Table of Contents 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, 2023 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 C ...

Jamf Holding Corp. (NASDAQ:JAMF) Q4 2022 Earnings Conference Call February 28, 2023 4:30 PM ET Company Participants Jennifer Gaumond - Vice President-Investor Relations Dean Hager - Chief Executive Officer John Strosahl - President and Chief Operating Officer Ian Goodkind - Chief Financial Officer Conference Call Participants Joshua Reilly - Needham & Company DJ Hynes - Canaccord Rob Owens - Piper Sandler Raimo Lenschow - Barclays Matt Hedberg - RBC Capital Markets Matt Stotler - William Blair Gregg Mosk ...

Apple Market Share and Enterprise Adoption - Apple operating systems comprised 23% of global web traffic in December 2022, up from 4% in January 2009[40] - Apple operating systems represent over 41% of web traffic in the U.S. in December 2022, compared to 30% for Microsoft and 26% for Google[40] - Apple experienced over 40% growth in market share from 2009 to 2022, while all other major brands saw their shipments fall[40] - Apple's iOS devices, including the iPhone and iPad, have become the most popular mobile OS among U.S. enterprise business users[41] - Apple is now in every Fortune 500 company, and eight in ten companies are writing custom apps for their enterprise[39] - 89% of workers are willing to make a salary sacrifice for device choice, with nearly two-thirds choosing Apple[37] Jamf Customer Base and Market Reach - Jamf has over 71,000 customers deploying 30.0 million devices in more than 100 countries and territories as of December 31, 2022[28] - Jamf has over 71,000 customers as of December 31, 2022, with more than 24,000 new customers added in the last two years[50] - Approximately 36% of Jamf's new subscriptions in 2022 originated outside North America, up from 34% in the prior year, reflecting growing international presence[74] - As of December 31, 2022, Jamf had over 71,000 customers, including 9 of the top 10 Fortune 500 companies[117] - Jamf's global Total Addressable Market was estimated at approximately $35 billion in 2022[62] Jamf Product Offerings and Solutions - Jamf's solutions reduce IT management time by 90%, end-user productivity loss by 90%, and IT help desk tickets by 70%[55] - Jamf's M1 Mac in the enterprise results in $843 cost savings per device versus a comparable PC, a 20% improvement in employee retention, and a 5% increase in productivity[54] - Jamf's software platform provides a 781% three-year return on investment and a 2.7-month payback period[55] - Jamf's endpoint protection solution is designed to identify Apple and mobile targeted threats while preserving user experience and performance[52] - Jamf's self-service app allows end users to install apps, resolve technical issues, and connect to enterprise resources with a single click[52] - Jamf's BYOD solution, launched in March 2022, helps organizations manage and secure personally owned devices while maintaining employee privacy[70] - Jamf Pro, the flagship product, saw a 20% year-over-year increase in devices under management for the year ended December 31, 2022[75] - Jamf School, designed for education, empowers teachers, students, and parents with device control, lesson deployment, and remote learning capabilities[77][79][80] - Jamf Connect enables seamless remote access and device provisioning using cloud identity, reducing IT help desk tickets and improving user experience[82][83] - Jamf Protect provides endpoint security for Mac and mobile devices, leveraging Apple-specific knowledge to defend against modern threats and maintain compliance[85][86] - Jamf Safe Internet provides network threat prevention, securing networks from phishing, malware, and ransomware attacks[91] - ZecOps, acquired in November 2022, enables organizations to extract critical device telemetry and identify compromised devices for rapid response[92] - Jamf's education apps (Teacher, Student, Parent, and Assessment) support device management and live proctoring for web-based exams[94] - Jamf's healthcare solutions include Virtual Visits for telehealth and Jamf Setup/Reset apps for clinical communications[95] - Jamf Marketplace features over 270 integrations, enabling custom workflows and automations through APIs[96] - Jamf's SaaS platform supports millions of devices globally, leveraging AWS for scalability and reliability[98][99] Jamf Financial Performance - Total revenue for 2022 increased to $478.776 million, up 30.7% from $366.388 million in 2021[507] - Subscription revenue grew to $455.007 million in 2022, a 32.2% increase from $344.243 million in 2021[507] - Net loss for 2022 was $141.301 million, compared to a net loss of $75.189 million in 2021[507] - Cash and cash equivalents increased to $224.338 million in 2022, up 26.6% from $177.150 million in 2021[505] - Total assets grew to $1.529 billion in 2022, a 3.3% increase from $1.480 billion in 2021[505] - Deferred revenues increased to $278.038 million in 2022, up 24.7% from $223.031 million in 2021[505] - Research and development expenses rose to $119.906 million in 2022, a 45.3% increase from $82.541 million in 2021[507] - Total stockholders' equity decreased to $701.338 million in 2022, down 5.0% from $738.426 million in 2021[505] - Foreign currency translation adjustments resulted in a loss of $32.085 million in 2022, compared to a loss of $7.866 million in 2021[509] - Weighted-average shares used to compute net loss per share increased to 120.720 million in 2022, up 