UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________________________________

FORM 10-Q

_________________________________________________

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended March 31, 2024

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from                 to

Commission File Number: 001-39399

JAMF HOLDING CORP.

(Exact name of registrant as specified in its charter)

Delaware (State or other jurisdiction of incorporation or organization) 82-3031543 (I.R.S. Employer Identification No.)

100 Washington Ave S, Suite 1100

Minneapolis, MN 55401

(Address of principal executive offices)

(612) 605-6625

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, $0.001 par value per share	JAMF	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐
Smaller reporting company ☐		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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

On April 23, 2024, the registrant had 128,453,722 shares of common stock, $0.001 par value, outstanding.

JAMF HOLDING CORP.

TABLE OF CONTENTS

		PAGE
PART I.	FINANCIAL INFORMATION	4
Item 1.	Financial Statements (unaudited)	4
	Condensed Consolidated Balance Sheets — March 31, 2024 and December 31, 2023	4
	Condensed Consolidated Statements of Operations — Three Months Ended March 31, 2024 and 2023	5
	Condensed Consolidated Statements of Comprehensive Loss — Three Months Ended March 31, 2024 and 2023	6
	Condensed Consolidated Statements of Stockholders’ Equity — Three Months Ended March 31, 2024 and 2023	7
	Condensed Consolidated Statements of Cash Flows — Three Months Ended March 31, 2024 and 2023	8
	Notes to Condensed Consolidated Financial Statements	10
	Note 1. Basis of presentation and description of business	10
	Note 2. Summary of significant accounting policies	11
	Note 3. Financial instruments fair value	13
	Note 4. Acquisitions	14
	Note 5. Goodwill and other intangible assets	16
	Note 6. Leases	17
	Note 7. Commitments and contingencies	17
	Note 8. Debt	18
	Note 9. Stock-based compensation	18
	Note 10. Net loss per share	20
	Note 11. Income taxes	21
	Note 12. Related party transactions	21
	Note 13. Restructuring activities	22
	Note 14. Subsequent events	22
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	41
PART II.	OTHER INFORMATION	42
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42
Item 3.	Defaults Upon Senior Securities	42
Item 4.	Mine Safety Disclosures	42
Item 5.	Other Information	42
Item 6.	Exhibits	43
Signatures		44

2

GLOSSARY

We use acronyms, abbreviations, and other defined terms throughout this quarterly report on Form 10-Q. These terms are defined below. Jamf Holding Corp. and its wholly owned subsidiaries, collectively, are referred to as the “Company,” “we,” “us,” or “our.”

Term	Definition
2017 Option Plan	2017 Stock Option Plan
2020 Credit Agreement	Credit agreement dated July 27, 2020, as amended, supplemented, or modified
2020 Plan	Jamf Holding Corp. Omnibus Incentive Plan
2020 Revolving Credit Facility	Revolving credit facility available under the 2020 Credit Agreement
2021 ESPP	Jamf Holding Corp. 2021 Employee Stock Purchase Plan
2024 Credit Agreement	Credit agreement dated May 3, 2024
2024 Revolving Credit Facility	Revolving credit facility available under the 2024 Credit Agreement
2026 Notes	Convertible Senior Notes due 2026
ARR	Annual Recurring Revenue
AWS	Amazon Web Services
ASC 606	ASC Topic 606, Revenue from Contracts with Customers
ASC 850	ASC Topic 850, Related Party Disclosures
ASU	Accounting Standards Update
CEO	Chief executive officer
CODM	Chief operating decision maker
Current Period ARR	ARR from the same cohort of customers used to calculate Prior Period ARR as of the current period end
dataJAR	Data Jar Ltd.
dataJAR Purchase Agreement	Share Purchase Agreement, dated as of July 13, 2023, entered into in connection with the acquisition of dataJAR
Digita	Digita Security LLC
EUR	Euro
Exchange Act	The Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
GAAP	U.S. generally accepted accounting principles
GBP	British pound sterling
IT	Information technology
JNGF	Jamf Nation Global Foundation
MSP	Managed services provider
Prior Period ARR	ARR from the cohort of all customers as of 12 months prior to period end
RSU	Restricted stock unit
SaaS	Software-as-a-service
SEC	Securities and Exchange Commission
SMBs	Small-to-medium-sized businesses
UK	United Kingdom
U.S.	United States
Vista	Vista Equity Partners, LLC and its affiliates

3

PART I.    FINANCIAL INFORMATION

Item 1.     Financial Statements

JAMF HOLDING CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

	March 31, 2024		December 31, 2023
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	224,497	$	243,576
Trade accounts receivable, net of allowances of $387 and $444 at March 31, 2024 and December 31, 2023, respectively	95,484		108,240
Deferred contract costs	24,514		23,508
Prepaid expenses	21,314		14,255
Other current assets	20,913		13,055
Total current assets	386,722		402,634
Equipment and leasehold improvements, net	14,858		15,184
Goodwill	885,041		887,121
Other intangible assets, net	177,253		187,891
Deferred contract costs, non-current	54,040		53,070
Other assets	45,838		43,752
Total assets	$	1,563,752	$	1,589,652
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	20,388	$	25,909
Accrued liabilities	70,533		77,447
Income taxes payable	1,346		1,248
Deferred revenue	311,698		317,546
Total current liabilities	403,965		422,150
Deferred revenue, non-current	52,805		55,886
Deferred tax liability, net	5,515		5,952
Convertible senior notes, net	367,626		366,999
Other liabilities	17,771		21,118
Total liabilities	847,682		872,105
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized at March 31, 2024 and December 31, 2023; no shares issued and outstanding at March 31, 2024 and December 31, 2023	—		—
Common stock, $0.001 par value, 500,000,000 shares authorized at March 31, 2024 and December 31, 2023; 128,333,366 and 126,938,102 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	126		126
Additional paid‑in capital	1,183,852		1,162,993
Accumulated other comprehensive loss	(28,589)		(26,777)
Accumulated deficit	(439,319)		(418,795)
Total stockholders’ equity	716,070		717,547
Total liabilities and stockholders’ equity	$	1,563,752	$	1,589,652

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

JAMF HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(unaudited)

	Three Months Ended March 31,
	2024		2023
Revenue:
Subscription	$	148,353	$	127,230
Services	3,706		4,384
License	64		598
Total revenue	152,123		132,212
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	28,010		23,159
Cost of services (exclusive of amortization expense shown below)	3,770		3,292
Amortization expense	3,312		3,296
Total cost of revenue	35,092		29,747
Gross profit	117,031		102,465
Operating expenses:
Sales and marketing	64,782		60,208
Research and development	34,262		32,072
General and administrative	32,198		28,436
Amortization expense	6,898		7,241
Total operating expenses	138,140		127,957
Loss from operations	(21,109)		(25,492)
Interest income, net	2,040		1,285
Foreign currency transaction (loss) gain	(412)		604
Loss before income tax provision	(19,481)		(23,603)
Income tax provision	(1,043)		(597)
Net loss	$	(20,524)	$	(24,200)
Net loss per share, basic and diluted	$	(0.16)	$	(0.20)
Weighted‑average shares used to compute net loss per share, basic and diluted	127,292,097		123,422,066

The accompanying notes are an integral part of these condensed consolidated financial statements.

