit losses and returns 328   37 
Loss on extinguishment of debt    449 
Share‑based compensation 109,170   35,805 
Deferred tax benefit (2,955)  (5,644)
Adjustment to contingent consideration 694   6,037 
Other 3,333   1,419 
Changes in operating assets and liabilities:   
Trade accounts receivable (9,487)  (6,521)
Income tax receivable/payable 266   (611)
Prepaid expenses and other assets 1,773   (9,265)
Deferred contract costs (31,134)  (24,795)
Accounts payable 5,891   2,069 
Accrued liabilities 10,017   4,345 
Deferred revenue 63,426   71,216 
Other liabilities    (35)
Net cash provided by operating activities 90,005   65,165 
Investing activities   
Acquisitions, net of cash acquired (23,816)  (352,711)
Payment of deferred consideration    (25,000)
Purchases of equipment and leasehold improvements (7,727)  (9,755)
Purchase of investments (3,100)   
Other (139)  48 
Net cash used in investing activities (34,782)  (387,418)
Financing activities   
Proceeds from convertible senior notes    373,750 
Proceeds from bank borrowings    250,000 
Payment of bank borrowings    (250,000)
Payment for purchase of capped calls    (36,030)
Debt issuance costs (50)  (13,134)
Cash paid for offering costs (104)  (543)
Cash paid for contingent consideration (4,588)  (4,206)
Payment of deferred consideration    (25,000)
Payment of acquisition-related holdback (200)   
Proceeds from the exercise of stock options 5,203   10,691 
Net cash provided by financing activities 261   305,528 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (713)  (993)
Net increase (decrease) in cash, cash equivalents, and restricted cash 54,771   (17,718)
Cash, cash equivalents, and restricted cash, beginning of period 177,150   194,868 
Cash, cash equivalents, and restricted cash, end of period$231,921  $177,150 

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

 Years Ended December 31,
  2022  2021
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$224,338 $177,150
Restricted cash included in other current assets 383  
Restricted cash included in other assets 7,200  
Total cash, cash equivalents, and restricted cash$231,921 $177,150

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

 Three Months Ended December 31, Years Ended December 31,
  2022  2021  2022  2021
SaaS subscription and support and maintenance$117,621 $91,278 $430,613 $313,950
On‑premise subscription 7,254  7,065  24,394  30,293
Subscription revenue 124,875  98,343  455,007  344,243
Professional services 4,838  4,107  19,025  16,122
Perpetual licenses 610  1,352  4,744  6,023
Non‑subscription revenue 5,448  5,459  23,769  22,145
Total revenue$130,323 $103,802 $478,776 $366,388

Jamf Holding Corp.
Supplemental Information
Key Business Metrics
(in millions, except number of customers and percentages)
(unaudited)

 December 31,
2022
 September 30,
2022
 June 30,
2022
 March 31,
2022
 December 31,
2021
 September 30,
2021
 June 30,
2021
 March 31,
2021
                
ARR$512.5  $490.5  $466.0  $436.5  $412.5  $384.8  $333.0  $308.0 
                
ARR from management solutions as a percent of total ARR 80%  82%  82%  83%  84%  84%  91%  93%
                
ARR from security solutions as a percent of total ARR 20%  18%  18%  17%  16%  16%  9%  7%
                
ARR from commercial customers as a percent of total ARR 72%  71%  71%  70%  69%  68%  64%  63%
                
ARR from education customers as a percent of total ARR 28%  29%  29%  30%  31%  32%  36%  37%
                
Dollar-based net retention rate (1) 113%  115%  117%  120%  120%  119%  119%  117%
                
Devices 30.0   29.3   28.4   26.8   26.1   25.0   23.2   21.8 
                
Customers 71,000   69,000   67,000   62,000   60,000   57,000   53,000   50,000 

(1) The dollar-based net retention rates for periods prior to June 30, 2022 were based on our Jamf legacy business and did 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,
  2022   2021   2022   2021 
Operating expenses$124,571  $102,593  $498,423  $352,233 
Amortization expense (7,124)  (7,019)  (28,227)  (25,294)
Stock-based compensation (16,949)  (11,447)  (99,017)  (31,456)
Acquisition-related expense (1,212)  (1,533)  (4,582)  (6,300)
Acquisition-related earnout (306)  (1,200)  (694)  (6,037)
Offering costs       (124)  (594)
Payroll taxes related to stock-based compensation (703)  (173)  (1,667)  (1,381)
Legal settlement    (800)     (5,000)
Non-GAAP operating expenses$98,277  $80,421  $364,112  $276,171 
        
