# EDGAR Filing Document

**Accession Number:** 0001721947
**File Stem:** 0001628280-25-038906
**Filing Date:** 2025-8
**Character Count:** 45396
**Document Hash:** 922f3ab28383843272bfed4f0f47306d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-038906.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001628280-25-038906

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Jamf Holding Corp.
- **CENTRAL INDEX KEY:** 0001721947
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 823031543
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39399
- **FILM NUMBER:** 251194422

**BUSINESS ADDRESS:**
- **STREET 1:** 100 WASHINGTON AVE. S.
- **STREET 2:** SUITE 1100
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 612-605-6625

**MAIL ADDRESS:**
- **STREET 1:** 100 WASHINGTON AVE. S.
- **STREET 2:** SUITE 1100
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JUNO TOPCO, INC.
- **DATE OF NAME CHANGE:** 20171107

?xml version='1.0' encoding='ASCII'? jamf-20250807

**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): August 7, 2025**

**JAMF HOLDING CORP.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39399** | **82-3031543** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| **100 Washington Ave S, Suite 900**<br>**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 class** | **Trading<br>Symbol(s)** | **Name of each exchange on which**<br>**registered** |
| **Common Stock, $0.001 par value** | **JAMF** | **The NASDAQ Stock Market LLC** |

---

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 7, 2025, Jamf Holding Corp. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025. In the press release, the Company also announced that it will hold a conference call on August 7, 2025 to discuss its financial results for the quarter ended June 30, 2025. 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 | <u>[Press Release dated August 7, 2025](jamf-06302025x8kxex991.htm)</u> |
| 104 | Cover 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. | JAMF HOLDING CORP. |
| Date: August 7, 2025 | By: | /s/ Jeff Lendino |
|  | Name: | Jeff Lendino |
|  | Title: | Chief Legal Officer |

---

## Exhibit 99.1

![image_0.jpg](image_0.jpg)

**Exhibit 99.1**

**Jamf Announces Second Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;• *Q2 total revenue year-over-year growth of 15% to $176.5 million*

&nbsp;&nbsp;&nbsp;&nbsp;*• Q2 net loss year-over-year growth of 8%; Q2 adjusted EBITDA year-over-year growth of 40%*

MINNEAPOLIS – August 7, 2025 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its second quarter ended June 30, 2025.

"Our second quarter results were strong, exceeding the high end of our outlook for both revenue and profitability," said John Strosahl, CEO. "We recently launched a strategic reinvestment plan to allow for investment in areas with the highest opportunity for growth, including enhancing our go-to-market function to align with our platform strategy and expanding our AI capabilities. We believe these efforts will help drive long-term growth, improve operational efficiency and enhance shareholder value."

**<u>Second Quarter 2025 Financial Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• **Revenue:** Total revenue of $176.5 million, an increase of 15% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;• **ARR**: ARR of $710.0 million as of June 30, 2025, an increase of 14% year-over-year.

&nbsp;&nbsp;&nbsp;&nbsp;• **Gross Profit:** GAAP gross profit of $132.7 million, or 75% of total revenue, compared to $118.0 million in the second quarter of 2024. Non-GAAP gross profit of $141.6 million, or 80% of total revenue, compared to $124.9 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• **Operating Loss/Income:** GAAP operating loss of $15.0 million, or (8)% of total revenue, compared to $20.0 million in the second quarter of 2024. Non-GAAP operating income of $33.5 million, or 19% of total revenue, compared to $23.5 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• **Net Loss/Adjusted EBITDA:** Net loss year-over-year growth of 8% to $20.9 million, or (12)% of total revenue, compared to net loss of $19.3 million in the second quarter of 2024. Adjusted EBITDA year-over-year growth of 40% to $35.3 million, or 20% of total revenue, compared to $25.3 million in the second quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;• **Cash Flow:** Cash flow provided by operations year-over year growth of 57% to $74.6 million for the TTM ended June 30, 2025, or 11% of TTM total revenue, compared to $47.6 million for the TTM ended June 30, 2024. Unlevered free cash flow year-over-year growth of 24% to $102.9 million for the TTM ended June 30, 2025, or 15% of TTM total revenue, compared to $82.7 million for the TTM ended June 30, 2024.