5

JAMF HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(in thousands)

(unaudited)

	Three Months Ended March 31,
	2024		2023
Net loss	$	(20,524)	$	(24,200)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(1,812)		6,047
Total other comprehensive (loss) income	(1,812)		6,047
Comprehensive loss	$	(22,336)	$	(18,153)

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

JAMF HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(in thousands, except share amounts)

(unaudited)

	Stock Class			Additional Paid‑In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Stockholders’ Equity
	Common
	Shares	Amount
Three Months Ended March 31, 2024:
Balance, December 31, 2023	126,938,102	$	126	$	1,162,993	$	(26,777)	$	(418,795)	$	717,547
Exercise of stock options	47,583	—		280		—		—		280
Vesting of restricted stock units	1,347,681	—		—		—		—		—
Stock-based compensation	—	—		20,579		—		—		20,579
Foreign currency translation adjustments	—	—		—		(1,812)		—		(1,812)
Net loss	—	—		—		—		(20,524)		(20,524)
Balance, March 31, 2024	128,333,366	$	126	$	1,183,852	$	(28,589)	$	(439,319)	$	716,070
Three Months Ended March 31, 2023:
Balance, December 31, 2022	123,170,172	$	123	$	1,049,875	$	(39,951)	$	(308,709)	$	701,338
Exercise of stock options	367,171	—		2,723		—		—		2,723
Vesting of restricted stock units	370,146	1		—		—		—		1
Stock-based compensation	—	—		19,550		—		—		19,550
Foreign currency translation adjustments	—	—		—		6,047		—		6,047
Net loss	—	—		—		—		(24,200)		(24,200)
Balance, March 31, 2023	123,907,489	$	124	$	1,072,148	$	(33,904)	$	(332,909)	$	705,459

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

JAMF HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

	Three Months Ended March 31,
	2024		2023
Operating activities
Net loss	$	(20,524)	$	(24,200)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization expense	11,990		12,424
Amortization of deferred contract costs	6,325		4,774
Amortization of debt issuance costs	689		684
Non-cash lease expense	1,450		1,493
Provision for credit losses and returns	(24)		14
Stock-based compensation	20,579		19,550
Deferred tax benefit	(267)		(27)
Other	(26)		(677)
Changes in operating assets and liabilities:
Trade accounts receivable	12,696		3,915
Prepaid expenses and other assets	(15,472)		(8,936)
Deferred contract costs	(8,334)		(8,145)
Accounts payable	(5,677)		(575)
Accrued liabilities	(10,602)		(19,765)
Income taxes payable	119		65
Deferred revenue	(8,885)		(5,394)
Other liabilities	59		—
Net cash used in operating activities	(15,904)		(24,800)
Investing activities
Purchases of equipment and leasehold improvements	(1,755)		(1,121)
Purchase of investments	(1,500)		(750)
Other	25		14
Net cash used in investing activities	(3,230)		(1,857)
Financing activities
Cash paid for contingent consideration	—		(206)
Proceeds from the exercise of stock options	280		2,723
Net cash provided by financing activities	280		2,517
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(184)		42
Net decrease in cash, cash equivalents, and restricted cash	(19,038)		(24,098)
Cash, cash equivalents, and restricted cash, beginning of period	250,809		231,921
Cash, cash equivalents, and restricted cash, end of period	$	231,771	$	207,823

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

JAMF HOLDING CORP.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

(in thousands)

(unaudited)

	Three Months Ended March 31,
	2024		2023
Supplemental disclosures of cash flow information:
Cash paid for:
Interest	$	314	$	313
Income taxes, net of refunds	1,141		894
Non-cash activities:
Operating lease assets obtained in exchange for operating lease liabilities	1,767		—
Purchases of equipment and leasehold improvements accrued but not paid	121		83
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:
Cash and cash equivalents	$	224,497	$	200,340
Restricted cash included in other current assets	7,274		283
Restricted cash included in other assets	—		7,200
Total cash, cash equivalents, and restricted cash	$	231,771	$	207,823

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1. Basis of presentation and description of business

Description of business

We are the standard in managing and securing Apple at work, and we are the only company in the world that provides a complete management and security solution for an Apple-first environment that is designed to be enterprise secure, consumer simple, and protective of personal privacy. We help IT and security teams confidently protect the devices, data, and applications used by their workforce, while providing employees with the powerful and intended Apple experience. With Jamf’s software, devices can be deployed to employees brand new in the shrink-wrapped box, set up automatically and personalized at first power-on and administered continuously throughout the lifecycle of the device. Our customers are located throughout the world.

Basis of presentation and principles of consolidation

The accompanying condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. All intercompany accounts and transactions have been eliminated.

Unaudited interim condensed consolidated financial information

The interim condensed consolidated balance sheet as of March 31, 2024, the condensed consolidated statements of operations, of comprehensive loss, of stockholders’ equity, and of cash flows for the three months ended March 31, 2024 and 2023, and the related notes are unaudited. The condensed consolidated balance sheet as of December 31, 2023 was derived from our audited consolidated financial statements that were included in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on February 27, 2024. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary for the fair presentation of the consolidated financial position, results of operations, and cash flows of the Company. All adjustments made were of a normal recurring nature. The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future period.

Use of estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future and include, but are not limited to, revenue recognition, stock-based compensation, the expected period of benefit for deferred contract costs, the fair values of assets acquired and liabilities assumed in business combinations, useful lives for finite-lived assets, recoverability of long-lived assets, the value of right-of-use assets and lease liabilities, allowance for expected credit losses, commitments and contingencies, and accounting for income taxes and related valuation allowances against deferred tax assets. Actual results could differ from those estimates.

10

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Segment and geographic information

Our CODM is our CEO, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. We operate our business as one operating segment and therefore we have one reportable segment.

Revenue by geographic region as determined based on the location where the sale originated were as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
The Americas (1)	$	101,616	$	89,811
Europe, the Middle East, India, and Africa	39,013		32,351
Asia Pacific	11,494		10,050
	$	152,123	$	132,212

(1) The vast majority of our Americas revenue comes from the U.S.

Note 2. Summary of significant accounting policies

The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. There have been no significant changes to these policies during the three months ended March 31, 2024. The following describes the impact of certain policies.

Revenue recognition

The Company applies ASC 606 and follows a five-step model to determine the appropriate amount of revenue to be recognized in accordance with ASC 606.

Disaggregation of Revenue

The Company separates revenue into subscription and non-subscription categories to disaggregate the revenue that is term-based and renewable from the revenue that is one-time in nature. Revenue from subscription and non-subscription contractual arrangements were as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
SaaS subscription and support and maintenance	$	142,406	$	120,762
On‑premise subscription	5,947		6,468
Subscription revenue	148,353		127,230
Professional services	3,706		4,384
Perpetual licenses	64		598
Non‑subscription revenue	3,770		4,982
Total revenue	$	152,123	$	132,212

11

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Contract Balances

Contract liabilities consist of customer billings in advance of revenue being recognized. The Company invoices its customers for subscription, support and maintenance, and services in advance. Changes in contract liabilities, including revenue earned during the period from the beginning contract liability balance and new deferrals of revenue during the period, were as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Balance, beginning of the period	$	373,432	$	346,150
Revenue earned	(125,166)		(107,595)
Deferral of revenue	118,771		103,895
Other (1)	(2,534)		(1,608)
Balance, end of the period	$	364,503	$	340,842

(1) Includes contract assets netted against contract liabilities on a contract-by-contract basis.

