Jamf Holding Corp (NASDAQ:JAMF) Q3 2021 Earnings Conference Call November 11, 2021 4:30 PM ET Company Participants Jennifer Gaumond - IR Officer Dean Hager - CEO & Director Jill Putman - CFO Conference Call Participants David Hynes - Canaccord Genuity Chad Bennett - Craig-Hallum Sterling Auty - JPMorgan Chase & Co. Matthew Hedberg - RBC Capital Markets Raimo Lenschow - Barclays Bank Koji Ikeda - Bank of America Merrill Lynch Gregg Moskowitz - Mizuho Securities Robbie Owens - Piper Sandler & Co. Matthew Stot ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents Jamf Holding Corp.'s unaudited consolidated financial statements, revised due to sales commission capitalization errors [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets grew to **$1.53 billion** due to acquisitions and convertible notes, increasing liabilities to **$783.3 million** Consolidated Balance Sheet Highlights (in thousands) | Account | Sep 30, 2021 (Unaudited) | Dec 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $227,148 | $194,868 | | Goodwill | $846,057 | $541,480 | | Other intangible assets, net | $276,750 | $202,878 | | **Total assets** | **$1,530,079** | **$1,074,285** | | **Liabilities & Stockholders' Equity** | | | | Deferred revenues (Current) | $211,029 | $160,002 | | Convertible senior notes, net | $361,474 | $— | | **Total liabilities** | **$783,310** | **$263,271** | | Total stockholders' equity | $746,769 | $811,014 | | **Total liabilities and stockholders' equity** | **$1,530,079** | **$1,074,285** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Q3 2021 revenue grew **36%** to **$95.6 million**, but net loss widened to **$30.4 million** due to increased expenses Consolidated Statements of Operations (in thousands, except per share data) | Metric | Q3 2021 | Q3 2020 (As Revised) | Nine Months 2021 | Nine Months 2020 (As Revised) | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $95,621 | $70,548 | $262,586 | $192,865 | | Gross profit | $69,151 | $55,390 | $199,518 | $149,064 | | Loss from operations | $(29,874) | $(618) | $(50,122) | $(4,367) | | Net loss | $(30,383) | $(5,388) | $(51,439) | $(15,718) | | Net loss per share, basic and diluted | $(0.26) | $(0.05) | $(0.44) | $(0.15) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased to **$64.8 million**, investing used **$359.9 million** for acquisitions, and financing provided **$328.9 million** from notes Consolidated Statements of Cash Flows Highlights (Nine Months Ended Sep 30, in thousands) | Activity | 2021 | 2020 (As Revised) | | :--- | :--- | :--- | | Net cash provided by operating activities | $64,827 | $33,099 | | Net cash used in investing activities | $(359,937) | $(1,836) | | Net cash provided by financing activities | $328,905 | $113,819 | | Net increase in cash, cash equivalents and restricted cash | $32,930 | $145,082 | - Cash used in investing activities for the nine months ended Sep 30, 2021, included **$352.7 million** for acquisitions, net of cash acquired, primarily related to the Wandera purchase[22](index=22&type=chunk) - Cash from financing activities for the nine months ended Sep 30, 2021, included **$373.8 million** in proceeds from convertible senior notes and **$250.0 million** from bank borrowings, which were subsequently repaid, partially offset by a **$36.0 million** purchase of capped calls[22](index=22&type=chunk) [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, revision of prior financial statements due to sales commission errors, acquisitions, **$373.8 million** convertible notes, and a **$4.2 million** legal contingency - The company identified and corrected immaterial errors related to certain commissions that were incorrectly capitalized in prior periods, resulting in a revision of previously issued financial statements to expense these costs as incurred, understating prior sales and marketing expenses and overstating deferred contract costs[38](index=38&type=chunk)[39](index=39&type=chunk) - On July 1, 2021, the company acquired Wandera, a zero trust cloud security provider, for total cash consideration of **$409.3 million**, and the acquisition added **$310.8 million** in goodwill[95](index=95&type=chunk)[96](index=96&type=chunk)[101](index=101&type=chunk) - On September 17, 2021, the company issued **$373.8 million** of 