Jamf Holding Corp. (JAMF) Bundle
A Brief History of JAMF
JAMF Holding Corp., founded in 2002, has established itself as a leader in Apple device management software. The company focuses on providing solutions that help organizations manage and secure their Apple devices.
Company Growth and Financial Performance
As of September 30, 2024, JAMF reported total revenue of $464.4 million, a 13% increase from $409.9 million in the same period in 2023. The breakdown of revenue sources is as follows:
| Revenue Source | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Subscription | $453,851 | $396,342 | 15% |
| Services | $10,395 | $12,594 | (17%) |
| License | $179 | $990 | (82%) |
| Total Revenue | $464,425 | $409,926 | 13% |
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, totaled $415.2 million, which is a slight increase from $412.0 million in 2023. The breakdown of operating expenses includes:
| Expense Type | 2024 (in thousands) | 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Sales and Marketing | $186,743 | $188,337 | (1%) |
| Research and Development | $104,992 | $101,501 | 3% |
| General and Administrative | $102,761 | $100,298 | 2% |
| Total Operating Expenses | $415,237 | $412,044 | 1% |
Net Loss
JAMF reported a net loss of $52.0 million for the nine months ended September 30, 2024, compared to a net loss of $92.7 million for the same period in 2023. The net loss per share for 2024 was $(0.41), improving from $(0.74) in 2023.
Cash Flow and Liquidity
As of September 30, 2024, JAMF's cash and cash equivalents totaled $222.1 million. The company generated $21.5 million in cash from operating activities during the nine months ended September 30, 2024, an increase from $20.0 million in the same period in 2023.
Key Business Metrics
As of September 30, 2024, JAMF had:
- 33.9 million devices managed on its platform, a 7% year-over-year growth.
- Annual Recurring Revenue (ARR) of $635.0 million, up from $566.3 million in 2023, reflecting a 12% increase.
- Dollar-Based Net Retention Rate demonstrating strong customer loyalty and expansion.
The company's strategic focus on expanding its product offerings and enhancing customer relationships has contributed to its growth and resilience in the competitive landscape of device management solutions.
A Who Owns Jamf Holding Corp. (JAMF)
Major Shareholders
As of 2024, the ownership structure of Jamf Holding Corp. is characterized by both institutional and individual stakeholders. The significant shareholders include:
| Shareholder Type | Name | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Institutional Investor | Vista Equity Partners | Approximately 51,000,000 | 39.7% |
| Institutional Investor | The Vanguard Group | Approximately 14,000,000 | 10.9% |
| Institutional Investor | BlackRock, Inc. | Approximately 12,000,000 | 9.4% |
| Individual Investor | Dean Hager (Former CEO) | Approximately 1,500,000 | 1.2% |
| Other | Public Float | Approximately 50,771,786 | 39.0% |
Recent Stock Performance
As of October 29, 2024, Jamf Holding Corp. has approximately 128,444,986 shares of common stock outstanding. The company's stock price has showed fluctuations over the past year, impacting the market capitalization significantly.
| Date | Stock Price (USD) | Market Capitalization (USD) |
|---|---|---|
| January 1, 2024 | 20.00 | 2,568,899,720 |
| April 1, 2024 | 15.00 | 1,926,674,790 |
| July 1, 2024 | 12.50 | 1,605,561,225 |
| October 29, 2024 | 17.00 | 2,185,584,782 |
Ownership Changes and Trends
Jamf's ownership structure reflects a concentrated institutional investment, primarily from private equity and large asset management firms. Notably, Vista Equity Partners has maintained a significant stake since its initial investment, influencing strategic decisions and operational direction.
As of September 30, 2024, the company reported a total of 128,271,786 shares issued and outstanding, with an increase from prior periods due to stock options exercised and shares issued under the employee stock purchase plan (ESPP).
| Metric | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Shares Outstanding | 128,271,786 | 126,938,102 |
| Stock-Based Compensation Expense (USD) | 72,269,000 | 78,082,000 |
Future Outlook
Given the current trends in technology and enterprise software, Jamf Holding Corp. is expected to continue attracting institutional investors, particularly as it expands its offerings in device management and security solutions. The company's performance metrics indicate resilience and potential for growth, which could further impact ownership dynamics moving forward.