2.1% from 118.276 million in 2021[507] - Net loss increased to $141.3 million in 2022, compared to $75.2 million in 2021 and $24.1 million in 2020[515] - Net cash provided by operating activities was $90.0 million in 2022, up from $65.2 million in 2021 and $52.8 million in 2020[515] - Acquisitions, net of cash acquired, totaled $23.8 million in 2022, significantly lower than $352.7 million in 2021[515] - Total revenues by geographic region were $478.8 million in 2022, with the Americas contributing $330.7 million, EMEA $113.9 million, and Asia Pacific $34.2 million[528] - Long-lived assets in the Americas were $28.1 million in 2022, representing 65% of total long-lived assets[528] - Share-based compensation expense increased to $109.2 million in 2022, up from $35.8 million in 2021 and $6.7 million in 2020[515] - Depreciation and amortization expense rose to $54.8 million in 2022, compared to $47.1 million in 2021 and $38.5 million in 2020[515] - Cash, cash equivalents, and restricted cash totaled $231.9 million at the end of 2022, up from $177.2 million at the end of 2021[515] - The company raised approximately $319.0 million in its IPO in July 2020, issuing 13.5 million shares at $26.00 per share[522] - Concurrently with the IPO, the company issued 85,880 shares in a private placement for $2.2 million[523] Jamf Partnerships and Ecosystem - Jamf's relationship with Apple includes contractual agreements such as the Mobility Partner Program and Apple as a customer and channel partner[59][60] - Jamf's integration with Microsoft, AWS, and Google enhances security and operational efficiency for enterprise customers[65][66] - Jamf integrates with Google Cloud Identity and BeyondCorp to enable Mac account provisioning, authentication, and macOS compliance, ensuring secure access to Google Workspace and other resources[67] - Jamf's go-to-market strategy leverages a strong partner ecosystem (Apple, AWS, Microsoft), e-commerce, and enterprise sales, enabling global reach and customer expansion[68] - Approximately 60% of Jamf's 2022 bookings were facilitated through over 500 global channel partners[110] - Apple, as a channel partner, facilitated approximately 1% of Jamf's 2022 bookings[111] Jamf Employee and Corporate Culture - Approximately 25% of the company's global employee base is dedicated to research and development[126] - As of December 31, 2022, the company owned 11 issued U.S. patents and 18 issued patents in foreign jurisdictions[128] - The company's voluntary retention rate for employees was 90% as of December 31, 2022[138] - In the annual employee engagement survey conducted in October 2022, 87% of over 2,100 participating employees agreed that they would recommend the company as a great place to work[138] - The company scored 82% in the overall engagement index in the 2022 employee engagement survey[138] - As of December 31, 2022, 33.6% of the company's workforce and 38.5% of new hires in 2022 self-identified as women[139] - Women made up approximately 36.0% of the company's management team as of December 31, 2022[139] - The company had 2,796 employees as of December 31, 2022, with 1,736 employed in the U.S. and 1,060 employed outside the U.S.[140] - The company released its first-ever Purpose and Impact Report in 2022, detailing key ESG programs, goals, and commitments[141] Jamf Financial Risk and Controls - The company's revenue is not currently subject to significant foreign currency risk, as most sales are denominated in U.S. dollars. A hypothetical 10% change in foreign currency exchange rates would not have had a material impact on consolidated results of operations and cash flows for the years ended December 31, 2022 and 2021[467] - As of December 31, 2022, the company had $224.3 million in cash and cash equivalents held for working capital purposes, with no material exposure to changes in the fair value of the investment portfolio due to interest rate fluctuations[468] - In September 2021, the company issued $373.8 million aggregate principal amount of 0.125% 2026 Notes, which have a fixed interest rate and no economic interest exposure, but their fair value fluctuates with interest rates and the market price of the company's common stock[469] - The company completed the acquisition of ZecOps in 2022 for a total purchase consideration of $44.3 million, with significant estimation required in determining the fair value of acquired intangible assets, primarily developed technology[482][483] - The company's contracts with customers often contain multiple performance obligations, requiring judgment in allocating the transaction price based on relative standalone selling prices, which are sensitive to changes in management's business practices[486][487] - A material weakness was identified in the company's internal control over financial reporting related to ineffective ITGCs for applications relevant to the revenue recognition process at the subsidiary Wandera[494] - The company's internal control over financial reporting did not include the internal controls of ZecOps, Inc., which constituted 3% of the company's consolidated total assets as of December 31, 2022[495] Jamf Customer Satisfaction and Net Promoter Score - Jamf's Net Promoter Score is 57 as of November 2022, significantly exceeding industry averages[29] - Jamf's Net Promoter Score significantly exceeds industry averages, reflecting high customer satisfaction[119] - The company maintained a high customer satisfaction score of 9.26 out of 10 in 2022 based on surveys[121]

