Financial Data and Key Metrics Changes - Year over year revenue growth was 15%, reaching $176.5 million, exceeding the high end of guidance by $7 million [24][25] - Total ARR grew 14% year over year to $710 million, with security ARR growing 40% year over year to $203 million [26] - Non-GAAP operating income was $33.5 million, representing a 19% margin, a 360 basis point improvement year over year [28] - Trailing twelve month unlevered free cash flow surpassed $100 million for the first time, growing 24% to $102.9 million [29] Business Line Data and Key Metrics Changes - Security bookings drove significant growth, with a notable increase in security ARR due to the inclusion of identity automation and platform solutions [26][27] - The company achieved over $500 million in commercial ARR and over $200 million in security ARR for the first time [5] - The education segment saw integration of identity automation, enhancing sales capabilities and cross-selling opportunities [40][41] Market Data and Key Metrics Changes - The company is experiencing strong demand for its security solutions across various sectors, including retail, transportation, and manufacturing [62] - The international market continues to grow, with a significant portion of business coming from channel partners outside the US [58] Company Strategy and Development Direction - The company is focused on a strategic reinvestment plan to support growth areas and improve operational efficiency, particularly in enterprise sales and AI capabilities [17][19] - The vision is to deliver secure, seamless access for every user on any device while enhancing the Apple ecosystem experience [17] - The company aims to exit fiscal 2026 with a rule of 40 run rate, combining revenue growth and adjusted EBITDA margin [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving revenue and operating income growth, with a third quarter revenue guidance of $176 million to $178 million [31] - The company anticipates continued strong performance from identity automation and expects to see better improvement in the education sector in Q3 [50][51] - Management highlighted the importance of aligning resources to support growth and improve efficiencies, particularly in the small business segment [47] Other Important Information - The company has made enhancements to its go-to-market strategy, focusing on increasing investments in enterprise customers and simplifying approaches for SMBs [18][19] - AI capabilities have been integrated across various functions, driving efficiencies and improving customer engagement [20][21] Q&A Session Summary Question: How quickly will the support for Android drive new sales momentum? - Management indicated that the decision to support Android was driven by customer demand, and there has been good traction and interest since the launch [38][39] Question: What is the revenue contribution from identity automation? - Management noted that identity automation has been integrated into the education business and has generated significant traction, contributing to revenue upside in Q2 [40][41] Question: How does the strategic action plan align with the rule of 40 target? - Management confirmed that the strategic reinvestment plan aims to improve efficiencies and support growth, with no change to the target of achieving the rule of 40 by 2026 [47][48] Question: What is the outlook for the third quarter regarding seasonality? - Management explained that Q2 had some one-time revenue impacts, and they expect a more normal seasonal ramp into Q3, particularly for identity automation [50][51] Question: How is the partner network progressing in the US? - Management highlighted that the channel is increasingly important, with a majority of business coming from international channels, and they believe US channels can reach similar revenue levels [58][59] Question: What changes are being made to sales rep quotas? - Management stated that the focus is on selling platform solutions that blend management and security, with an emphasis on supporting both SMB and enterprise customers [66]

Financial Performance Highlights - ARR reached $710 million, demonstrating a 14% year-over-year growth[12] - Revenue was $176.5 million, reflecting a 15% year-over-year increase[12] - Non-GAAP Operating Income was $33.5 million, with a margin of 19%, showing a 42% year-over-year growth[12] - Adjusted EBITDA was $35.3 million, with a margin of 20%, indicating a 40% year-over-year growth[12] - The company achieved Security ARR of $203 million, representing 40% year-over-year growth and 29% of Jamf's total ARR[16] Strategic Initiatives and Acquisitions - The company completed the acquisition of Identity Automation on April 1, 2025[16, 28] - A $400 million Term Loan A was successfully completed on May 21, 2025[16] - The company announced a strategic reinvestment plan to support business success, including resource reallocation and investment in AI capabilities[16] Financial Outlook for 2025 - Q3 2025 revenue is projected to be between $176 million and $178 million, representing 10%-12% growth compared to Q3 2024[37] - Full year 2025 revenue is expected to be between $701 million and $704 million, indicating 12% growth[37] - Full year 2025 Unlevered Free Cash Flow growth is projected to be greater than 75%[37]