There were no significant changes to our contract assets and liabilities during the three months ended March 31, 2024 and 2023 outside of our sales activities.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts to be invoiced. As of March 31, 2024, the Company had $499.0 million of remaining performance obligations, with 71% expected to be recognized as revenue over the succeeding 12 months, and the remainder generally expected to be recognized over the three years thereafter.

Deferred Contract Costs

Sales commissions, as well as associated payroll taxes and retirement plan contributions (together, contract costs), that are incremental to the acquisition of customer contracts are capitalized using a portfolio approach as deferred contract costs in the condensed consolidated balance sheets when the period of benefit is determined to be greater than one year.

Total amortization of contract costs was $6.3 million and $4.8 million for the three months ended March 31, 2024 and 2023, respectively.

The Company periodically reviews these deferred contract costs to determine whether events or changes in circumstances have occurred that could affect the period of benefit of these deferred contract costs. There were no impairment losses recorded during the three months ended March 31, 2024 or 2023.

Cloud computing arrangements

Capitalized costs associated with the implementation of cloud computing arrangements were as follows:

Balance Sheet Classification	March 31, 2024		December 31, 2023
	(in thousands)
Other current assets	$	3,266	$	1,860
Other assets	16,327		10,891
	$	19,593	$	12,751

12

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Recently issued accounting pronouncements not yet adopted

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires companies to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. This update also requires disclosure of disaggregated information related to income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the guidance retrospectively. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This update requires disclosure of significant segment expenses regularly provided to the CODM. Additionally, this update requires a description of how the CODM utilizes segment operating profit or loss to assess segment performance. All disclosure requirements in this standard are required for entities with a single reportable segment. The standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a retrospective basis to all periods presented. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements.

Note 3. Financial instruments fair value

Assets and liabilities measured at fair value on a recurring basis

The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.

The fair value of these financial instruments were as follows:

	March 31, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	130,816	$	—	$	—	$	130,816
Total cash equivalents	$	130,816	$	—	$	—	$	130,816

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	151,209	$	—	$	—	$	151,209
Total cash equivalents	$	151,209	$	—	$	—	$	151,209

The carrying value of accounts receivable and accounts payable approximate their fair value due to their short maturities and are excluded from the tables above.

13

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The contingent consideration associated with the Digita acquisition in 2019 was measured and recorded at fair value on a recurring basis. The Company made the final payment related to the Digita contingent consideration in the first quarter of 2023. The following table provides a summary of the changes in contingent consideration, which was classified as Level 3, for the three months ended March 31, 2023 (in thousands):

Balance, beginning of period	$	6,206
Total (gains) losses included in:
Net loss	—
Payments	(6,206)
Balance, end of period	$	—

Fair value measurements of other financial instruments

The following table presents the net carrying value and estimated fair value of the 2026 Notes, which are not recorded at fair value in the condensed consolidated balance sheets:

	March 31, 2024				December 31, 2023
	Net Carrying Value		Estimated Fair Value		Net Carrying Value		Estimated Fair Value
	(in thousands)
2026 Notes	$	367,626	$	334,555	$	366,999	$	319,283

As of March 31, 2024 and December 31, 2023, the difference between the net carrying value of the 2026 Notes and the principal amount of $373.8 million represents the unamortized debt issuance costs of $6.1 million and $6.8 million, respectively. See Note 8 for more information. The estimated fair value of the 2026 Notes, which is classified as Level 2, was determined based on quoted bid prices of the 2026 Notes in an over-the-counter market on the last trading day of the reporting period.

Note 4. Acquisitions

dataJAR

On July 13, 2023, the Company completed its acquisition of dataJAR, a UK-based leading MSP focused on providing powerful Apple and Jamf services for businesses and educational organizations. dataJAR’s proprietary software provides a single pane of glass for Jamf MSP partners that assist in managing multiple organizations’ deployments, reducing support tickets, and allowing partners to more seamlessly manage devices. We believe this acquisition will help Jamf partner more closely with its MSP partners and expand the reach of its leading Apple-first and Apple-best management and security platform.

Under the terms of the dataJAR Purchase Agreement, the Company acquired 100% of the equity interest in dataJAR for total purchase consideration of £19.3 million (or approximately $25.1 million using the exchange rate on July 13, 2023), which included (i) £16.6 million (or approximately $21.6 million using the exchange rate on July 13, 2023) paid upon closing, (ii) £0.2 million (or approximately $0.3 million using the exchange rate on July 13, 2023) in cash as partial security for post-closing true-up adjustments, and (iii) £2.5 million (or approximately $3.2 million using the exchange rate on July 13, 2023) in cash as partial security for post-closing indemnification claims to be released 12 months from the closing date. The cash consideration paid upon closing was funded by the Company’s cash on hand. The amount held back as partial security for post-closing true-up adjustments was released in the fourth quarter of 2023.

In addition, the terms of the dataJAR Purchase Agreement provide for additional future payments to the sellers in the amount of up to £6.5 million (or approximately $8.4 million using the exchange rate on July 13, 2023) if certain key employees continue their employment with the Company through July 13, 2024. This expense is recognized on a straight-line basis over the requisite service period in general and administrative expenses in the condensed consolidated statement of operations. The Company recognized expense of $2.1 million related to this agreement during the three months ended March 31, 2024.

14

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Acquisition-related expenses of $1.5 million were expensed as incurred. These expenses were recognized as acquisition costs in general and administrative expenses in the condensed consolidated statement of operations.

The final purchase accounting allocations for the dataJAR acquisition will be determined within one year from the acquisition date and depend on a number of factors, including the final valuation of our intangible assets acquired and finalization of income tax effects of the opening balance sheet. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed (in thousands):

Assets acquired:
Cash and cash equivalents	$	2,789
Trade accounts receivable, net	945
Prepaid expenses	1,208
Other current assets	10
Intangible assets acquired	9,400
Operating lease assets	252
Liabilities assumed:
Accounts payable	(605)
Accrued liabilities	(599)
Income taxes payable	(45)
Deferred revenue	(3,230)
Operating lease liabilities	(191)
Deferred tax liability	(2,398)
Goodwill	17,550
Total purchase consideration	$	25,086

The allocation of the purchase price required management to make significant estimates in determining the fair value of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates included, but were not limited to:

•future expected cash flows from subscription contracts and acquired developed technologies;

•anticipated growth in revenue and churn rates for existing customers;

•obsolescence curves and other useful life assumptions, such as the period of time and intended use of acquired intangible assets in the Company’s product offerings; and

•discount rates.

The goodwill represents the excess of the purchase consideration over the fair value of the underlying net identifiable assets. The goodwill recognized in this acquisition is primarily attributable to expected synergies in sales opportunities across complementary products, customers, and geographies and cross-selling opportunities. The goodwill is not deductible for income tax purposes.

15

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The estimated useful lives and fair values of the identifiable intangible assets acquired were as follows:

	Useful Life	Gross Value
		(in thousands)
Customer relationships	6.0 years	$	5,000
Developed technology	5.0 years	4,400
Total identifiable intangible assets		$	9,400

The weighted-average useful life of the intangible assets acquired was 5.5 years.

Customer relationships represent the estimated fair value of the underlying relationships with dataJAR customers and were valued using the multi-period excess earnings method. Developed technology represents the estimated fair value of the dataJAR software and was valued using the relief from royalty method.