 Three Months Ended December 31, Years Ended December 31,
  2022   2021   2022   2021 
Gross profit$99,910  $76,513  $359,549  $276,031 
Amortization expense 4,172   5,183   19,932   16,018 
Stock-based compensation 2,697   1,584   10,153   4,349 
Acquisition-related expense    71   61   88 
Payroll taxes related to stock-based compensation 190   12   347   146 
Non-GAAP gross profit$106,969  $83,363  $390,042  $296,632 
Gross profit margin 77%  74%  75%  75%
Non-GAAP gross profit margin 82%  80%  81%  81%
        
 Three Months Ended December 31, Years Ended December 31,
  2022   2021   2022   2021 
Operating loss$(24,661) $(26,080) $(138,874) $(76,202)
Amortization expense 11,296   12,202   48,159   41,312 
Stock-based compensation 19,646   13,031   109,170   35,805 
Acquisition-related expense 1,212   1,604   4,643   6,388 
Acquisition-related earnout 306   1,200   694   6,037 
Offering costs       124   594 
Payroll taxes related to stock-based compensation 893   185   2,014   1,527 
Legal settlement    800      5,000 
Non-GAAP operating income$8,692  $2,942  $25,930  $20,461 
Operating loss margin(19)% (25)% (29)% (21)%
Non-GAAP operating income margin 7%  3%  5%  6%


Three Months Ended December 31, Years Ended December 31,
 2022   2021   2022   2021 
Net loss$(21,231) $(23,750) $(141,301) $(75,189)
Exclude: income tax benefit 1,234   3,254   913   4,789 
Loss before income tax benefit (22,465)  (27,004)  (142,214)  (79,978)
Amortization expense 11,296   12,202   48,159   41,312 
Stock-based compensation 19,646   13,031   109,170   35,805 
Foreign currency transaction (gain) loss (1,279)  54   2,802   849 
Loss on extinguishment of debt          449 
Amortization of debt issuance costs 682   678   2,722   1,002 
Acquisition-related expense 1,212   1,604   4,643   6,388 
Acquisition-related earnout 306   1,200   694   6,037 
Offering costs       124   594 
Payroll taxes related to stock-based compensation 893   185   2,014   1,527 
Legal settlement    800      5,000 
Non-GAAP income before income taxes 10,291   2,750   28,114   18,985 
Non-GAAP provision for income taxes (1) (2,469)  (660)  (6,747)  (4,556)
Non-GAAP net income$7,822  $2,090  $21,367  $14,429 
Net loss per share:       
Basic$(0.17) $(0.20) $(1.17) $(0.64)
Diluted$(0.17) $(0.20) $(1.17) $(0.64)
Weighted‑average shares used in computing net loss per share:       
Basic 122,300,221   119,145,856   120,720,972   118,276,462 
Diluted 122,300,221   119,145,856   120,720,972   118,276,462 
Non-GAAP net income per share:       
Basic$0.06  $0.02  $0.18  $0.12 
Diluted$0.06  $0.02  $0.16  $0.12 
Weighted-average shares used in computing non-GAAP net income per share:       
Basic 122,300,221   119,145,856   120,720,972   118,276,462 
Diluted 133,027,869   129,512,412   130,965,684   123,105,959 

(1) Beginning in the first quarter of 2022, Jamf changed its method of calculating its non-GAAP provision for income taxes in accordance with the SEC’s Non-GAAP Financial Measures Compliance and Disclosure Interpretation on a retroactive basis. Under the new method, Jamf’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. Historically, Jamf had approximated the effective tax rate by taking into account the sizeable U.S. net operating loss carryforwards and tax credit carryforwards that have not been recorded where Jamf does not expect to record or pay tax for the foreseeable future.

 Years Ended December 31,
  2022   2021 
Net cash provided by operating activities$90,005  $65,165 
Less:   
Purchases of equipment and leasehold improvements (7,727)  (9,755)
Free cash flow 82,278   55,410 
Add:   
Cash paid for interest 763   967 
Cash paid for acquisition-related expense 4,480   5,039 
Cash paid for legal settlement    5,000 
Unlevered free cash flow$87,521  $66,416 
Total revenue$478,776  $366,388 
Net cash provided by operating activities as a percentage of total revenue 19%  18%
Free cash flow margin 17%  15%
Unlevered free cash flow margin 18%  18%

 


FAQ

What were Jamf's Q4 2022 financial results?

Jamf reported Q4 2022 revenue of $130.3 million, representing a 26% increase year-over-year.

What is Jamf's total revenue growth for FY 2022?

Jamf achieved a total revenue growth of 31% for FY 2022, totaling $478.8 million.

What is the projected revenue for Jamf in Q1 2023?

Jamf expects Q1 2023 revenue to be between $128.5 million and $130.5 million.

What is Jamf's annual revenue forecast for 2023?

For the full year 2023, Jamf projects total revenue between $559 million and $563 million.

What was Jamf's operating income for FY 2022?

Jamf reported a non-GAAP operating income of $25.9 million for FY 2022.

Jamf Holding Corp.

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