[Glossary](index=3&type=section&id=GLOSSARY) This section defines key acronyms and technical terms used throughout the financial report - The glossary defines key acronyms and terms used in the Form 10-Q, such as 'Company' (Jamf Holding Corp and subsidiaries), 'ARR' (Annual Recurring Revenue), 'ASC 606' (Revenue from Contracts with Customers), and 'Identity Automation' (the recently acquired entity)[9](index=9&type=chunk) Selected Key Terms and Definitions | Term | Definition | | :--- | :--------- | | 2024 Credit Agreement | Credit agreement, dated as of May 3, 2024 | | ARR | Annual Recurring Revenue | | Identity Automation | Identity Automation Systems, LLC | | Identity Automation Purchase Agreement | Unit Purchase Agreement, dated as of March 3, 2025, entered into in connection with the acquisition of Identity Automation | | RSU | Restricted stock unit | | SaaS | Software-as-a-service | [PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the company's unaudited interim financial statements and management's analysis [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements of Jamf Holding Corp for the periods ended June 30, 2025, and December 31, 2024 - The financial statements are unaudited and prepared in accordance with GAAP and SEC rules for interim financial reporting, including all normal recurring adjustments[27](index=27&type=chunk)[29](index=29&type=chunk) - Management's estimates and assumptions, such as revenue recognition, stock-based compensation, and fair values in business combinations, are crucial for financial statement preparation[30](index=30&type=chunk) [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Cash and cash equivalents | $481,537 | $224,680 | | Total assets | $2,089,871 | $1,580,229 | | Total liabilities | $1,314,707 | $864,246 | | Total stockholders' equity | $775,164 | $715,983 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations Highlights (in thousands, except per share) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total revenue | $176,501 | $153,016 | $344,122 | $305,139 | | Net loss | $(20,875) | $(19,262) | $(20,346) | $(39,786) | | Net loss per share, basic | $(0.16) | $(0.15) | $(0.16) | $(0.31) | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) Condensed Consolidated Statements of Comprehensive Income (Loss) Highlights (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net loss | $(20,875) | $(19,262) | $(20,346) | $(39,786) | | Foreign currency translation adjustments | $18,352 | $311 | $24,667 | $(1,501) | | Comprehensive (loss) income | $(2,523) | $(18,951) | $4,321 | $(41,287) | [Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Condensed Consolidated Statements of Stockholders' Equity Highlights (in thousands) | Item | June 30, 2025 | June 30, 2024 | | :-------------------------- | :------------ | :------------ | | Total Stockholders' Equity | $775,164 | $692,250 | | Stock-based compensation (3M) | $27,812 | $26,283 | | Stock-based compensation (6M) | $52,207 | $46,862 | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | | Net cash provided by (used in) operating activities | $41,784 | $(1,591) | | Net cash used in investing activities | $(182,448) | $(5,538) | | Net cash provided by (used in) financing activities | $394,566 | $(38,947) | | Net increase (decrease) in cash, cash equivalents, and restricted cash | $253,452 | $(46,292) | | Cash, cash equivalents, and restricted cash, end of period | $481,796 | $204,517 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes supporting the condensed consolidated financial statements [Note 1. Basis of presentation and description of business](index=11&type=section&id=Note%201.%20Basis%20of%20presentation%20and%20description%20of%20business) - Jamf Holding Corp specializes in managing and securing Apple devices in enterprise environments, offering a complete solution designed for security, simplicity, and privacy[26](index=26&type=chunk) - The unaudited interim financial statements are prepared in accordance with GAAP and SEC rules, consolidating all wholly-owned subsidiaries, and include management's estimates and assumptions[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) [Note 2. Summary of significant accounting policies](index=11&type=section&id=Note%202.%20Summary%20of%20significant%20accounting%20policies) - The Company's significant accounting policies remain consistent with those in the 2024 Annual Report on Form 10-K, with **no significant changes** during the three and six months ended June 30, 2025[31](index=31&type=chunk) - As of June 30, 2025, the Company had **$612.4 million in remaining performance obligations**, with 67% expected to be recognized as revenue within the next 12 months[35](index=35&type=chunk)[36](index=36&type=chunk) - The Company recorded a **$0.9 million impairment loss** on a strategic investment in Q2 2025, reflecting a fair value lower than the carrying value[42](index=42&type=chunk) Revenue Disaggregation (in thousands) | Revenue Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | SaaS subscription and support and maintenance | $166,563 | $146,101 | $322,191 | $288,507 | | On-premise subscription | $6,200 | $3,327 | $14,796 | $9,274 | | **Subscription revenue** | **$172,763** | **$149,428** | **$336,987** | **$297,781** | | Professional services | $3,735 | $3,497 | $7,132 | $7,203 | | Perpetual licenses | $3 | $91 | $3 | $155 | | **Non-subscription revenue** | **$3,738** | **$3,588** | **$7,135** | **$7,358** | | **Total revenue** | **$176,501** | **$153,016** | **$344,122** | **$305,139** | [Note 3. Financial instruments fair value](index=14&type=section&id=Note%203.%20Financial%20instruments%20fair%20value) - The 2025 Term Loan's carrying value approximates its fair value, classified as **Level 2**, due to market-rate interest terms[50](index=50&type=chunk) Cash Equivalents Fair Value (in thousands) | Category | June 30, 2025 | December 31, 2024 | | :------- | :------------ | :---------------- | | Money market funds (Level 1) | $381,675 | $133,523 | | **Total cash equivalents** | **$381,675** | **$133,523** | 2026 Notes Fair Value (in thousands) | Item | June 30, 2025 (Net Carrying Value) | June 30, 2025 (Estimated Fair Value) | December 31, 2024 (Net Carrying Value) | December 31, 2024 (Estimated Fair Value) | | :--- | :--------------------------------- | :--------------------------------- | :------------------------------------- | :------------------------------------- | | 2026 Notes | $370,779 | $336,375 | $369,514 | $341,981 | [Note 4. Acquisitions](index=15&type=section&id=Note%204.