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.

**<u>Business Highlights</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Achieved Security ARR of $203 million as of June 30, 2025, representing 40% year-over-year growth and 29% of Jamf's total ARR, driven by the launch of our platform solutions and the Identity Automation acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered year-over-year International revenue growth of 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed the acquisition of Identity Automation on April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Successfully completed a $400 million Term Loan A on May 21, 2025. We intend to use the proceeds from the facility to finance the deferred purchase price in connection with the Identity Automation acquisition, repurchase a portion of Jamf's convertible senior notes due 2026, and for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Showcased Jamf's latest platform advancements during its global customer event series, Jamf Nation Live, across the U.S. and Europe. Jamf's newest innovations in AI, automation, compliance, and identity management were featured at events in seven cities with over 1,600 attendees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 15, announced a strategic reinvestment plan to support the continued success of the business. This plan includes strategic reallocation of resources to allow for investment in areas with the highest potential to

------

![image_0.jpg](image_0.jpg)

fuel growth and drive additional operational leverage in the business, including enhancing go-to-market to align with our platform strategy and accelerating investments in AI capabilities.

**<u>Financial Outlook</u>**

For the third quarter of 2025, Jamf currently expects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $176.0 to $178.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating income of $41.5 to $42.5 million

For the full year 2025 we are increasing our outlook. Jamf currently expects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue of $701.0 to $704.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating income of $153.5 to $155.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-over-year unlevered free cash flow growth of at least 75%

To assist with modeling, for the third quarter of 2025 and full year 2025, amortization is expected to be approximately $13.0 million and $48.0 million, respectively. In addition, for the third quarter of 2025 and full year 2025, stock-based compensation and related payroll taxes are expected to be approximately $26.3 million and $105.0 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 and other cost optimization 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 and other cost optimization 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.

**<u>Webcast and Conference Call Information</u>**

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 August 7, 2025.

The conference call will be webcast live on Jamf's Investor Relations website at https://ir.jamf.com. 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 August 7, 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.

------

![image_0.jpg](image_0.jpg)

Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings, and public conference calls and webcasts.

**<u>Non-GAAP Financial Measures</u>**

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, adjusted EBITDA as a percentage of revenue, 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 gain, amortization of debt issuance costs, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, restructuring and other cost optimization charges, impairment 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 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.

**<u>Forward-Looking Statements</u>**

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, the benefits Jamf anticipates from the strategic reinvestment plan, the strategic reinvestment plan and its impact on Jamf's business and financial results, including with respect to Jamf's ability to achieve growth and profitability goals, 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

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![image_0.jpg](image_0.jpg)

Form 10-K for the fiscal year ended December 31, 2024. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025 as well as the subsequent periodic and current reports and other filings that we make with the Securities and Exchange Commission from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may 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.

**<u>About Jamf</u>**

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 protects personal privacy. To learn more, visit www.jamf.com.

**Investor Contact**

Jennifer Gaumond

ir@jamf.com

**Media Contact**

Liarna LaPorta

media@jamf.com

------

![image_0.jpg](image_0.jpg)

**Jamf Holding Corp.**

**Consolidated Balance Sheets**

(in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31, 2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $481537 | $224680 |
| &nbsp;&nbsp;&nbsp;Trade accounts receivable, net of allowances of $591 and $577 | 150326 | 138791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | 29485 | 27958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 22017 | 12679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 18901 | 20549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 702266 | 424657 |
| Equipment and leasehold improvements, net | 18838 | 19321 |
| Goodwill | 1063111 | 882593 |
| Other intangible assets, net | 200324 | 147823 |
| Deferred contract costs, non-current | 59410 | 59663 |
| Other assets | 45922 | 46172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $2089871 | $1580229 |
| **Liabilities and stockholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $16566 | $18405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 96727 | 68363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 3556 | 1014 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | 350942 | 333573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term loan, net, current | 15000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 482791 | 421355 |
| Deferred revenue, non-current | 57248 | 52136 |
| Deferred tax liability, net | 4836 | 5180 |
| Convertible senior notes, net | 370779 | 369514 |
| Term loan, net, non-current | 382691 |  |
| Other liabilities | 16362 | 16061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1314707 | 864246 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 125 | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock |  | (741) |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 1323383 | 1269264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (5393) | (30060) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (542951) | (522605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 775164 | 715983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2089871 | $1580229 |

