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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): November 7, 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 November 7, 2024, Jamf Holding Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2024. In the press release, the Company also announced that it will hold a conference call on November 7, 2024 to discuss its financial results for the quarter ended September 30, 2024. 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: November 7, 2024
By:/s/ Jeff Lendino
Name:Jeff Lendino
Title:Chief Legal Officer

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Exhibit 99.1

Jamf Announces Third Quarter 2024 Financial Results
•Q3 total revenue year-over-year growth of 12% to $159.3 million
•ARR year-over-year growth of 12% to $635.0 million as of September 30, 2024
•GAAP operating loss of $15.9 million, or (10)% of total revenue, compared to GAAP operating loss of $31.9 million, or (22)% of total revenue, in the third quarter of 2023
•Non-GAAP operating income of $27.7 million, or 17% of total revenue, compared to $12.4 million, or 9% of total revenue, in the third quarter of 2023
MINNEAPOLIS – November 7, 2024 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its third quarter ended September 30, 2024.
“Jamf continues to define how Apple management and security seamlessly work together to create an experience end users love and organizations trust, as evidenced by the numerous innovations announced at this year’s Jamf Nation User Conference,” said John Strosahl, Jamf CEO. “We’re excited about the opportunities these innovations provide to our business as we continue to execute our three-year strategic plan.”
Third Quarter 2024 Financial Highlights
•Revenue: Total revenue of $159.3 million, an increase of 12% year-over-year.
•ARR: ARR of $635.0 million as of September 30, 2024, an increase of 12% year-over-year.
•Gross Profit: GAAP gross profit of $123.3 million, or 77% of total revenue, compared to $110.4 million in the third quarter of 2023. Non-GAAP gross profit of $129.9 million, or 82% of total revenue, compared to $117.0 million in the third quarter of 2023.
•Operating Loss/Income: GAAP operating loss of $15.9 million, or (10)% of total revenue, compared to $31.9 million in the third quarter of 2023. Non-GAAP operating income of $27.7 million, or 17% of total revenue, compared to $12.4 million in the third quarter of 2023.
•Cash Flow: Cash flow provided by operations of $37.4 million for the TTM ended September 30, 2024, or 6% of TTM total revenue, compared to $47.2 million for the TTM ended September 30, 2023. Unlevered free cash flow of $81.3 million for the TTM ended September 30, 2024, or 13% of TTM total revenue, compared to $60.6 million for the TTM ended September 30, 2023.
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 the third quarter serving more than 76,000 customers with 33.9 million total devices on our platform.1
•Achieved another milestone with our security solutions, achieving over $150 million in ARR. Security ARR was $151.5 million as of September 30, 2024, representing 26% year-over-year growth and 24% of Jamf’s total ARR.
•Announced the appointment of David Rudow as Chief Financial Officer, effective November 28, 2024.
•Launched Global Partner Program to deliver tailored opportunities for partner growth, improving speed to market, partner experience and scale.
•Entered five-year agreement with Microsoft to join the Microsoft ISV Partner Program to accelerate growth through Microsoft Azure. Jamf offerings will be hosted on Azure cloud and available for purchase on Azure Marketplace, providing greater value to joint customers.
•Joined Okta’s Elevate Partner Program to drive further go-to-market alignment and accelerate product innovation between the companies.
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•Highlighted latest innovations including Blueprints, Self Service+, Compliance Benchmarks and AI Assistant at the 15th annual Jamf Nation User Conference, the world’s largest gathering of Apple admins.
•Named “Mobile Security Solution of the Year” at the Computing Security Awards 2024.
•Featured in the 2024 Verizon Mobile Security Index which highlights escalating risk in mobile and IoT security, with a focus on threats facing critical infrastructure.
•Announced same-day support for recently released Apple operating systems including macOS Sequoia, iOS 18, iPadOS 18, tvOS 18, visionOS 2 and watchOS 11.

(1) Customer and device counts have been adjusted as a result of our recent comprehensive systems update. In addition, revenue for certain licenses has expired in this period and therefore those customers and devices have been removed from our counts. Absent these adjustments, customer additions would be similar to Q1 2024 and device additions would be similar to Q2 2024.
