Jamf Announces Third Quarter 2025 Financial Results

MINNEAPOLIS--( BUSINESS WIRE)--Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights

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.

Pending Transaction with Francisco Partners

Due to the Company’s pending acquisition by Francisco Partners that was announced on October 29, 2025 and remains subject to customary closing conditions, including approval by Jamf stockholders and receipt of required regulatory approvals, there will not be a conference call or live webcast to discuss these financial results. In addition, the Company will not be providing financial guidance for the fourth quarter and is suspending its financial guidance for the full fiscal year 2025 as a result of the pending transaction.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we believe the non-GAAP measures of non-GAAP operating expenses, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating income (loss), non-GAAP operating income (loss) margin, non-GAAP income before income taxes, non-GAAP provision for income taxes as it relates to the calculation of non-GAAP net income, non-GAAP net income, adjusted EBITDA, 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 loss (gain), amortization of debt issuance costs, transaction-related costs, 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.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, including statements regarding the proposed acquisition of Jamf by Francisco Partners (the “Merger”), shareholder approvals, the expected timetable for completing the Merger, the expected benefits of the Merger, and any other statements regarding Jamf’s future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to: failure to obtain the required vote of Jamf’s shareholders in connection with the Merger; the timing to consummate the Merger and the risk that the Merger may not be completed at all or the occurrence of any event, change, or other circumstances that could give rise to the termination of the merger agreement governing the proposed transaction (the “Merger Agreement”), including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; the risk that the conditions to closing of the Merger may not be satisfied or waived; the risk that a governmental or regulatory approval that may be required for the Merger is not obtained or is obtained subject to conditions that are not anticipated; potential litigation relating to, or other unexpected costs resulting from, the Merger; legislative, regulatory, and economic developments; risks that the Merger disrupts Jamf’s current plans and operations; the risk that certain restrictions during the pendency of the Merger may impact Jamf’s ability to pursue certain business opportunities or strategic transactions; the diversion of management’s time on transaction-related issues; continued availability of capital and financing and rating agency actions; the risk that any announcements relating to the Merger could have adverse effects on the market price of Jamf’s common stock, credit ratings or operating results; the risk that the Merger and its announcement could have an adverse effect on the ability of Jamf to retain and hire key personnel, to retain customers and to maintain relationships with business partners, suppliers and customers; the impact of adverse general and industry-specific economic and market conditions and reductions in IT spending, including uncertainty caused by economic downturns, supply chain disruptions, and volatility in the global trade environment including increased and proposed tariffs and potentially retaliatory trade regulations; and the potential impact of customer dissatisfaction with Apple or other negative events affecting Apple services and devices, including the effects of proposed or imposed tariffs that may apply to the production or components of Apple products, and failure of enterprises to adopt Apple products. Jamf can give no assurance that the conditions to the Merger will be satisfied, or that it will close within the anticipated time period.

All statements, other than statements of historical fact, should be considered forward-looking statements made in good faith by Jamf, as applicable, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this communication, or any other documents, words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “plan,” “project,” “seek,” “strategy,” “target,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the beliefs and assumptions of management at the time that these statements were prepared and are inherently uncertain. Such forward-looking statements are subject to risks and uncertainties that could cause Jamf’s actual results to differ materially from those expressed or implied in the forward-looking statements. These risks and uncertainties, as well as other risks and uncertainties that could cause Jamf’s actual results to differ materially from those expressed in the forward-looking statements, are described in greater detail under the headings “Item 1A. Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Jamf’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) and in Jamf’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any other SEC filings made by Jamf. Jamf cautions that these risks and factors are not exclusive. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Forward-looking statements speak only as of the date of this press release, and, except as required by applicable law, Jamf does not undertake any obligation to update or supplement any forward-looking statements to reflect actual results, new information, future events, changes in its expectations or other circumstances that exist after the date as of which the forward-looking statements were made.

Additional Information and Where to Find It

This press release contains references to the proposed transaction involving Jamf and Francisco Partners. A meeting of the shareholders of Jamf will be announced as promptly as practicable to seek Jamf shareholder approval in connection with the proposed transaction. Jamf intends to file relevant materials with the SEC, including preliminary and definitive proxy statements relating to the proposed transaction. The definitive proxy statement will be mailed to Jamf’s shareholders. This communication is not a substitute for the proxy statement or any other document that may be filed by Jamf with the SEC.