---

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![image_0.jpg](image_0.jpg)

**Jamf Holding Corp.**

**Consolidated Statements of Operations**

(in thousands, except share and per share amounts)

(unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription | $172763 | $149428 | $336987 | $297781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 3735 | 3497 | 7132 | 7203 |
| &nbsp;&nbsp;&nbsp;&nbsp;License | 3 | 91 | 3 | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 176501 | 153016 | 344122 | 305139 |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of subscription<sup>(1)(2)(3)(4)(5)(6)</sup> (exclusive of amortization expense shown below) | 34825 | 28141 | 65527 | 56151 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of services<sup>(1)(2)(3)(4)(5)(6)</sup> (exclusive of amortization expense shown below) | 4299 | 3619 | 7848 | 7389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 4671 | 3244 | 7522 | 6556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenue | 43795 | 35004 | 80897 | 70096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 132706 | 118012 | 263225 | 235043 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing<sup>(1)(2)(3)(4)(5)(6)</sup> | 64231 | 61905 | 123943 | 126687 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development<sup>(1)(2)(3)(4)(5)(6)</sup> | 39204 | 34753 | 74661 | 69015 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative<sup>(1)(2)(3)(4)(5)(6)(7)</sup> | 35877 | 34427 | 68545 | 66625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 8374 | 6895 | 15212 | 13793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 147686 | 137980 | 282361 | 276120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (14980) | (19968) | (19136) | (41077) |
| Interest (expense) income, net | (1621) | 1641 | (293) | 3681 |
| Foreign currency transaction gain | 193 | 431 | 3374 | 19 |
| Other expense, net | (850) |  | (850) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income tax provision | (17258) | (17896) | (16905) | (37377) |
| Income tax provision | (3617) | (1366) | (3441) | (2409) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(20875) | $(19262) | $(20346) | $(39786) |
| Net loss per share, basic | $(0.16) | $(0.15) | $(0.16) | $(0.31) |
| Net loss per share, diluted | $(0.16) | $(0.15) | $(0.16) | $(0.31) |
| Weighted-average shares used to compute net loss per share, basic | 132236895 | 127911770 | 131047901 | 127603390 |
| Weighted-average shares used to compute net loss per share, diluted | 132236895 | 127911770 | 131047901 | 127603390 |

---

------

![image_0.jpg](image_0.jpg)

<sup>(1)</sup> Includes stock-based compensation as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription | $3462 | $2983 | $6523 | $5611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 407 | 451 | 797 | 863 |
| Sales and marketing | 8386 | 8285 | 15560 | 14674 |
| Research and development | 7087 | 6969 | 13418 | 12400 |
| General and administrative | 8470 | 7595 | 15909 | 13314 |
|  | $27812 | $26283 | $52207 | $46862 |

---

<sup>(2)</sup> Includes payroll taxes related to stock-based compensation as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription | $44 | $45 | $241 | $182 |
| &nbsp;&nbsp;&nbsp;&nbsp;Services | 5 |  | 57 | 24 |
| Sales and marketing | 100 | 57 | 827 | 617 |
| Research and development | 76 | 57 | 546 | 359 |
| General and administrative | 76 | 171 | 505 | 436 |
|  | $301 | $330 | $2176 | $1618 |

---

<sup>(3)</sup> Includes depreciation expense as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscription | $370 | $307 | $722 | $605 |
| &nbsp;&nbsp;&nbsp;Services | 52 | 46 | 97 | 93 |
| Sales and marketing | 643 | 687 | 1300 | 1420 |
| Research and development | 466 | 449 | 931 | 893 |
| General and administrative | 250 | 251 | 536 | 509 |
|  | $1781 | $1740 | $3586 | $3520 |

---

<sup>(4)</sup> Includes acquisition-related expense as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscription | $61 | $— | $61 | $— |
| &nbsp;&nbsp;&nbsp;Services |  | 88 |  | 167 |
| Sales and marketing | 77 |  | 77 |  |
| Research and development | 5 | 236 | 5 | 419 |
| General and administrative | 2439 | 2062 | 4493 | 4188 |
|  | $2582 | $2386 | $4636 | $4774 |