Jamf Holding Corp. (NASDAQ:JAMF) Q3 2022 Earnings Conference Call November 9, 2022 4:30 PM ET Company Participants Jennifer Gaumond – Vice President-Investor Relations Dean Hager – Chief Executive Officer John Strosahl – President and Chief Operating Officer Ian Goodkind – Chief Financial Officer Conference Call Participants Joshua Reilly – Needham Matt Stotler – William Blair Raimo Lenschow – Barclays DJ Hynes – Canaccord Matt Hedberg – RBC Koji Ikeda – Bank of America Chad Bennett – Craig-Hallum Michael R ...

0 The Standard for Apple in the Enterprise Earnings Presentation: Third Quarter 2022 Safe Harbor 1 Unless otherwise specified, financial information and other data presented in this presentation is presented as of September 30, 2022. The financial results and other data contained herein following July 1, 2021 include the impact of the Wandera acquisition, which closed on that date, unless otherwise specified. Jamf's historical results are not necessarily indicative of the results that may be expected in the ...

Table of Contents 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 September 30, 2022 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 HOLDI ...

Jamf Holding Corp. (NASDAQ:JAMF) Q2 2022 Earnings Conference Call August 4, 2022 4:30 PM ET Company Participants Jennifer Gaumond - Vice President, Investor Relations Dean Hager - Chief Executive Officer Jill Putman - Chief Financial Officer John Strosahl - President and Chief Operating Officer Ian Goodkind - Chief Accounting Officer Conference Call Participants Matthew Hedberg - RBC Capital Markets Chad Bennett - Craig-Hallum Matthew Stotler - William Blair Robbie Owens - Piper Sandler Brian Essex - Goldma ...

Financial Performance - Revenue growth of 34% in Q2 2022 [12] - Total ARR growth is remarkably consistent [13] - The company's fastest growing market represents 71% of its ARR [14] - Security products ARR is over $80 million [14] - TTM Revenue Growth is 35% [17] - ARR Growth is 40% [19] - Net Retention Rate is 117% [20] - TTM uFCF Margin is 11% [20] - Non-GAAP Gross Margin is 81% [23] Future Outlook - Q3 2022 revenue is expected to be $121.5 - $122.5 million, representing 27% - 28% growth [24] - FY 2022 revenue is expected to be $475.0 - $477.0 million, representing 30% growth [24]

