Jamf Announces Second Quarter 2022 Financial Results | #cybersecurity | #conferences


  • Q2 total revenue year-over-year growth of 34% to $115.6 million
  • ARR year-over-year growth of 40% to $466.0 million as of June 30, 2022
  • Cash flow provided by operations of $43.5 million for the TTM ended June 30, 2022, or 10% of TTM total revenue; unlevered free cash flow of $48.1 million, or 11% of TTM total revenue

MINNEAPOLIS, Aug. 04, 2022 (GLOBE NEWSWIRE) — Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced financial results for its second quarter ended June 30, 2022.

“Our strong performance in the second quarter is another testament to the resiliency and diversity of Jamf’s business model,” said Dean Hager, CEO of Jamf. “Increasing demand for Jamf’s broad line of security solutions combined with a strengthening replacement market for core management solutions show that Jamf’s unique approach to support and extend Apple innovations the same day they are made available is proving to be more valuable than ever to existing and new customers.”

Second Quarter 2022 Financial Highlights

  • ARR: ARR increase of 40% year-over-year to $466.0 million as of June 30, 2022.
  • Revenue: Total revenue of $115.6 million, an increase of 34% year-over-year.
  • Gross Profit: GAAP gross profit of $86.2 million, or 75% of total revenue, compared to $66.9 million in the second quarter of 2021. Non-GAAP gross profit of $93.9 million, or 81% of total revenue, compared to $70.2 million in the second quarter of 2021.
  • Operating Loss/Income: GAAP operating loss of $61.8 million, or (53)% of total revenue, compared to $16.1 million in the second quarter of 2021. Non-GAAP operating income of $4.5 million, or 4% of total revenue, compared to $7.7 million in the second quarter of 2021.
  • Cash Flow: Cash flow provided by operations of $43.5 million for the TTM ended June 30, 2022, or 10% of TTM total revenue, compared to $81.3 million for the TTM ended June 30, 2021. Unlevered free cash flow of $48.1 million for the TTM ended June 30, 2022, or 11% of TTM total revenue, compared to $81.2 million for the TTM ended June 30, 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.

Jamf Appoints Ian Goodkind as CFO and Announces Retirement of Current CFO Jill Putman

Jamf today also announced the appointment of Ian Goodkind as Chief Financial Officer to succeed current CFO Jill Putman, effective September 1, 2022.

Mr. Goodkind, who currently serves as Jamf’s CAO, has been with the company since 2019, leading the financial accounting, internal audit, tax and treasury functions. Mr. Goodkind has been instrumental in scaling the company for growth and building out Jamf’s public company infrastructure, along with playing a pivotal role in recent Jamf acquisitions.

Ms. Putman is retiring from her role as CFO and is expected to continue with the company in a non-executive capacity through March 2023, to ensure a successful transition.

Recent Business Highlights

  • Ended the second quarter serving more than 67,000 customers with more than 28.4 million devices on our platform.
  • Released Jamf Trust application to power workflows associated with Jamf’s security platform of products across iOS, iPadOS, macOS, Android and Windows devices.
  • Launched Jamf Safe Internet, a comprehensive content filtering solution optimized for education that is integrated with Jamf’s management and security platform, to deliver a safe online experience to students while offering effortless management for admins.
  • Recognized as a leader in the IDC MarketScape: Worldwide Unified Endpoint Management Software for Apple Devices 2022 Vendor Assessment.
  • Achieved both ISO 27001 and ISO 27701 certifications, signifying implementation of industry best practices for handling and securing customer personal data.
  • Hosted four Jamf Nation Live events across Western Europe, bringing together Jamf customers and prospects to discover new and better ways to manage and secure Apple devices to empower people, transform business processes and make IT life easier.

Financial Outlook

For the third quarter of 2022, Jamf currently expects:

  • Total revenue of $121.5 to $122.5 million
  • Non-GAAP operating income of $4 to $5 million

For the full year 2022, Jamf currently expects:

  • Total revenue of $475 to $477 million
  • Non-GAAP operating income of $21 to $23 million

To assist with modeling, for the third quarter of 2022 and full year 2022, amortization is expected to be approximately $12.3 million and $47.9 million, respectively. In addition, for the third quarter of 2022 and full year 2022, stock-based compensation and related payroll taxes is expected to be approximately $23.2 million and $116.9 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 August 4, 2022.