0.125% Convertible Senior Notes due 2026, with net proceeds used to repay a **$250.0 million** term loan and purchase **$36.0 million** in capped call transactions to reduce potential dilution[128](index=128&type=chunk)[129](index=129&type=chunk)[140](index=140&type=chunk) - The company accrued **$4.2 million** for a legal contingency related to allegations of patent infringement, with the potential loss in excess of the accrued amount estimated to be up to **$2.3 million**[144](index=144&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses **36%** revenue growth, strategic acquisitions, increased operating expenses leading to wider net loss, and strong liquidity bolstered by operations and convertible notes [Key Business Metrics](index=46&type=section&id=Key%20Business%20Metrics) Key metrics show strong growth as of September 30, 2021, with devices on platform up **34%** to **25.0 million**, ARR up **47%** to **$384.8 million**, and dollar-based net retention at **119%** Key Business Metrics as of September 30 | Metric | 2021 | 2020 | YoY Growth | | :--- | :--- | :--- | :--- | | Number of Devices (millions) | 25.0 | 18.6 | 34% | | Annual Recurring Revenue (ARR, millions) | $384.8 | $261.5 | 47% | | Dollar-Based Net Retention Rate | 119% | 117% | +2 p.p. | [Non-GAAP Financial Measures](index=47&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP Gross Profit was **$76.4 million** (**80% margin**) and Non-GAAP Operating Income was **$2.0 million** (**2% margin**) for Q3 2021, with Adjusted EBITDA decreasing to **$3.5 million** Non-GAAP Financial Measures Reconciliation (in thousands) | Measure | Q3 2021 | Q3 2020 (As Revised) | Nine Months 2021 | Nine Months 2020 (As Revised) | | :--- | :--- | :--- | :--- | :--- | | **Gross Profit (GAAP)** | **$69,151** | **$55,390** | **$199,518** | **$149,064** | | Non-GAAP Gross Profit | $76,445 | $58,445 | $213,269 | $157,550 | | **Operating Loss (GAAP)** | **$(29,874)** | **$(618)** | **$(50,122)** | **$(4,367)** | | Non-GAAP Operating Income | $1,970 | $11,714 | $17,519 | $25,739 | | **Net Loss (GAAP)** | **$(30,383)** | **$(5,388)** | **$(51,439)** | **$(15,718)** | | Non-GAAP Net Income | $965 | $8,280 | $16,181 | $11,936 | | Adjusted EBITDA | $3,458 | $12,864 | $21,658 | $29,487 | [Results of Operations](index=54&type=section&id=Results%20of%20Operations) Total revenue for Q3 2021 increased **36% YoY** to **$95.6 million**, driven by subscription growth, while gross margin declined to **72%** and operating expenses rose **77%** to **$99.0 million** Revenue Comparison (in thousands) | Revenue Type | Q3 2021 | Q3 2020 (As Revised) | % Change | | :--- | :--- | :--- | :--- | | Subscription | $90,700 | $65,634 | 38% | | Services | $4,083 | $3,897 | 5% | | License | $838 | $1,017 | (18)% | | **Total Revenue** | **$95,621** | **$70,548** | **36%** | - Sales and marketing expenses increased **72%** in Q3 2021 YoY, primarily due to a **$10.0 million** increase in employee compensation costs from higher headcount and the Wandera acquisition, and a **$4.4 million** increase in stock-based compensation[255](index=255&type=chunk) - Research and development expenses increased significantly in Q3 2021 YoY, driven by a **$5.9 million** increase in employee compensation costs and a **$4.8 million** increase in stock-based compensation, largely related to business growth and the Wandera acquisition[257](index=257&type=chunk) - General and administrative expenses for the nine months ended Sep 30, 2021 increased by **$37.7 million** YoY, driven by higher headcount, public company costs (**$3.9M**), a legal reserve (**$4.2M**), and a **$7.9M** increase in acquisition-related earnout expense[260](index=260&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) The company had **$227.1 million** in cash, with liquidity significantly impacted by **$361.4 million** net proceeds from convertible notes used to repay a **$250.0 million** term loan and purchase **$36.0 million** in capped calls, while operating cash flow was strong at **$64.8 million** - Principal sources of liquidity as of September 30, 2021, were **$227.1 million** in cash and cash equivalents and an available revolving credit facility[271](index=271&type=chunk) - Completed the acquisition of Wandera for **$409.3 million**, initially financed with cash