jamf(JAMF)2023-02-28 16:00Apple Market Share and Enterprise Adoption - Apple operating systems comprised 23% of global web traffic in December 2022, up from 4% in January 2009[40] - Apple operating systems represent over 41% of web traffic in the U.S. in December 2022, compared to 30% for Microsoft and 26% for Google[40] - Apple experienced over 40% growth in market share from 2009 to 2022, while all other major brands saw their shipments fall[40] - Apple's iOS devices, including the iPhone and iPad, have become the most popular mobile OS among U.S. enterprise business users[41] - Apple is now in every Fortune 500 company, and eight in ten companies are writing custom apps for their enterprise[39] - 89% of workers are willing to make a salary sacrifice for device choice, with nearly two-thirds choosing Apple[37] Jamf Customer Base and Market Reach - Jamf has over 71,000 customers deploying 30.0 million devices in more than 100 countries and territories as of December 31, 2022[28] - Jamf has over 71,000 customers as of December 31, 2022, with more than 24,000 new customers added in the last two years[50] - Approximately 36% of Jamf's new subscriptions in 2022 originated outside North America, up from 34% in the prior year, reflecting growing international presence[74] - As of December 31, 2022, Jamf had over 71,000 customers, including 9 of the top 10 Fortune 500 companies[117] - Jamf's global Total Addressable Market was estimated at approximately $35 billion in 2022[62] Jamf Product Offerings and Solutions - Jamf's solutions reduce IT management time by 90%, end-user productivity loss by 90%, and IT help desk tickets by 70%[55] - Jamf's M1 Mac in the enterprise results in $843 cost savings per device versus a comparable PC, a 20% improvement in employee retention, and a 5% increase in productivity[54] - Jamf's software platform provides a 781% three-year return on investment and a 2.7-month payback period[55] - Jamf's endpoint protection solution is designed to identify Apple and mobile targeted threats while preserving user experience and performance[52] - Jamf's self-service app allows end users to install apps, resolve technical issues, and connect to enterprise resources with a single click[52] - Jamf's BYOD solution, launched in March 2022, helps organizations manage and secure personally owned devices while maintaining employee privacy[70] - Jamf Pro, the flagship product, saw a 20% year-over-year increase in devices under management for the year ended December 31, 2022[75] - Jamf School, designed for education, empowers teachers, students, and parents with device control, lesson deployment, and remote learning capabilities[77][79][80] - Jamf Connect enables seamless remote access and device provisioning using cloud identity, reducing IT help desk tickets and improving user experience[82][83] - Jamf Protect provides endpoint security for Mac and mobile devices, leveraging Apple-specific knowledge to defend against modern threats and maintain compliance[85][86] - Jamf Safe Internet provides network threat prevention, securing networks from phishing, malware, and ransomware attacks[91] - ZecOps, acquired in November 2022, enables organizations to extract critical device telemetry and identify compromised devices for rapid response[92] - Jamf's education apps (Teacher, Student, Parent, and Assessment) support device management and live proctoring for web-based exams[94] - Jamf's healthcare solutions include Virtual Visits for telehealth and Jamf Setup/Reset apps for clinical communications[95] - Jamf Marketplace features over 270 integrations, enabling custom workflows and automations through APIs[96] - Jamf's SaaS platform supports millions of devices globally, leveraging AWS for scalability and reliability[98][99] Jamf Financial Performance - Total revenue for 2022 increased to $478.776 million, up 30.7% from $366.388 million in 2021[507] - Subscription revenue grew to $455.007 million in 2022, a 32.2% increase from $344.243 million in 2021[507] - Net loss for 2022 was $141.301 million, compared to a net loss of $75.189 million in 2021[507] - Cash and cash equivalents increased to $224.338 million in 2022, up 26.6% from $177.150 million in 2021[505] - Total assets grew to $1.529 billion in 2022, a 3.3% increase from $1.480 billion in 2021[505] - Deferred revenues increased to $278.038 million in 2022, up 24.7% from $223.031 million in 2021[505] - Research and development expenses rose to $119.906 million in 2022, a 45.3% increase from $82.541 million in 2021[507] - Total stockholders' equity decreased to $701.338 million in 2022, down 5.0% from $738.426 million in 2021[505] - Foreign currency translation adjustments resulted in a loss of $32.085 million in 2022, compared to a loss of $7.866 million in 2021[509] - Weighted-average shares used to compute net loss per share increased to 120.720 million in 2022, up 2.1% from 118.276 million in 2021[507] - Net loss increased to $141.3 million in 2022, compared to $75.2 million in 2021 and $24.1 million in 2020[515] - Net cash provided by operating activities was $90.0 million in 2022, up from $65.2 million in 2021 and $52.8 million in 2020[515] - Acquisitions, net of cash