0001721947false00017219472024-02-272024-02-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 27, 2024
JAMF HOLDING CORP.
(Exact name of registrant as specified in its charter)
Delaware001-3939982-3031543
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
100 Washington Ave S, Suite 1100
Minneapolis, MN
55401
(Address of principal executive offices)(Zip Code)
(612) 605-6625
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)
Name of each exchange on which
registered
Common Stock, $0.001 par valueJAMFThe NASDAQ Stock Market LLC


Item 2.02. Results of Operations and Financial Condition.
On February 27, 2024, Jamf Holding Corp. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2023. In the press release, the Company also announced that it will hold a conference call on February 27, 2024 to discuss its financial results for the quarter and year ended December 31, 2023. The full text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description of Exhibit
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JAMF HOLDING CORP.
Date: February 27, 2024
By:/s/ Jeff Lendino
Name:Jeff Lendino
Title:Chief Legal Officer

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Exhibit 99.1

Jamf Announces Fourth Quarter and Fiscal Year 2023 Financial Results
•Q4 total revenue year-over-year growth of 16% to $150.6 million; fiscal year total revenue growth of 17% to $560.6 million
•ARR year-over-year growth of 15% to $588.6 million as of December 31, 2023
•GAAP operating loss of $115.2 million, or (21)% of total revenue, compared to GAAP operating loss of $138.9 million, or (29)% of total revenue, in fiscal year 2022.
•Non-GAAP operating income of $45.4 million, or 8% of total revenue, compared to $25.9 million, or 5% of total revenue, for fiscal year 2022.
MINNEAPOLIS – February 27, 2024 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its fourth quarter and fiscal year ended December 31, 2023.
“Jamf completed 2023 with solid results as organizations choose Jamf to enable an Apple-first, modern approach to managing and securing employee devices,” said John Strosahl, Jamf CEO. “Our unique ability to deliver Trusted Access, where only trusted users on trusted devices are able to access company resources, has helped us navigate the recent headwinds related to lower device expansion.”
Fourth Quarter 2023 Financial Highlights
•ARR: ARR of $588.6 million as of December 31, 2023, an increase of 15% year-over-year.
•Revenue: Total revenue of $150.6 million, an increase of 16% year-over-year.
•Gross Profit: GAAP gross profit of $117.5 million, or 78% of total revenue, compared to $99.9 million in the fourth quarter of 2022. Non-GAAP gross profit of $124.1 million, or 82% of total revenue, compared to $107.0 million in the fourth quarter of 2022.
•Operating Loss/Income: GAAP operating loss of $20.3 million, or (13)% of total revenue, compared to $24.7 million in the fourth quarter of 2022. Non-GAAP operating income of $21.1 million, or 14% of total revenue, compared to $8.7 million in the fourth quarter of 2022.
Fiscal Year 2023 Financial Highlights
•Revenue: Total revenue of $560.6 million, an increase of 17% year-over-year.
•Gross Profit: GAAP gross profit of $434.5 million, or 78% of total revenue, compared to $359.5 million in fiscal year 2022. Non-GAAP gross profit of $460.1 million, or 82% of total revenue, compared to $390.0 million in fiscal year 2022.
•Operating Loss/Income: GAAP operating loss of $115.2 million, or (21)% of total revenue, compared to GAAP operating loss of $138.9 million in fiscal year 2022. Non-GAAP operating income of $45.4 million, or 8% of total revenue, compared to $25.9 million for fiscal year 2022.
•Cash Flow: Cash flow provided by operations of $36.0 million for fiscal year 2023, or 6% of total revenue, compared to $90.0 million for fiscal year 2022. Unlevered free cash flow of $55.4 million for fiscal year 2023, or 10% of total revenue, compared to $87.5 million for fiscal year 2022.
“We achieved significant margin improvement on both on a GAAP and non-GAAP basis in 2023 as a result of revenue outperformance and diligent cost management,” said Ian Goodkind, Jamf CFO. “As we look to the next three years, we’ll ramp up our efforts to increase profitability to align our cost structure with the current revenue growth profile of Jamf, with the goal of exceeding the Rule of 40 in 2026. I look forward to sharing more during our Investor Day on March 13th.”