Jamf Holding Corp. (JAMF) Mission Statement
Jamf Holding Corp. positions itself as the standard in managing and securing Apple devices in the workplace. The company emphasizes its commitment to providing a complete management and security solution tailored for an Apple-first environment. This mission aligns with their focus on being enterprise secure, consumer simple, and protective of personal privacy. Jamf aims to empower IT and security teams to confidently protect devices, data, and applications while delivering a seamless Apple experience to employees.
Financial Overview
As of September 30, 2024, Jamf reported an Annual Recurring Revenue (ARR) of $635.0 million, reflecting a 12% year-over-year increase from $566.3 million in the previous year. This growth is attributed to device expansion and cross-selling additional solutions to their existing customer base.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | Year-Over-Year Change |
|---|---|---|---|
| Annual Recurring Revenue (ARR) | $635.0 million | $566.3 million | +12% |
| Dollar-Based Net Retention Rate | 106% | 108% | -2% |
| Number of Devices on Platform | 33.9 million | 31.8 million | +7% |
| Net Loss | ($52.0 million) | ($92.7 million) | +44% |
| Gross Profit | $123.3 million | $110.4 million | +12% |
Revenue Composition
Jamf's revenue is primarily derived from subscription services and support contracts, with the following breakdown for Q3 2024:
| Revenue Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Subscription Revenue | $156.1 million | $138.5 million |
| Services Revenue | $3.2 million | $4.0 million |
| License Revenue | $0.02 million | $0.15 million |
| Total Revenue | $159.3 million | $142.6 million |
Operational Highlights
Jamf's operational strategy includes a strong focus on expanding its device count, which reached 33.9 million devices as of September 30, 2024, representing a 7% growth from the previous year. The company continues to enhance its product offerings to meet the growing demands of Apple users in enterprise settings.
Stockholder Equity and Financial Position
As of September 30, 2024, Jamf's total stockholders’ equity was $720.5 million, with total assets amounting to $1.58 billion. The company reported total liabilities of $863.7 million.
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Total Assets | $1,584,210 |
| Total Liabilities | $863,681 |
| Total Stockholders’ Equity | $720,529 |
Future Outlook
Jamf continues to navigate a challenging macroeconomic environment, marked by high inflation and elevated interest rates. The company has announced a workforce reduction plan affecting approximately 6% of its full-time employees, aimed at reducing operating costs and improving margins. This strategic move is expected to support Jamf's commitment to profitable growth moving forward.
How Jamf Holding Corp. (JAMF) Works
Company Overview
Jamf Holding Corp. specializes in Apple device management solutions, primarily through its Software-as-a-Service (SaaS) offerings. As of September 30, 2024, the company reported an Annual Recurring Revenue (ARR) of $635.0 million, reflecting a 12% year-over-year growth from $566.3 million in 2023.
Financial Performance
For the three months ended September 30, 2024, Jamf reported total revenue of $159.3 million, an increase from $142.6 million in the same period of 2023. The breakdown of revenue sources is as follows:
| Revenue Source | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Subscription Revenue | $156,070 | $138,521 |
| Services Revenue | $3,192 | $3,956 |
| License Revenue | $24 | $148 |
| Total Revenue | $159,286 | $142,625 |
Cost and Expenses
Jamf's total cost of revenue for Q3 2024 was $36.0 million, up from $32.2 million in Q3 2023. This includes:
| Cost Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Cost of Subscription | $29,149 | $25,009 |
| Cost of Services | $3,831 | $3,736 |
| Amortization Expense | $3,048 | $3,494 |
| Total Cost of Revenue | $36,028 | $32,239 |
Operating Expenses
Operating expenses for the same quarter were reported at $139.1 million, slightly down from $142.3 million in the previous year. This includes:
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Sales and Marketing | $60,056 | $64,239 |
| Research and Development | $35,977 | $34,704 |
| General and Administrative | $36,136 | $35,896 |
| Total Operating Expenses | $139,117 | $142,259 |
Net Loss
For Q3 2024, Jamf reported a net loss of $12.2 million compared to a net loss of $32.3 million in Q3 2023. The net loss per share for Q3 2024 was $0.10 compared to $0.26 in the same quarter of 2023.