Financial Outlook
For the fourth quarter of 2024, Jamf currently expects:
•Total revenue of $161.9 to $162.9 million
•Non-GAAP operating income of $25.5 to $26.5 million
For the full year 2024, Jamf currently expects:
•Total revenue of $626.3 to $627.3 million
•Non-GAAP operating income of $98.8 to $99.8 million
To assist with modeling, for the fourth quarter of 2024 and full year 2024, amortization is expected to be approximately $9.9 million and $40.3 million, respectively. In addition, for the fourth quarter of 2024 and full year 2024, stock-based compensation and related payroll taxes are expected to be approximately $27.2 million and $101.7 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, adjustments to non-GAAP operating income have included, but are not limited to, amortization expense, stock-based compensation expense, acquisition-related expense, acquisition-related earn-out, offering costs, payroll taxes related to stock-based compensation, system transformation costs, restructuring charges, and extraordinary legal settlements and non-recurring litigation 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.

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 November 7, 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 November 7, 2024, at approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).
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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 amortization expense, stock-based compensation expense, foreign currency transaction loss (gain), amortization of debt issuance costs, acquisition-related expense, offering costs, payroll taxes related to stock-based compensation, system transformation costs, restructuring charges, and extraordinary legal settlements and non-recurring litigation costs. 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 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. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2024 as well as the subsequent periodic and current reports and other filings that we make with the Securities and Exchange Commission from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may
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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
Natali Brockett
media@jamf.com
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Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30,
2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents$218,426$243,576 
Trade accounts receivable, net of allowances of $460 and $444
114,018108,240 
Deferred contract costs26,64323,508 
Prepaid expenses18,86114,255 
Other current assets20,78713,055 
Total current assets398,735402,634
Equipment and leasehold improvements, net18,77315,184 
Goodwill900,092887,121 
Other intangible assets, net160,505187,891 
Deferred contract costs, non-current56,67953,070 
Other assets49,42643,752 
Total assets$1,584,210$1,589,652
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$21,965$25,909 
Accrued liabilities69,52677,447 
Income taxes payable1,4301,248 
Deferred revenue
326,107317,546 
Total current liabilities419,028422,150
Deferred revenue, non-current
52,11055,886 
Deferred tax liability, net5,3275,952 
Convertible senior notes, net368,883366,999 
Other liabilities18,33321,118 
Total liabilities863,681872,105
Commitments and contingencies
Stockholders’ equity:
Preferred stock—— 
Common stock125126 
Additional paid-in capital
1,241,7161,162,993 
Accumulated other comprehensive loss(15,135)(26,777)
Accumulated deficit(506,177)(418,795)
Total stockholders’ equity720,529717,547
Total liabilities and stockholders’ equity$1,584,210$1,589,652
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Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue:
Subscription$156,070 $138,521 $453,851 $396,342 
Services3,192 3,956 10,395 12,594 
License24 148 179 990 
Total revenue159,286 142,625 464,425 409,926 
Cost of revenue:
Cost of subscription(1)(2)(3)(5)(6) (exclusive of amortization expense shown below)
29,149 25,009 85,300 72,354 
Cost of services(1)(2)(3)(4)(5) (exclusive of amortization expense shown below)
3,831 3,736 11,220 10,413 
Amortization expense3,048 3,494 9,604 10,102 
Total cost of revenue36,028 32,239 106,124 92,869 
Gross profit123,258 110,386 358,301 317,057 
Operating expenses:
Sales and marketing(1)(2)(3)(4)(5)(6)
60,056 64,239 186,743 188,337 
Research and development(1)(2)(3)(4)(5)(6)
35,977 34,704 104,992 101,501 
General and administrative(1)(2)(3)(4)(5)(6)(7)
36,136 35,896 102,761 100,298 
Amortization expense6,948 7,420 20,741 21,908 
Total operating expenses139,117 142,259 415,237 412,044 
Loss from operations(15,859)(31,873)(56,936)(94,987)
Interest income, net1,574 1,687 5,255 4,453 
Foreign currency transaction gain (loss)3,354 (2,647)3,373 (995)
Loss before income tax (provision) benefit(10,931)(32,833)(48,308)(91,529)
Income tax (provision) benefit(1,310)556 (3,719)(1,147)
Net loss$(12,241)$(32,277)$(52,027)$(92,676)