and a **$250.0 million** term loan, which was subsequently repaid with proceeds from the 2026 Notes offering[274](index=274&type=chunk) - Issued **$373.8 million** of convertible senior notes in September 2021, receiving net proceeds of approximately **$361.4 million**[275](index=275&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are related to foreign currency exchange rates and interest rates, with most sales in U.S. dollars mitigating revenue risk, and no current hedging instruments - The company's primary market risk exposures are from potential changes in foreign currency exchange rates and interest rates[294](index=294&type=chunk) - Most sales are denominated in U.S. dollars, but operating expenses are in various foreign currencies, creating exposure to fluctuations in exchange rates, and the functional currency of the newly acquired Wandera is the British Pound (GBP)[295](index=295&type=chunk) - The company has not entered into any hedging arrangements for foreign currency risk and does not believe a **10%** change in rates would have a material impact[295](index=295&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were **not effective** as of September 30, 2021, due to a material weakness in internal control over financial reporting related to sales commission accounting, leading to a revision of prior financial statements - Management concluded that disclosure controls and procedures were **not effective** as of September 30, 2021[297](index=297&type=chunk) - A material weakness was identified in internal control over financial reporting concerning the accounting for sales commissions, as the company did not have effective controls to identify commissions that should have been expensed rather than capitalized[298](index=298&type=chunk)[299](index=299&type=chunk) - This material weakness resulted in the revision of previously issued consolidated financial statements for years 2018, 2019, 2020, and interim periods in 2020 and 2021[299](index=299&type=chunk) - A remediation plan is in process, including hiring a third-party consultant to help standardize and automate the commissions process, but it is not yet complete[300](index=300&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=62&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 8 of the financial statements for information on legal proceedings, which discloses a **$4.2 million** accrued contingency related to patent infringement allegations - Information regarding legal proceedings is incorporated by reference from Note 8 to the consolidated financial statements[303](index=303&type=chunk) [Risk Factors](index=62&type=section&id=Item%201A.%20Risk%20Factors) This section updates the company's risk factors, adding significant new risks including an identified material weakness in internal control over financial reporting and increased indebtedness from **$373.8 million** in convertible senior notes - A new risk factor has been added regarding the identified material weakness in internal control over financial reporting, which could adversely affect investor confidence and the stock price if not remediated[305](index=305&type=chunk) - The company's indebtedness of **$374.8 million** as of September 30, 2021, could adversely affect business and growth prospects by requiring diversion of funds for debt service[307](index=307&type=chunk) - The company may not have the ability to raise funds to settle conversions of the 2026 Notes in cash or to repurchase them upon a fundamental change, which could lead to a default[311](index=311&type=chunk) - Conversion of the 2026 Notes may dilute the ownership interest of existing shareholders or depress the stock price[316](index=316&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=65&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On September 17, 2021, the company completed a private offering of **$373.8 million** aggregate principal amount of its 0.125% Convertible Senior Notes due 2026, sold to qualified institutional buyers under Securities Act exemptions - On September 17, 2021, the company sold **$373.8 million** of its 2026 Convertible Senior Notes in a private offering exempt from registration under Section 4(a)(2) of the Securities Act[325](index=325&type=chunk) [Defaults Upon Senior Securities](index=66&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - **None**[328](index=328&type=chunk) [Mine Safety Disclosures](index=66&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not applicable**[329](index=329&type=chunk) [Other Information](index=66&type=section&id=Item%205.%20Other%20Information) The company reports no other information for this item - **None**[330](index=330&type=chunk) [Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the report, including the indenture for the 2026 Convertible Senior Notes, the form of the Capped Call Confirmation, and certifications by the CEO and CFO