%20Acquisitions) - On April 1, 2025, Jamf acquired Identity Automation for **$216.1 million**, including $176.1 million paid at closing and $40.0 million deferred cash consideration, to integrate identity and access management with device access[51](index=51&type=chunk)[52](index=52&type=chunk) - Goodwill of **$155.6 million** from the Identity Automation acquisition is primarily attributed to the acquired workforce and expected synergies, with $133.7 million deductible for income tax purposes[54](index=54&type=chunk) Preliminary Purchase Price Allocation for Identity Automation Acquisition (in thousands) | Assets Acquired / Liabilities Assumed | Amount | | :---------------------------------- | :----- | | Cash and cash equivalents | $473 | | Trade accounts receivable, net | $1,517 | | Deferred contract costs | $542 | | Prepaid expenses and other current assets | $1,186 | | Intangible assets acquired | $71,500 | | Other assets | $21 | | Accounts payable | $(1,248) | | Accrued liabilities | $(50) | | Income taxes payable | $(286) | | Deferred revenue | $(11,685) | | Deferred tax liability, net | $(1,523) | | Goodwill | $155,634 | | **Total purchase consideration** | **$216,081** | Identifiable Intangible Assets Acquired from Identity Automation (in thousands) | Asset Category | Useful Life | Gross Value | | :------------- | :---------- | :---------- | | Customer relationships | 6.5 years | $37,400 | | Developed technology | 5.0 years | $33,600 | | Trademarks | 2.0 years | $500 | | **Total identifiable intangible assets** | **5.8 years (weighted-average)** | **$71,500** | [Note 5. Goodwill and other intangible assets](index=18&type=section&id=Note%205.%20Goodwill%20and%20other%20intangible%20assets) - Amortization expense for intangible assets was **$13.0 million for Q2 2025** (up from $10.1 million in Q2 2024) and **$22.7 million for H1 2025** (up from $20.3 million in H1 2024), with no impairments recorded[64](index=64&type=chunk) Goodwill Carrying Amount (in thousands) | Item | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Goodwill, beginning of period | $891,050 | $885,041 | $882,593 | $887,121 | | Goodwill acquired | $155,634 | — | $155,634 | — | | Foreign currency translation adjustment | $16,427 | $363 | $24,884 | $(1,717) | | **Goodwill, end of period** | **$1,063,111** | **$885,404** | **$1,063,111** | **$885,404** | Intangible Assets Other Than Goodwill (Net Carrying Value in thousands) | Asset Category | June 30, 2025 | December 31, 2024 | | :------------- | :------------ | :---------------- | | Trademarks | $2,010 | $3,716 | | Customer relationships | $139,324 | $113,184 | | Developed technology | $58,623 | $30,309 | | Non-competes | $162 | $382 | | Intellectual property | $205 | $232 | | **Total intangible assets** | **$200,324** | **$147,823** | [Note 6. Leases](index=19&type=section&id=Note%206.%20Leases) Operating Lease Information (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :------------------------------ | :------------ | :---------------- | | Operating lease assets | $17,881 | $16,990 | | Operating lease liabilities – current | $6,068 | $5,079 | | Operating lease liabilities – non-current | $16,191 | $16,006 | | **Total operating lease liabilities** | **$22,259** | **$21,085** | [Note 7. Commitments and contingencies](index=19&type=section&id=Note%207.%20Commitments%20and%20contingencies) - In Q2 2025, the Company entered an amended hosting services agreement with a non-cancelable commitment of **$147.3 million** over the next three years[66](index=66&type=chunk) - The Company had **no material liabilities for contingencies** as of June 30, 2025, or December 31, 2024, despite being subject to various claims and litigation from time to time[67](index=67&type=chunk) [Note 8. Debt](index=20&type=section&id=Note%208.%20Debt) - On May 21, 2025, the Company entered Amendment No 1 to the 2024 Credit Agreement, providing a **$400.0 million 2025 Term Loan**, with quarterly amortization payments starting December 31, 2025[71](index=71&type=chunk)[72](index=72&type=chunk) Debt Balances and Availability (in thousands) | Debt Instrument | Outstanding (June 30, 2025) | Outstanding (Dec 31, 2024) | Unutilized Amount (June 30, 2025) | Unutilized Amount (Dec 31, 2024) | Interest Rate (June 30, 2025) | Maturity Date | | :-------------- | :-------------------------- | :------------------------- | :-------------------------------- | :-------------------------------- | :---------------------------- | :------------ | | 2026 Notes | $370,779 | $369,514 | N/A | N/A | 0.125% | Sept. 1, 2026 | | 2025 Term Loan | $397,691 | N/A | N/A | N/A | 6.322% | May 3, 2029 | | 2024 Revolving Credit Facility | $1,143 | $1,143 | $173,857 | $173,857 | 1.50% | May 3, 2029 | 2025 Term Loan Maturities (in thousands) | Years ending December 31: | Amount | | :------------------------ | :----- | | 2025 | $5,000 | | 2026 | $20,000 | | 2027 | $22,500 | | 2028 | $32,500 | | 2029 | $320,000 | | **Total** | **$400,000** | [Note 9. Stock-based compensation](index=22&type=section&id=Note%209.%20Stock-based%20compensation) - As of June 30, 2025, there was **$213.6 million of unrecognized compensation expense** related to unvested RSUs, expected to be recognized over a weighted-average period of 2.9 years[79](index=79&type=chunk) Stock-Based Compensation Expense (in thousands) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Cost of revenue: Subscription | $3,462 | $2,983 | $6,523 | $5,611 | | Cost of revenue: Services | $407 | $451 | $797 | $863 | | Sales and marketing | $8,386 | $8,285 | $15,560 | $14,674 | | Research and development | $7,087 | $6,969 | $13,418 | $12,400 | | General and administrative | $8,470 | $7,595 | $15,909 | $13,314 | | **Total** | **$27,812** | **$26,283** | **$52,207** | **$46,862** | [Note 10. Net loss per share](index=23&type=section&id=Note%2010.