Pro forma results of operations for this acquisition were not presented as the effects were not material to our financial results.

Note 5. Goodwill and other intangible assets

The change in the carrying amount of goodwill was as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Goodwill, beginning of period	$	887,121	$	856,925
Measurement period adjustments	—		339
Foreign currency translation adjustment	(2,080)		5,483
Goodwill, end of period	$	885,041	$	862,747

16

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The gross carrying amount and accumulated amortization of intangible assets other than goodwill were as follows:

	March 31, 2024
	Useful Life	Gross Carrying Value		Accumulated Amortization		Foreign Currency Translation		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,700	$	27,735	$	(36)	$	6,929	1.6 years
Customer relationships	5 ‑ 12 years	257,308		125,058		(1,948)		130,302		6.0 years
Developed technology	5 - 6.5 years	84,647		39,524		(5,453)		39,670		3.7 years
Non‑competes	2.5 - 3 years	3,099		2,380		(169)		550		1.6 years
Order backlog	2.5 years	3,800		3,800		(198)		(198)		0.0 years
Total intangible assets		$	383,554	$	198,497	$	(7,804)	$	177,253

	December 31, 2023
	Useful Life	Gross Carrying Value		Accumulated Amortization		Foreign Currency Translation		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,700	$	26,630	$	(35)	$	8,035	1.8 years
Customer relationships	5 ‑ 12 years	257,308		119,396		(1,781)		136,131		6.2 years
Developed technology	5 - 6.5 years	84,647		36,235		(5,148)		43,264		3.9 years
Non‑competes	2.5 - 3 years	3,099		2,267		(172)		660		1.8 years
Order backlog	2.5 years	3,800		3,800		(199)		(199)		0.0 years
Total intangible assets		$	383,554	$	188,328	$	(7,335)	$	187,891

Amortization expense was $10.2 million and $10.5 million for the three months ended March 31, 2024 and 2023, respectively.

There were no impairments to goodwill or intangible assets during the three months ended March 31, 2024 and 2023.

Note 6. Leases

Supplemental balance sheet information related to the Company’s operating leases is as follows:

Leases	Balance Sheet Classification	March 31, 2024		December 31, 2023
		(in thousands)
Assets
Operating lease assets	Other assets	$	18,016	$	17,661
Liabilities
Operating lease liabilities - current	Accrued liabilities	$	4,681	$	5,766
Operating lease liabilities - non-current	Other liabilities	16,515		16,320
Total operating lease liabilities		$	21,196	$	22,086

Note 7. Commitments and contingencies

Contingencies

From time to time, the Company may be subject to various claims, charges, and litigation. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The

17

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Company maintains insurance to cover certain actions and believes that resolution of such claims, charges, or litigation will not have a material impact on the Company’s financial position, results of operations, or liquidity. The Company had no material liabilities for contingencies as of March 31, 2024 or December 31, 2023.

Note 8. Debt

The following table summarizes the balances and availability of our 2026 Notes and 2020 Revolving Credit Facility:

	Outstanding (1)				Unutilized Amount				Interest Rate				Maturity Date
	March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023		March 31, 2024		December 31, 2023
	(in thousands)
2026 Notes	$	367,626	$	366,999	N/A		N/A		0.125%		0.125%		Sept. 1, 2026
2020 Revolving Credit Facility	1,037		1,037		$	148,963	$	148,963	1.25%	(2)	1.25%	(2)	July 27, 2025

(1) Represents the net carrying amount of our 2026 Notes and outstanding letters of credit under the 2020 Revolving Credit Facility.

(2) Represents the rate on the outstanding letters of credit under the 2020 Revolving Credit Facility.

Convertible Senior Notes

On September 17, 2021, the Company issued $373.8 million aggregate principal amount of 0.125% 2026 Notes in a private offering. The initial conversion rate for the 2026 Notes is 20.0024 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $49.99 per share of common stock. As of March 31, 2024, the conditions allowing holders of the 2026 Notes to convert were not met.

The following table sets forth the interest expense related to the 2026 Notes:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Contractual interest expense	$	117	$	117
Amortization of issuance costs	627		622

The effective interest rate on the 2026 Notes was 0.81% for both the three months ended March 31, 2024 and 2023. See Note 3 for additional information on the Company’s 2026 Notes.

Credit Agreement

The 2020 Credit Agreement provides for the 2020 Revolving Credit Facility of $150.0 million, which may be increased or decreased under specific circumstances, with a $25.0 million letter of credit sublimit and a $50.0 million alternative currency sublimit. In addition, the 2020 Credit Agreement provides for the ability of the Company to request incremental term loan facilities, in a minimum amount of $5.0 million for each facility. The 2020 Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations, negative covenants, and events of default. We were in compliance with such covenants as of both March 31, 2024 and December 31, 2023.

Note 9. Stock-based compensation

The Company’s equity incentive plans provide for granting various stock-based awards to eligible employees, non-employee directors, and consultants of the Company. In addition, the Company offers an employee stock purchase plan to eligible employees.

18

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The Company recognized stock-based compensation expense for all equity arrangements as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue:
Subscription	$	2,628	$	2,267
Services	412		309
Sales and marketing	6,389		7,499
Research and development	5,431		5,033
General and administrative	5,719		4,442
	$	20,579	$	19,550

Equity Incentive Plans

The maximum number of shares of common stock available for issuance under the 2020 Plan was 34,261,070 shares as of January 1, 2024. As of March 31, 2024, 14,588,191 shares of common stock were reserved for additional grants under the 2020 Plan and 128,928 shares of common stock were reserved for additional grants under the 2017 Option Plan.

Return Target Options

The table below summarizes return target option activity for the three months ended March 31, 2024:

	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023	2,594,622	$	6.61	4.3	$	29,697
Exercised	(10,000)	7.33			127
Outstanding, March 31, 2024	2,584,622	$	6.61	4.1	$	30,339
Options exercisable at March 31, 2024	2,584,622	$	6.61	4.1	$	30,339
Vested or expected to vest at March 31, 2024	2,584,622	$	6.61	4.1	$	30,339

Service-Based Options

The table below summarizes the service-based option activity for the three months ended March 31, 2024:

	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2023	1,048,885	$	5.54	3.2	$	13,129
Exercised	(37,583)	5.49			473
Outstanding, March 31, 2024	1,011,302	$	5.54	3.0	$	12,950
Options exercisable at March 31, 2024	1,011,302	$	5.54	3.0	$	12,950
Vested or expected to vest at March 31, 2024	1,011,302	$	5.54	3.0	$	12,950

19

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Restricted Stock Units

RSU activity for the three months ended March 31, 2024 was as follows:

	Units	Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 2023	10,551,679	$	24.49
Granted	4,779,499	17.78
Vested	(1,347,681)	22.75
Forfeited	(573,525)	25.10
Outstanding, March 31, 2024	13,409,972	$	22.25

RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $253.0 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.9 years as of March 31, 2024. The total fair value of RSUs vested during the three months ended March 31, 2024 was $30.7 million.

Employee Stock Purchase Plan

As of March 31, 2024 and December 31, 2023, the Company withheld, at the employees’ request, $2.4 million and $1.0 million, respectively, of eligible employee compensation, which is included in accrued liabilities in the condensed consolidated balance sheets, for purchases of common stock under the 2021 ESPP.