Financial Performance - Annual Recurring Revenue (ARR) increased to $333.0 million as of June 30, 2021, up 38% year-over-year from $241.0 million in 2020[196]. - Total revenue for Q2 2021 was $86,238,000, up 38.5% from $62,264,000 in Q2 2020[237]. - Subscription revenue increased to $80,718,000 in Q2 2021, a 37.7% rise from $58,600,000 in Q2 2020[237]. - Total revenue increased by $24.0 million, or 39%, for the three months ended June 30, 2021, compared to the same period in 2020, driven by higher subscription revenue, services revenue, and license revenue[241]. - Total revenue increased by $44.6 million, or 37%, for the six months ended June 30, 2021, compared to the same period in 2020[242]. - The company reported a net loss of $16,467,000 for the three months ended June 30, 2021, compared to a net loss of $834,000 for the same period in 2020[215]. - The company reported a net loss of $21.1 million for the six months ended June 30, 2021, adjusted for non-cash charges of $39.0 million[272]. - Adjusted EBITDA for Q2 2021 was $8,972,000, compared to $11,981,000 in Q2 2020, reflecting a decrease of approximately 25%[220]. - Non-GAAP Gross Profit for the three months ended June 30, 2021, was $70,175,000, compared to $51,352,000 for the same period in 2020, reflecting a growth of 36.7%[206]. - Non-GAAP Net Income for the three months ended June 30, 2021, was $7,496,000, compared to $4,813,000 for the same period in 2020, representing an increase of 55.5%[215]. Customer Metrics - The number of devices on the software platform grew to 23.2 million as of June 30, 2021, representing a 35% year-over-year growth rate from 17.2 million in 2020[193]. - The dollar-based net retention rates were 119% and 117% for the trailing twelve months ended June 30, 2021 and 2020, respectively, indicating strong customer expansion[199]. - Customer retention rate improved to 85%, up from 80% in the previous quarter[295]. - The increase in subscription revenue was attributed to device expansion, new customer additions, and cross-selling efforts[242]. Operational Strategy - The company plans to continue investing in its sales team to target expansion within midmarket and enterprise customers, as well as to attract new customers[187]. - The company intends to continue international expansion by investing in sales and marketing channels to capitalize on market opportunities[188]. - The company plans to enhance internal controls and commissions processes, including hiring a third-party consultant for standardization and automation[293]. - The company plans to enter two new international markets by the end of 2024[295]. Acquisitions and Investments - The acquisition of Wandera, completed on July 1, 2021, enhances the company's position in Apple Enterprise Management and strengthens its security offerings[177]. - The company completed the acquisition of Wandera for total consideration of $409.2 million on July 1, 2021, financed with cash on hand and proceeds from a new term loan facility[267]. - The company completed a strategic acquisition of a tech startup for $200 million to bolster its product offerings[295]. - The company is investing $500 million in R&D for new technologies aimed at enhancing user experience[295]. Market Performance - User base grew to 10 million active users, a 20% increase compared to the previous quarter[295]. - Market expansion efforts have led to a 25% increase in market share in the Asia-Pacific region[295]. - The company provided guidance for Q4 2023, expecting revenue to be between $2.7 billion and $2.9 billion, indicating a growth of 8% to 16%[295]. Expenses and Losses - Operating expenses for Q2 2021 totaled $82,951,000, compared to $44,892,000 