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A reconciliation between historical GAAP and non-GAAP information is contained in the tables below and the section titled “Non-GAAP Financial Measures” below contains descriptions of these reconciliations.

Recent Business Highlights
•Ended fiscal year 2023 serving more than 75,300 customers with 32.3 million total devices on our platform.
•Achieved 33% year-over-year growth in security ARR, to $133.8 million as of December 31, 2023, representing 23% of Jamf’s total ARR.
•Launched first-to-market support for Apple Vision Pro, adding this powerful new endpoint to Jamf’s Apple-first, Apple-best security and access products, Jamf Protect and Jamf Connect.
•Announced participation in the Microsoft Security Copilot Partner Private Preview, working with Microsoft product teams to help shape product development for the first AI-powered security product that enables security professionals to respond to threats quickly using an advanced large language model (LLM) with a security-specific model that is informed by Microsoft's unique global threat intelligence and more than 65 trillion daily signals.
•Released Jamf’s annual Security 360: Annual Trends Report, analyzing the threats impacting devices used in the modern workplace.
•Profiled in the Omdia Universe on Digital Workspace Management / Unified Endpoint Management Platforms, 2024 assessment.
For the first quarter of 2024, Jamf currently expects:
•Total revenue of $148.0 to $150.0 million
•Non-GAAP operating income of $19.0 to $20.0 million
For the full year 2024, Jamf currently expects:
•Total revenue of $614.5 to $619.5 million
•Non-GAAP operating income of $89.0 to $93.0 million
To assist with modeling, for the first quarter of 2024 and full year 2024, amortization is expected to be approximately $10.2 million and $40.3 million, respectively. In addition, for the first quarter of 2024 and full year 2024, stock-based compensation and related payroll taxes are expected to be approximately $23.1 million and $110.8 million, respectively.
Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss) because certain items are out of Jamf’s control or cannot be reasonably predicted. Historically, these items have included, but are not limited to, acquisition-related expense and acquisition-related earn-out, offering costs, amortization, stock-based compensation and related payroll taxes, and system transformation costs. Accordingly, a reconciliation for forward-looking non-GAAP operating income is not available without unreasonable effort. These items are uncertain, depend on various factors, and could result in projected GAAP operating income (loss) being materially less than is indicated by currently estimated non-GAAP operating income.
These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.
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Jamf to Host Investor Day
Jamf will host an Investor Day for analysts and investors to provide an update on the business, strategy and 3-year financial expectations.

The event will begin at 9:00 a.m. Eastern Time on March 13th, 2024 and will be hosted in person in New York, New York and via live webcast.
The event will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com. Those parties interested in participating in person, please reach out to investorevents@jamf.com. The presentation and related materials provided in connection with this event will be available on Jamf’s Investor Relations website.
A replay of the event will be available on the Investor Relations website beginning on March 13th, 2024, at approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).

Webcast and Conference Call Information
Jamf will host a conference call and live webcast for analysts and investors at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on February 27, 2024.
The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com. Those parties interested in participating via telephone may register on Jamf’s Investor Relations website. The financial tables, earnings presentation, and investor presentation provided in connection with this press release and the accompanying conference call will also be available on Jamf’s Investor Relations website.
A replay of the call will be available on the Investor Relations website beginning on February 27, 2024, at approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).
Please note that Jamf uses its https://ir.jamf.com website as a means of disclosing material non-public information, announcing upcoming investor conferences, and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we believe the non-GAAP measures of non-GAAP operating expenses, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income (loss), non-GAAP operating income (loss) margin, non-GAAP income before income taxes, non-GAAP provision for income taxes as it relates to the calculation of non-GAAP net income, non-GAAP net income, adjusted EBITDA, free cash flow, free cash flow margin, unlevered free cash flow, and unlevered free cash flow margin are useful in evaluating our operating performance. Certain of these non-GAAP measures exclude stock-based compensation, amortization expense, acquisition-related expenses, acquisition-related earnout, offering costs, foreign currency transaction (gain) loss, payroll taxes related to stock-based compensation, extraordinary legal settlements and other non-recurring litigation costs, loss on extinguishment of debt, amortization of debt issuance costs, system transformation costs, and restructuring charges. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in our financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-GAAP financial measures. Reconciliation tables of the most
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comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this press release. We strongly encourage investors to review our consolidated financial statements included in our publicly filed reports in their entirety and not rely solely on any single financial measurement or communication.