%20Net%20loss%20per%20share) - Potentially dilutive securities, including stock options, unvested RSUs, and shares related to 2026 Notes, were **excluded from diluted EPS calculation** due to their anti-dilutive impact given the net loss[80](index=80&type=chunk)[81](index=81&type=chunk) Net Loss Per Share (in thousands, except per share amounts) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net loss | $(20,875) | $(19,262) | $(20,346) | $(39,786) | | Weighted-average shares (basic & diluted) | 132,236,895 | 127,911,770 | 131,047,901 | 127,603,390 | | 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) | [Note 11. Income taxes](index=24&type=section&id=Note%2011.%20Income%20taxes) - The effective tax rate for Q2 and H1 2025 was significantly impacted by the **Base Erosion and Anti-abuse Tax (BEAT)** and the Identity Automation acquisition, which were not factors in the prior year[82](index=82&type=chunk) - The One Big Beautiful Bill Act (OBBB), enacted July 4, 2025, will introduce changes to corporate taxation, including R&D capitalization and interest expense deductions, which the Company is currently evaluating[83](index=83&type=chunk) Income Tax Provision and Effective Tax Rate (in thousands, except percentages) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Loss before income tax provision | $(17,258) | $(17,896) | $(16,905) | $(37,377) | | Income tax provision | $(3,617) | $(1,366) | $(3,441) | $(2,409) | | Effective tax rate | (21.0)% | (7.6)% | (20.4)% | (6.4)% | [Note 12. Segment and geographic information](index=25&type=section&id=Note%2012.%20Segment%20and%20geographic%20information) - The Company operates as a **single operating segment**, with the CEO reviewing consolidated financial information for operational decisions and resource allocation[85](index=85&type=chunk) Revenue by Geographic Region (in thousands) | Region | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | The Americas | $117,490 | $101,602 | $226,746 | $203,218 | | Europe, the Middle East, India, and Africa | $43,945 | $39,297 | $87,391 | $78,310 | | Asia Pacific | $15,066 | $12,117 | $29,985 | $23,611 | | **Total** | **$176,501** | **$153,016** | **$344,122** | **$305,139** | [Note 13. Restructuring activities](index=26&type=section&id=Note%2013.%20Restructuring%20activities) - In January 2024, the Company initiated a workforce reduction plan affecting approximately **6% of full-time employees**, incurring **$8.0 million in restructuring charges** for the six months ended June 30, 2024[88](index=88&type=chunk)[89](index=89&type=chunk) Restructuring Liability (in thousands) | Item | Amount | | :----------------------- | :----- | | Balance, December 31, 2024 | $1,229 | | Restructuring charges | $103 | | Cash payments | $(1,332) | | **Balance, June 30, 2025** | **$0** | [Note 14. Subsequent events](index=26&type=section&id=Note%2014.%20Subsequent%20events) - On July 15, 2025, the Company announced a strategic reinvestment plan, including a workforce reduction impacting approximately **6.4% of full-time employees**, with estimated charges of **$11.0 million to $12.5 million**[91](index=91&type=chunk)[92](index=92&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides a comprehensive discussion and analysis of Jamf Holding Corp's consolidated operating results, financial condition, liquidity, and cash flows - Jamf is the leading solution for managing and securing Apple devices in enterprise environments, aiming to be the enterprise leader as Apple becomes the number one device ecosystem[100](index=100&type=chunk)[102](index=102&type=chunk) - The acquisition of Identity Automation on April 1, 2025, integrates identity and access management with device access, enhancing Jamf's secure device and application access solutions[104](index=104&type=chunk) - The Company's strategic reinvestment plan, announced July 15, 2025, aims to reduce operating costs, improve margins, and allow for strategic reinvestment, impacting approximately **6.4% of full-time employees**[114](index=114&type=chunk) [Overview](index=31&type=section&id=Overview) - Jamf provides a complete management and security solution for Apple-first environments, ensuring enterprise security, consumer simplicity, and personal privacy for IT and security teams[100](index=100&type=chunk) - The company's strategy is to be the leading solution for Apple in the enterprise, leveraging its long-standing relationship with Apple and technical expertise to support new innovations and operating system releases[102](index=102&type=chunk) - Jamf sells its SaaS solutions through a subscription model via direct sales, online channels, and strategic partners, including Apple, reaching organizations globally[103](index=103&type=chunk) [Key Factors Affecting Our Performance](index=31&type=section&id=Key%20Factors%20Affecting%20Our%20Performance) - Key performance drivers include new customer growth, existing customer retention and expansion (evidenced by **dollar-based net retention rate**), and continuous product innovation and technology leadership[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk) - Strategic investments in sales, marketing, and R&D, along with international expansion and partner network development, are crucial for capitalizing on market opportunities and long-term growth[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - Continued demand for Apple products and macroeconomic conditions, including inflation and interest