Net loss per share, basic and diluted$(0.10)$(0.26)$(0.41)$(0.74)
Weighted‑average shares used to compute net loss per share, basic and diluted127,995,266 125,537,246 127,736,456 124,455,109 
(1) Includes stock-based compensation as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue:
Subscription$2,931 $2,653 $8,542 $7,635 
Services445 362 1,308 994 
Sales and marketing7,887 8,493 22,561 25,068 
Research and development6,581 6,429 18,981 17,863 
General and administrative7,563 10,412 20,877 26,522 
$25,407 $28,349 $72,269 $78,082 
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(2) Includes payroll taxes related to stock-based compensation as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue:
Subscription$73 $92 $255 $175 
Services33 13 57 25 
Sales and marketing259 304 876 711 
Research and development155 164 514 410 
General and administrative112 131 548 353 
$632 $704 $2,250 $1,674 
(3) Includes depreciation expense as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue:
Subscription$346 $302 $951 $923 
Services46 46 139 124 
Sales and marketing700 786 2,120 2,378 
Research and development467 447 1,360 1,370 
General and administrative259 270 768 798 
$1,818 $1,851 $5,338 $5,593 
(4) Includes acquisition-related expense as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue:
Services$27 $14 $194 $16 
Sales and marketing— 104 — 219 
Research and development119 333 538 508 
General and administrative342 2,284 4,530 3,429 
$488 $2,735 $5,262 $4,172 
(5) Includes system transformation costs as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue:
Subscription$74 $22 $178 $22 
Services9 — 9 — 
Sales and marketing390 55 525 92 
Research and development157 2 157 12 
General and administrative5,701 1,293 9,675 3,027 
$6,331 $1,372 $10,544 $3,153 
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(6) Includes restructuring charges as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Cost of revenue:
Subscription$— $— $7 $— 
Sales and marketing(31)— 6,487 — 
Research and development1 — 709 — 
General and administrative712 — 1,669 — 
$682 $— $8,872 $— 
(7) General and administrative also includes the following:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Offering costs$— $— $872 $— 
Legal settlements and non-recurring litigation costs11 200 (122)200 
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Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine Months Ended September 30,
20242023
Operating activities
Net loss$(52,027)$(92,676)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense35,683 37,603 
Amortization of deferred contract costs19,791 15,565 
Amortization of capitalized CCA implementation costs
1,065 — 
Amortization of debt issuance costs2,119 2,055 
Non-cash lease expense4,235 4,443 
Provision for credit losses and returns173 226 
Stock-based compensation72,269 78,082 
Deferred tax benefit(363)(1,973)
Other(4,462)584 
Changes in operating assets and liabilities:
Trade accounts receivable(5,796)(6,512)
Prepaid expenses and other assets(18,690)(7,071)
Deferred contract costs(26,235)(28,839)
Accounts payable(4,059)4,916 
Accrued liabilities(6,957)(7,370)
Income taxes payable200 500 
Deferred revenue4,521 20,512 
Other liabilities49 — 
Net cash provided by operating activities
21,516 20,045 
Investing activities
Acquisitions, net of cash acquired
— (18,797)
Purchases of equipment and leasehold improvements(6,674)(2,522)
Purchase of investments(2,500)(750)
Other(303)(14)
Net cash used in investing activities(9,477)(22,083)
Financing activities
Debt issuance costs(1,549)— 
Cash paid for offering costs(872)— 
Cash paid for contingent consideration— (206)
Payment of acquisition-related holdback(6,811)(277)
Repurchase and retirement of common stock
(35,357)— 
Proceeds from the exercise of stock options3,726 5,640 
Net cash (used in) provided by financing activities(40,863)5,157 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash102 (190)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(28,722)2,929 
Cash, cash equivalents, and restricted cash, beginning of period250,809 231,921 
Cash, cash equivalents, and restricted cash, end of period$222,087 $234,850 
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$218,426 $227,619 
Restricted cash included in other current assets3,661 3,631 
Restricted cash included in other assets— 3,600 
Total cash, cash equivalents, and restricted cash$222,087 $234,850 
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Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenue
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
SaaS subscription and support and maintenance$151,485 $133,626 $439,992 $380,954 
On‑premise subscription4,585 4,895 13,859 15,388 
Subscription revenue156,070 138,521 453,851 396,342 
Professional services3,192 3,956 10,395 12,594 
Perpetual licenses24 148 179 990 
Non‑subscription revenue3,216 4,104 10,574 13,584 
Total revenue$159,286 $142,625 $464,425 $409,926 
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Jamf Holding Corp.