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 or by clicking here.

A replay of the call will be available on the Investor Relations website beginning on August 4, 2022, at approximately 7:00 p.m. ET.  

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 reserve, 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, 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 its 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 and include statements regarding our future financial and operating performance (including our financial outlook for future reporting periods). 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: the impact on our operations from macroeconomic and market conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, challenges in the supply chain and the effects of the ongoing 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 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; risks associated with our indebtedness; and risks associated with global events (such as Russia’s invasion of Ukraine and related sanctions).

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)

  June 30,
2022
  December 31, 2021
Assets      
Current assets:      
Cash and cash equivalents $ 182,349     $ 177,150  
Trade accounts receivable, net of allowances of $479 and $391   96,450       79,143  
Income taxes receivable   450       608  
Deferred contract costs   15,460       12,904  
Prepaid expenses   17,513       17,581  
Other current assets   4,953       4,212  
Total current assets   317,175       291,598  
Equipment and leasehold improvements, net   17,334       18,045  
Goodwill   823,671       845,734  
Other intangible assets, net   233,557       264,593  
Deferred contract costs, non-current   34,823       29,842  
Other assets   39,530       30,608  
Total assets $ 1,466,090     $ 1,480,420  
       
Liabilities and stockholders’ equity      
Current liabilities:      
Accounts payable $ 9,506     $ 9,306  
Accrued liabilities   50,761       54,022  
Income taxes payable   203       167  
Deferred revenues   249,374       223,031  
Total current liabilities   309,844       286,526  
Deferred revenues, non-current   67,578       59,097  
Deferred tax liability, net   7,596       8,700  
Convertible senior notes, net   363,265       362,031  
Other liabilities   23,861       25,640  
Total liabilities   772,144       741,994  
Commitments and contingencies      
Stockholders’ equity:      
Preferred stock          
Common stock   120       119  
Additional paid-in capital   987,576       913,581  
Accumulated other comprehensive loss   (37,574 )     (7,866 )
Accumulated deficit   (256,176 )     (167,408 )
Total stockholders’ equity   693,946       738,426  
Total liabilities and stockholders’ equity $ 1,466,090     $ 1,480,420  

Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)

Three Months Ended June 30,   Six Months Ended June 30,
  2022       2021       2022       2021  
Revenue:              
Subscription $ 109,407     $ 80,718     $ 211,608     $ 155,200  
Services   5,027       3,929       8,971       7,932  
License   1,204       1,591       3,317       3,833  
Total revenue   115,638       86,238       223,896       166,965  
Cost of revenue:              
Cost of subscription(1)(2)(3)(4)(exclusive of amortization expense shown below)   20,634       13,875       40,536       25,889  
Cost of services(1)(2)(3)(exclusive of amortization expense shown below)   3,493       2,607       6,600       5,072  
Amortization expense   5,265       2,860       10,483       5,637  
Total cost of revenue   29,392       19,342       57,619       36,598  
Gross profit   86,246       66,896       166,277       130,367  
Operating expenses:              
Sales and marketing(1)(2)(3)(4)   58,750       32,617       105,075       62,784  
Research and development(1)(2)(3)(4)   33,983       17,203       58,785       32,829  
General and administrative(1)(2)(3)(4)   48,321       27,508       73,933       43,752  
Amortization expense   7,034       5,623       14,063       11,250  
Total operating expenses   148,088       82,951       251,856       150,615  
Loss from operations   (61,842 )     (16,055 )     (85,579 )     (20,248 )
Interest expense, net   (641 )     (167 )     (1,500 )     (222 )
Foreign currency transaction loss   (676 )     (308 )     (1,457 )     (526 )
Loss before income tax benefit (provision)   (63,159 )     (16,530 )     (88,536 )     (20,996 )
Income tax benefit (provision)   20       63       (232 )     (60 )
Net loss $ (63,139 )   $ (16,467 )   $ (88,768 )   $ (21,056 )
Net loss per share, basic and diluted $ (0.53 )   $ (0.14 )   $ (0.74 )   $ (0.18 )
Weighted‑average shares used to compute net loss per share, basic and diluted   119,941,482       117,909,720       119,768,871       117,649,467  