Forward-Looking Statements
This press release and the accompanying conference call contain “forward-looking statements” within the meaning of federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “can,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance (including our outlook and guidance), the demand for our platform, anticipated impacts of macroeconomic conditions on our business, our expectations regarding business benefits and financial impacts from our acquisitions, partnerships, and investments, and our ability to deliver on our long-term strategy.
The forward-looking statements contained in this press release and the accompanying conference call are also subject to additional risks, uncertainties, and factors, including those more fully described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release and the accompanying conference call.
Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release and the accompanying conference call relate only to events as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as otherwise required by law.
About Jamf
Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment designed to be enterprise secure, consumer simple and protect personal privacy. To learn more, visit www.jamf.com.
Investor Contact
Jennifer Gaumond
ir@jamf.com
Media Contact
Rachel Nauen
media@jamf.com
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Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31,
2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents$243,576$224,338 
Trade accounts receivable, net of allowances of $444 and $445
108,24088,163 
Deferred contract costs23,50817,652 
Prepaid expenses14,25514,331 
Other current assets13,0556,562 
Total current assets402,634351,046
Equipment and leasehold improvements, net15,18419,421 
Goodwill887,121856,925 
Other intangible assets, net187,891218,744 
Deferred contract costs, non-current53,07039,643 
Other assets43,75243,763 
Total assets$1,589,652$1,529,542
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$25,909$15,393 
Accrued liabilities77,44767,051 
Income taxes payable1,248486 
Deferred revenue
317,546278,038 
Total current liabilities422,150360,968
Deferred revenue, non-current
55,88668,112 
Deferred tax liability, net5,9525,505 
Convertible senior notes, net366,999364,505 
Other liabilities21,11829,114 
Total liabilities872,105828,204
Commitments and contingencies
Stockholders’ equity:
Preferred stock—— 
Common stock126123 
Additional paid-in capital1,162,9931,049,875 
Accumulated other comprehensive loss(26,777)(39,951)
Accumulated deficit(418,795)(308,709)
Total stockholders’ equity717,547701,338
Total liabilities and stockholders’ equity$1,589,652$1,529,542
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Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended December 31,Years Ended December 31,
2023202220232022
Revenue:
Subscription$146,677 $124,875 $543,019 $455,007 
Services3,731 4,838 16,325 19,025 
License237 610 1,227 4,744 
Total revenue150,645 130,323 560,571 478,776 
Cost of revenue:
Cost of subscription(1)(2)(3)(4)(5) (exclusive of amortization expense shown below)
26,200 22,609 98,554 85,479 
Cost of services(1)(2)(3)(4) (exclusive of amortization expense shown below)
3,563 3,632 13,976 13,816 
Amortization expense3,427 4,172 13,529 19,932 
Total cost of revenue33,190 30,413 126,059 119,227 
Gross profit117,455 99,910 434,512 359,549 
Operating expenses:
Sales and marketing(1)(2)(3)(4)(5)
62,420 58,557 250,757 217,728 
Research and development(1)(2)(3)(4)(5)
32,921 30,322 134,422 119,906 
General and administrative(1)(2)(3)(4)(5)(6)
34,935 28,568 135,233 132,562 
Amortization expense7,441 7,124 29,349 28,227 
Total operating expenses137,717 124,571 549,761 498,423 
Loss from operations(20,262)(24,661)(115,249)(138,874)
Interest income (expense), net2,073 917 6,526 (538)
Foreign currency transaction gain (loss)1,911 1,279 916 (2,802)
Loss before income tax (provision) benefit(16,278)(22,465)(107,807)(142,214)
Income tax (provision) benefit(1,132)1,234 (2,279)913 
Net loss$(17,410)$(21,231)$(110,086)$(141,301)
Net loss per share, basic and diluted$(0.14)$(0.17)$(0.88)$(1.17)
Weighted‑average shares used to compute net loss per share, basic and diluted126,361,484 122,300,221 124,935,620 120,720,972 
(1) Includes stock-based compensation as follows:
Three Months Ended December 31,Years Ended December 31,
2023202220232022
(in thousands)
Cost of revenue:
Subscription$2,594 $2,359 $10,229 $8,854 
Services392 338 1,386 1,299 
Sales and marketing8,059 6,934 33,127 33,559 
Research and development5,856 4,772 23,719 24,392 
General and administrative6,017 5,243 32,539 41,066 