rates, significantly influence IT spending and customer contract renewals[112](index=112&type=chunk)[113](index=113&type=chunk) [Key Business Metrics](index=33&type=section&id=Key%20Business%20Metrics) - ARR growth was primarily driven by the Identity Automation acquisition, device expansion, cross-selling, and new customer additions[118](index=118&type=chunk) - The dollar-based net retention rate for the trailing twelve months ended June 30, 2025, **excludes Identity Automation** as it was not part of the business for the full period[120](index=120&type=chunk) Annual Recurring Revenue (ARR) (in millions) | Metric | June 30, 2025 | June 30, 2024 | YoY Change | | :----- | :------------ | :------------ | :--------- | | ARR | $710.0 | $621.7 | 14% increase | Dollar-Based Net Retention Rate | Period | Rate | | :----- | :--- | | Trailing twelve months ended June 30, 2025 | 103% | | Trailing twelve months ended June 30, 2024 | 106% | [Components of Results of Operations](index=33&type=section&id=Components%20of%20Results%20of%20Operations) - Revenue is primarily derived from SaaS subscriptions and support/maintenance contracts, with a smaller portion from on-premise subscriptions and perpetual licenses, recognized ratably over contract terms or upfront for licenses[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - Cost of revenue includes employee compensation, customer success, third-party hosting fees for subscriptions, and professional services delivery costs, while gross profit is influenced by cloud-based customer mix and infrastructure efficiency[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk) - Operating expenses comprise sales and marketing (including capitalized commissions), R&D (focused on innovation), and G&A (corporate personnel, legal, accounting, acquisition/integration, and system transformation costs)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - Other financial items include net interest expense/income, foreign currency transaction gains/losses, and other expenses like impairment losses on strategic investments, all contributing to the income tax provision[135](index=135&type=chunk)[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) [Results of Operations (Comparison of Three and Six Months Ended June 30, 2025 and 2024)](index=35&type=section&id=Comparison%20of%20the%20Three%20and%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) - Subscription revenue, accounting for **98% of total revenue**, increased due to the Identity Automation acquisition, device expansion, cross-selling, and new customer additions[146](index=146&type=chunk) - Cost of revenue increased primarily due to higher employee compensation, computer hardware/software costs, third-party hosting, and amortization expense from the Identity Automation acquisition[148](index=148&type=chunk)[149](index=149&type=chunk) - Interest expense, net, shifted from income to expense due to the **2025 Term Loan** and lower earned interest rates, while foreign currency transaction gain significantly increased for the six-month period[159](index=159&type=chunk)[161](index=161&type=chunk) - Income tax provision increased due to the **BEAT** and the Identity Automation acquisition, impacting the effective tax rate[165](index=165&type=chunk) Total Revenue (in thousands) | Period | 2025 | 2024 | Change ($) | Change (%) | | :--------------------- | :--- | :--- | :--------- | :--------- | | 3 Months Ended June 30 | $176,501 | $153,016 | $23,485 | 15% | | 6 Months Ended June 30 | $344,122 | $305,139 | $38,983 | 13% | Total Cost of Revenue (in thousands) | Period | 2025 | 2024 | Change ($) | Change (%) | | :--------------------- | :--- | :--- | :--------- | :--------- | | 3 Months Ended June 30 | $43,795 | $35,004 | $8,791 | 25% | | 6 Months Ended June 30 | $80,897 | $70,096 | $10,801 | 15% | Operating Expenses (in thousands) | Expense Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Change ($) | Change (%) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Change ($) | Change (%) | | :--------------- | :--------------------------- | :--------------------------- | :--------- | :--------- | :--------------------------- | :--------------------------- | :--------- | :--------- | | Sales and marketing | $64,231 | $61,905 | $2,326 | 4% | $123,943 | $126,687 | $(2,744) | (2)% | | Research and development | $39,204 | $34,753 | $4,451 | 13% | $74,661 | $69,015 | $5,646 | 8% | | General and administrative | $35,877 | $34,427 | $1,450 | 4% | $68,545 | $66,625 | $1,920 | 3% | | Amortization expense | $8,374 | $6,895 | $1,479 | 21% | $15,212 | $13,793 | $1,419 | 10% | [Non-GAAP Financial Measures](index=41&type=section&id=Non-GAAP%20Financial%20Measures) - Non-GAAP measures are used to evaluate operating performance, understand trends, and for budgeting, by excluding items like amortization, stock-based compensation, and acquisition-related expenses[167](index=167&type=chunk)[168](index=168&type=chunk) Non-GAAP Gross Profit and Margin (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Non-GAAP gross profit | $141,580 | $124,892 | $278,774 | $248,557 | | Non-GAAP gross profit margin | 80% | 82% | 81% | 81% | Non-GAAP Operating Income and Margin (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Non-GAAP operating income | $33,492 | $23,536 | $71,134 | $45,668 | | Non-GAAP operating income margin | 19% | 15% | 21% | 15% | Non-GAAP Net Income (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :--------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Non-GAAP net income | $24,826 | $19,673 | $54,994 | $38,567 | Adjusted EBITDA (in thousands) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Adjusted EBITDA | $35,273 | $25,276 | $74,720 | $49,188 | [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, principal liquidity