(1) Includes stock-based compensation as follows:

  Three Months Ended June 30,   Six Months Ended June 30,
    2022     2021     2022     2021
   
  (in thousands)
Cost of revenue:              
Subscription $ 2,061   $ 344   $ 4,016   $ 668
Services   313     75     617     152
Sales and marketing   13,811     1,088     19,670     1,930
Research and development   10,631     1,153     14,490     1,931
General and administrative   26,208     1,446     30,241     2,257
  $ 53,024   $ 4,106   $ 69,034   $ 6,938

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

Three Months Ended June 30,   Six Months Ended June 30,
  2022     2021     2022     2021
   
  (in thousands)
Cost of revenue:              
Subscription $ 24   $   $ 24   $
Services   1         1    
Sales and marketing   65     59     77     146
Research and development   77     24     104     117
General and administrative   86     138     183     353
$ 253   $ 221   $ 389   $ 616

(3) Includes depreciation expense as follows:

Three Months Ended June 30,   Six Months Ended June 30,
  2022     2021     2022     2021
   
  (in thousands)
Cost of revenue:            
Subscription $ 286   $ 249   $ 606   $ 512
Services   41     38     86     81
Sales and marketing   633     524     1,317     1,098
Research and development   397     277     756     582
General and administrative   235     183     473     378
$ 1,592   $ 1,271   $ 3,238   $ 2,651

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

Three Months Ended June 30,   Six Months Ended June 30,
  2022     2021     2022     2021
   
  (in thousands)
Cost of revenue:              
Subscription $ 23   $   $ 61   $
Sales and marketing           7    
Research and development   283     41     546     41
General and administrative   242     2,174     1,035     2,284
  $ 548   $ 2,215   $ 1,649   $ 2,325

General and administrative also includes acquisition-related earnout of $0.1 million and $3.9 million for the three months ended June 30, 2022 and 2021, respectively, and $0.2 million and $4.2 million for the six months ended June 30, 2022 and 2021, respectively. The acquisition-related earnout was an expense for both the three and six months ended June 30, 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 legal reserve of $4.2 million for the three and six months ended June 30, 2021.

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

Six Months Ended June 30,
  2022       2021  
Cash flows from operating activities  
Net loss $ (88,768 )   $ (21,056 )
Adjustments to reconcile net loss to cash provided by operating activities:      
Depreciation and amortization expense   27,784       19,538  
Amortization of deferred contract costs   7,859       5,861  
Amortization of debt issuance costs   1,358       249  
Non-cash lease expense   2,943       2,398  
Provision for credit losses and returns   274       (41 )
Share‑based compensation   69,034       6,938  
Deferred tax benefit   (1,199 )     (669 )
Adjustment to contingent consideration   188       4,237  
Other   1,438       454  
Changes in operating assets and liabilities:      
Trade accounts receivable   (17,870 )     2,249  
Income tax receivable/payable   165       (238 )
Prepaid expenses and other assets   (3,851 )     (2,986 )
Deferred contract costs   (15,438 )     (11,848 )
Accounts payable   292       2,284  
Accrued liabilities   (3,100 )     (1,889 )
Deferred revenue   35,233       32,627  
Other liabilities         (86 )
Net cash provided by operating activities   16,342       38,022  
Cash flows from investing activities      
Acquisitions, net of cash acquired   (4,023 )     (3,041 )
Purchases of equipment and leasehold improvements   (2,876 )     (5,211 )
Other   (79 )     22  
Net cash used in investing activities   (6,978 )     (8,230 )
Cash flows from financing activities      
Debt issuance costs   (50 )     (530 )
Cash paid for offering costs   (80 )     (243 )
Cash paid for contingent consideration   (4,588 )     (4,206 )
Payment of acquisition-related holdback   (200 )      
Proceeds from the exercise of stock options   1,543       7,063  
Net cash (used in) provided by financing activities   (3,375 )     2,084  
Effect of exchange rate changes on cash and cash equivalents   (790 )     (259 )
Net increase in cash and cash equivalents   5,199       31,617  
Cash and cash equivalents, beginning of period   177,150       194,868  
Cash and cash equivalents, end of period $ 182,349     $ 226,485  

