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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): February 27, 2025
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 900
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, 2025, Jamf Holding Corp. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2024. In the press release, the Company also announced that it will hold a conference call on February 27, 2025 to discuss its financial results for the quarter and year ended December 31, 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: February 27, 2025
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 2024 Financial Results
•Q4 total revenue year-over-year growth of 8% to $163.0 million; fiscal year total revenue growth of 12% to $627.4 million
•ARR year-over-year growth of 10% to $646.0 million as of December 31, 20241
•FY24 GAAP operating loss of $69.1 million, or (11)% of total revenue, compared to GAAP operating loss of $115.2 million, or (21)% of total revenue, for fiscal year 2023
•FY24 Non-GAAP operating income of $103.1 million, or 16% of total revenue, compared to $45.4 million, or 8% of total revenue, for fiscal year 2023
MINNEAPOLIS – February 27, 2025 – 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, 2024.

“I am pleased with Jamf’s performance in 2024. We met our objective of exceeding our financial targets for all four quarters of 2024. We achieved these strong results while executing our comprehensive systems update, including the rollout of our new partner program and portal,” said John Strosahl, CEO. “We’re well positioned entering 2025, with multiple growth levers including security adoption, mobile penetration, international expansion, and channel leverage. We’re excited to see the benefits from our growth and profitability initiatives as we progress toward our goal of achieving the Rule of 40.”
Fourth Quarter 2024 Financial Highlights
•Revenue: Total revenue of $163.0 million, an increase of 8% year-over-year.
•ARR: ARR of $646.0 million as of December 31, 2024, an increase of 10% year-over-year.1
•Gross Profit: GAAP gross profit of $127.8 million, or 78% of total revenue, compared to $117.5 million in the fourth quarter of 2023. Non-GAAP gross profit of $134.3 million, or 82% of total revenue, compared to $124.1 million in the fourth quarter of 2023.
•Operating Loss/Income: GAAP operating loss of $12.2 million, or (7)% of total revenue, compared to $20.3 million in the fourth quarter of 2023. Non-GAAP operating income of $29.7 million, or 18% of total revenue, compared to $21.1 million in the fourth quarter of 2023.

Fiscal Year 2024 Financial Highlights
•Revenue: Total revenue of $627.4 million, an increase of 12% year-over-year.
•Gross Profit: GAAP gross profit of $486.1 million, or 77% of total revenue, compared to $434.5 million for fiscal year 2023. Non-GAAP gross profit of $512.8 million, or 82% of total revenue, compared to $460.1 million for fiscal year 2023.
•Operating Loss/Income: GAAP operating loss of $69.1 million, or (11)% of total revenue, compared to GAAP operating loss of $115.2 million for fiscal year 2023. Non-GAAP operating income of $103.1 million, or 16% of total revenue, compared to $45.4 million for fiscal year 2023.
•Cash Flow: Cash flow provided by operations of $31.2 million for fiscal year 2024, or 5% of total revenue, compared to $36.0 million for fiscal year 2023. Unlevered free cash flow of $72.4 million for fiscal year 2024, or 12% of total revenue, compared to $55.4 million for fiscal year 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.

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Business Highlights
•Ended fiscal year 2024 serving more than 76,500 customers with 33.2 million total devices on our platform.1
•Achieved Security ARR of $156 million as of December 31, 2024, representing 17% year-over-year growth and 24% of Jamf’s total ARR.1
•Drove Jamf Business Plan year-over-year ARR growth of over 50%, demonstrating continued demand for Jamf’s management and security platform.
•Continued to see strong interest in our new Mobile Security solution that shipped in Q3.
•Delivered year-over-year International revenue growth of 17%.
•Achieved StateRAMP Authorized status for Jamf Pro and Jamf School, the highest level of verification within the StateRAMP program. StateRAMP is a critical cloud security assessment and authorization program designed to address the specific technology and stringent compliance requirements of education institutions as well as state and local governments.
•Awarded Microsoft Azure’s IP co-sell top-tier partner designation and announced flagship device management solution Jamf Pro is available on the Azure cloud, and both Jamf Pro and Jamf Business Plan are available in the Azure Marketplace.
•Included as a Representative Vendor in the 2025 Gartner® Market Guide for Endpoint Management Tools.2
•Named to Forbes first-ever Most Trusted Companies in America list.