---

------

![image_0.jpg](image_0.jpg)

<sup>(5)</sup> Includes system transformation costs as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscription | $111 | $72 | $218 | $104 |
| &nbsp;&nbsp;&nbsp;Services | 17 |  | 30 |  |
| Sales and marketing | 236 | 84 | 575 | 135 |
| Research and development | 141 |  | 282 |  |
| General and administrative | 2694 | 2188 | 5323 | 3974 |
|  | $3199 | $2344 | $6428 | $4213 |

---

<sup>(6)</sup> Includes restructuring and other cost optimization charges as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscription | $65 | $(3) | $69 | $7 |
| &nbsp;&nbsp;&nbsp;Services | 31 |  | 31 |  |
| Sales and marketing | 282 | 947 | 391 | 6518 |
| Research and development | 759 | (26) | 935 | 708 |
| General and administrative | 396 | 168 | 663 | 957 |
|  | $1533 | $1086 | $2089 | $8190 |

---

<sup>(7)</sup> General and administrative also includes the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Offering costs | $— | $872 | $— | $872 |
| Extraordinary legal settlements and non-recurring litigation costs |  | 64 |  | (133) |

---

------

![image_0.jpg](image_0.jpg)

**Jamf Holding Corp.**

**Consolidated Statements of Cash Flows**

(in thousands)

(unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(20346) | $(39786) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 26320 | 23869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred contract costs | 15259 | 12862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of capitalized CCA implementation costs | 3210 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1519 | 1397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 2253 | 2856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses and returns | 580 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 52207 | 46862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax benefit | (1651) | (517) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1056) | (590) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | (9920) | (1072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (10004) | (16553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract costs | (15327) | (17935) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2586) | (7235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (9496) | (2997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 2207 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 8615 | (3188) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 41784 | (1591) |
| **Investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (175608) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of equipment and leasehold improvements | (3857) | (2733) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of investments | (3000) | (2500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 17 | (305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (182448) | (5538) |
| **Financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from term loan | 400000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt issuance costs | (2202) | (1549) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for offering costs |  | (197) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of acquisition-related holdback | (3600) | (3600) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock |  | (35357) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the exercise of stock options | 368 | 1756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 394566 | (38947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (450) | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in cash, cash equivalents, and restricted cash | 253452 | (46292) |
| Cash, cash equivalents, and restricted cash, beginning of period | 228344 | 250809 |
| Cash, cash equivalents, and restricted cash, end of period | $481796 | $204517 |
| **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:** | **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:** | **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:** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $481537 | $200858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash included in other current assets | 259 | 3659 |
| Total cash, cash equivalents, and restricted cash | $481796 | $204517 |

---

------

![image_0.jpg](image_0.jpg)

**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 June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Operating expenses | $147686 | $137980 | $282361 | $276120 |
| Amortization expense | (8374) | (6895) | (15212) | (13793) |
| Stock-based compensation | (23943) | (22849) | (44887) | (40388) |
| Acquisition-related expense | (2521) | (2298) | (4575) | (4607) |
| Offering costs |  | (872) |  | (872) |
| Payroll taxes related to stock-based compensation | (252) | (285) | (1878) | (1412) |
| System transformation costs | (3071) | (2272) | (6180) | (4109) |
| Restructuring and other cost optimization charges | (1437) | (1089) | (1989) | (8183) |
| Extraordinary legal settlements and non-recurring litigation costs |  | (64) |  | 133 |
| Non-GAAP operating expenses | $108088 | $101356 | $207640 | $202889 |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Gross profit | $132706 | $118012 | $263225 | $235043 |
| Amortization expense | 4671 | 3244 | 7522 | 6556 |
| Stock-based compensation | 3869 | 3434 | 7320 | 6474 |
| Acquisition-related expense | 61 | 88 | 61 | 167 |
| Payroll taxes related to stock-based compensation | 49 | 45 | 298 | 206 |
| System transformation costs | 128 | 72 | 248 | 104 |
| Restructuring and other cost optimization charges | 96 | (3) | 100 | 7 |
| Non-GAAP gross profit | $141580 | $124892 | $278774 | $248557 |
| Gross profit margin | 75% | 77% | 76% | 77% |
| Non-GAAP gross profit margin | 80% | 82% | 81% | 81% |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating loss | $(14980) | $(19968) | $(19136) | $(41077) |
| Amortization expense | 13045 | 10139 | 22734 | 20349 |
| Stock-based compensation | 27812 | 26283 | 52207 | 46862 |
| Acquisition-related expense | 2582 | 2386 | 4636 | 4774 |
| Offering costs |  | 872 |  | 872 |
| Payroll taxes related to stock-based compensation | 301 | 330 | 2176 | 1618 |
| System transformation costs | 3199 | 2344 | 6428 | 4213 |
| Restructuring and other cost optimization charges | 1533 | 1086 | 2089 | 8190 |
| Extraordinary legal settlements and non-recurring litigation costs |  | 64 |  | (133) |
| Non-GAAP operating income | $33492 | $23536 | $71134 | $45668 |
| Operating loss margin | (8)% | (13)% | (6)% | (13)% |
| Non-GAAP operating income margin | 19% | 15% | 21% | 15% |

