Summary
Jamf opened fiscal year 2021 with strong top-line growth. Total revenue for the first quarter ended March 31, 2021 was $81.2 million, up 34.4% year over year. Recurring revenue reached $74.9 million, up 37%, and annual recurring revenue was $308.0 million as of March 31, 2021, also up 37%. The company ended the quarter with 21.8 million Apple devices on its platform, up 34% year over year, and more than 50,000 customers. Gross profit was $63.9 million, and gross margin was 78.7%, up 3.6 percentage points. Revenue grew faster than the costs required to deliver it. Management pointed to mobile work, education technology and digital health as trends that strengthened the value proposition.
Profitability remains negative on a GAAP basis, though the losses are smaller. GAAP operating loss was $2.8 million, and operating margin was -3.4%, up 7.3 percentage points. Net loss was $3.1 million, and diluted EPS was -$0.04. Non-GAAP operating income was $9.3 million, or 11% of total revenue, compared with $4.3 million, or 7% of total revenue, in the first quarter of 2020. Non-GAAP gross profit was $67.1 million, or 83% of total revenue. Adjusted EBITDA was $10.6 million. The gap between GAAP and non-GAAP results reflects stock-based compensation, amortization, acquisition-related costs and payroll taxes related to stock-based compensation. Management said the year is off to a great start and that the Wandera deal will enhance its leadership position in security.
Cash generation turned positive. Operating cash flow was $4.0 million. Capital expenditures were $3.3 million. Unlevered free cash flow was $0.8 million. Deferred revenue was $221.6 million, up 52.0% year over year, and remaining performance obligations were $243.1 million. Jamf completed the acquisition of cmdSecurity assets and announced the acquisition of Wandera, a zero trust cloud security provider, with an expected close in the third quarter of 2021. Management intends to finance the Wandera deal with cash on hand and debt financing, including a committed 364-day term loan facility of up to $250.0 million. Jamf also expanded education capabilities with classroom management for Mac in the Jamf Teacher app and an Android version of the Jamf Parent app.
Guidance for the second quarter of fiscal year 2021, excluding Wandera, calls for non-GAAP operating income of $5.5 to $6.5 million. For the full year 2021, again excluding Wandera, the company expects non-GAAP operating income of $27.5 to $31.5 million. Jamf also issued revenue guidance for both periods, excluding Wandera. If Wandera closes early in the third quarter of 2021 as expected, it should contribute additional revenue for the full year 2021. The company provided modeling details for amortization and for stock-based compensation and related payroll taxes for the second quarter and the full year. Jamf does not provide a quantitative reconciliation of forward-looking non-GAAP operating income to GAAP operating income because certain items are out of its control or cannot be reasonably predicted.
Risks include the integration of Wandera and the possibility that the closing is delayed. Jamf also faces the impact of COVID-19, customer dissatisfaction with Apple or other negative events affecting Apple services and devices, reliance on channel partners, competition, and data privacy and security obligations. The company depends on one product for a substantial portion of revenue and must keep attracting new customers and expanding within its installed base. Its dollar-based net retention rate was 117% for the trailing twelve months ended March 31, 2021, compared with 120% for the prior-year period. That metric still shows expansion, but the level bears watching as Jamf invests in sales, marketing and research and development.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2021 | Q4 FY2020 | QoQ | Q1 FY2020 | YoY |
|---|---|---|---|---|---|
| Revenue | $81.2M | $76.4M | +6.2% | — | — |
| Gross profit | $63.9M | $59.5M | +7.4% | — | — |
| Gross margin | 78.7% | 77.9% | +0.8 pp | — | — |
| Research & development | $15.6M | $15.1M | +3.1% | — | — |
| Sales & marketing | $29.3M | $30.5M | -3.9% | — | — |
| General & administrative | $16.1M | $20.1M | -19.8% | — | — |
| Total operating expenses | $66.7M | $71.4M | -6.6% | — | — |
| Operating income (loss) | -$2.8M | -$11.9M | +76.6% | — | — |
| Operating margin | -3.4% | -15.5% | +12.1 pp | — | — |
| Net income (loss) | -$3.1M | -$9.0M | +65.8% | — | — |
| Net margin | -3.8% | -11.7% | +8.0 pp | — | — |
| Customers | 50,000 | 47,000 | +6.4% | — | — |
| Net retention rate | 117.0% | 117.0% | ±0.0 pp | — | — |
Risks
Completion of the Wandera acquisition is subject to closing conditions, including required approvals under U.S. competition laws and the absence of legal restraints. Either party may terminate the Merger Agreement if the acquisition is not completed by August 3, 2021.
Integrating Wandera may be more difficult, costly or time-consuming than expected, with potential loss of key employees and customers, disruption of ongoing operations, and failure to realize anticipated growth and cost savings.
If the Merger Agreement is terminated, Jamf may face negative reactions from financial markets, customers, suppliers, distributors and employees, pay acquisition costs, face litigation, and have diverted management resources without realizing benefits.
Jamf has incurred and expects to incur significant non-recurring transaction and integration costs, including fees paid to financial, legal and accounting advisors, some of which are payable even if the acquisition is not completed.
The announcement and pendency of the Wandera acquisition could disrupt ongoing operations and divert management attention from day-to-day operations or other opportunities.
The filing specifically flags retaining and motivating key Wandera personnel and declining employee morale and retention issues affecting Wandera employees due to changes in management or reporting relationships.
Integration risks include lost sales and customers if Jamf or Wandera customers decide not to do business with the combined company post-close, and maintaining good relationships with customers and business partners during pendency.
SaaS KPIs
All quarters →ARR
Non-GAAP Operating Income
Non-GAAP Operating Income Margin
Unlevered Free Cash Flow Margin
Unlevered Free Cash Flow
Total Customers
Number of Devices
Summary, forecast, risks and KPIs are extracted from Jamf Holding Corp.'s SEC filings for Q1 FY2021 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 1, 2026.