in Q2 2020, reflecting an increase of 84.6%[237]. - General and administrative expenses for Q2 2021 were $27,508,000, significantly higher than $6,528,000 in Q2 2020, indicating a rise of 320.5%[237]. - Sales and marketing expenses rose by $11.8 million, or 57%, for the three months ended June 30, 2021, primarily due to increased employee compensation costs and marketing initiatives[247]. - Research and development expenses rose to $17,203,000 in Q2 2021, up from $11,949,000 in Q2 2020, marking a 43.5% increase[237]. - The company reported a net loss of 19% for the three months ended June 30, 2021, compared to a net loss of 1% in the same period in 2020[239]. Cash Flow and Financial Position - As of June 30, 2021, the company had cash and cash equivalents totaling $226.5 million, which are expected to support ongoing investments and operational needs[264]. - Deferred revenue as of June 30, 2021, amounted to $238.5 million, with $180.7 million expected to be recognized as revenue in the next 12 months[266]. - Net cash provided by operating activities was $38.0 million, a significant increase from $9.5 million in the same period of 2020[270][272]. - Cash and cash equivalents at the end of the period were $226.5 million, up from $194.9 million at the beginning of the period[270]. Internal Controls and Compliance - The company identified a material weakness in internal control over financial reporting related to the misstatement of commissions, leading to revisions of previously issued financial statements[291][292]. - The company has not entered into any hedging arrangements regarding foreign currency risk, and a hypothetical 10% change in foreign currency exchange rates would not have had a material impact on its consolidated financial statements[288].

Jamf Holding Corp. (NASDAQ:JAMF) Q2 2021 Earnings Conference Call August 10, 2021 4:30 PM ET Company Participants Jennifer Gaumond – Vice President-Investor Relations Dean Hager – Chief Executive Officer Jill Putman – Chief Financial Officer Conference Call Participants Bhavan Suri – William Blair Sterling Auty – JPMorgan DJ Hynes – Canaccord Josh Reilly – Needham Rob Owens – Piper Sandler Chad Bennett – Craig-Hallum Gregg Moskowitz – Mizuho Pat Walravens – JMP Securities Rod Hall – Goldman Sachs Operator G ...

jamf 0 The Standard for Apple in the Enterprise Investor Presentation: First Quarter 2021 1 Safe Harbor Unless otherwise specified, financial information and other data presented in this presentation is presented as of December 31, 2020. The financial results contained herein as of March 31, 2021 and for the three months ended March 31, 2021, March 31, 2020 and March 31, 2019 are unaudited. These numbers are derived from Jamf's unaudited interim consolidated financial statements. The unaudited interim conso ...

Jamf Holding Corp (NASDAQ:JAMF) Q1 2021 Earnings Conference Call May 11, 2021 4:30 PM ET Company Participants Jennifer Gaumond - VP, Investor Relations Dean Hager - CEO & Director Jill Putman - CFO Conference Call Participants Roderick Hall - Goldman Sachs Group Raimo Lenschow - Barclays Bank Robbie Owens - Piper Sandler & Co. Matthew Hedberg - RBC Capital Markets Gregg Moskowitz - Mizuho Securities David Hynes - Canaccord Genuity Sterling Auty - JPMorgan Chase & Co. Joshua Reilly - Needham & Company Koji I ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Jamf Holding Corp.'s Q1 2021 unaudited financials report **$1.12 billion** in total assets, **$81.2 million** revenue (34% YoY growth), and a **$3.1 million** net loss, an improvement from the prior year [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$1.115 billion** as of March 31, 2021, driven by cash and other assets, while total liabilities rose to **$295.9 million** Balance Sheet Summary | Balance Sheet Items | March 31, 2021 (in thousands) | December 31, 2020 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $196,190 | $194,868 | | Goodwill | $541,850 | $541,480 | | Total current assets | $301,193 | $288,911 | | **Total assets** | **$1,115,184** | **$1,078,153** | | **Liabilities & Equity** | | | | Deferred revenues (Current) | $167,868 | $160,443 | | Total current liabilities | $202,896 | $199,697 | | **Total liabilities** | **$295,921** | **$262,672** | | **Total