Financial Outlook
For the first quarter of 2025, Jamf currently expects:
•Total revenue of $165.5 to $167.5 million
•Non-GAAP operating income of $35.5 to $37.5 million
For the full year 2025, Jamf currently expects:
•Total revenue of $675.5 to $680.5 million
•Non-GAAP operating income of $142.5 to $146.5 million
•Year-over-year unlevered free cash flow growth of at least 75%
To assist with modeling, for the first quarter of 2025 and full year 2025, amortization is expected to be approximately $9.7 million and $38.1 million, respectively. In addition, for the first quarter of 2025 and full year 2025, stock-based compensation and related payroll taxes are expected to be approximately $26.2 million and $112.5 million, respectively.
Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss) and unlevered free cash flow to cash flow from operations 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. Historically, adjustments to unlevered free cash flow have included, but are not limited to, cash paid for interest, cash paid for acquisition-related expense, cash paid for system transformation costs, cash paid for restructuring charges, cash paid for contingent consideration, and cash paid for extraordinary legal settlements and non-recurring litigation costs. Accordingly, a reconciliation for forward-looking non-GAAP operating income and unlevered free cash flow are 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 and cash flow from operations being materially less than is indicated by currently estimated unlevered free cash flow.
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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(1) Device, customer, and ARR metrics have been adjusted as of Q3 2024 as a result of minor data reconfiguration as part of our comprehensive systems update. Due to the timing of this change, validation of accounts and metrics continued through year end and immaterially impacted ARR, customer count, and device count previously reported for Q3 2024.
(2) Gartner®, Market Guide for Endpoint Management Tools, Tom Cipolla et al., 13 January 2025. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Earnings Call script), and the opinions expressed in the Gartner Content are subject to change without notice.

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, 2025.
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, 2025, 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 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 measures, when taken collectively with GAAP financial measures, may be helpful to investors because they provide consistency and comparability with our past financial performance, provide additional understanding of factors and trends affecting our business, and assist in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Our non-GAAP financial measures are presented for supplemental informational purposes only, and should not be considered a substitute for financial measures presented in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude certain expenses that
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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. Further, non-GAAP financial measures are not standardized. It may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. A reconciliation is provided for each non-GAAP financial measure used in this press release to the most directly comparable financial measure stated in accordance with GAAP at the end of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. In addition, investors are encouraged to review our consolidated financial statements included in our publicly filed reports in their entirety and not rely solely on any single financial measure.
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, 2024. 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
Natali Brockett
media@jamf.com
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Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31,
2024		December 31, 2023
Assets
Current assets:
Cash and cash equivalents$224,680$243,576 
Trade accounts receivable, net of allowances of $577 and $444
138,791108,240 
Deferred contract costs27,95823,508 
Prepaid expenses12,67914,255 
Other current assets20,54913,055 
Total current assets424,657402,634
Equipment and leasehold improvements, net19,32115,184 
Goodwill882,593887,121 
Other intangible assets, net147,823187,891 
Deferred contract costs, non-current59,66353,070 
Other assets46,17243,752 
Total assets$1,580,229$1,589,652
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$18,405$25,909 