BEFORE MAKING ANY DECISION, JAMF SHAREHOLDERS ARE URGED TO CAREFULLY READ THE PRELIMINARY AND DEFINITIVE PROXY STATEMENTS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE INTO THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at Jamf’s shareholder meeting to approve the proposed transaction or other responses in relation to the proposed transaction should be made only on the basis of the information contained in Jamf’s proxy statement. You will be able to obtain a free copy of the proxy statement and other related documents (when available) filed by Jamf with the SEC at the website maintained by the SEC at www.sec.gov or by accessing the Investor Relations section of Jamf’s website at https://ir.jamf.com.

No Offer or Solicitation

This press release is for informational purposes only and is not intended to, and does not constitute or form part of, an offer, invitation or the solicitation of an offer or invitation to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

Jamf and its directors and executive officers and certain of its employees may be deemed to be participants in the solicitation of proxies from Jamf’s shareholders in connection with the proposed transaction. Information regarding Jamf’s directors and executive officers is set forth under the captions “Board of Directors and Corporate Governance,” “Proposal 1 — Election of Directors,” “Executive Officers,” “Compensation Discussion and Analysis,” “Compensation Committee Report,” “Executive Compensation,” “Director Compensation,” and “Security Ownership of Certain Beneficial Owners and Management” in the definitive proxy statement for Jamf’s 2025 Annual Meeting of Shareholders, filed with the SEC on April 29, 2025, and in Jamf’s Current Reports on Form 8-K filed with the SEC on April 29, 2025 and June 12, 2025. Additional information regarding ownership of Jamf’s securities by its directors and executive officers is included in such persons’ SEC filings on Forms 3 and 4. These documents may be obtained free of charge from the SEC’s website at www.sec.gov or by accessing the Investor Relations section of Jamf’s website at https://ir.jamf.com. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement that Jamf expects to file in connection with the proposed transaction and other relevant materials Jamf may file with the SEC.

About Jamf

Jamf’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment designed to be enterprise secure, consumer simple and protects personal privacy. To learn more, visit www.jamf.com.

Jamf Holding Corp.

Consolidated Balance Sheets

(in thousands)

(unaudited)

September 30,

2025

December 31,

2024

Assets

Current assets:

Cash and cash equivalents

547,194

224,680

Trade accounts receivable, net of allowances of $528 and $577

154,680

138,791

Deferred contract costs

29,344

27,958

Prepaid expenses

24,688

12,679

Other current assets

21,306

20,549

Total current assets

777,212

424,657

Equipment and leasehold improvements, net

17,929

19,321

Goodwill

1,057,686

882,593

Other intangible assets, net

186,125

147,823

Deferred contract costs, non-current

57,420

59,663

Other assets

42,801

46,172

Total assets

2,139,173

1,580,229

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

20,461

18,405

Accrued liabilities

101,375

68,363

Income taxes payable

374

1,014

Deferred revenue

380,186

333,573

Convertible senior notes, net, current

371,413

—

Term loan, net, current

20,000

—

Total current liabilities

893,809

421,355

Deferred revenue, non-current

60,308

52,136

Deferred tax liability, net

4,804

5,180

Convertible senior notes, net, non-current

—

369,514

Term loan, net, non-current

377,841

—

Other liabilities

15,693

16,061

Total liabilities

1,352,455

864,246

Commitments and contingencies

Stockholders’ equity:

Preferred stock

—

Common stock

125

Treasury stock

—

(741

)

Additional paid-in capital

1,346,005

1,269,264

Accumulated other comprehensive loss

(11,948

)

(30,060

)

Accumulated deficit

(547,464

)

(522,605

)

Total stockholders’ equity

786,718

715,983

Total liabilities and stockholders’ equity

2,139,173

1,580,229

Jamf Holding Corp.