---

------

![image_0.jpg](image_0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(20875) | $(19262) | $(20346) | $(39786) |
| Exclude: income tax provision | (3617) | (1366) | (3441) | (2409) |
| Loss before income tax provision | (17258) | (17896) | (16905) | (37377) |
| Amortization expense | 13045 | 10139 | 22734 | 20349 |
| Stock-based compensation | 27812 | 26283 | 52207 | 46862 |
| Foreign currency transaction gain | (193) | (431) | (3374) | (19) |
| Amortization of debt issuance costs | 794 | 708 | 1519 | 1397 |
| Acquisition-related expense | 2582 | 2386 | 4636 | 4774 |
| Offering costs |  | 872 |  | 872 |
| Payroll taxes related to stock-based compensation | 301 | 330 | 2176 | 1618 |
| System transformation costs | 3199 | 2344 | 6428 | 4213 |
| Restructuring and other cost optimization charges | 1533 | 1086 | 2089 | 8190 |
| Impairment charges | 850 |  | 850 |  |
| Extraordinary legal settlements and non-recurring litigation costs |  | 64 |  | (133) |
| Non-GAAP income before income taxes | 32665 | 25885 | 72360 | 50746 |
| Non-GAAP provision for income taxes <sup>(1)</sup> | (7839) | (6212) | (17366) | (12179) |
| Non-GAAP net income | $24826 | $19673 | $54994 | $38567 |
| Net loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.16) | $(0.15) | $(0.16) | $(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.16) | $(0.15) | $(0.16) | $(0.31) |
| Weighted-average shares used in computing net loss per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 132236895 | 127911770 | 131047901 | 127603390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 132236895 | 127911770 | 131047901 | 127603390 |
| Non-GAAP net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.19 | $0.15 | $0.42 | $0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.18 | $0.14 | $0.39 | $0.28 |
| Weighted-average shares used in computing non-GAAP net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 132236895 | 127911770 | 131047901 | 127603390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 141437708 | 138389326 | 140565088 | 138826256 |

---

<sup>(1)</sup> 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.

------

![image_0.jpg](image_0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(20875) | $(19262) | $(20346) | $(39786) |
| Interest expense (income), net | 1621 | (1641) | 293 | (3681) |
| Provision for income taxes | 3617 | 1366 | 3441 | 2409 |
| Depreciation expense | 1781 | 1740 | 3586 | 3520 |
| Amortization expense | 13045 | 10139 | 22734 | 20349 |
| Stock-based compensation | 27812 | 26283 | 52207 | 46862 |
| Foreign currency transaction gain | (193) | (431) | (3374) | (19) |
| Acquisition-related expense | 2582 | 2386 | 4636 | 4774 |
| Offering costs |  | 872 |  | 872 |
| Payroll taxes related to stock-based compensation | 301 | 330 | 2176 | 1618 |
| System transformation costs | 3199 | 2344 | 6428 | 4213 |
| Restructuring and other cost optimization charges | 1533 | 1086 | 2089 | 8190 |
| Impairment charges | 850 |  | 850 |  |
| Extraordinary legal settlements and non-recurring litigation costs |  | 64 |  | (133) |
| Adjusted EBITDA | $35273 | $25276 | $74720 | $49188 |
| Net loss as a percentage of total revenue | (12)% | (13)% | (6)% | (13)% |
| Adjusted EBITDA as a percentage of total revenue | 20% | 17% | 22% | 16% |

