Jamf Holding, the software services provider for users of Apple products, says the growth rates of its educational and commercial units are back to pre-pandemic levels.
Minneapolis' Jamf already seeing benefits of recently closed $400M acquisition
The company, which supports customers that buy Apple products, also is seeing a return to pre-pandemic patterns of business.
August 11, 2021 at 6:40PM
The company still recorded a loss for its second quarter, but revenue for the company increased 39% to $86.2 million, it said after the markets closed on Tuesday.
CEO Dean Hager said the company experienced annual recurring revenue growth of greater than 30% from its three major geographies and its top 10 commercial industries.
"This performance, along with strength in our add-on products, gives us confidence as we enter the second half of the year and begin to integrate the Wandera solutions into our platform," Hager said in a news release.
The $400 million acquisition of Wandera, an Apple-first cloud-centric IT security company based in San Francisco and London, closed on July 1. Jamf said its largest acquisition is expected to add $5 million in additional revenue to its third-quarter results.
Jamf's second-quarter results were the strongest it reported since becoming a public company in July 2020. The company said results are still preliminary as it revises some historical financial results.
For the quarter ended June 30 the company lost $16.4 million, or 14 cents per share, compared to a net loss of $834,000, or 1 cent per share, in the same time period a year ago. Adjusting for foreign currency, acquisition, legal reserves and other items, Jamf reported adjusted earnings of $7.5 million, or 6 cents per share.
Both revenue and adjusted EPS exceeded analyst expectations of of 5 cents per share on revenue of $82.7 million.
Hager said its education bookings surged in 2020 from the shift to online learning and is easing back to pre-pandemic levels. Expanded use of iPads in the education market remained strong in the second quarter, which is traditionally a time when schools prepare for the upcoming school year.
"The difference now is that schools are fully aware of the power of education technology and the importance of equitable access to learning, no matter the student circumstances," Hager told analysts.
The company said it expects its third quarter revenue will be in the range of $92.5 million to $94.5 million and its 2021 revenues in the range of $357 million to $361 million.
Jamf went public on July 20, 2020, when it priced its IPO at $26 per share. The stock climbed more than 50% on its first day of trading but shares have traded between $27.77 and $41.22 over the past 52 weeks and closed Wednesday at $32.70, up 4%.
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