Jamf Holding Corp. (JAMF) Tops Q1 EPS by 3c, Revenues Beat; Offers 2Q & FY21 Revenues Guidance Above Consensus

Jamf Holding Corp. (NASDAQ: JAMF) reported Q1 EPS of $0.08, $0.03 better than the analyst estimate of $0.05. Revenue for the quarter came in at $81.2 million versus the consensus estimate of $76.7 million.

First Quarter 2021 Financial Highlights:

• ARR: ARR increased 37% year-over-year to $308.0 million as of March 31, 2021.
• Revenue: Total revenue was $81.2 million, an increase of 34% year-over-year. Recurring revenue was $74.9 million, an increase of 37% year-over-year.
• Gross Profit: GAAP gross profit was $63.9 million, or 79% of total revenue, compared to $45.4 million, or 75% of total revenue, in the first quarter of 2020. Non-GAAP Gross Profit was $67.1 million, or 83% of total revenue, compared to $48.1 million, or 80% of total revenue, in the first quarter of 2020.
• Operating Loss/Income: GAAP operating loss was $2.8 million, compared to $6.5 million in the first quarter of 2020. Non-GAAP Operating Income was $9.3 million, or 11% of total revenue, compared to $4.3 million, or 7% of total revenue, in the first quarter of 2020.
• Cash Flow: Cash flow provided by operations was $4.0 million, compared to cash flow used by operations of $7.4 million in the first quarter of 2020. Unlevered free cash flow was $0.8 million, compared to ($2.1) million in the first quarter of 2020.

“We experienced strong momentum and balanced growth across our business in the first quarter as current trends in mobile work, education technology and digital health continued to strengthen our value proposition to customers as well as our business results,” said Dean Hager, CEO of Jamf. “The year is off to a great start, and with the strategic acquisition of Wandera, we will enhance our leadership position in security with a uniquely comprehensive platform, including advanced security solutions like zero trust network access. We are excited to round out our offering to provide customers an Apple-first enterprise solution that connects, manages and protects all Apple devices, data and users.”

GUIDANCE:

Jamf Holding Corp. sees Q2 2021 revenue of $82-84 million, versus the consensus of $79.06 million.

Jamf Holding Corp. sees FY2021 revenue of $335-341 million, versus the consensus of $333.77 million.

For the second quarter of fiscal year 2021, excluding Wandera, the company currently expects:

• Total revenue of $82 to $84 million
• Non-GAAP Operating Income of $5.5 to $6.5 million

For the full year 2021, excluding Wandera, the company currently expects:

• Total revenue of $335 to $341 million
• Non-GAAP Operating Income of $27.5 to $31.5 million

We expect the Wandera acquisition to close in the third quarter of 2021, subject to customary closing conditions. Provided that the Wandera acquisition closes as expected in the third quarter of 2021, we expect Wandera to contribute an additional $9 to $11 million of revenue for the full year 2021.

• This amount assumes an acquisition close date of early in the third quarter of 2021 and is subject to change.
• This amount reflects the impact of our initial purchase price accounting analysis and is subject to change.

To assist with modeling, for the second quarter of 2021 and full year 2021 amortization is expected to be approximately $8.5 million and $33.9 million, respectively. In addition, for the second quarter of 2021 and full year 2021 stock-based compensation and related payroll taxes is expected to be approximately $5.6 million and $55.7 million, respectively. These amounts exclude any impact of the Wandera acquisition.

For earnings history and earnings-related data on Jamf Holding Corp. (JAMF) click here.

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