$22,918 $19,646 $101,000 $109,170 
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(2) Includes payroll taxes related to stock-based compensation as follows:
Three Months Ended December 31,Years Ended December 31,
2023202220232022
(in thousands)
Cost of revenue:
Subscription$143 $160 $318 $293 
Services32 30 57 54 
Sales and marketing451 367 1,162 810 
Research and development171 183 581 429 
General and administrative137 153 490 428 
$934 $893 $2,608 $2,014 
(3) Includes depreciation expense as follows:
Three Months Ended December 31,Years Ended December 31,
2023202220232022
(in thousands)
Cost of revenue:
Subscription$296 $310 $1,219 $1,201 
Services44 44 168 170 
Sales and marketing777 739 3,155 2,725 
Research and development444 445 1,814 1,610 
General and administrative266 258 1,064 965 
$1,827 $1,796 $7,420 $6,671 
(4) Includes acquisition-related expense as follows:
Three Months Ended December 31,Years Ended December 31,
2023202220232022
(in thousands)
Cost of revenue:
Subscription$— $— $— $61 
Services34 — 50 — 
Sales and marketing152 — 371 7 
Research and development299 120 807 912 
General and administrative2,704 1,092 6,133 3,663 
$3,189 $1,212 $7,361 $4,643 
(5) Includes system transformation costs as follows:
Three Months Ended December 31,Years Ended December 31,
2023202220232022
(in thousands)
Cost of revenue:
Subscription$29 $— $51 $— 
Sales and marketing82 — 174 — 
Research and development— — 12 — 
General and administrative1,569 — 4,596 — 
$1,680 $— $4,833 $— 
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(6) General and administrative also includes the following:
Three Months Ended December 31,Years Ended December 31,
2023202220232022
(in thousands)
Acquisition-related earnout$— $306 $— $694 
Offering costs
— — — 124 
Restructuring charges1,393 — 1,393 — 
Legal settlements and other non-recurring litigation costs359 — 559 — 
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Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Years Ended December 31,
20232022
Operating activities
Net loss$(110,086)$(141,301)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense50,298 54,830 
Amortization of deferred contract costs21,497 16,563 
Amortization of debt issuance costs2,742 2,722 
Non-cash lease expense5,935 5,869 
Impairment of lease right-of-use assets1,077 — 
Provision for credit losses and returns472 328 
Share‑based compensation101,000 109,170 
Deferred tax benefit(1,976)(2,955)
Adjustment to contingent consideration— 694 
Other(1,673)3,333 
Changes in operating assets and liabilities:
Trade accounts receivable(19,233)(9,487)
Prepaid expenses and other assets(11,354)1,888 
Deferred contract costs(40,643)(31,134)
Accounts payable9,352 5,891 
Accrued liabilities2,690 10,017 
Income taxes payable727 151 
Deferred revenue23,939 63,426 
Other liabilities
1,200 — 
Net cash provided by operating activities
35,964 90,005 
Investing activities
Acquisitions, net of cash acquired(18,797)(23,816)
Purchases of equipment and leasehold improvements(2,934)(7,727)
Purchase of investments(750)(3,100)
Other5 (139)
Net cash used in investing activities(22,476)(34,782)
Financing activities
Debt issuance costs— (50)
Cash paid for offering costs— (104)
Cash paid for contingent consideration(206)(4,588)
Payment of acquisition-related holdback(515)(200)
Proceeds from the exercise of stock options6,042 5,203 
Net cash provided by financing activities
5,321 261 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash79 (713)
Net increase in cash, cash equivalents, and restricted cash
18,888 54,771 
Cash, cash equivalents, and restricted cash, beginning of period231,921 177,150 
Cash, cash equivalents, and restricted cash, end of period$250,809 $231,921 
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:
Cash and cash equivalents$243,576 $224,338 
Restricted cash included in other current assets3,633 383 
Restricted cash included in other assets3,600 7,200 
Total cash, cash equivalents, and restricted cash$250,809 $231,921 

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Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenue
(in thousands)
(unaudited)
Three Months Ended December 31,Years Ended December 31,
2023202220232022
SaaS subscription and support and maintenance$140,315 $117,621 $521,269 $430,613 
On‑premise subscription6,362 7,254 21,750 24,394 
Subscription revenue146,677 124,875 543,019 455,007 
Professional services3,731 4,838 16,325 19,025 
Perpetual licenses237 610 1,227 4,744 
Non‑subscription revenue3,968 5,448 17,552 23,769 
Total revenue$150,645 $130,323 $560,571 $478,776 
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Jamf Holding Corp.