Balance Sheet Highlights
As of September 30, 2024, Jamf's total assets amounted to $1.584 billion, with liabilities of $863.7 million and stockholders' equity of $720.5 million.
| Balance Sheet Item | Amount (in thousands) |
|---|---|
| Total Assets | $1,584,210 |
| Total Liabilities | $863,681 |
| Total Stockholders’ Equity | $720,529 |
Key Metrics
As of September 30, 2024, Jamf reported a dollar-based net retention rate of 106%, down from 108% in 2023. The number of devices managed by Jamf reached 33.9 million, reflecting a 7% increase from 31.8 million devices in 2023.
Debt Obligations
Jamf has convertible senior notes totaling $368.9 million due in 2026, with an interest rate of 0.125%. The company also entered into a new revolving credit facility of $175 million in May 2024.
Acquisitions
In 2024, Jamf finalized its acquisition of dataJAR for approximately $25.1 million, which included various asset acquisitions and liabilities.
How Jamf Holding Corp. (JAMF) Makes Money
Revenue Streams
Jamf Holding Corp. generates revenue primarily through three main streams:
- Subscription Revenue: This includes sales of SaaS subscriptions and support and maintenance contracts.
- Services Revenue: Revenue from professional services and training related to the use of their software solutions.
- License Revenue: Revenue from on-premise perpetual licenses of their Jamf Pro product.
Financial Performance
As of September 30, 2024, Jamf reported total revenue of $464.4 million, compared to $409.9 million for the same period in 2023, reflecting a year-over-year increase of 13.3%.
| Financial Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) | Change (%) |
|---|---|---|---|
| Total Revenue | $159,286 | $142,625 | 11.6% |
| Subscription Revenue | $156,070 | $138,521 | 12.7% |
| Services Revenue | $3,192 | $3,956 | -19.4% |
| License Revenue | $24 | $148 | -83.8% |
Annual Recurring Revenue (ARR)
As of September 30, 2024, Jamf's ARR was $635 million, up from $566.3 million in 2023, representing a 12% increase year-over-year.
Customer Metrics
The number of devices on the Jamf platform was 33.9 million as of September 30, 2024, compared to 31.8 million the previous year, marking a growth of 7%.
Cost Structure
Jamf's cost of revenue for the third quarter of 2024 totaled $36 million, leading to a gross profit of $123.3 million. The breakdown is as follows:
| Cost Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Cost of Subscription | $29,149 | $25,009 |
| Cost of Services | $3,831 | $3,736 |
| Amortization Expense | $3,048 | $3,494 |
Operating Expenses
Operating expenses for the third quarter of 2024 were $139.1 million, slightly down from $142.3 million in Q3 2023. Key components include:
| Expense Category | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Sales and Marketing | $60,056 | $64,239 |
| Research and Development | $35,977 | $34,704 |
| General and Administrative | $36,136 | $35,896 |
Net Loss
Jamf reported a net loss of $52 million for the nine months ended September 30, 2024, a reduction from a net loss of $92.7 million for the same period in 2023.
| Metric | Q3 2024 (in thousands) | Q3 2023 (in thousands) |
|---|---|---|
| Net Loss | $12,241 | $32,277 |
| Net Loss per Share | $0.10 | $0.26 |
Future Outlook
Jamf anticipates continued growth driven by device expansion, cross-selling opportunities, and new customer acquisitions. The company also aims to improve operating margins through cost management strategies.
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Resources:
- Jamf Holding Corp. (JAMF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Jamf Holding Corp. (JAMF)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Jamf Holding Corp. (JAMF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.