As of March 31, 2024, 5,967,031 shares of common stock were reserved for future issuance under the 2021 ESPP. No shares of common stock were issued under the 2021 ESPP during the three months ended March 31, 2024. There was $0.1 million of unrecognized compensation expense related to the 2021 ESPP that is expected to be recognized over a period of one month as of March 31, 2024.

Note 10. Net loss per share

The following table sets forth the computation of basic and diluted net loss per share:

	Three Months Ended March 31,
	2024		2023
	(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(20,524)	$	(24,200)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	127,292,097		123,422,066
Basic and diluted net loss per share	$	(0.16)	$	(0.20)

Basic net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period without consideration for potentially dilutive securities. Because we have reported a net loss for the three months ended March 31, 2024 and 2023, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share for those periods given that the potentially dilutive shares would have been anti-dilutive if included in the calculation.

20

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an anti-dilutive impact due to losses reported:

	As of March 31,
	2024	2023
Stock options outstanding	3,595,924	4,121,571
Unvested restricted stock units	13,409,972	12,286,700
Shares related to the 2026 Notes	7,475,897	7,475,897
Shares committed under the 2021 ESPP	217,453	208,013
Total potentially dilutive securities	24,699,246	24,092,181

Note 11.     Income taxes

The Company calculated the year-to-date income tax provision by applying the estimated annual effective tax rate to the year-to-date pre-tax income for each applicable jurisdiction and adjusted for discrete tax items in the period. The following table presents provision for income taxes:

	Three Months Ended March 31,
	2024			2023
	(in thousands, except percentages)
Loss before income tax provision	$	(19,481)		$	(23,603)
Income tax provision	(1,043)			(597)
Effective tax rate	(5.4)		%	(2.5)		%

For the periods presented, the difference between the statutory rate and the Company’s effective tax rate was primarily due to the valuation allowances on its U.S. and UK tax assets. The effective tax rate is also impacted by state taxes and earnings realized in foreign jurisdictions.

Note 12. Related party transactions

As of March 31, 2024, the Company accrued $2.1 million related to JNGF pledges, of which $0.9 million was included in accrued liabilities and $1.2 million was included in other liabilities in the condensed consolidated balance sheet. As of December 31, 2023, the Company accrued $2.7 million related to JNGF pledges, of which $1.5 million was included in accrued liabilities and $1.2 million was included in other liabilities in the condensed consolidated balance sheet. The Company may engage in transactions in the ordinary course of business with significant shareholders or other companies whose directors or officers may also serve as directors or officers for the Company. The Company carries out these transactions on customary terms.

Vista is a U.S.-based investment firm that controls the funds which previously owned a majority of the Company. In 2021, Vista sold a portion of its investment in the Company such that its funds no longer owned a majority of the Company. However, Vista is deemed a related party in accordance with ASC 850 as it continues to be a principal owner of the Company. There were no material transactions with Vista or its affiliates during the three months ended March 31, 2024 and 2023.

21

JAMF HOLDING CORP.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)

(unaudited)

Note 13. Restructuring activities

On January 25, 2024, the Company announced a workforce reduction plan intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The workforce reduction plan impacted approximately 6% of the Company’s full-time employees.

Restructuring charges incurred in connection with the workforce reduction plan for the three months ended March 31, 2024 were as follows (in thousands):

Cost of revenue:
Subscription	$	10
Sales and marketing	5,571
Research and development	734
General and administrative	748
	$	7,063

The table above does not include immaterial amounts related to leases recorded to restructuring charges during the three months ended March 31, 2024.

The Company expects that the execution of the workforce reduction plan will be substantially complete by the end of the second quarter of 2024, subject to local law and consultation requirements. The following table summarizes our restructuring liability included in accrued liabilities in the condensed consolidated balance sheet (in thousands):

Balance, December 31, 2023	$	351
Restructuring charges	7,063
Cash payments	(6,279)
Balance, March 31, 2024	$	1,135

Note 14. Subsequent events

On May 3, 2024, the Company entered into the 2024 Credit Agreement to refinance the Company’s existing 2020 Revolving Credit Facility. The 2024 Credit Agreement provides for the 2024 Revolving Credit Facility of $175.0 million and has a scheduled maturity date of May 3, 2029. The 2024 Credit Agreement is subject to a springing maturity date on or after June 2, 2026 in the event of certain conditions as defined in the 2024 Credit Agreement, which is filed as Exhibit 10.1 hereto and incorporated by reference herein.

22

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q are forward-looking statements. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance, and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates, and financial results or our plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including:

•the impact of adverse general and industry-specific economic and market conditions and reductions in IT spending;

•the potential impact of customer dissatisfaction with Apple or other negative events affecting Apple services and devices, and failure of enterprises to adopt Apple products;

•the potentially adverse impact of changes in features and functionality by Apple and other third parties on our engineering focus or product development efforts;

•changes in our continued relationship with Apple;

•the fact that we are not party to any exclusive agreements or arrangements with Apple;

•our reliance, in part, on channel partners for the sale and distribution of our products;

•our ability to successfully develop new products or materially enhance current products through our research and development efforts;

•our ability to continue to attract new customers and maintain and expand our relationships with our current customers;

•our ability to correctly estimate market opportunity and forecast market growth;

•our ability to effectively manage our future growth;

•our dependence on one of our products for a substantial portion of our revenue;

•our ability to change our pricing models, if necessary, to compete successfully;

•the impact of delays or outages of our cloud services from any disruptions, capacity limitations, or interferences of third-party data centers that host our cloud services, including AWS;

•our ability to meet service-level commitments under our subscription agreements;

•our ability to maintain, enhance, and protect our brand;

•our ability to attract and retain highly qualified personnel and maintain our corporate culture, including as a result of our recent workforce reduction;

•the ability of Jamf Nation to thrive and grow as we expand our business and the potential impact of inaccurate, incomplete, or misleading content that is posted on Jamf Nation;

•our ability to offer high-quality support;

•risks and uncertainties associated with acquisitions, divestitures, and strategic investments;

23

•our ability to predict and respond to rapidly evolving technological trends and our customers’ changing needs;

•our ability to effectively implement, use, and market artificial intelligence/machine learning technologies;

•our ability to compete with existing and new companies;

•risks associated with competitive challenges faced by our customers;

•the impact of our often long and unpredictable sales cycle;

•our ability to effectively expand and develop our sales and marketing capabilities;

•the risks associated with free trials and other inbound, lead-generation sales strategies;

•the risks associated with indemnity provisions in our contracts;

•risks associated with cybersecurity events;

•the impact of real or perceived errors, failures, or bugs in our products;

•the impact of general disruptions to data transmission;

•risks associated with stringent and changing privacy laws, regulations, and standards, and information security policies and contractual obligations related to data privacy and security;

•the risks associated with intellectual property infringement, misappropriation, or other claims;

•our reliance on third-party software and intellectual property licenses;

•our ability to obtain, protect, enforce, and maintain our intellectual property and proprietary rights;

•the risks associated with our use of open source software in our products;

•risks related to our indebtedness, including our ability to raise the funds necessary to settle conversions of our convertible senior notes, repurchase our convertible senior notes upon a fundamental change, or repay our convertible senior notes in cash at their maturity;

•risks related to regional instabilities and hostilities (including the impact of the wars in Israel and Eastern Europe, and heightened tensions between China and Taiwan and any escalation of the foregoing), government trade or similar regulatory actions, and other general political conditions globally and in the markets in which we do business; and

•other factors disclosed in the section entitled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023, as supplemented by our subsequent Quarterly Reports on Form 10-Q.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our subsequent Quarterly Reports on Form 10-Q. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-

24

looking statements included in this Quarterly Report on Form 10-Q are made only 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.

