Summary
Jamf reported fiscal 2022 second quarter revenue of $115.6 million, up 34.1% year over year. Gross profit was $86.2 million, up 28.9%. Gross margin slipped 3.0 percentage points to 74.6%. The company posted a GAAP operating loss of $61.8 million, and the loss widened from the prior-year quarter. Net loss was $63.1 million, and the loss widened. Diluted EPS was -$0.53, and the loss per share widened. On a non-GAAP basis, operating income was $4.5 million, compared with $7.7 million. Non-GAAP gross profit was $93.9 million, or 81% of total revenue, compared with $70.2 million. Non-GAAP net income was $3.5 million, compared with $5.7 million. Adjusted EBITDA was $6.1 million, compared with $9.0 million. The gap between GAAP and non-GAAP results reflects large stock-based compensation and amortization expenses.
Jamf ended the quarter with ARR of $466.0 million as of June 30, 2022, up 40% year over year. The platform supported 28.4 million devices, up 22% from 23.2 million a year earlier. The company served more than 67,000 customers. Dollar-based net retention rate was 117% for the trailing twelve months ended June 30, 2022, compared with 119% for the trailing twelve months ended June 30, 2021. Security solutions reached 18% of total ARR, up from 9%. Commercial customers represented 71% of total ARR, up from 64%. Education customers were 29% of total ARR, down from 36%. Jamf launched Jamf Trust and Jamf Safe Internet during the quarter. It was recognized as a leader in the IDC MarketScape Worldwide Unified Endpoint Management Software for Apple Devices 2022 Vendor Assessment. The company achieved ISO 27001 and ISO 27701 certifications. It hosted four Jamf Nation Live events across Western Europe. Jamf also announced that Ian Goodkind will become CFO on September 1, 2022, succeeding Jill Putman, who is retiring and will stay in a non-executive capacity through March 2023.
Operating cash flow was $19.3 million for the quarter, down 43.1%. Capital expenditures were $0.9 million, down 52.5%. Deferred revenue was $317.0 million, up 32.9%. Remaining performance obligations were $372.0 million, up 37.5%. The press release also reported unlevered free cash flow of $48.1 million for the trailing twelve months ended June 30, 2022, compared with $81.2 million for the trailing twelve months ended June 30, 2021. That is a non-GAAP measure and is separate from operating cash flow.
Jamf issued guidance for the third quarter of 2022 and for the full year 2022. For the third quarter, it expects non-GAAP operating income of $4 to $5 million. For the full year, it expects non-GAAP operating income of $21 to $23 million. Amortization is expected to be approximately $12.3 million for the third quarter and $47.9 million for the full year. Stock-based compensation and related payroll taxes are expected to be approximately $23.2 million for the third quarter and $116.9 million for the full year. Jamf said it cannot provide a quantitative reconciliation of forward-looking non-GAAP operating income to GAAP operating income or loss because certain items are out of its control or cannot be reasonably predicted.