stockholders' equity** | **$819,263** | **$815,481** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2021 total revenue grew **34%** to **$81.2 million**, driven by subscription revenue, with net loss narrowing to **$3.1 million** due to improved gross profit and lower interest expense Consolidated Statements of Operations Summary | Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Subscription Revenue | $74,923 | $54,618 | +37% | | **Total Revenue** | **$81,168** | **$60,390** | **+34%** | | Gross Profit | $63,912 | $45,379 | +41% | | Loss from Operations | $(2,778) | $(6,483) | Improvement | | Interest Expense, net | $(55) | $(4,778) | -99% | | **Net Loss** | **$(3,069)** | **$(8,290)** | **Improvement** | | Net Loss Per Share | $(0.03) | $(0.08) | Improvement | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2021 operating cash flow turned positive at **$4.0 million**, driven by a smaller net loss and deferred revenue, while investing activities used **$6.3 million** Consolidated Statements of Cash Flows Summary | Cash Flow Activity | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,023 | $(7,355) | | Net cash used in investing activities | $(6,319) | $(1,039) | | Net cash provided by (used in) financing activities | $4,019 | $(1,362) | | **Net increase (decrease) in cash** | **$1,322** | **$(9,756)** | [Notes to Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the adoption of ASC 842, the **$3.4 million** acquisition of cmdReporter, and the planned **$400.0 million** acquisition of Wandera - The company operates as a single reportable segment. Revenue from The Americas constituted the largest portion of geographic revenue, growing to **$61.3 million** in Q1 2021 from **$47.0 million** in Q1 2020[27](index=27&type=chunk) - On February 26, 2021, the company acquired cmdReporter for an aggregate purchase price of approximately **$3.4 million**, funded by cash on hand. The acquisition included **$0.4 million** in contingent consideration[55](index=55&type=chunk) - On May 11, 2021, the company announced a definitive agreement to acquire Wandera, Inc. for **$400.0 million** in cash. The transaction is expected to close in Q3 2021[90](index=90&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes **34% revenue growth** to strong subscription performance, with **ARR up 37%** to **$308.0 million** and a solid liquidity position of **$196.2 million** cash [Key Business Metrics](index=38&type=section&id=Key%20Business%20Metrics) Key business metrics show strong growth, with **21.8 million devices managed** (34% YoY increase) and **Annual Recurring Revenue (ARR) up 37%** to **$308.0 million** Key Business Metrics Overview | Metric | As of March 31, 2021 | As of March 31, 2020 | YoY Growth | | :--- | :--- | :--- | :--- | | Number of Devices | 21.8 million | 16.3 million | 34% | | Annual Recurring Revenue (ARR) | $308.0 million | $224.9 million | 37% | | Dollar-Based Net Retention Rate | 117% | 120% | -3 p.p. | [Non-GAAP Financial Measures](index=40&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures for Q1 2021 show **Gross Profit of $67.1 million** (83% margin) and **Adjusted EBITDA nearly doubled** to **$10.6 million** year-over-year Non-GAAP Financial Performance | Non-GAAP Metric | Q1 2021 (in thousands) | Q1 2020 (in thousands) | | :--- | :--- | :--- | | Non-GAAP Gross Profit | $67,090 | $48,094 | | Non-GAAP Operating Income | $9,263 | $4,279 | | Non-GAAP Net Income (Loss) | $9,258 | $(245) | | Adjusted EBITDA | $10,643 | $5,569 | [Results of Operations](index=49&type=section&id=Results%20of%20Operations) Q1 2021 total revenue grew **34%** to **$81.2 million**, with gross margin improving to **79%**, while operating expenses increased **29%** due to growth investments - Total revenue increased by **$20.8 million (34%)** in Q1 2021 compared to Q1 2020, primarily due to a **$20.3 million (37%) increase in subscription revenue** from device expansion and new customers[179](index=179&type=chunk) - Gross margin improved to **79%** in Q1 2021 from **75%** in Q1 2020, as revenue grew faster than the cost of revenue[182](index=182&type=chunk) - Operating expenses increased by **$14.8 million (29%)**, driven by higher employee compensation costs from headcount growth in Sales & Marketing and R&D, and increased public company costs in