Supplemental Information
Key Business Metrics
(in millions, except number of customers and percentages)
(unaudited)
December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022		June 30,
2022		March 31,
2022
ARR$588.6 $566.3 $547.8 $526.6 $512.5 $490.5 $466.0 $436.5 
ARR from management solutions as a percent of total ARR77 %79 %79 %80 %80 %82 %82 %83 %
ARR from security solutions as a percent of total ARR23 %21 %21 %20 %20 %18 %18 %17 %
ARR from commercial customers as a percent of total ARR74 %73 %73 %72 %72 %71 %71 %70 %
ARR from education customers as a percent of total ARR26 %27 %27 %28 %28 %29 %29 %30 %
Dollar-based net retention rate (1)
108 %108 %109 %111 %113 %115 %117 %120 %
Devices32.3 31.8 31.3 30.8 30.0 29.3 28.4 26.8 
Customers75,300 74,400 73,500 72,500 71,000 69,000 67,000 62,000 
(1) The dollar-based net retention rate for March 31, 2022 was based on our Jamf legacy business and does not include Wandera since it had not been a part of our business for the full trailing twelve months.
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Jamf Holding Corp.
Supplemental Financial Information
Reconciliation of GAAP to non-GAAP Financial Data
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended December 31,Years Ended December 31,
2023202220232022
Operating expenses$137,717 $124,571 $549,761 $498,423 
Amortization expense(7,441)(7,124)(29,349)(28,227)
Stock-based compensation(19,932)(16,949)(89,385)(99,017)
Acquisition-related expense(3,155)(1,212)(7,311)(4,582)
Acquisition-related earnout— (306)— (694)
Offering costs— — — (124)
Payroll taxes related to stock-based compensation(759)(703)(2,233)(1,667)
System transformation costs(1,651)— (4,782)— 
Restructuring charges(1,393)— (1,393)— 
Legal settlements and other non-recurring litigation costs
(359)— (559)— 
Non-GAAP operating expenses$103,027 $98,277 $414,749 $364,112 
Three Months Ended December 31,Years Ended December 31,
2023202220232022
Gross profit$117,455 $99,910 $434,512 $359,549 
Amortization expense3,427 4,172 13,529 19,932 
Stock-based compensation2,986 2,697 11,615 10,153 
Acquisition-related expense34 — 50 61 
Payroll taxes related to stock-based compensation175 190 375 347 
System transformation costs29 — 51 — 
Non-GAAP gross profit$124,106 $106,969 $460,132 $390,042 
Gross profit margin78%77%78%75%
Non-GAAP gross profit margin82%82%82%81%
Three Months Ended December 31,Years Ended December 31,
2023202220232022
Operating loss$(20,262)$(24,661)$(115,249)$(138,874)
Amortization expense10,868 11,296 42,878 48,159 
Stock-based compensation22,918 19,646 101,000 109,170 
Acquisition-related expense3,189 1,212 7,361 4,643 
Acquisition-related earnout— 306 — 694 
Offering costs— — — 124 
Payroll taxes related to stock-based compensation934 893 2,608 2,014 
System transformation costs1,680 — 4,833 — 
Restructuring charges1,393 — 1,393 — 
Legal settlements and other non-recurring litigation costs
359 — 559 — 
Non-GAAP operating income$21,079 $8,692 $45,383 $25,930 
Operating loss margin(13)%(19)%(21)%(29)%
Non-GAAP operating income margin14%7%8%5%
12
image_0.jpg
Three Months Ended December 31,Years Ended December 31,
2023202220232022
Net loss$(17,410)$(21,231)$(110,086)$(141,301)
Exclude: income tax (provision) benefit
(1,132)1,234 (2,279)913 
Loss before income tax (provision) benefit
(16,278)(22,465)(107,807)(142,214)
Amortization expense10,868 11,296 42,878 48,159 
Stock-based compensation22,918 19,646 101,000 109,170 
Foreign currency transaction (gain) loss
(1,911)(1,279)(916)2,802 
Amortization of debt issuance costs687 682 2,742 2,722 