The filing lists a wide set of risks. Macroeconomic and market conditions could pressure results, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, supply chain challenges, and the ongoing COVID-19 pandemic. Jamf depends on Apple's ecosystem. Risks include customer dissatisfaction with Apple, negative events affecting Apple services and devices, failure of enterprises to adopt Apple products, changes in Apple features and functionality, and the fact that Jamf is not party to any exclusive agreements with Apple. The company relies in part on channel partners for sales and distribution. Other risks include the ability to develop new products, attract new customers, retain current customers, sell additional functionality, correctly estimate market opportunity, sustain recent growth rates, and manage expenses. Jamf depends on one product for a substantial portion of revenue. Cloud service disruptions, capacity limits, or interference at third-party data centers could hurt operations. The company also faces competition, reductions in IT spending, a long and unpredictable sales cycle, cybersecurity events, product errors, privacy and data security regulations, intellectual property claims, reliance on third-party software, open source software, indebtedness, and global events such as Russia's invasion of Ukraine and related sanctions.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q2 FY2022 | Q1 FY2022 | QoQ | Q2 FY2021 | YoY |
|---|---|---|---|---|---|
| Revenue | $115.6M | $108.3M | +6.8% | $86.2M | +34.1% |
| Gross profit | $86.2M | $80.0M | +7.8% | $66.9M | +28.9% |
| Gross margin | 74.6% | 73.9% | +0.6 pp | 77.6% | -3.0 pp |
| Research & development | $34.0M | $24.8M | +37.0% | $17.2M | +97.5% |
| Sales & marketing | $58.8M | $46.3M | +26.8% | $32.6M | +80.1% |
| General & administrative | $48.3M | $25.6M | +88.7% | $27.5M | +75.7% |
| Total operating expenses | $148.1M | $103.8M | +42.7% | $83.0M | +78.5% |
| Operating income (loss) | -$61.8M | -$23.7M | -160.5% | -$16.1M | -285.2% |
| Operating margin | -53.5% | -21.9% | -31.5 pp | -18.6% | -34.9 pp |
| Net income (loss) | -$63.1M | -$25.6M | -146.4% | -$16.5M | -283.4% |
| Net margin | -54.6% | -23.7% | -30.9 pp | -19.1% | -35.5 pp |
| Diluted EPS | -$0.53 | -$0.21 | -$0.32 | -$0.14 | -$0.39 |
| Net retention rate | 117.0% | 120.0% | -3.0 pp | 119.0% | -2.0 pp |
Risks
GAAP operating loss widened to $61.8 million in FY2022 Q2 from $16.1 million in FY2021 Q2, and net loss widened to $63.1 million from $16.5 million. MD&A attributes the deterioration to higher operating expenses, including a $53.0 million stock-based compensation charge in the quarter.
Stock-based compensation rose to $53.0 million in FY2022 Q2 from $4.1 million in FY2021 Q2, including $7.4 million in sales and marketing, $5.7 million in research and development, and $19.9 million in general and administrative from the modification of return target options. This expense increase materially widened the operating loss.
Gross margin declined to 74.6% in FY2022 Q2 from 77.6% in FY2021 Q2, and to 74.3% year to date from 78.1% in the prior-year period. MD&A cites higher cost of revenue and a revenue recognition change for Jamf Connect.
A change in how Jamf Connect is delivered reduced upfront on-premise subscription revenue, with on-premise subscription revenue down 40% in FY2022 Q2 and down 33% year to date. The change shifts revenue to ratable recognition and contributed to the gross margin decline.
The Wandera acquisition added revenue but also increased cost of subscription, amortization, and foreign currency transaction loss, which rose to $0.7 million in FY2022 Q2 from $0.3 million in FY2021 Q2. Integration and related expenses remain a factor affecting results.
The business depends on Apple gaining momentum in the enterprise and on channel partners including Apple; MD&A states international growth depends on the rate of market adoption of Apple products in international markets. A slowdown in Apple enterprise adoption could reduce demand for Jamf's platform.
International growth requires management attention and is subject to challenges including multiple languages, cultures, legal and regulatory systems, data transfer and privacy rules, and alternative dispute systems. The Wandera acquisition further expands international presence and related complexity.
MD&A states Jamf plans to continue investing in sales, marketing, and research and development, and that these investments may increase operating expenses and adversely affect near-term operating results. Sales and marketing expenses rose 80% and R&D rose 98% in FY2022 Q2.
Operating cash flow decreased 43.1% to $19.3 million in FY2022 Q2 and 57.0% to $16.3 million year to date, even as deferred revenue grew 32.9% year over year. MD&A cites higher accounts receivable and deferred contract costs as cash outflows.
SaaS KPIs
All quarters →ARR
Non-GAAP Gross Profit Margin
Non-GAAP Operating Income Margin
Customers
Devices
ARR from commercial customers as a percent of total ARR
ARR from education customers as a percent of total ARR
ARR from management solutions as a percent of total ARR
ARR from security solutions as a percent of total ARR
Summary, forecast, risks and KPIs are extracted from Jamf Holding Corp.'s SEC filings for Q2 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.