Accrued liabilities68,36377,447 
Income taxes payable1,0141,248 
Deferred revenue
333,573317,546 
Total current liabilities421,355422,150
Deferred revenue, non-current
52,13655,886 
Deferred tax liability, net5,1805,952 
Convertible senior notes, net369,514366,999 
Other liabilities16,06121,118 
Total liabilities864,246872,105
Commitments and contingencies
Stockholders’ equity:
Preferred stock—— 
Common stock125126 
Treasury stock(741)— 
Additional paid-in capital
1,269,2641,162,993 
Accumulated other comprehensive loss(30,060)(26,777)
Accumulated deficit(522,605)(418,795)
Total stockholders’ equity715,983717,547
Total liabilities and stockholders’ equity$1,580,229$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 December 31,Years Ended December 31,
2024202320242023
Revenue:
Subscription$159,740 $146,677 $613,591 $543,019 
Services3,167 3,731 13,562 16,325 
License67 237 246 1,227 
Total revenue162,974 150,645 627,399 560,571 
Cost of revenue:
Cost of subscription(1)(2)(3)(5)(6) (exclusive of amortization expense shown below)
28,960 26,200 114,260 98,554 
Cost of services(1)(2)(3)(4)(5) (exclusive of amortization expense shown below)
3,337 3,563 14,557 13,976 
Amortization expense2,907 3,427 12,511 13,529 
Total cost of revenue35,204 33,190 141,328 126,059 
Gross profit127,770 117,455 486,071 434,512 
Operating expenses:
Sales and marketing(1)(2)(3)(4)(5)(6)
65,385 62,420 252,128 250,757 
Research and development(1)(2)(3)(4)(5)(6)
33,969 32,921 138,961 134,422 
General and administrative(1)(2)(3)(4)(5)(6)(7)
33,806 34,935 136,567 135,233 
Amortization expense6,770 7,441 27,511 29,349 
Total operating expenses139,930 137,717 555,167 549,761 
Loss from operations(12,160)(20,262)(69,096)(115,249)
Interest income, net1,360 2,073 6,615 6,526 
Foreign currency transaction (loss) gain(5,650)1,911 (2,277)916 
Loss before income tax benefit (provision)(16,450)(16,278)(64,758)(107,807)
Income tax benefit (provision)22 (1,132)(3,697)(2,279)
Net loss$(16,428)$(17,410)$(68,455)$(110,086)
Net loss per share, basic and diluted$(0.13)$(0.14)$(0.53)$(0.88)
Weighted‑average shares used to compute net loss per share, basic and diluted128,863,245 126,361,484 128,019,692 124,935,620 
(1) Includes stock-based compensation as follows:
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Cost of revenue:
Subscription$2,976 $2,594 $11,518 $10,229 
Services366 392 1,674 1,386 
Sales and marketing7,738 8,059 30,299 33,127 
Research and development6,343 5,856 25,324 23,719 
General and administrative7,698 6,017 28,575 32,539 
$25,121 $22,918 $97,390 $101,000 
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(2) Includes payroll taxes related to stock-based compensation as follows:
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Cost of revenue:
Subscription$138 $143 $393 $318 
Services30 32 87 57 
Sales and marketing270 451 1,146 1,162 
Research and development135 171 649 581 
General and administrative124 137 672 490 
$697 $934 $2,947 $2,608 
(3) Includes depreciation expense as follows:
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Cost of revenue:
Subscription$297 $296 $1,248 $1,219 
Services39 44 178 168 
Sales and marketing595 777 2,715 3,155 
Research and development398 444 1,758 1,814 
General and administrative259 266 1,027 1,064 
$1,588 $1,827 $6,926 $7,420 
(4) Includes acquisition-related expense as follows:
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Cost of revenue:
Services$— $34 $194 $50 
Sales and marketing— 152 — 371 
Research and development— 299 538 807 
General and administrative— 2,704 4,530 6,133 
$— $3,189 $5,262 $7,361 
(5) Includes system transformation costs as follows:
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Cost of revenue:
Subscription$105 $29 $283 $51 
Services13 — 22 — 
Sales and marketing363 82 888 174 
Research and development138 — 295 12 
General and administrative4,886 1,569 14,561 4,596 
$5,505 $1,680 $16,049 $4,833 
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(6) Includes restructuring charges as follows:
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Cost of revenue:
Subscription$— $— $7 $— 
Sales and marketing817 — 7,304 — 
Research and development— — 709 — 
General and administrative53 1,393 1,722 1,393 
$870 $1,393 $9,742 $1,393 
(7) General and administrative also includes the following:
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Offering costs$— $— $872 $— 
Extraordinary legal settlements and non-recurring litigation costs— 359 (122)559 