Acquisition-related expense3,189 1,212 7,361 4,643 
Acquisition-related earnout— 306 — 694 
Offering costs— — — 124 
Payroll taxes related to stock-based compensation934 893 2,608 2,014 
System transformation costs1,680 — 4,833 — 
Restructuring charges1,393 — 1,393 — 
Legal settlements and other non-recurring litigation costs
359 — 559 — 
Non-GAAP income before income taxes23,839 10,291 54,651 28,114 
Non-GAAP provision for income taxes (1)
(5,721)(2,469)(13,116)(6,747)
Non-GAAP net income$18,118 $7,822 $41,535 $21,367 
Net loss per share:
Basic$(0.14)$(0.17)$(0.88)$(1.17)
Diluted$(0.14)$(0.17)$(0.88)$(1.17)
Weighted‑average shares used in computing net loss per share:
Basic126,361,484 122,300,221 124,935,620 120,720,972 
Diluted126,361,484 122,300,221 124,935,620 120,720,972 
Non-GAAP net income per share:
Basic$0.14 $0.06 $0.33 $0.18 
Diluted$0.13 $0.06 $0.31 $0.16 
Weighted-average shares used in computing non-GAAP net income per share:
Basic126,361,484 122,300,221 124,935,620 120,720,972 
Diluted136,716,406 133,027,869 135,285,356 130,965,684 
(1) In accordance with the SEC’s Non-GAAP Financial Measures Compliance and Disclosure Interpretation, the Company’s blended U.S. statutory rate of 24% is used as an estimate for the current and deferred income tax expense associated with our non-GAAP income before income taxes.
13
image_0.jpg
Three Months Ended December 31,Years Ended December 31,
2023202220232022
Net loss$(17,410)$(21,231)$(110,086)$(141,301)
Interest (income) expense, net(2,073)(917)(6,526)538 
Provision (benefit) for income taxes1,132 (1,234)2,279 (913)
Depreciation expense1,827 1,796 7,420 6,671 
Amortization expense10,868 11,296 42,878 48,159 
Stock-based compensation22,918 19,646 101,000 109,170 
Foreign currency transaction (gain) loss(1,911)(1,279)(916)2,802 
Acquisition-related expense3,189 1,212 7,361 4,643 
Acquisition-related earnout— 306 — 694 
Offering costs— — — 124 
Payroll taxes related to stock-based compensation934 893 2,608 2,014 
System transformation costs1,680 — 4,833 — 
Restructuring charges1,393 — 1,393 — 
Legal settlements and other non-recurring litigation costs359 — 559 — 
Adjusted EBITDA$22,906 $10,488 $52,803 $32,601 
Years Ended December 31,
20232022
Net cash provided by operating activities
$35,964$90,005
Less:
Purchases of equipment and leasehold improvements(2,934)(7,727)
Free cash flow33,03082,278
Add:
Cash paid for interest784763
Cash paid for acquisition-related expense2,9754,480
Cash paid for system transformation costs12,493—
Cash paid for contingent consideration6,000—
Cash paid for legal settlements and other non-recurring litigation costs
132—
Unlevered free cash flow$55,414$87,521
Total revenue$560,571$478,776
Net cash provided by operating activities as a percentage of total revenue
6%19%
Free cash flow margin6%17%
Unlevered free cash flow margin10%18%


14
v3.24.0.1
Document and Entity Information
Feb. 27, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2024
Entity Registrant Name JAMF HOLDING CORP.
City Area Code 612
Local Phone Number 605-6625
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, $0.001 par value
Trading Symbol JAMF
Security Exchange Name NASDAQ
Entity Central Index Key 0001721947
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 001-39399
Entity Tax Identification Number 82-3031543
Entity Address, Address Line One 100 Washington Ave S, Suite 1100
Entity Address, City or Town Minneapolis
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55401
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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