sources included **$481.5 million in cash and cash equivalents** and **$173.9 million available** from the 2024 Revolving Credit Facility[182](index=182&type=chunk) - Deferred revenue totaled **$408.2 million** as of June 30, 2025, with $350.9 million expected to be recognized as current revenue[183](index=183&type=chunk) - The Company acquired Identity Automation for **$216.1 million**, funded by cash on hand and a $40.0 million deferred cash consideration due October 1, 2025[184](index=184&type=chunk) - The **$400.0 million 2025 Term Loan** proceeds are intended for the Identity Automation deferred payment, repurchasing 2026 Notes, and general corporate purposes[185](index=185&type=chunk) - Operating cash flow significantly improved to **$41.8 million provided in H1 2025** from $1.6 million used in H1 2024, driven by increased customer cash receipts and reduced system transformation/restructuring costs[191](index=191&type=chunk) - Investing activities used **$182.4 million in H1 2025**, primarily due to the $175.6 million cash payment for the Identity Automation acquisition[192](index=192&type=chunk) - Financing activities provided **$394.6 million in H1 2025**, mainly from the $400.0 million 2025 Term Loan, contrasting with cash used in H1 2024 due to common stock repurchases[193](index=193&type=chunk) Cash Flows Summary (in thousands) | Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | | Net cash provided by (used in) operating activities | $41,784 | $(1,591) | | Net cash used in investing activities | $(182,448) | $(5,538) | | Net cash provided by (used in) financing activities | $394,566 | $(38,947) | [Critical Accounting Estimates](index=47&type=section&id=Critical%20Accounting%20Estimates) - There have been **no material changes** to the critical accounting estimates disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[198](index=198&type=chunk) [Recent Accounting Pronouncements](index=47&type=section&id=Recent%20Accounting%20Pronouncements) - The Company is evaluating the impact of recently issued accounting standards, including ASU No 2025-05 (Credit Losses), ASU No 2024-04 (Convertible Debt), ASU No 2024-03 (Expense Disaggregation), and ASU No 2023-09 (Income Tax Disclosures, which are effective for annual periods beginning after December 2024 or 2025)[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[200](index=200&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=47&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there were no material changes to the Company's quantitative and qualitative disclosures about market risk during the six months ended June 30, 2025 - **No material changes** occurred in quantitative and qualitative disclosures about market risk during the six months ended June 30, 2025[201](index=201&type=chunk) [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the Company's disclosure controls and procedures as of June 30, 2025, based on management's evaluation - The Company's disclosure controls and procedures were evaluated and deemed **effective** as of June 30, 2025[202](index=202&type=chunk) - **No material changes** in internal control over financial reporting occurred during the quarter ended June 30, 2025[203](index=203&type=chunk) - Management acknowledges the inherent limitations of control systems, which provide **reasonable, not absolute, assurance** against errors and fraud[204](index=204&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) This part discloses other required information, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference the commitments and contingencies note from the financial statements - The Company is subject to various legal proceedings and claims, but does **not anticipate a material adverse effect** on its business, financial condition, or results of operations from their outcomes[205](index=205&type=chunk)[206](index=206&type=chunk) - Litigation, regardless of outcome, can negatively impact the Company due to defense and settlement costs, and diversion of management resources[206](index=206&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) This section updates the risk factors from the Annual Report on Form 10-K, specifically highlighting the risk of losing key personnel - **No material changes** to risk factors were disclosed, except for those detailed in this section[207](index=207&type=chunk) - The Company faces significant risks related to **retaining key personnel and attracting qualified employees**, especially engineers, due to intense competition and the impact of stock price volatility on equity awards[208](index=208&type=chunk)[209](index=209&type=chunk) - The strategic reinvestment plan, involving a **6.4% workforce reduction**, could negatively affect the Company's ability to attract, integrate, retain, and motivate key employees[210](index=210&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=49&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there were no unregistered sales of equity securities or use of proceeds to report for the period - **No unregistered sales** of equity securities or use of proceeds occurred during the reporting period[211](index=211&type=chunk) [Item 3. Defaults Upon Senior Securities](index=49&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section indicates that there were no defaults upon senior securities during the reporting period - **No defaults** upon senior securities were reported[212](index=212&type=chunk) [Item 4. Mine Safety Disclosures](index=49&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the Company - Mine safety disclosures are **not applicable** to the Company's operations[213](index=213&type=chunk) [Item 5. Other Information](index=49&type=section&id=Item%205.