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

  Three Months Ended June 30,   Six Months Ended June 30,
    2022     2021     2022     2021
SaaS subscription and support and maintenance $ 104,291   $ 72,121   $ 200,641   $ 138,897
On‑premise subscription   5,116     8,597     10,967     16,303
Subscription revenue   109,407     80,718     211,608     155,200
Professional services   5,027     3,929     8,971     7,932
Perpetual licenses   1,204     1,591     3,317     3,833
Non‑subscription revenue   6,231     5,520     12,288     11,765
Total revenue $ 115,638   $ 86,238   $ 223,896   $ 166,965

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

  June 30,
2022
  March 31,
2022
  December 31,
2021
  September 30,
2021
  June 30,
2021
  March 31,
2021
                       
ARR $ 466.0     $ 436.5     $ 412.5     $ 384.8     $ 333.0     $ 308.0  
                       
ARR from management solutions as a percent of total ARR   82 %     83 %     84 %     84 %     91 %     93 %
                       
ARR from security solutions as a percent of total ARR   18 %     17 %     16 %     16 %     9 %     7 %
                       
ARR from commercial customers as a percent of total ARR   71 %     70 %     69 %     68 %     64 %     63 %
                       
ARR from education customers as a percent of total ARR   29 %     30 %     31 %     32 %     36 %     37 %
                       
Dollar-based net retention rate(1)   117 %     120 %     120 %     119 %     119 %     117 %
                       
Devices(2)   28.4       26.8       26.1       25.0       23.2       21.8  
                       
Customers   67,000       62,000       60,000       57,000       53,000       50,000  

(1) The dollar-based net retention rate for the TTM ended June 30, 2022 includes Wandera. 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.

(2) Previously reported devices for March 31, 2022 and Dec. 31, 2021 have been updated to reflect an immaterial adjustment.

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 June 30,   Six Months Ended June 30,
    2022       2021       2022       2021  
Operating expenses $ 148,088     $ 82,951     $ 251,856     $ 150,615  
Amortization expense   (7,034 )     (5,623 )     (14,063 )     (11,250 )
Stock-based compensation   (50,650 )     (3,687 )     (64,401 )     (6,118 )
Acquisition-related expense   (525 )     (2,215 )     (1,588 )     (2,325 )
Acquisition-related earnout   (100 )     (3,937 )     (188 )     (4,237 )
Offering costs   (124 )     (594 )     (124 )     (594 )
Payroll taxes related to stock-based compensation   (228 )     (221 )     (364 )     (616 )
Legal reserve         (4,200 )           (4,200 )
Non-GAAP operating expenses $ 89,427     $ 62,474     $ 171,128     $ 121,275  
               
  Three Months Ended June 30,   Six Months Ended June 30,
    2022       2021       2022       2021  
Gross profit $ 86,246     $ 66,896     $ 166,277     $ 130,367  
Amortization expense   5,265       2,860       10,483       5,637  
Stock-based compensation   2,374       419       4,633       820  
Acquisition-related expense   23             61        
Payroll taxes related to stock-based compensation   25             25        
Non-GAAP gross profit $ 93,933     $ 70,175     $ 181,479     $ 136,824  
Gross profit margin   75 %     78 %     74 %     78 %
Non-GAAP gross profit margin   81 %     81 %     81 %     82 %
               