G&A[183](index=183&type=chunk)[184](index=184&type=chunk)[186](index=186&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains **$196.2 million** in cash and equivalents, with **$4.0 million** operating cash flow, and secured a **$250.0 million** term loan for the Wandera acquisition - Principal sources of liquidity as of March 31, 2021, were cash and cash equivalents of **$196.2 million** and an available revolving credit facility[194](index=194&type=chunk) - On May 5, 2021, the company secured a commitment letter for a **364-day term loan facility of up to $250.0 million**, intended to be used for the Wandera acquisition[195](index=195&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk stems from foreign currency exchange rates impacting operating expenses, though most revenue is USD-denominated, and no hedging is employed - The company's primary market risk is from foreign currency exchange rates, as operating expenses are located in countries like the U.S., Poland, and the Netherlands. Most revenue is denominated in U.S. dollars[215](index=215&type=chunk) - The company has not entered into any hedging arrangements for foreign currency risk and believes the effects of inflation have not been significant[215](index=215&type=chunk)[216](index=216&type=chunk) [Item 4. Controls and Procedures](index=42&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that as of March 31, 2021, the company's disclosure controls and procedures were effective at the reasonable assurance level[217](index=217&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2021[218](index=218&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material litigation that would adversely affect its business or financial condition - The company is not presently a party to any material litigation[222](index=222&type=chunk) [Item 1A. Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) New risk factors primarily concern the proposed Wandera acquisition, including completion uncertainty, integration challenges, and significant transaction costs - The completion of the Wandera acquisition is subject to customary closing conditions, including U.S. regulatory approvals, and there is no assurance these will be met[224](index=224&type=chunk) - The company will incur significant non-recurring costs related to the acquisition, including fees for advisors and potential integration expenses, regardless of whether the acquisition is completed[230](index=230&type=chunk)[231](index=231&type=chunk) - Potential difficulties in integrating Wandera's business include loss of key employees, disruption of ongoing business, and inconsistencies in policies, which could adversely affect operating results[232](index=232&type=chunk)[236](index=236&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=45&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities were reported during the period - None[239](index=239&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) Exhibits filed with Form 10-Q include the Wandera acquisition merger agreement and CEO/CFO certifications - Key exhibits filed include the Merger Agreement for the acquisition of Wandera, Inc. and certifications by the CEO and CFO[245](index=245&type=chunk)

Jamf Holding Corp. (NASDAQ:JAMF) Q4 2020 Earnings Conference Call March 4, 2021 4:30 PM ET Company Participants Jennifer Gaumond - Investor Relations Dean Hager - Chief Executive Officer Jill Putman - Chief Financial Officer Conference Call Participants Sterling Auty - JP Morgan Raimo Lenschow - Barclays Gregg Moskowitz - Mizuho Bhavan Suri - William Blair Rod Hall - Goldman Sachs Rob Owens - Piper Sandler Matthew Hedberg - RBC Capital Markets Patrick Walravens - JMP Operator Ladies and gentlemen, thank you ...

jamf 0 The Standard for Apple in the Enterprise Investor Presentation: Fourth Quarter 2020 1 Safe Harbor Unless otherwise specified, financial information and other data presented in this presentation is presented as of December 31, 2020. Jamf's historical results are not necessarily indicative of the results that may be expected in the future. Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigatio ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39399 JAMF HOLDING CORP. (Exact name of registrant as specified in its charter) Delaware (State or Other Jurisdiction of Inco ...