%20Other%20Information) This section reports the termination of a Rule 10b5-1 trading plan by the Chief Legal Officer and the resignation of the Chief Accounting Officer - Jeff Lendino, Chief Legal Officer, **terminated his Rule 10b5-1 trading plan** on June 10, 2025, which was originally set to expire on June 30, 2025[214](index=214&type=chunk) - Anthony Grabenau **resigned as Chief Accounting Officer** effective August 15, 2025, to accept a similar position elsewhere, with David Rudow, CFO, assuming the principal accounting officer role[215](index=215&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed or furnished as part of the Form 10-Q report - Exhibits include the Second Amended and Restated Certificate of Incorporation, Amended and Restated Bylaws, Incremental Facility Amendment No 1 to the Credit Agreement, and certifications from the CEO and CFO[217](index=217&type=chunk) [Signatures](index=51&type=section&id=Signatures) This section contains the official signatures authenticating the report - The report is signed on behalf of Jamf Holding Corp by Anthony Grabenau, Chief Accounting Officer (Principal Accounting Officer), on August 7, 2025[220](index=220&type=chunk)[221](index=221&type=chunk)

Company Overview - Jamf defines Apple in the enterprise, serving customers in over 100 countries[17, 21] - The company boasts a No 1 market position with a 23% CAGR since its 2020 IPO[18] - Jamf's net retention rate is strong at 103%[18] - Subscription revenue accounts for 98% of the total[18] Market Opportunity and Growth - The total addressable market (TAM) is estimated at approximately $49 billion, with a serviceable addressable market (SAM) of around $21.7 billion[48] - Jamf's current market share of the SAM is about 3%, representing $646 million[48] - The total SAM is projected to grow to roughly $27 billion by 2026[52] - There's a significant security cross-sell opportunity within the existing customer base, estimated at around $350 million[71] Financial Performance - In FY2024, Jamf's annual recurring revenue (ARR) reached $646 million[51] - Non-GAAP operating income for FY2024 was $103 million, resulting in a 16% margin[84] - The company has consistently met or exceeded expectations every quarter since its IPO[35]

The market expects Jamf Holding (JAMF) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The consensus EPS estimate for the quarter has been revised 6.25% higher over the last 30 days to the current level. This is essent ...

Core Insights - Jamf Holding (JAMF) has consistently surpassed earnings estimates, averaging a 9.05% beat over the last two quarters [1][5] - The company reported earnings of $0.21 per share for the most recent quarter, slightly below the expected $0.22, but still achieved a surprise of 4.76% [2] - For the previous quarter, Jamf exceeded the consensus estimate of $0.15 per share by reporting $0.17, resulting in a surprise of 13.33% [2] Earnings Estimates and Predictions - There has been a favorable change in earnings estimates for Jamf, with a positive Earnings ESP of +4.65%, indicating bullish sentiment among analysts [5][8] - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high probability of another earnings beat, with historical data showing nearly 70% success in similar cases [6][8] - The next earnings report for Jamf is anticipated to be released on August 7, 2025 [8]

[FORM 8-K General Information](index=1&type=section&id=FORM%208-K%20General%20Information) [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the general administrative details of the Form 8-K filing, including the registrant's identification - Jamf Holding Corp. filed a Form 8-K on July 15, 2025[1](index=1&type=chunk) | Registrant Name | State of Incorporation | Commission File Number | IRS Employer ID | Address | Phone Number | | :-------------- | :--------------------- | :--------------------- | :-------------- | :------ | :----------- | | JAMF HOLDING CORP. | Delaware | 001-39399 | 82-3031543 | 100 Washington Ave S, Suite 900, Minneapolis, MN 55401 | (612) 605-6625 | [Securities Registered](index=1&type=section&id=Securities%20Registered) This section details the classes of securities registered by Jamf Holding Corp. under Section 12(b) of the Act | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :---------------------------------------- | | Common Stock, $0.001 par value | JAMF | The NASDAQ Stock Market LLC | [Item 2.02. Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02.%20Results%20of%20Operations%20and%20Financial%20Condition) [Q2 2025 Guidance Update](index=2&type=section&id=Q2%202025%20Guidance%20Update) Jamf Holding Corp. provided an update to its second quarter 2025 guidance in connection with a strategic reinvestment plan, with full details furnished in a press release - Jamf Holding Corp. issued a press release on July 15, 2025, updating its second quarter 2025 guidance[5](index=5&type=chunk) - The guidance update is related to a strategic reinvestment plan described in Item 2.05[5](index=5&type=chunk) - The full text of the press release is furnished as Exhibit 99.1[5](index=5&type=chunk) [Item 2.05. Costs Associated with Exit or Disposal Activities](index=2&type=section&id=Item%202.05.