Supplemental Information
Key Business Metrics
(in millions, except number of customers and percentages)
(unaudited)
September 30,
2024		June 30,
2024		March 31,
2024		December 31,
2023		September 30,
2023		June 30,
2023		March 31,
2023
ARR$635.0 $621.7 $602.4 $588.6 $566.3 $547.8 $526.6 
ARR from management solutions as a percent of total ARR76 %77 %77 %77 %79 %79 %80 %
ARR from security solutions as a percent of total ARR24 %23 %23 %23 %21 %21 %20 %
ARR from commercial customers as a percent of total ARR75 %74 %74 %74 %73 %73 %72 %
ARR from education customers as a percent of total ARR25 %26 %26 %26 %27 %27 %28 %
Dollar-based net retention rate106 %106 %107 %108 %108 %109 %111 %
Devices (1)
33.9 33.6 32.8 32.3 31.8 31.3 30.8 
Customers (1)
76,000 76,600 75,900 75,300 74,400 73,500 72,500 
(1) Customer and device counts have been adjusted as a result of our recent comprehensive systems update. In addition, revenue for certain licenses has expired in this period and therefore those customers and devices have been removed from our counts. Absent these adjustments, customer additions would be similar to Q1 2024 and device additions would be similar to Q2 2024.
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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 September 30,Nine Months Ended September 30,
2024202320242023
Operating expenses$139,117 $142,259 $415,237 $412,044 
Amortization expense(6,948)(7,420)(20,741)(21,908)
Stock-based compensation(22,031)(25,334)(62,419)(69,453)
Acquisition-related expense(461)(2,721)(5,068)(4,156)
Offering costs— — (872)— 
Payroll taxes related to stock-based compensation(526)(599)(1,938)(1,474)
System transformation costs(6,248)(1,350)(10,357)(3,131)
Restructuring charges(682)— (8,865)— 
Legal settlements and non-recurring litigation costs
(11)(200)122 (200)
Non-GAAP operating expenses$102,210 $104,635 $305,099 $311,722 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Gross profit$123,258 $110,386 $358,301 $317,057 
Amortization expense3,048 3,494 9,604 10,102 
Stock-based compensation3,376 3,015 9,850 8,629 
Acquisition-related expense27 14 194 16 
Payroll taxes related to stock-based compensation106 105 312 200 
System transformation costs83 22 187 22 
Restructuring charges— — 7 — 
Non-GAAP gross profit$129,898 $117,036 $378,455 $336,026 
Gross profit margin77%77%77%77%
Non-GAAP gross profit margin82%82%81%82%
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Operating loss$(15,859)$(31,873)$(56,936)$(94,987)
Amortization expense9,996 10,914 30,345 32,010 
Stock-based compensation25,407 28,349 72,269 78,082 
Acquisition-related expense488 2,735 5,262 4,172 
Offering costs— — 872 — 
Payroll taxes related to stock-based compensation632 704 2,250 1,674 
System transformation costs6,331 1,372 10,544 3,153 
Restructuring charges682 — 8,872 — 
Legal settlements and non-recurring litigation costs
11 200 (122)200 
Non-GAAP operating income$27,688 $12,401 $73,356 $24,304 
Operating loss margin(10)%(22)%(12)%(23)%
Non-GAAP operating income margin17%9%16%6%
12
image_0a.jpg
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net loss$(12,241)$(32,277)$(52,027)$(92,676)
Exclude: income tax (provision) benefit
(1,310)556 (3,719)(1,147)
Loss before income tax (provision) benefit
(10,931)(32,833)(48,308)(91,529)
Amortization expense9,996 10,914 30,345 32,010 
Stock-based compensation25,407 28,349 72,269 78,082 
Foreign currency transaction (gain) loss(3,354)2,647 (3,373)995 
Amortization of debt issuance costs722 687 2,119 2,055 
Acquisition-related expense488 2,735 5,262 4,172 
Offering costs— — 872 — 
Payroll taxes related to stock-based compensation632 704 2,250 1,674 
System transformation costs6,331 1,372 10,544 3,153 
Restructuring charges682 — 8,872 — 
Legal settlements and non-recurring litigation costs
11 200 (122)200 
Non-GAAP income before income taxes29,984 14,775 80,730 30,812 
Non-GAAP provision for income taxes (1)
(7,196)(3,546)(19,375)(7,395)
Non-GAAP net income$22,788 $11,229 $61,355 $23,417 
Net loss per share:
Basic$(0.10)$(0.26)$(0.41)$(0.74)
Diluted$(0.10)$(0.26)$(0.41)$(0.74)
Weighted‑average shares used in computing net loss per share:
Basic127,995,266 125,537,246 127,736,456 124,455,109 
Diluted127,995,266 125,537,246 127,736,456 124,455,109 
Non-GAAP net income per share:
Basic$0.18 $0.09 $0.48 $0.19 
Diluted$0.16 $0.08 $0.44 $0.17 
Weighted-average shares used in computing non-GAAP net income per share:
Basic127,995,266 125,537,246 127,736,456 124,455,109 
Diluted138,725,807 135,952,210 139,076,335 134,894,664 
(1) In accordance with the SEC’s Non-GAAP Financial Measures Compliance and Disclosure Interpretation, the Company’s blended U.S. statutory rate of 24% is used as an estimate for the current and deferred income tax expense associated with our non-GAAP income before income taxes.