PART I. FINANCIAL INFORMATION This section provides the unaudited financial statements, management's discussion, market risk disclosures, and controls and procedures for JAMF Holding Corp [Item 1. Financial Statements (unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents JAMF Holding Corp.'s unaudited condensed consolidated financial statements, including balance sheets, statements of operations, and cash flows, with accompanying notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Provides a snapshot of JAMF Holding Corp.'s financial position, detailing assets, liabilities, and equity as of specific dates Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | December 31, 2021 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $182,349 | $177,150 | | Goodwill | $823,671 | $845,734 | | Total assets | $1,466,090 | $1,480,420 | | **Liabilities & Equity** | | | | Deferred revenues (Current) | $249,374 | $223,031 | | Convertible senior notes, net | $363,265 | $362,031 | | Total liabilities | $772,144 | $741,994 | | Total stockholders' equity | $693,946 | $738,426 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Details JAMF Holding Corp.'s revenues, expenses, and net loss over specific periods, highlighting operational performance Statements of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $115,638 | $86,238 | $223,896 | $166,965 | | Gross profit | $86,246 | $66,896 | $166,277 | $130,367 | | Loss from operations | $(61,842) | $(16,055) | $(85,579) | $(20,248) | | Net loss | $(63,139) | $(16,467) | $(88,768) | $(21,056) | | Net loss per share, basic and diluted | $(0.53) | $(0.14) | $(0.74) | $(0.18) | - Total revenue grew **34% YoY** for both the three and six-month periods ended June 30, 2022, primarily driven by a **36% increase in subscription revenue**[14](index=14&type=chunk) - Operating expenses increased significantly, leading to a larger loss from operations compared to the prior year periods. The increase was driven by higher sales and marketing, research and development, and general and administrative costs[14](index=14&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes the cash inflows and outflows from operating, investing, and financing activities for JAMF Holding Corp Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $16,342 | $38,022 | | Net cash used in investing activities | $(6,978) | $(8,230) | | Net cash (used in) provided by financing activities | $(3,375) | $2,084 | | Net increase in cash and cash equivalents | $5,199 | $31,617 | - Net cash from operating activities decreased to **$16.3 million** from **$38.0 million** in the prior year period, primarily due to a larger net loss, partially offset by higher non-cash charges like share-based compensation[24](index=24&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and additional information supporting the condensed consolidated financial statements, including accounting policies and significant transactions - The company specializes in Apple Enterprise Management through its cloud software platform, helping IT and security teams manage and protect Apple devices[26](index=26&type=chunk) - As of June 30, 2022, the company had **$372.0 million** of remaining performance obligations, with **71%** expected to be recognized as revenue over the next 12 months[43](index=43&type=chunk) - On July 1, 2021, the company completed its acquisition of Wandera, a zero trust cloud security provider, for a total cash consideration of **$409.3 million**[59](index=59&type=chunk)[60](index=60&type=chunk) - In Q2 2022, a modification to return target stock options resulted in the recognition of **$33.0 million** of stock-based compensation expense[84](index=84&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, highlighting revenue growth, key business metrics, increased operating expenses, liquidity, and non-GAAP financial reconciliations [Key Business Metrics](index=31&type=section&id=Key%20Business%20Metrics) Presents crucial operational metrics such as managed devices, Annual Recurring Revenue (ARR), and dollar-based net retention rate Key Performance Indicators | Metric | As of June 30, 2022 | As of June 30, 2021 | YoY Growth | | :--- | :--- | :--- | :--- | | Number of Devices | 28.4 million | 23.2 million | 22% | | Annual Recurring Revenue (ARR) | $466.0 million | $333.0 million | 40% | | Dollar-Based Net Retention Rate | 117% | 119% | (2 p.p.) | - Growth in devices and ARR was driven by expansion, new customer acquisition, cross-selling, and the acquisition of Wandera[125](index=125&type=chunk)[127](index=127&type=chunk) [Results of Operations](index=35&type=section&id=Results%20of%20Operations) Analyzes the company's revenue streams, cost of revenue, and operating expenses, explaining their impact on overall financial performance Revenue Comparison (in thousands) | Revenue Type | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Subscription | $109,407 | $80,718 | 36% | | Services | $5,027 | $3,929 | 28% | | License | $1,204 | $1,591 | (24)% | | **Total Revenue** | **$115,638** | **$86,238** | **34%** | - Total revenue increased by **34%** for both the three and six months ended June 30, 