Consolidated Statements of Operations

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Revenue:

Subscription

179,610

156,070

516,597

453,851

Services

3,884

3,192

11,016

10,395

License

—

179

Total revenue

183,494

159,286

527,616

464,425

Cost of revenue:

Cost of subscription (1)(2)(3)(4)(5)(6) (exclusive of amortization expense shown below)

35,040

29,149

100,567

85,300

Cost of services (1)(2)(3)(4)(5)(6) (exclusive of amortization expense shown below)

4,258

3,831

12,106

11,220

Amortization expense

4,680

3,048

12,202

9,604

Total cost of revenue

43,978

36,028

124,875

106,124

Gross profit

139,516

123,258

402,741

358,301

Operating expenses:

Sales and marketing (1)(2)(3)(4)(5)(6)

60,931

60,056

184,874

186,743

Research and development (1)(2)(3)(4)(5)(6)

38,621

35,977

113,282

104,992

General and administrative (1)(2)(3)(4)(5)(6)(7)

35,006

36,136

103,551

102,761

Amortization expense

8,374

6,948

23,586

20,741

Total operating expenses

142,932

139,117

425,293

415,237

Loss from operations

(3,416

)

(15,859

)

(22,552

)

(56,936

)

Interest (expense) income, net

(2,347

)

1,574

(2,640

)

5,255

Foreign currency transaction (loss) gain

(598

)

3,354

2,776

3,373

Other expense, net

—

(850

)

—

Loss before income tax benefit (provision)

(6,361

)

(10,931

)

(23,266

)

(48,308

)

Income tax benefit (provision)

1,848

(1,310

)

(1,593

)

(3,719

)

Net loss

(4,513

)

(12,241

)

(24,859

)

(52,027

)

Net loss per share, basic

(0.03

)

(0.10

)

(0.19

)

(0.41

)

Net loss per share, diluted

(0.03

)

(0.10

)

(0.19

)

(0.41

)

Weighted-average shares used to compute net loss per share, basic

132,899,730

127,995,266

131,671,961

127,736,456

Weighted-average shares used to compute net loss per share, diluted

132,899,730

127,995,266

131,671,961

127,736,456

(1) Includes stock-based compensation as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Cost of revenue:

Subscription

3,228

2,931

9,751

8,542

Services

445

1,242

1,308

Sales and marketing

5,267

7,887

20,827

22,561

Research and development

6,536

6,581

19,954

18,981

General and administrative

6,462

7,563

22,371

20,877

21,938

25,407

74,145

72,269

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

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Cost of revenue:

Subscription

242

255

Services

)

Sales and marketing

259

833

876

Research and development

155

568

514

General and administrative

112

526

548

632

2,220

2,250

(3) Includes depreciation expense as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Cost of revenue:

Subscription

516

346

1,238

951

Services

168

139

Sales and marketing

738

700

2,038

2,120

Research and development

639

467

1,570

1,360

General and administrative

353

259

889

768

2,317

1,818

5,903

5,338

(4) Includes transaction-related costs as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Cost of revenue:

Subscription

—

Services

—

194

Sales and marketing

—

Research and development

119

538

General and administrative

3,390

342

7,883

4,530

3,454

488

8,090

5,262

(5) Includes system transformation costs as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Cost of revenue:

Subscription

120

338

178

Services

Sales and marketing

258

390

833

525

Research and development

149

157

431

157

General and administrative

2,591

5,701

7,914

9,675

3,134

6,331

9,562

10,544

(6) Includes restructuring and other cost optimization charges as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Cost of revenue:

Subscription

—

Services

101

—

132

—

Sales and marketing

6,929

(31

)

7,320

6,487

Research and development

570

1,505

709

General and administrative

1,424

712

2,087

1,669

9,030

682

11,119

8,872

(7) General and administrative also includes the following:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Offering costs

—

872

Extraordinary legal settlements and non-recurring litigation costs

—

(122

)

Jamf Holding Corp.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Nine Months Ended September 30,

2025

2024

Operating activities

Net loss

(24,859

)

(52,027

)

Adjustments to reconcile net loss to cash provided by operating activities:

Depreciation and amortization expense

41,691

35,683

Amortization of deferred contract costs

23,122

19,791

Amortization of capitalized CCA implementation costs

4,815

1,065

Amortization of debt issuance costs

2,396

2,119

Non-cash lease expense

3,427

4,235

Provision for credit losses and returns

722

173

Stock-based compensation

74,145

72,269

Deferred income tax benefit

(1,577

)

(363

)

Other

(1,541

)

(4,462

)

Changes in operating assets and liabilities:

Trade accounts receivable

(14,317

)

(5,796

)

Prepaid expenses and other assets

(14,645

)

(18,690

)

Deferred contract costs

(21,769

)

(26,235

)

Accounts payable

1,300

(4,059

)

Accrued liabilities

(6,342

)

(6,957

)

Income taxes payable

(975

)

200

Deferred revenue

41,789

4,521

Other liabilities

Net cash provided by operating activities

107,431

21,516

Investing activities

Acquisitions, net of cash acquired

(175,608

)