%20Costs%20Associated%20with%20Exit%20or%20Disposal%20Activities) [Strategic Reinvestment Plan Details](index=2&type=section&id=Strategic%20Reinvestment%20Plan%20Details) Jamf announced a strategic reinvestment plan aimed at reducing operating costs, improving margins, and enabling strategic reinvestment, which will impact approximately 6.4% of its full-time employees - The Plan aims to reduce operating costs, improve operating margins, allow for strategic reinvestment, and advance profitable growth[7](index=7&type=chunk) - Approximately **6.4%** of the Company's full-time employees are expected to be impacted by the Plan[7](index=7&type=chunk) [Estimated Charges and Timeline](index=2&type=section&id=Estimated%20Charges%20and%20Timeline) The Company estimates incurring $11.0 million to $12.5 million in charges, primarily in Q3 2025, with the Plan substantially complete by the end of Q4 2025, and these charges will be excluded from certain non-GAAP financial measures | Item | Estimate | Details | | :--- | :------- | :------ | | Estimated Charges | $11.0 million to $12.5 million | Consisting of cash expenditures for notice period and severance payments, employee benefits, and related costs | | Timing of Majority of Charges | Q3 2025 | | | Substantial Completion of Plan | End of Q4 2025 | | - The Company intends to exclude these charges from certain non-GAAP financial measures[8](index=8&type=chunk) - Actual expenses may differ from estimates due to assumptions and local law requirements, and unanticipated events may lead to additional charges[9](index=9&type=chunk) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) This section contains a standard disclaimer regarding forward-looking statements, highlighting inherent risks and uncertainties related to Q2 2025 financial performance, the anticipated benefits and impact of the strategic reinvestment plan, and the estimates of associated charges - The report contains forward-looking statements subject to risks and uncertainties[10](index=10&type=chunk) - These statements cover expectations for Q2 2025 financial and operating performance, anticipated benefits and impact of the Plan, and estimates of associated charges[10](index=10&type=chunk) - Jamf operates in a competitive and rapidly changing environment, and new risks may emerge; the company does not undertake to update these statements unless required by law[10](index=10&type=chunk) [Item 9.01. Financial Statements and Exhibits](index=2&type=section&id=Item%209.01.%20Financial%20Statements%20and%20Exhibits) [Exhibits List](index=2&type=section&id=Exhibits%20List) This section lists the exhibits filed with the Form 8-K, including a press release providing the Q2 2025 guidance update and an interactive data file | Exhibit No. | Description of Exhibit | | :---------- | :--------------------- | | 99.1 | Press Release dated July 15, 2025 | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signatures](index=3&type=section&id=Signatures) This section formally certifies the filing of the Form 8-K by an authorized officer of Jamf Holding Corp - The report was signed on behalf of JAMF HOLDING CORP. by Jeff Lendino, Chief Legal Officer, on July 15, 2025[14](index=14&type=chunk)[15](index=15&type=chunk)[16](index=16&type=chunk)

Core Viewpoint - Jamf has announced a strategic reinvestment plan aimed at driving long-term growth, improving operational efficiency, and enhancing shareholder value, with expectations to exceed financial guidance for Q2 2025 [1][7]. Strategic Reinvestment Plan - The plan includes a comprehensive systems update that enhances insights into business and growth opportunities, allowing for a strategic reallocation of resources to areas with the highest growth potential [2]. - Key focus areas of the reinvestment plan are: - **Go-To-Market Enhancement**: Realigning the go-to-market organization to invest in growth opportunities aligned with the platform strategy, including Jamf for Mac, Jamf for Mobile, Jamf for K-12, and Jamf for SMB solutions [3]. - **AI Investments**: Accelerating investments in AI capabilities to improve customer experience and productivity across the organization [4]. Workforce Reduction - To facilitate the strategic reinvestment plan, the company will reduce its workforce by approximately 6.4%, impacting roles across go-to-market and other functions [5]. - The estimated charges related to the workforce reduction are approximately $11.0 to $12.5 million, expected to be incurred mainly in Q3 2025, with completion of the plan by the end of Q4 2025 [6]. Financial Expectations - Jamf anticipates exceeding the high end of its previously issued guidance ranges for Q2 2025, with total revenue expected between $167.5 million and $169.5 million, and non-GAAP operating income projected between $29.5 million and $30.5 million [10][7].

Core Points - Jamf will report its second quarter financial results for the period ended June 30, 2025, on August 7, 2025, after market close [1] - A conference call and webcast will be held on the same day at 3:30 p.m. CT (4:30 p.m. ET) to discuss the results [2] Company Overview - Jamf specializes in managing and securing Apple devices in the workplace, providing a complete management and security solution for Apple-first environments [3] - The company aims to simplify work for organizations while ensuring that the Apple experience is both user-friendly and secure [3]

Company Recognition - Jamf has been recognized by CRN as a leader in promoting inclusivity within the IT channel, with Marc Botham, Vice President of Global Channel Sales, being named an Inclusive Channel Leader for 2025 [1][3] - This recognition highlights Jamf's commitment to fostering equity and inclusion across its partner network, which is seen as crucial for driving business success [3] Industry Impact - The CRN Inclusive Channel Leaders list emphasizes the importance of diversity and belonging in the IT channel ecosystem, showcasing executives who are dedicated to creating a more equitable industry [2][3] - The recognition of leaders like Marc Botham serves as an example of meaningful change within the industry, promoting a culture where diverse voices are amplified and everyone has the opportunity to thrive [3] Company Mission - Jamf's mission is to simplify work by providing a complete management and security solution for Apple environments, ensuring that the experience is both enterprise secure and user-friendly [4]