acquired, totaled $23.8 million in 2022, significantly lower than $352.7 million in 2021[515] - Total revenues by geographic region were $478.8 million in 2022, with the Americas contributing $330.7 million, EMEA $113.9 million, and Asia Pacific $34.2 million[528] - Long-lived assets in the Americas were $28.1 million in 2022, representing 65% of total long-lived assets[528] - Share-based compensation expense increased to $109.2 million in 2022, up from $35.8 million in 2021 and $6.7 million in 2020[515] - Depreciation and amortization expense rose to $54.8 million in 2022, compared to $47.1 million in 2021 and $38.5 million in 2020[515] - Cash, cash equivalents, and restricted cash totaled $231.9 million at the end of 2022, up from $177.2 million at the end of 2021[515] - The company raised approximately $319.0 million in its IPO in July 2020, issuing 13.5 million shares at $26.00 per share[522] - Concurrently with the IPO, the company issued 85,880 shares in a private placement for $2.2 million[523] Jamf Partnerships and Ecosystem - Jamf's relationship with Apple includes contractual agreements such as the Mobility Partner Program and Apple as a customer and channel partner[59][60] - Jamf's integration with Microsoft, AWS, and Google enhances security and operational efficiency for enterprise customers[65][66] - Jamf integrates with Google Cloud Identity and BeyondCorp to enable Mac account provisioning, authentication, and macOS compliance, ensuring secure access to Google Workspace and other resources[67] - Jamf's go-to-market strategy leverages a strong partner ecosystem (Apple, AWS, Microsoft), e-commerce, and enterprise sales, enabling global reach and customer expansion[68] - Approximately 60% of Jamf's 2022 bookings were facilitated through over 500 global channel partners[110] - Apple, as a channel partner, facilitated approximately 1% of Jamf's 2022 bookings[111] Jamf Employee and Corporate Culture - Approximately 25% of the company's global employee base is dedicated to research and development[126] - As of December 31, 2022, the company owned 11 issued U.S. patents and 18 issued patents in foreign jurisdictions[128] - The company's voluntary retention rate for employees was 90% as of December 31, 2022[138] - In the annual employee engagement survey conducted in October 2022, 87% of over 2,100 participating employees agreed that they would recommend the company as a great place to work[138] - The company scored 82% in the overall engagement index in the 2022 employee engagement survey[138] - As of December 31, 2022, 33.6% of the company's workforce and 38.5% of new hires in 2022 self-identified as women[139] - Women made up approximately 36.0% of the company's management team as of December 31, 2022[139] - The company had 2,796 employees as of December 31, 2022, with 1,736 employed in the U.S. and 1,060 employed outside the U.S.[140] - The company released its first-ever Purpose and Impact Report in 2022, detailing key ESG programs, goals, and commitments[141] Jamf Financial Risk and Controls - The company's revenue is not currently subject to significant foreign currency risk, as most sales are denominated in U.S. dollars. A hypothetical 10% change in foreign currency exchange rates would not have had a material impact on consolidated results of operations and cash flows for the years ended December 31, 2022 and 2021[467] - As of December 31, 2022, the company had $224.3 million in cash and cash equivalents held for working capital purposes, with no material exposure to changes in the fair value of the investment portfolio due to interest rate fluctuations[468] - In September 2021, the company issued $373.8 million aggregate principal amount of 0.125% 2026 Notes, which have a fixed interest rate and no economic interest exposure, but their fair value fluctuates with interest rates and the market price of the company's common stock[469] - The company completed the acquisition of ZecOps in 2022 for a total purchase consideration of $44.3 million, with significant estimation required in determining the fair value of acquired intangible assets, primarily developed technology[482][483] - The company's contracts with customers often contain multiple performance obligations, requiring judgment in allocating the transaction price based on relative standalone selling prices, which are sensitive to changes in management's business practices[486][487] - A material weakness was identified in the company's internal control over financial reporting related to ineffective ITGCs for applications relevant to the revenue recognition process at the subsidiary Wandera[494] - The company's internal control over financial reporting did not include the internal controls of ZecOps, Inc., which constituted 3% of the company's consolidated total assets as of December 31, 2022[495] Jamf Customer Satisfaction and Net Promoter Score - Jamf's Net Promoter Score is 57 as of November 2022, significantly exceeding industry averages[29] - Jamf's Net Promoter Score significantly exceeds industry averages, reflecting high customer satisfaction[119] - The company maintained a high customer satisfaction score of 9.26 out of 10 in 2022 based on surveys[121]