25

Item 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis summarizes the significant factors affecting the consolidated operating results, financial condition, liquidity, and cash flows of our company as of and for the periods presented below. The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q and our consolidated financial statements and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2023. The discussion contains forward-looking statements that are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those discussed in or implied by forward-looking statements as a result of various factors, including those discussed below, elsewhere in this Quarterly Report on Form 10-Q, in our Annual Report on Form 10-K for the year ended December 31, 2023, and in our subsequent Quarterly Reports on Form 10-Q, particularly in the sections entitled “Risk Factors” and “Forward-Looking Statements.”

Overview

We are the standard in managing and securing Apple at work, and we are the only company in the world that provides a complete management and security solution for an Apple-first environment that is designed to be enterprise secure, consumer simple, and protective of personal privacy. We help IT and security teams confidently protect the devices, data, and applications used by their workforce, while providing employees with the powerful and intended Apple experience. With Jamf’s software, devices can be deployed to employees brand new in the shrink-wrapped box, set up automatically and personalized at first power-on and administered continuously throughout the lifecycle of the device.

Jamf was founded in 2002, around the same time that Apple was leading an industry transformation. Apple transformed the way people access and utilize technology through its focus on creating a superior consumer experience. With the release of revolutionary products like the Mac, iPod, iPhone, iPad, Apple Watch, and Apple TV, Apple built one of the world’s most valuable brands and became ubiquitous in everyday life.

We have built our company through a primary focus on being the leading solution for Apple in the enterprise because we believe that due to Apple’s broad range of devices, combined with the changing demographics of today’s workforce and their strong preference for Apple, that Apple will become the number one device ecosystem in the enterprise by the end of this decade. We believe that the enterprise management provider that is best at Apple will one day be the enterprise leader, and that Jamf is best positioned for that leadership. Through our long-standing relationship with Apple, we have accumulated significant Apple technical experience and expertise that give us the ability to fully and quickly leverage and extend the capabilities of Apple products, operating systems, and services, while protecting devices with our differentiated Apple-first security solutions. This expertise enables us to fully support new innovations and operating system releases the moment they are made available by Apple. This focus has allowed us to create a best-in-class user experience in the enterprise.

We sell our SaaS solutions via a subscription model, through a direct sales force, online, and indirectly via our channel partners, including Apple. Our multi-dimensional go-to-market model and cloud-deployed offering enable us to reach all organizations around the world, large and small, with our software solutions.

Key Factors Affecting Our Performance

New customer growth. Our ability to attract new customers is dependent upon a number of factors, including the effectiveness of our pricing and solutions, the features and pricing of our competitors’ offerings, the effectiveness of our marketing efforts, the effectiveness of our channel partners in selling, marketing, and deploying our software solutions, and the growth of the market for devices and services for SMBs and enterprises. Sustaining our growth requires continued adoption of our platform by new customers. We intend to continue to invest in building brand awareness as we further penetrate our addressable markets. We intend to expand our customer base by continuing to make significant and targeted investments in our direct sales and marketing to attract new customers and to drive broader awareness of our software solutions. 

Existing customer retention and expansion. Our ability to increase revenue depends in large part on our ability to retain our existing customers and increase revenue from our existing customer base. Customer retention and expansion is dependent upon a number of factors, including their satisfaction with our software solutions and support, the features and pricing of our competitors’ offerings, and our ability to effectively enhance our platform by developing new products and features and addressing additional use cases. Often our customers will begin with a small deployment and then later expand their usage more broadly within the enterprise as they realize the benefits of our platform. We believe that our “land and

26

expand” business model allows us to efficiently increase revenue from our existing customer base. We intend to continue to invest in enhancing awareness of our software solutions, creating additional use cases, and developing more products, features, and functionality, which we believe are important factors to expand usage of our software solutions by our existing customer base. We believe our ability to retain and expand usage of our software solutions by our existing customer base is evidenced by our dollar-based net retention rate.

Product innovation and technology leadership. Our success is dependent on our ability to sustain product innovation and technology leadership in order to maintain our competitive advantage. We believe that we have built a highly differentiated platform, and we intend to further extend the adoption of our platform through additional innovation. While sales of subscriptions to our Jamf Pro product account for most of our revenue, we intend to continue to invest in building additional products, features, and functionality that expand our capabilities and facilitate the extension of our platform to new use cases. Our future success is dependent on our ability to successfully develop, market, and sell additional products to both new and existing customers. For example, we announced Jamf Executive Threat Protection in April 2023, as an advanced detection and response tool designed for mobile devices that provides organizations with an efficient, remote method to monitor devices and respond to advanced attacks.

Investment in growth. Our ability to effectively invest for growth is dependent upon a number of factors, including our ability to offset anticipated increases in operating expenses with revenue growth, our ability to spend our research and development budget efficiently or effectively on compelling innovation and technologies, our ability to accurately predict costs, and our ability to maintain our corporate culture as our headcount expands. We plan to continue investing in our business so we can capitalize on our market opportunity. We intend to grow our sales team to target expansion within our midmarket and enterprise customers and to attract new customers. We expect to continue to make focused investments in marketing to drive brand awareness and enhance the effectiveness of our customer acquisition model. We also intend to continue to invest in our research and development team to develop new and improved products, features, and functionality. Although these investments may increase our operating expenses and, as a result, adversely affect our operating results in the near term, we believe they will contribute to our long-term growth.

International expansion. Our international growth in any region will depend on our ability to effectively implement our business processes and go-to-market strategy, our ability to adapt to market or cultural differences, the general competitive landscape, our ability to invest in our sales and marketing channels, the maturity and growth trajectory of devices and services by region, and our brand awareness and perception. We plan to continue making investments in our international sales and marketing channels to take advantage of this market opportunity while refining our go-to-market approach based on local market dynamics. While we believe global demand for our platform will increase as international market awareness of Jamf grows, our ability to conduct our operations internationally will require considerable management attention and resources and is subject to the particular challenges of supporting a growing business in an environment of multiple languages, cultures, customs, legal and regulatory systems (including with respect to data transfer and privacy), alternative dispute systems, commercial markets, and geopolitical challenges. In addition, global demand for our platform and the growth of our international operations is dependent upon the rate of market adoption of Apple products in international markets.

Partner network development. Our success is dependent not only on our independent efforts to innovate, scale, and reach more customers directly but also on the success of our partners to continue to gain share in the enterprise. With a focus on the user and being the bridge between critical technologies — with Apple, Microsoft, AWS, Google, and Okta as examples — we feel we can help other market participants deliver more to enterprise users with the power of Jamf. We will continue to invest in the relationships with our existing, critical partners, nurture and develop new relationships and do so globally. We will continue to invest in developing “plus one” solutions and workflows that help tie our software solutions together with those delivered by others.