—

Purchases of equipment and leasehold improvements

(4,575

)

(6,674

)

Purchase of investments

(3,000

)

(2,500

)

Other

(303

)

Net cash used in investing activities

(183,142

)

(9,477

)

Financing activities

Proceeds from term loan

400,000

—

Debt issuance costs

(2,202

)

(1,549

)

Cash paid for offering costs

—

(872

)

Payment of acquisition-related holdback

(3,600

)

(6,811

)

Repurchase and retirement of common stock

—

(35,357

)

Proceeds from the exercise of stock options

1,052

3,726

Net cash provided by (used in) financing activities

395,250

(40,863

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(433

)

102

Net increase (decrease) in cash, cash equivalents, and restricted cash

319,106

(28,722

)

Cash, cash equivalents, and restricted cash, beginning of period

228,344

250,809

Cash, cash equivalents, and restricted cash, end of period

547,450

222,087

Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:

Cash and cash equivalents

547,194

218,426

Restricted cash included in other current assets

256

3,661

Total cash, cash equivalents, and restricted cash

547,450

222,087

Jamf Holding Corp.

Supplemental Financial Information

Reconciliation of GAAP to Non-GAAP Financial Data

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Operating expenses

142,932

139,117

425,293

415,237

Amortization expense

(8,374

)

(6,948

)

(23,586

)

(20,741

)

Stock-based compensation

(18,265

)

(22,031

)

(63,152

)

(62,419

)

Transaction-related costs

(3,448

)

(461

)

(8,023

)

(5,068

)

Offering costs

—

(872

)

Payroll taxes related to stock-based compensation

(49

)

(526

)

(1,927

)

(1,938

)

System transformation costs

(2,998

)

(6,248

)

(9,178

)

(10,357

)

Restructuring and other cost optimization charges

(8,923

)

(682

)

(10,912

)

(8,865

)

Extraordinary legal settlements and non-recurring litigation costs

—

(11

)

—

122

Non-GAAP operating expenses

100,875

102,210

308,515

305,099

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Gross profit

139,516

123,258

402,741

358,301

Amortization expense

4,680

3,048

12,202

9,604

Stock-based compensation

3,673

3,376

10,993

9,850

Transaction-related costs

194

Payroll taxes related to stock-based compensation

)

106

293

312

System transformation costs

136

384

187

Restructuring and other cost optimization charges

107

—

207

Non-GAAP gross profit

148,113

129,898

426,887

378,455

Gross profit margin

Non-GAAP gross profit margin

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Operating loss

(3,416

)

(15,859

)

(22,552

)

(56,936

)

Amortization expense

13,054

9,996

35,788

30,345

Stock-based compensation

21,938

25,407

74,145

72,269

Transaction-related costs

3,454

488

8,090

5,262

Offering costs

—

872

Payroll taxes related to stock-based compensation

632

2,220

2,250

System transformation costs

3,134

6,331

9,562

10,544

Restructuring and other cost optimization charges

9,030

682

11,119

8,872

Extraordinary legal settlements and non-recurring litigation costs

—

(122

)

Non-GAAP operating income

47,238

27,688

118,372

73,356

Operating loss margin

(10

(12

Non-GAAP operating income margin

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net loss

(4,513

)

(12,241

)

(24,859

)

(52,027

)

Exclude: income tax benefit (provision)

1,848

(1,310

)

(1,593

)

(3,719

)

Loss before income tax benefit (provision)

(6,361

)

(10,931

)

(23,266

)

(48,308

)

Amortization expense

13,054

9,996

35,788

30,345

Stock-based compensation

21,938

25,407

74,145

72,269

Foreign currency transaction loss (gain)

598

(3,354

)

(2,776

)

(3,373

)

Amortization of debt issuance costs

877

722

2,396

2,119

Transaction-related costs

3,454

488

8,090

5,262

Offering costs

—

872

Payroll taxes related to stock-based compensation

632

2,220

2,250

System transformation costs

3,134

6,331

9,562

10,544

Restructuring and other cost optimization charges

9,030

682

11,119

8,872

Impairment charges

—

850

—

Extraordinary legal settlements and non-recurring litigation costs

—

(122

)

Non-GAAP income before income taxes

45,768

29,984

118,128

80,730

Non-GAAP provision for income taxes (1)

(10,985

)

(7,196

)