  Three Months Ended June 30,   Six Months Ended June 30,
    2022       2021       2022       2021  
Operating loss $ (61,842 )   $ (16,055 )   $ (85,579 )   $ (20,248 )
Amortization expense   12,299       8,483       24,546       16,887  
Stock-based compensation   53,024       4,106       69,034       6,938  
Acquisition-related expense   548       2,215       1,649       2,325  
Acquisition-related earnout   100       3,937       188       4,237  
Offering costs   124       594       124       594  
Payroll taxes related to stock-based compensation   253       221       389       616  
Legal reserve         4,200             4,200  
Non-GAAP operating income $ 4,506     $ 7,701     $ 10,351     $ 15,549  
Operating loss margin (53)%   (19)%   (38)%   (12)%
Non-GAAP operating income margin   4 %     9 %     5 %     9 %
Three Months Ended June 30,   Six Months Ended June 30,
  2022       2021       2022       2021  
Net loss $ (63,139 )   $ (16,467 )   $ (88,768 )   $ (21,056 )
Exclude: Income tax benefit (provision)   20       63       (232 )     (60 )
Loss before income tax benefit (provision)   (63,159 )     (16,530 )     (88,536 )     (20,996 )
Amortization expense   12,299       8,483       24,546       16,887  
Stock-based compensation   53,024       4,106       69,034       6,938  
Foreign currency transaction loss   676       308       1,457       526  
Amortization of debt issuance costs   679             1,358        
Acquisition-related expense   548       2,215       1,649       2,325  
Acquisition-related earnout   100       3,937       188       4,237  
Offering costs   124       594       124       594  
Payroll taxes related to stock-based compensation   253       221       389       616  
Legal reserve         4,200             4,200  
Non-GAAP income before income taxes   4,544       7,534       10,209       15,327  
Non-GAAP provision for income taxes(1)   (1,090 )     (1,808 )     (2,450 )     (3,678 )
Non-GAAP net income $ 3,454     $ 5,726     $ 7,759     $ 11,649  
Net loss per share:              
Basic $ (0.53 )   $ (0.14 )   $ (0.74 )   $ (0.18 )
Diluted $ (0.53 )   $ (0.14 )   $ (0.74 )   $ (0.18 )
Weighted‑average shares used in computing net loss per share:              
Basic   119,941,482       117,909,720       119,768,871       117,649,467  
Diluted   119,941,482       117,909,720       119,768,871       117,649,467  
Non-GAAP net income per share:              
Basic $ 0.03     $ 0.05     $ 0.06     $ 0.10  
Diluted $ 0.03     $ 0.05     $ 0.06     $ 0.10  
Weighted-average shares used in computing non-GAAP net income per share:              
Basic   119,941,482       117,909,720       119,768,871       117,649,467  
Diluted   129,189,399       120,521,776       129,436,956       120,499,563  

(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.

  Six Months Ended June 30,   Years Ended December 31,
    2022       2021       2020       2021       2020  
Net cash provided by operating activities $ 16,342     $ 38,022     $ 9,515     $ 65,165     $ 52,801  
Less:                  
Purchases of equipment and leasehold improvements   (2,876 )     (5,211 )     (1,366 )     (9,755 )     (4,368 )
Free cash flow   13,466       32,811       8,149       55,410       48,433  
Add:                  
Cash paid for interest   371       6       9,262       967       12,649  
Cash paid for acquisition-related expense   1,720       1,094       1,600       5,039       5,200  
Cash paid for legal settlement                     5,000        
Unlevered free cash flow $ 15,557     $ 33,911     $ 19,011     $ 66,416     $ 66,282  
Total revenue $ 223,896     $ 166,965     $ 122,317     $ 366,388     $ 269,132  
Net cash provided by operating activities as a percentage of total revenue   7 %     23 %     8 %     18 %     20 %
Free cash flow margin   6 %     20 %     7 %     15 %     18 %
Unlevered free cash flow margin   7 %     20 %     16 %     18 %     25 %
  Trailing Twelve Months Ended
June 30,
    2022       2021  
Net cash provided by operating activities $ 43,485     $ 81,308  
Less:      
Purchases of equipment and leasehold improvements   (7,420 )     (8,213 )
Free cash flow   36,065       73,095  
Add:      
Cash paid for interest   1,332       3,393  
Cash paid for acquisition-related expense   5,665       4,694  
Cash paid for legal settlement   5,000        
Unlevered free cash flow $ 48,062     $ 81,182  
Total revenue $ 423,319     $ 313,780  
Net cash provided by operating activities as a percentage of total revenue   10 %     26 %
Free cash flow margin   9 %     23 %
Unlevered free cash flow margin   11 %     26 %

 



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