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Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Years Ended December 31,
20242023
Operating activities
Net loss$(68,455)$(110,086)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense46,948 50,298 
Amortization of deferred contract costs26,917 21,497 
Amortization of capitalized CCA implementation costs
2,669 — 
Amortization of debt issuance costs2,843 2,742 
Non-cash lease expense5,297 5,935 
Impairment of lease right-of-use assets— 1,077 
Provision for credit losses and returns440 472 
Stock-based compensation97,390 101,000 
Deferred income tax benefit(497)(1,976)
Other2,019 (1,673)
Changes in operating assets and liabilities:
Trade accounts receivable(31,239)(19,233)
Prepaid expenses and other assets(12,160)(11,354)
Deferred contract costs(38,070)(40,643)
Accounts payable(7,582)9,352 
Accrued liabilities(7,138)2,690 
Income taxes payable(217)727 
Deferred revenue11,980 23,939 
Other liabilities47 1,200 
Net cash provided by operating activities
31,192 35,964 
Investing activities
Acquisitions, net of cash acquired
— (18,797)
Purchases of equipment and leasehold improvements(9,009)(2,934)
Purchase of investments(2,500)(750)
Other(292)5 
Net cash used in investing activities(11,801)(22,476)
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)(515)
Repurchase and retirement of common stock
(35,357)— 
Shares repurchased for tax withholdings on vesting of restricted stock(741)— 
Proceeds from the exercise of stock options3,726 6,042 
Net cash (used in) provided by financing activities(41,604)5,321 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(252)79 
Net (decrease) increase in cash, cash equivalents, and restricted cash
(22,465)18,888 
Cash, cash equivalents, and restricted cash, beginning of period250,809 231,921 
Cash, cash equivalents, and restricted cash, end of period$228,344 $250,809 
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$224,680 $243,576 
Restricted cash included in other current assets3,664 3,633 
Restricted cash included in other assets— 3,600 
Total cash, cash equivalents, and restricted cash$228,344 $250,809 
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Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenue
(in thousands)
(unaudited)
Three Months Ended December 31,Years Ended December 31,
2024202320242023
SaaS subscription and support and maintenance$152,600 $140,315 $592,592 $521,269 
On‑premise subscription7,140 6,362 20,999 21,750 
Subscription revenue159,740 146,677 613,591 543,019 
Professional services3,167 3,731 13,562 16,325 
Perpetual licenses67 237 246 1,227 
Non‑subscription revenue3,234 3,968 13,808 17,552 
Total revenue$162,974 $150,645 $627,399 $560,571 
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Jamf Holding Corp.
Supplemental Information
Key Business Metrics (1)
(in millions, except number of customers and percentages)
(unaudited)
December 31,
2024		December 31,
2023		December 31,
2022
ARR (1)
$646.0 $588.6 $512.5 
ARR from management solutions as a percent of total ARR76 %77 %80 %
ARR from security solutions as a percent of total ARR24 %23 %20 %
ARR from commercial customers as a percent of total ARR75 %74 %72 %
ARR from education customers as a percent of total ARR25 %26 %28 %
Dollar-based net retention rate104 %108 %113 %
Devices (1)
33.2 32.3 30.0 
Customers (1)
76,500 75,300 71,000 
(1) Device, customer, and ARR metrics have been adjusted as of Q3 2024 as a result of minor data reconfiguration as part of our comprehensive systems update. Due to the timing of this change, validation of accounts and metrics continued through year end and immaterially impacted ARR, customer count, and device count previously reported for Q3 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 December 31,Years Ended December 31,
2024202320242023
Operating expenses$139,930 $137,717 $555,167 $549,761 
Amortization expense(6,770)(7,441)(27,511)(29,349)
Stock-based compensation(21,779)(19,932)(84,198)(89,385)
Acquisition-related expense— (3,155)(5,068)(7,311)
Offering costs— — (872)— 
Payroll taxes related to stock-based compensation(529)(759)(2,467)(2,233)
System transformation costs(5,387)(1,651)(15,744)(4,782)
Restructuring charges(870)(1,393)(9,735)(1,393)
Extraordinary legal settlements and non-recurring litigation costs
— (359)122 (559)
Non-GAAP operating expenses$104,595 $103,027 $409,694 $414,749 
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Gross profit$127,770 $117,455 $486,071 $434,512 
Amortization expense2,907 3,427 12,511 13,529 
Stock-based compensation3,342 2,986 13,192 11,615 