(28,351

)

(19,375

)

Non-GAAP net income

34,783

22,788

89,777

61,355

Net loss per share:

Basic

(0.03

)

(0.10

)

(0.19

)

(0.41

)

Diluted

(0.03

)

(0.10

)

(0.19

)

(0.41

)

Weighted-average shares used in computing net loss per share:

Basic

132,899,730

127,995,266

131,671,961

127,736,456

Diluted

132,899,730

127,995,266

131,671,961

127,736,456

Non-GAAP net income per share:

Basic

0.26

0.18

0.68

0.48

Diluted

0.25

0.16

0.64

0.44

Weighted-average shares used in computing non-GAAP net income per share:

Basic

132,899,730

127,995,266

131,671,961

127,736,456

Diluted

141,461,407

138,725,807

140,875,295

139,076,335

(1) In accordance with the SEC’s Non-GAAP Financial Measures Compliance and Disclosure Interpretation, the Company’s blended U.S. statutory rate of 24% is used as an estimate for the current and deferred income tax expense associated with our non-GAAP income before income taxes.

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

Net loss

(4,513

)

(12,241

)

(24,859

)

(52,027

)

Interest expense (income), net

2,347

(1,574

)

2,640

(5,255

)

(Benefit) provision for income taxes

(1,848

)

1,310

1,593

3,719

Depreciation expense

2,317

1,818

5,903

5,338

Amortization expense

13,054

9,996

35,788

30,345

Stock-based compensation

21,938

25,407

74,145

72,269

Foreign currency transaction loss (gain)

598

(3,354

)

(2,776

)

(3,373

)

Transaction-related costs

3,454

488

8,090

5,262

Offering costs

—

872

Payroll taxes related to stock-based compensation

632

2,220

2,250

System transformation costs

3,134

6,331

9,562

10,544

Restructuring and other cost optimization charges

9,030

682

11,119

8,872

Impairment charges

—

850

—

Extraordinary legal settlements and non-recurring litigation costs

—

(122

)

Adjusted EBITDA

49,555

29,506

124,275

78,694

Net loss as a percentage of total revenue

(11

Adjusted EBITDA as a percentage of total revenue

Nine Months Ended September 30,

Years Ended December 31,

Trailing Twelve Months Ended

September 30,

2025

2024

2023

2024

2023

2025

2024

Net cash provided by operating activities

107,431

21,516

20,045

31,192

35,964

117,107

37,435

Less:

Purchases of equipment and leasehold improvements

(4,575

)

(6,674

)

(2,522

)

(9,009

)

(2,934

)

(6,910

)

(7,086

)

Free cash flow

102,856

14,842

17,523

22,183

33,030

110,197

30,349

Add:

Cash paid for interest

9,815

727

704

842

784

9,930

807

Cash paid for transaction-related costs

4,839

10,270

1,872

10,270

2,975

4,839

11,373

Cash paid for system transformation costs

5,701

23,763

6,918

29,346

12,493

11,284

29,338

Cash paid for restructuring and other cost optimization charges

10,733

8,953

—

9,453

—

11,233

8,953

Cash paid for contingent consideration

—

6,000

—

6,000

—

Cash paid for extraordinary legal settlements and non-recurring litigation costs

—

305

—

305

132

—

437

Unlevered free cash flow

133,944

58,860

33,017

72,399

55,414

147,483

81,257

Total revenue

527,616

464,425

409,926

627,399

560,571

690,590

615,070

Net cash provided by operating activities as a percentage of total revenue

Free cash flow margin

Unlevered free cash flow margin

Jamf Holding Corp.

Supplemental Information

Key Business Metrics

(in millions, except percentages)

(unaudited)

September 30,

2025

June 30,

2025

March 31,

2025

December 31,

2024

September 30,

2024

June 30,

2024

March 31,

2024

December 31,

2023

September 30,

2023

ARR (1)

728.6

710.0

657.9

646.0

629.9

621.7

602.4

588.6

566.3

ARR from management solutions as a percent of total ARR

ARR from security solutions as a percent of total ARR

ARR from commercial customers as a percent of total ARR

ARR from education customers as a percent of total ARR

Dollar-based net retention rate (2)

104

103

104

106

107

108

(1) 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.

(2) Our dollar-based net retention rates for the trailing twelve months ended September 30, 2025 and June 30, 2025 do not include Identity Automation since it has not been a part of our business for the full trailing twelve months.