2022, driven by device expansion, new customers, cross-selling, and revenue from the Wandera acquisition[154](index=154&type=chunk)[155](index=155&type=chunk) - Cost of revenue increased **52% YoY** for Q2 2022, primarily due to higher employee compensation, increased stock-based compensation, and higher third-party hosting fees related to growth and the Wandera acquisition[156](index=156&type=chunk) - Operating expenses rose **79% YoY** for Q2 2022, driven by increased headcount, a **$12.7 million** increase in stock-based compensation in Sales & Marketing, and a **$9.5 million** increase in stock-based compensation in R&D, largely due to a modification of return target options[161](index=161&type=chunk)[163](index=163&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) Reconciles GAAP financial results with non-GAAP measures like gross profit, operating income, net income, and Adjusted EBITDA, providing alternative performance views Non-GAAP Performance Summary (in thousands) | Metric | Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | :--- | :--- | | Non-GAAP Gross Profit | $93,933 | $70,175 | $181,479 | $136,824 | | Non-GAAP Operating Income | $4,506 | $7,701 | $10,351 | $15,549 | | Non-GAAP Net Income | $3,454 | $5,726 | $7,759 | $11,649 | | Adjusted EBITDA | $6,098 | $8,972 | $13,589 | $18,200 | - Non-GAAP gross profit margin remained stable at **81%** for Q2 2022 and Q2 2021. However, Non-GAAP operating income margin decreased from **9%** to **4%** over the same period, reflecting higher operating expenses[179](index=179&type=chunk)[181](index=181&type=chunk) [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the company's cash position, available credit facilities, deferred revenue, and future contractual obligations - As of June 30, 2022, principal sources of liquidity were cash and cash equivalents of **$182.3 million** and an available **$150.0 million** revolving credit facility[190](index=190&type=chunk) - The company had deferred revenue of **$317.0 million** as of June 30, 2022, with **$249.4 million** expected to be recognized as revenue in the next 12 months[191](index=191&type=chunk) - In Q2 2022, the company entered into an amended agreement for hosting services with a non-cancelable commitment of **$100.0 million** over the next three years[195](index=195&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Reports no material changes to the company's market risk disclosures since the prior annual report - There were no material changes to the company's market risk disclosures during the six months ended June 30, 2022[212](index=212&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective due to a material weakness in accounting for sales commissions, with remediation efforts ongoing - Disclosure controls and procedures were deemed not effective as of June 30, 2022, due to a material weakness[213](index=213&type=chunk) - The material weakness stems from ineffective controls over the commission process, leading to incorrect capitalization of certain commissions that should have been expensed. This resulted in a revision of previously issued financial statements[215](index=215&type=chunk) - Management has implemented changes to processes and internal controls in 2022 to remediate the weakness, but the remediation is not yet complete[216](index=216&type=chunk) PART II. OTHER INFORMATION This section covers legal proceedings, risk factors, unregistered sales of equity securities, and a list of exhibits filed with the report [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to materially adversely affect its financial condition or operations - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business[221](index=221&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's previously disclosed risk factors have occurred - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2021 have occurred[222](index=222&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the period - None[223](index=223&type=chunk) [Item 6. Exhibits](index=52&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the Form 10-Q, including corporate governance documents and CEO/CFO certifications - Exhibits filed include corporate governance documents, CEO/CFO certifications, and Inline XBRL data files[228](index=228&type=chunk)

Company Transformation & Growth - Jamf has added over $200 million of ARR and over 23,000 customers in the past two years[12] - The company has experienced remarkably consistent ARR growth[13] - Commercial ARR growth is driving overall growth, with the commercial market now representing 70% of the total ARR[14] - Security products ARR has grown to approximately $75 million[15] Financial Performance & Outlook - The company reported 36% TTM revenue growth and 42% ARR growth[17] - The company maintains profitability while reinvesting, with a +16% TTM uFCF Margin and 81% Non-GAAP Gross Margin[17] - Q2 2022 revenue is projected to be $112.0 - $114.0 million, representing 30%-32% growth[18] - FY 2022 revenue is projected to be $472.0 - $477.0 million, representing 29%-30% growth[18] - FY 2022 Non-GAAP Operating Income is projected to be $19.0 - $22.0 million[18]