jamf(JAMF) - 2025 Q1 - Quarterly Report

PART I. FINANCIAL INFORMATION Financial Statements (unaudited) The company's Q1 2025 results show a 10% revenue increase to $167.6 million and a shift to profitability Condensed Consolidated Balance Sheets Total assets slightly increased to $1.59 billion while total liabilities decreased, boosting stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Assets | | | | Cash and cash equivalents | $222,353 | $224,680 | | Goodwill | $891,050 | $882,593 | | Total assets | $1,588,632 | $1,580,229 | | Liabilities & Equity | | | | Deferred revenue (current) | $327,009 | $333,573 | | Convertible senior notes, net | $370,146 | $369,514 | | Total liabilities | $841,410 | $864,246 | | Total stockholders' equity | $747,222 | $715,983 | Condensed Consolidated Statements of Operations Revenue grew 10.2% to $167.6 million, driving a significant reduction in operating loss and a return to net income Q1 2025 vs Q1 2024 Statement of Operations (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $167,621 | $152,123 | | Gross Profit | $130,519 | $117,031 | | Loss from Operations | $(4,156) | $(21,109) | | Net Income (Loss) | $529 | $(20,524) | | Diluted Net Income (Loss) per Share | $0.00 | $(0.16) | Condensed Consolidated Statements of Cash Flows Operating activities generated $4.1 million in cash, a substantial improvement from the prior year's cash use Q1 2025 vs Q1 2024 Cash Flows (in thousands) | Cash Flow Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $4,066 | $(15,904) | | Net cash used in investing activities | $(6,039) | $(3,230) | | Net cash (used in) provided by financing activities | $(3,600) | $280 | | Net decrease in cash, cash equivalents, and restricted cash | $(5,842) | $(19,038) | Notes to Condensed Consolidated Financial Statements The notes detail revenue growth, performance obligations, and the significant post-quarter acquisition of Identity Automation - As of March 31, 2025, the company had $552.2 million in remaining performance obligations, with 69% expected to be recognized as revenue over the next 12 months[34] - On April 1, 2025, the company acquired Identity Automation for a total consideration of $216.1 million, consisting of $176.1 million paid at closing and $40.0 million in deferred consideration[73][75] - The company announced a workforce reduction plan in January 2024, impacting approximately 6% of its employees, which was substantially complete by the end of Q2 2024. Restructuring charges of $7.1 million were incurred in Q1 2024 related to this plan[70][71] Revenue by Geographic Region (in thousands) | Region | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | The Americas | $109,256 | $101,616 | | Europe, the Middle East, India, and Africa | $43,446 | $39,013 | | Asia Pacific | $14,919 | $11,494 | | Total | $167,621 | $152,123 | Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses strong subscription-driven revenue growth, improved profitability, and a solid liquidity position Key Business Metrics | Metric | As of March 31, 2025 | As of March 31, 2024 | | :--- | :--- | :--- | | Annual Recurring Revenue (ARR) | $657.9 million | $602.4 million | | Dollar-Based Net Retention Rate | 104% | 107% | - The 10% increase in total revenue for Q1 2025 was primarily driven by an 11% increase in subscription revenue, resulting from device expansion, cross-selling, and the addition of new customers[126] - Sales and marketing expenses decreased by 8% in Q1 2025 compared to Q1 2024, mainly due to a $5.5 million decrease in restructuring charges from the prior year's workforce reduction[128] Non-GAAP Operating Income Reconciliation (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating loss (GAAP) | $(4,156) | $(21,109) | | Adjustments (Amortization, Stock Comp, etc.) | $41,798 | $43,241 | | Non-GAAP operating income | $37,642 | $22,132 | Quantitative and Qualitative Disclosures About Market Risk The company reports no material changes to its market risk disclosures from the previous annual report - No material changes to market risk disclosures were reported for the first quarter of 2025[172] Controls and Procedures Management confirmed the effectiveness of disclosure controls and procedures with no material changes to internal controls - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of March 31, 2025[173] - No material changes to internal control over financial reporting occurred during the quarter ended March 31, 2025[174] PART II. OTHER INFORMATION Legal Proceedings The company faces no legal proceedings expected to have a material adverse effect on its financial condition - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its financial condition or operations[177] Risk Factors No material changes to the company's previously disclosed risk factors were reported during the period - No material changes to the company's risk factors were reported for the period[178] Unregistered Sales of Equity Securities and Use of Proceeds The company did not conduct any unregistered sales of equity securities during the reporting period - None[179] Defaults Upon Senior Securities No defaults upon senior securities occurred during the reporting period - None[180] Mine Safety Disclosures This section is not applicable as the company is not engaged in mining operations - Not applicable[181] Other Information This section discloses the adoption and termination of executive Rule 10b5-1 trading plans - On March 17, 2025, Chief People Officer Michelle Bucaria entered into a Rule 10b5-1 trading plan for the potential sale of up to 61,010 shares of common stock[182] - On January 3, 2025, CEO John Strosahl terminated his Rule 10b5-1 trading plan, which was originally adopted on September 30, 2024[183] Exhibits This section lists all exhibits filed with the report, including key agreements and officer certifications - Key exhibits filed include the purchase agreement for the Identity Automation acquisition and certifications by the CEO and CFO[184]