General and industry-specific economic and market conditions and reductions in IT spending. Our revenue, results of operations, and cash flows depend on the overall demand for our products. Currently, the U.S. and other key international economies are impacted by high levels of inflation, elevated interest rates, financial instability and concerns about volatility in credit, equity, and foreign exchange markets, and overall uncertainty with respect to the economy. These factors could result in reductions in IT spending by our existing and prospective customers or in requests to renegotiate existing contracts, defaults on payments due on existing contracts, or non-renewals. As result of macroeconomic uncertainty, some of our customers have taken a more moderate outlook when planning their future hiring and device growth needs. We expect these conditions to continue throughout 2024.

In addition, on January 25, 2024, the Company announced a workforce reduction plan intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth in light of

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current macroeconomic conditions. The workforce reduction plan impacted approximately 6% of the Company’s full-time employees. A majority of these charges were incurred in the first quarter of 2024, and the Company expects that the execution of the workforce reduction plan will be substantially complete by the end of the second quarter of 2024, subject to local law and consultation requirements. See Note 13 for additional information.

Key Business Metrics

In addition to our GAAP financial information, we review several operating and financial metrics, including the following key metrics, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions.

Number of Devices

We believe our ability to grow the number of devices on our software platform provides a key indicator of the growth of our business and our future business opportunities. We define a device at the end of any particular period as a device owned by a customer, which device has at least one Jamf product pursuant to an active subscription or support and maintenance agreement or that has a reasonable probability of renewal. We define a customer at the end of any particular period as an entity with at least one active subscription or support and maintenance agreement as of the measurement date or that has a reasonable probability of renewal. A single organization with separate subsidiaries, segments, or divisions that use our platform may represent multiple customers as we treat each entity, subsidiary, segment, or division that is invoiced separately as a single customer. In cases where customers subscribe to our platform through our channel partners, each end customer is counted separately. A single customer may have multiple Jamf products on a single device, but we still would only count that as one device.

The number of devices on our software platform was 32.8 million and 30.8 million as of March 31, 2024 and 2023, respectively, representing a 7% year-over-year growth rate. The increase in number of devices reflects our growth across industries, products, and geographies.

Annual Recurring Revenue

ARR represents the annualized value of all subscription and support and maintenance contracts as of the end of the period. ARR mitigates fluctuations due to seasonality, contract term, and the sales mix of subscriptions for term-based licenses and SaaS. ARR is calculated on a constant currency basis using a rate that estimates the exchange rate at the beginning of the year. ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

Our ARR was $602.4 million and $526.6 million as of March 31, 2024 and 2023, respectively, which is an increase of 14% year-over-year. The growth in our ARR is primarily driven by device expansion, cross-selling additional solutions to our installed customer base, and the addition of new customers.

Dollar-Based Net Retention Rate

To further illustrate the “land and expand” economics of our customer relationships, we examine the rate at which our customers increase their subscriptions for our software solutions. Our dollar-based net retention rate measures our ability to increase revenue across our existing customer base through expanded use of our software solutions, offset by customers whose subscription contracts with us are not renewed or renew at a lower amount.

We calculate dollar-based net retention rate as of a period end by starting with Prior Period ARR. We then calculate the Current Period ARR. Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the dollar-based net retention rate.

Our dollar-based net retention rates were 107% and 111% for the trailing twelve months ended March 31, 2024 and 2023, respectively. Our high dollar-based net retention rates are primarily attributable to an expansion of devices and our ability to cross-sell our new solutions to our installed customer base.

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Components of Results of Operations

Revenue

We recognize revenue under ASC 606 when or as performance obligations are satisfied. We derive revenue primarily from sales of SaaS subscriptions and support and maintenance contracts and, to a lesser extent, sales of on-premise term-based subscriptions and perpetual licenses and services.

Subscription. Subscription revenue consists of sales of SaaS subscriptions and on-premise term-based subscription licenses as well as support and maintenance contracts. We sell our software solutions primarily with a one-year contract term. We typically invoice SaaS subscription fees and support and maintenance fees annually in advance and recognize revenue ratably over the term of the applicable agreement, provided that all other revenue recognition criteria have been satisfied. The license portion of on-premise subscription revenue is recognized upfront, assuming all revenue recognition criteria are satisfied. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Critical Accounting Estimates” in our Annual Report on Form 10-K for the year ended December 31, 2023 for more information.

Services. Services revenue consists primarily of professional services provided to our customers to configure and optimize the use of our software solutions, as well as training services related to the operation of our software solutions. Our services are priced on a fixed fee basis and generally invoiced in advance of the service being delivered. Revenue is recognized as the services are performed.

License. License revenue consists of revenue from on-premise perpetual licenses of our Jamf Pro product sold primarily to existing customers. We recognize license revenue upfront, assuming all revenue recognition criteria are satisfied.

Cost of Revenue

Cost of subscription. Cost of subscription revenue consists primarily of employee compensation costs for employees associated with supporting our subscription and support and maintenance arrangements, our customer success function, and third-party hosting fees related to our cloud services. Employee compensation and related costs include cash compensation and benefits to employees and associated overhead costs.

Cost of services. Cost of services revenue consists primarily of employee compensation costs directly associated with delivery of professional services and training, costs of third-party integrators, and other associated overhead costs.

Amortization. Amortization expense consists of amortization of acquired intangible assets.

Gross Profit

Gross profit, or revenue less cost of revenue, has been and will continue to be affected by various factors, including the mix of cloud-based subscription customers, the costs associated with supporting our cloud solution, the extent to which we expand our customer support team, and the extent to which we can increase the efficiency of our technology and infrastructure though technological improvements.

Operating Expenses

Sales and marketing. Sales and marketing expenses consist primarily of employee compensation costs, sales commissions, costs of general marketing and promotional activities, travel-related expenses, restructuring charges, and allocated overhead. Sales commissions as well as associated payroll taxes and retirement plan contributions (together, contract costs) that are incremental to the acquisition of customer contracts are capitalized and amortized over the period of benefit, which is estimated to be generally five years.

Research and development. Research and development expenses consist primarily of personnel costs, restructuring charges, and allocated overhead. We will continue to invest in innovation so that we can offer our customers new solutions and enhance our existing solutions. See “Business — Research and Development” in our Annual Report on Form 10-K for the year ended December 31, 2023 for more information.

General and administrative. General and administrative expenses consist primarily of employee compensation costs for corporate personnel, such as those in our executive, human resource, facilities, accounting and finance, legal and

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compliance, and IT departments. General and administrative expenses also include non-personnel costs such as legal, accounting, and other professional fees. In addition, general and administrative expenses include acquisition and integration-related expenses which primarily consist of third-party expenses, such as legal and accounting fees. General and administrative expenses also include system transformation costs, which are primarily associated with the implementation of sales software and software supporting our business including enterprise resource planning, as well as other systems to provide best-in-class processes, governance, and systems. General and administrative expenses also include restructuring charges.

Amortization. Amortization expense consists of amortization of acquired intangible assets.

Interest Income, Net

Interest income, net primarily consists of interest income earned on our cash and cash equivalents as well as interest charges and amortization of capitalized issuance costs related to our 2026 Notes.

Foreign Currency Transaction Gain (Loss)

Foreign currency transaction gain (loss) includes gains and losses from transactions denominated in a currency other than the Company’s functional currency, the U.S. dollar.

Income Tax Provision

Income tax provision primarily of income taxes related to U.S. federal and state income taxes and income taxes in foreign jurisdictions in which we conduct business.