Acquisition-related expense— 34 194 50 
Payroll taxes related to stock-based compensation168 175 480 375 
System transformation costs118 29 305 51 
Restructuring charges— — 7 — 
Non-GAAP gross profit$134,305 $124,106 $512,760 $460,132 
Gross profit margin78%78%77%78%
Non-GAAP gross profit margin82%82%82%82%
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Operating loss$(12,160)$(20,262)$(69,096)$(115,249)
Amortization expense9,677 10,868 40,022 42,878 
Stock-based compensation25,121 22,918 97,390 101,000 
Acquisition-related expense— 3,189 5,262 7,361 
Offering costs— — 872 — 
Payroll taxes related to stock-based compensation697 934 2,947 2,608 
System transformation costs5,505 1,680 16,049 4,833 
Restructuring charges870 1,393 9,742 1,393 
Extraordinary legal settlements and non-recurring litigation costs
— 359 (122)559 
Non-GAAP operating income$29,710 $21,079 $103,066 $45,383 
Operating loss margin(7)%(13)%(11)%(21)%
Non-GAAP operating income margin18%14%16%8%
12
image_0a.jpg
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Net loss$(16,428)$(17,410)$(68,455)$(110,086)
Exclude: income tax benefit (provision)22 (1,132)(3,697)(2,279)
Loss before income tax benefit (provision)(16,450)(16,278)(64,758)(107,807)
Amortization expense9,677 10,868 40,022 42,878 
Stock-based compensation25,121 22,918 97,390 101,000 
Foreign currency transaction loss (gain)5,650 (1,911)2,277 (916)
Amortization of debt issuance costs723 687 2,842 2,742 
Acquisition-related expense— 3,189 5,262 7,361 
Offering costs— — 872 — 
Payroll taxes related to stock-based compensation697 934 2,947 2,608 
System transformation costs5,505 1,680 16,049 4,833 
Restructuring charges870 1,393 9,742 1,393 
Extraordinary legal settlements and non-recurring litigation costs
— 359 (122)559 
Non-GAAP income before income taxes31,793 23,839 112,523 54,651 
Non-GAAP provision for income taxes (1)
(7,631)(5,721)(27,006)(13,116)
Non-GAAP net income$24,162 $18,118 $85,517 $41,535 
Net loss per share:
Basic$(0.13)$(0.14)$(0.53)$(0.88)
Diluted$(0.13)$(0.14)$(0.53)$(0.88)
Weighted‑average shares used in computing net loss per share:
Basic128,863,245 126,361,484 128,019,692 124,935,620 
Diluted128,863,245 126,361,484 128,019,692 124,935,620 
Non-GAAP net income per share:
Basic$0.19 $0.14 $0.67 $0.33 
Diluted$0.17 $0.13 $0.61 $0.31 
Weighted-average shares used in computing non-GAAP net income per share:
Basic128,863,245 126,361,484 128,019,692 124,935,620 
Diluted139,105,517 136,716,406 139,393,205 135,285,356 
(1) In accordance with the SEC’s Non-GAAP Financial Measures Compliance and Disclosure Interpretation, the Company’s blended U.S. statutory rate of 24% is used as an estimate for the current and deferred income tax expense associated with our non-GAAP income before income taxes.
13
image_0a.jpg
Three Months Ended December 31,Years Ended December 31,
2024202320242023
Net loss$(16,428)$(17,410)$(68,455)$(110,086)
Interest income, net(1,360)(2,073)(6,615)(6,526)
(Benefit) provision for income taxes(22)1,132 3,697 2,279 
Depreciation expense1,588 1,827 6,926 7,420 
Amortization expense9,677 10,868 40,022 42,878 
Stock-based compensation25,121 22,918 97,390 101,000 
Foreign currency transaction loss (gain)5,650 (1,911)2,277 (916)
Acquisition-related expense— 3,189 5,262 7,361 
Offering costs— — 872 — 
Payroll taxes related to stock-based compensation697 934 2,947 2,608 
System transformation costs5,505 1,680 16,049 4,833 
Restructuring charges870 1,393 9,742 1,393 
Extraordinary legal settlements and non-recurring litigation costs— 359 (122)559 
Adjusted EBITDA$31,298 $22,906 $109,992 $52,803 
Years Ended December 31,
20242023
Net cash provided by operating activities
$31,192$35,964
Less:
Purchases of equipment and leasehold improvements(9,009)(2,934)
Free cash flow22,18333,030
Add:
Cash paid for interest842784
Cash paid for acquisition-related expense10,2702,975
Cash paid for system transformation costs29,34612,493
Cash paid for restructuring charges9,453—
Cash paid for contingent consideration—6,000
Cash paid for extraordinary legal settlements and non-recurring litigation costs305132
Unlevered free cash flow$72,399$55,414
Total revenue$627,399$560,571
Net cash provided by operating activities as a percentage of total revenue
5%6%
Free cash flow margin4%6%
Unlevered free cash flow margin12%10%


14
v3.25.0.1
Cover
Feb. 27, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 27, 2025
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 900
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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