---

------

![image_0.jpg](image_0.jpg)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Years Ended December 31,** | **Years Ended December 31,** | **Trailing Twelve Months Ended** <br>**June 30,** | **Trailing Twelve Months Ended** <br>**June 30,** |
| | **2025** | **2024** | **2023** | **2024** | **2023** | **2025** | **2024** |
| Net cash provided by (used in) operating activities | 41784 | (1591) | (13231) | 31192 | 35964 | 74567 | 47604 |
| Less: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of equipment and leasehold improvements | (3857) | (2733) | (1786) | (9009) | (2934) | (10133) | (3881) |
| Free cash flow | 37927 | (4324) | (15017) | 22183 | 33030 | 64434 | 43723 |
| Add: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | 2781 | 420 | 391 | 842 | 784 | 3203 | 813 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisition-related expense | 4416 | 1775 | 1208 | 10270 | 2975 | 12911 | 3542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for system transformation costs | 4302 | 15185 | 2097 | 29346 | 12493 | 18463 | 25581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for restructuring and other cost optimization charges | 3067 | 8610 |  | 9453 |  | 3910 | 8610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for contingent consideration |  |  | 6000 |  | 6000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for extraordinary legal settlements and non-recurring litigation costs |  | 294 |  | 305 | 132 | 11 | 426 |
| Unlevered free cash flow | 52493 | 21960 | (5321) | 72399 | 55414 | 102932 | 82695 |
| Total revenue | 344122 | 305139 | 267301 | 627399 | 560571 | 666382 | 598409 |
| Net cash provided by (used in) operating activities as a percentage of total revenue | 12% | (1)% | (5)% | 5% | 6% | 11% | 8% |
| Free cash flow margin | 11% | (1)% | (6)% | 4% | 6% | 10% | 7% |
| Unlevered free cash flow margin | 15% | 7% | (2)% | 12% | 10% | 15% | 14% |

---

------

![image_0.jpg](image_0.jpg)

**Jamf Holding Corp.**

**Supplemental Information**

**Key Business Metrics**

(in millions, except percentages)

(unaudited)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **June 30,<br>2025** | **March 31,<br>2025** | **December 31,<br>2024** | **September 30,<br>2024** | **June 30,<br>2024** | **March 31,<br>2024** | **December 31,<br>2023** | **September 30,<br>2023** | **June 30,<br>2023** |
| ARR <sup>(1)</sup> | $710.0 | $657.9 | $646.0 | $629.9 | $621.7 | $602.4 | $588.6 | $566.3 | $547.8 |
| ARR from management solutions as a percent of total ARR | 71% | 75% | 76% | 76% | 77% | 77% | 77% | 79% | 79% |
| ARR from security solutions as a percent of total ARR | 29% | 25% | 24% | 24% | 23% | 23% | 23% | 21% | 21% |
| ARR from commercial customers as a percent of total ARR | 74% | 76% | 75% | 75% | 74% | 74% | 74% | 73% | 73% |
| ARR from education customers as a percent of total ARR | 26% | 24% | 25% | 25% | 26% | 26% | 26% | 27% | 27% |
| Dollar-based net retention rate <sup>(2)</sup> | 103% | 104% | 104% | 106% | 106% | 107% | 108% | 108% | 109% |

---

<sup>(1)</sup> Beginning in Q2 2025, ARR is calculated using the current period exchange rate. ARR as of Q3 2024 was adjusted as a result of minor data reconfiguration and validation of accounts and metrics through year-end as part of our comprehensive systems update.

<sup>(2)</sup> Our dollar-based net retention rate for the trailing twelve months ended June 30, 2025 does not include Identity Automation since they have not been a part of our business for the full trailing twelve months.