13
image_0a.jpg
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net loss$(12,241)$(32,277)$(52,027)$(92,676)
Interest income, net(1,574)(1,687)(5,255)(4,453)
Provision (benefit) for income taxes1,310 (556)3,719 1,147 
Depreciation expense1,818 1,851 5,338 5,593 
Amortization expense9,996 10,914 30,345 32,010 
Stock-based compensation25,407 28,349 72,269 78,082 
Foreign currency transaction (gain) loss(3,354)2,647 (3,373)995 
Acquisition-related expense488 2,735 5,262 4,172 
Offering costs— — 872 — 
Payroll taxes related to stock-based compensation632 704 2,250 1,674 
System transformation costs6,331 1,372 10,544 3,153 
Restructuring charges682 — 8,872 — 
Legal settlements and non-recurring litigation costs11 200 (122)200 
Adjusted EBITDA$29,506 $14,252 $78,694 $29,897 
Three Months Ended September 30,
20242023
Net cash provided by operating activities
$23,107$33,276
Less:
Purchases of equipment and leasehold improvements(3,941)(736)
Free cash flow19,16632,540
Add:
Cash paid for interest307313
Cash paid for acquisition-related expense8,495664
Cash paid for system transformation costs8,5784,821
Cash paid for restructuring charges343—
Cash paid for legal settlements and non-recurring litigation costs11—
Unlevered free cash flow$36,900$38,338
Total revenue$159,286$142,625
Net cash provided by operating activities as a percentage of total revenue
15%23%
Free cash flow margin12%23%
Unlevered free cash flow margin23%27%
14
image_0a.jpg
Nine Months Ended September 30,Years Ended December 31,
20242023202220232022
Net cash provided by operating activities
$21,516$20,045$62,831$35,964$90,005
Less:
Purchases of equipment and leasehold improvements(6,674)(2,522)(5,645)(2,934)(7,727)
Free cash flow14,84217,52357,18633,03082,278
Add:
Cash paid for interest727704683784763
Cash paid for acquisition-related expense10,2701,8722,1102,9754,480
Cash paid for system transformation costs23,7636,918—12,493—
Cash paid for restructuring charges8,953————
Cash paid for contingent consideration—6,000—6,000—
Cash paid for legal settlements and non-recurring litigation costs305——132—
Unlevered free cash flow$58,860$33,017$59,979$55,414$87,521
Total revenue$464,425$409,926$348,453$560,571$478,776
Net cash provided by operating activities as a percentage of total revenue
5%5%18%6%19%
Free cash flow margin3%4%16%6%17%
Unlevered free cash flow margin13%8%17%10%18%
Trailing Twelve Months Ended
September 30,
20242023
Net cash provided by operating activities$37,435$47,219
Less:
Purchases of equipment and leasehold improvements(7,086)(4,604)
Free cash flow30,34942,615
Add:
Cash paid for interest807784
Cash paid for acquisition-related expense11,3734,242
Cash paid for system transformation costs29,3386,918
Cash paid for restructuring charges8,953—
Cash paid for contingent consideration—6,000
Cash paid for legal settlements and non-recurring litigation costs437—
Unlevered free cash flow$81,257$60,559
Total revenue$615,070$540,249
Net cash provided by operating activities as a percentage of total revenue6%9%
Free cash flow margin5%8%
Unlevered free cash flow margin13%11%


15
v3.24.3
Cover
Nov. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 07, 2024
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
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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