Summary
Jamf reported first quarter fiscal 2022 revenue of $108.3 million, up 34% from the prior-year quarter. Total revenue increased by $27.5 million. Gross profit rose 26% to $80.0 million, an increase of $16.6 million, but gross margin fell to 73.9% from 78.6%. The company posted a wider operating loss of $23.7 million, which widened by $19.5 million from the prior-year quarter, and a wider net loss of $25.6 million, which widened by $21.0 million, or -$0.21 per diluted share. In the prior-year quarter, the operating loss was $4.2 million and the net loss was $4.6 million, or -$0.04 per diluted share. Diluted EPS loss widened by $0.17. Operating margin was -21.9%, down from -5.2%. The company said revenue growth came from device expansion, new customers, cross-selling, and the Wandera acquisition, partially offset by a change in revenue recognition for Jamf Connect.
Annual recurring revenue reached $436.5 million as of March 31, 2022, up 42% year over year. ARR was $308.0 million as of March 31, 2021. Jamf ended the quarter with more than 62,000 customers and 27.3 million devices on its platform, up 25% from 21.8 million a year earlier. The company said the increase in devices reflects growth across industries, products, and geographies, as well as the Wandera acquisition. Dollar-based net retention was 120% for the trailing twelve months ended March 31, 2022, compared with 117% for the prior-year period. The company said its dollar-based net retention rates are based on its Jamf legacy business and do not include Wandera since it has not been part of the business for the full trailing twelve months. Deferred revenue was $292.5 million, up 32% from the prior-year quarter, and remaining performance obligations were $343.9 million, up 41.5%. Operating cash flow was -$3.0 million for the quarter, down from $4.0 million a year earlier. Capital expenditures were $2.0 million, down 40.3%.
Non-GAAP gross profit was $87.5 million, or 81% of revenue, compared with $66.6 million in the prior-year quarter. Non-GAAP operating income was $5.8 million, or 5% of revenue, compared with $7.8 million. Management issued revenue guidance for the second quarter and full year 2022 alongside non-GAAP operating income targets. For the second quarter of 2022, the company guided non-GAAP operating income to $2 million to $3 million. For the full year 2022, it guided non-GAAP operating income to $19 million to $22 million. The company also said amortization is expected to be about $12.3 million in the second quarter and $47.9 million for the full year, while stock-based compensation and related payroll taxes are expected to be about $56.1 million and $119.4 million, respectively. Jamf said it is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income without unreasonable effort because certain items are out of its control or cannot be reasonably predicted.
Jamf launched Jamf Fundamentals, a BYOD offering, App Installers, and a holistic endpoint security platform during the quarter. It also announced same-day support for Apple's spring operating system updates, hosted a Spring Jamf Customer Event, and appointed Michelle Bucaria as Chief People Officer. The company was named one of the Fortune 100 Best Companies to Work For. The company faces risks tied to its dependence on Apple, the lack of exclusive agreements with Apple, reliance on channel partners, competition, international expansion, acquisitions, and global events such as Russia's invasion of Ukraine. The COVID-19 pandemic remains a risk. Management noted tough comparables from the education buying surge that lasted through the first quarter of 2021. The company said its first quarter results reflected strong and balanced growth across the business despite those comparables. Jamf also highlighted its Rule of 50, a balance of growth and margins. The main risks include customer dissatisfaction with Apple, failure of enterprises to adopt Apple products, changes in Apple features, reliance on third-party data centers such as Amazon Web Services, cybersecurity events, privacy laws, and indebtedness. The Wandera acquisition affected expenses and amortization. The company also cited risks related to its often long and unpredictable sales cycle, its ability to scale the business and manage expenses, its ability to attract and retain personnel, and the impact of reductions in IT spending. The company said it is poised to continue delivering on expectations and leading the way with Apple in the enterprise.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q1 FY2022 | Q4 FY2021 | QoQ | Q1 FY2021 | YoY |
|---|---|---|---|---|---|
| Revenue | $108.3M | $103.8M | +4.3% | $81.2M | +33.4% |
| Gross profit | $80.0M | $76.5M | +4.6% | $63.9M | +25.2% |
| Gross margin | 73.9% | 73.7% | +0.2 pp | 78.7% | -4.8 pp |
| Research & development | $24.8M | $24.1M | +2.9% | $15.6M | +58.7% |
| Sales & marketing | $46.3M | $44.6M | +4.0% | $29.3M | +57.9% |
| General & administrative | $25.6M | $26.9M | -4.9% | $16.1M | +59.0% |
| Total operating expenses | $103.8M | $102.6M | +1.1% | $66.7M | +55.6% |
| Operating income (loss) | -$23.7M | -$26.1M | +9.0% | -$2.8M | -754.5% |
| Operating margin | -21.9% | -25.1% | +3.2 pp | -3.4% | -18.5 pp |
| Net income (loss) | -$25.6M | -$23.8M | -7.9% | -$3.1M | -735.1% |
| Net margin | -23.7% | -22.9% | -0.8 pp | -3.8% | -19.9 pp |
| Diluted EPS | -$0.21 | -$0.20 | -$0.01 | — | — |
| Net retention rate | 120.0% | 116.0% | +4.0 pp | 117.0% | +3.0 pp |
Risks
Gross margin declined to 73.9% in FY2022 Q1 from 78.6% in FY2021 Q1, down 4.7 percentage points, driven by higher cost of revenue and a change in revenue recognition for Jamf Connect that reduced upfront revenue.
Operating loss widened to $23.7 million in FY2022 Q1 from $4.2 million in FY2021 Q1, and net loss widened to $25.6 million from $4.6 million, while operating cash flow fell to negative $3.0 million from positive $4.0 million.
The Wandera acquisition increased cost of subscription revenue, amortization expense, foreign currency transaction loss, and headcount, and integration may continue to pressure operating expenses and margins.
The business depends on Apple gaining momentum in the enterprise; if Apple products do not become the leading device ecosystem or adoption slows, demand for Jamf's platform and international growth could be adversely affected.
International growth requires considerable management attention and is subject to multiple languages, cultures, legal and regulatory systems including data transfer and privacy, and depends on Apple product adoption in international markets.
Operating expenses rose 53% in FY2022 Q1 versus FY2021 Q1, driven partly by higher headcount and a $16.0 million stock-based compensation expense, and the company must maintain its corporate culture as headcount expands.
A continued and prolonged COVID-19 public health crisis could have a material negative impact on the business, operating results, and financial condition, though no adverse effect has been suffered to date.
SaaS KPIs
All quarters →ARR
Non-GAAP Operating Income
Non-GAAP Gross Profit
Non-GAAP Operating Margin
Total Customers
Summary, forecast, risks and KPIs are extracted from Jamf Holding Corp.'s SEC filings for Q1 FY2022 (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.