Results of Operations

The following table sets forth our condensed consolidated statements of operations data for the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Revenue:
Subscription	$	148,353	$	127,230
Services	3,706		4,384
License	64		598
Total revenue	152,123		132,212
Cost of revenue:
Cost of subscription(1)(2)(3)(5)(6) (exclusive of amortization expense shown below)	28,010		23,159
Cost of services(1)(2)(3)(4) (exclusive of amortization expense shown below)	3,770		3,292
Amortization expense	3,312		3,296
Total cost of revenue	35,092		29,747
Gross profit	117,031		102,465
Operating expenses:
Sales and marketing(1)(2)(3)(5)(6)	64,782		60,208
Research and development(1)(2)(3)(4)(6)	34,262		32,072
General and administrative(1)(2)(3)(4)(5)(6)(7)	32,198		28,436
Amortization expense	6,898		7,241
Total operating expenses	138,140		127,957
Loss from operations	(21,109)		(25,492)
Interest income, net	2,040		1,285
Foreign currency transaction (loss) gain	(412)		604
Loss before income tax provision	(19,481)		(23,603)
Income tax provision	(1,043)		(597)
Net loss	$	(20,524)	$	(24,200)

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(1) Includes stock-based compensation as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue:
Subscription	$	2,628	$	2,267
Services	412		309
Sales and marketing	6,389		7,499
Research and development	5,431		5,033
General and administrative	5,719		4,442
	$	20,579	$	19,550

(2) Includes payroll taxes related to stock-based compensation as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue:
Subscription	$	137	$	12
Services	24		—
Sales and marketing	560		104
Research and development	302		71
General and administrative	265		76
	$	1,288	$	263

(3) Includes depreciation expense as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue:
Subscription	$	298	$	315
Services	47		39
Sales and marketing	733		805
Research and development	444		467
General and administrative	258		261
	$	1,780	$	1,887

(4) Includes acquisition-related expense as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue:
Services	$	79	$	1
Research and development	183		51
General and administrative	2,126		706
	$	2,388	$	758

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(5) Includes system transformation costs as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue:
Subscription	$	32	$	—
Sales and marketing	51		—
General and administrative	1,786		441
	$	1,869	$	441

(6) Includes restructuring charges as follows:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Cost of revenue:
Subscription	$	10	$	—
Sales and marketing	5,571		—
Research and development	734		—
General and administrative	789		—
	$	7,104	$	—

(7) General and administrative also includes the following:

	Three Months Ended March 31,
	2024		2023
	(in thousands)
Legal settlements and non-recurring litigation costs	$	(197)	$	—

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The following table sets forth our condensed consolidated statements of operations data expressed as a percentage of total revenue for the periods indicated:

	Three Months Ended March 31,
	2024		2023
	(as a percentage of total revenue)
Revenue:
Subscription	98	%	96	%
Services	2		3
License	—		1
Total revenue	100		100
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	18		18
Cost of services (exclusive of amortization expense shown below)	3		2
Amortization expense	2		2
Total cost of revenue	23		22
Gross profit	77		78
Operating expenses:
Sales and marketing	43		46
Research and development	23		24
General and administrative	21		22
Amortization expense	4		5
Total operating expenses	91		97
Loss from operations	(14)		(19)
Interest income, net	1		1
Foreign currency transaction (loss) gain	—		—
Loss before income tax provision	(13)		(18)
Income tax provision	—		—
Net loss	(13)	%	(18)	%

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Comparison of the Three Months Ended March 31, 2024 and 2023

Revenue

	Three Months Ended March 31,				Change
	2024		2023		$		%
	(in thousands, except percentages)
SaaS subscription and support and maintenance	$	142,406	$	120,762	$	21,644	18	%
On‑premise subscription	5,947		6,468		(521)		(8)
Subscription revenue	148,353		127,230		21,123		17
Professional services	3,706		4,384		(678)		(15)
Perpetual licenses	64		598		(534)		(89)
Non-subscription revenue	3,770		4,982		(1,212)		(24)
Total revenue	$	152,123	$	132,212	$	19,911	15	%

For the three months ended March 31, 2024, total revenue increased primarily as a result of higher subscription revenue. Subscription revenue accounted for 98% of total revenue for the three months ended March 31, 2024 compared to 96% for the three months ended March 31, 2023. The increase in subscription revenue was driven by device expansion, cross-selling, and the addition of new customers.

Cost of Revenue and Gross Margin

	Three Months Ended March 31,				Change
	2024		2023		$		%
	(in thousands, except percentages)
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	$	28,010	$	23,159	$	4,851	21	%
Cost of services (exclusive of amortization expense show below)	3,770		3,292		478		15
Amortization expense	3,312		3,296		16		—
Total cost of revenue	$	35,092	$	29,747	$	5,345	18	%
Gross margin	77%		78%

For the three months ended March 31, 2024, cost of revenue increased primarily due to an increase in cost of subscription revenue. Cost of subscription revenue increased primarily due to a $3.0 million increase in third-party hosting fees as we increased capacity to support our growth, a $1.0 million increase in employee compensation costs, and a $0.5 million increase in stock-based compensation and related payroll taxes.

Operating Expenses

	Three Months Ended March 31,				Change
	2024		2023		$		%
	(in thousands, except percentages)
Operating expenses:
Sales and marketing	$	64,782	$	60,208	$	4,574	8	%
Research and development	34,262		32,072		2,190		7
General and administrative	32,198		28,436		3,762		13
Amortization expense	6,898		7,241		(343)		(5)
Operating expenses	$	138,140	$	127,957	$	10,183	8	%

For the three months ended March 31, 2024, sales and marketing expenses increased primarily due to restructuring charges of $5.6 million, partially offset by a $0.7 million decrease in stock-based compensation and related payroll taxes and a $0.4 million decrease in marketing costs.

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For the three months ended March 31, 2024, research and development expenses increased primarily due to a $1.0 million increase in employee compensation costs, restructuring charges of $0.7 million, and a $0.6 million increase in stock-based compensation and related payroll taxes.

For the three months ended March 31, 2024, general and administrative expenses increased primarily due to a $1.5 million increase in stock-based compensation expense and related payroll taxes, a $1.4 million increase in acquisition-related expense, a $1.3 million increase related to system transformation costs, and restructuring charges of $0.8 million, partially offset by a $0.4 million decrease in premium for directors and officers insurance due to improved market conditions for such insurance.

Interest Income, Net

	Three Months Ended March 31,				Change
	2024		2023		$		%
	(in thousands, except percentages)
Interest income, net	$	2,040	$	1,285	$	755	59	%

For the three months ended March 31, 2024, interest income, net increased primarily due to higher earned interest rates and higher average invested balances.

Foreign Currency Transaction (Loss) Gain

	Three Months Ended March 31,				Change
	2024		2023		$		%
	(in thousands, except percentages)
Foreign currency transaction (loss) gain	$	(412)	$	604	$	(1,016)	NM

NM Not Meaningful.

For the three months ended March 31, 2024, the change in foreign currency transaction (loss) gain was primarily due to the impact of changes in foreign currency exchange rates, primarily the GBP and EUR.

Income Tax Provision

	Three Months Ended March 31,				Change
	2024		2023		$		%
	(in thousands, except percentages)
Income tax provision	$	(1,043)	$	(597)	$	(446)	75	%
Effective tax rate