News Release Details

Jamf Announces Second Quarter 2022 Financial Results

Aug 4, 2022
  • Q2 total revenue year-over-year growth of 34% to $115.6 million
  • ARR year-over-year growth of 40% to $466.0 million as of June 30, 2022
  • Cash flow provided by operations of $43.5 million for the TTM ended June 30, 2022, or 10% of TTM total revenue; unlevered free cash flow of $48.1 million, or 11% of TTM total revenue

MINNEAPOLIS, Aug. 04, 2022 (GLOBE NEWSWIRE) -- Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced financial results for its second quarter ended June 30, 2022.

“Our strong performance in the second quarter is another testament to the resiliency and diversity of Jamf’s business model,” said Dean Hager, CEO of Jamf. “Increasing demand for Jamf’s broad line of security solutions combined with a strengthening replacement market for core management solutions show that Jamf’s unique approach to support and extend Apple innovations the same day they are made available is proving to be more valuable than ever to existing and new customers.”

Second Quarter 2022 Financial Highlights

  • ARR: ARR increase of 40% year-over-year to $466.0 million as of June 30, 2022.
  • Revenue: Total revenue of $115.6 million, an increase of 34% year-over-year.
  • Gross Profit: GAAP gross profit of $86.2 million, or 75% of total revenue, compared to $66.9 million in the second quarter of 2021. Non-GAAP gross profit of $93.9 million, or 81% of total revenue, compared to $70.2 million in the second quarter of 2021.
  • Operating Loss/Income: GAAP operating loss of $61.8 million, or (53)% of total revenue, compared to $16.1 million in the second quarter of 2021. Non-GAAP operating income of $4.5 million, or 4% of total revenue, compared to $7.7 million in the second quarter of 2021.
  • Cash Flow: Cash flow provided by operations of $43.5 million for the TTM ended June 30, 2022, or 10% of TTM total revenue, compared to $81.3 million for the TTM ended June 30, 2021. Unlevered free cash flow of $48.1 million for the TTM ended June 30, 2022, or 11% of TTM total revenue, compared to $81.2 million for the TTM ended June 30, 2021.

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.

Jamf Appoints Ian Goodkind as CFO and Announces Retirement of Current CFO Jill Putman

Jamf today also announced the appointment of Ian Goodkind as Chief Financial Officer to succeed current CFO Jill Putman, effective September 1, 2022.

Mr. Goodkind, who currently serves as Jamf’s CAO, has been with the company since 2019, leading the financial accounting, internal audit, tax and treasury functions. Mr. Goodkind has been instrumental in scaling the company for growth and building out Jamf’s public company infrastructure, along with playing a pivotal role in recent Jamf acquisitions.

Ms. Putman is retiring from her role as CFO and is expected to continue with the company in a non-executive capacity through March 2023, to ensure a successful transition.

Recent Business Highlights

  • Ended the second quarter serving more than 67,000 customers with more than 28.4 million devices on our platform.
  • Released Jamf Trust application to power workflows associated with Jamf’s security platform of products across iOS, iPadOS, macOS, Android and Windows devices.
  • Launched Jamf Safe Internet, a comprehensive content filtering solution optimized for education that is integrated with Jamf’s management and security platform, to deliver a safe online experience to students while offering effortless management for admins.
  • Recognized as a leader in the IDC MarketScape: Worldwide Unified Endpoint Management Software for Apple Devices 2022 Vendor Assessment.
  • Achieved both ISO 27001 and ISO 27701 certifications, signifying implementation of industry best practices for handling and securing customer personal data.
  • Hosted four Jamf Nation Live events across Western Europe, bringing together Jamf customers and prospects to discover new and better ways to manage and secure Apple devices to empower people, transform business processes and make IT life easier.

Financial Outlook

For the third quarter of 2022, Jamf currently expects:

  • Total revenue of $121.5 to $122.5 million
  • Non-GAAP operating income of $4 to $5 million

For the full year 2022, Jamf currently expects:

  • Total revenue of $475 to $477 million
  • Non-GAAP operating income of $21 to $23 million

To assist with modeling, for the third quarter of 2022 and full year 2022, amortization is expected to be approximately $12.3 million and $47.9 million, respectively. In addition, for the third quarter of 2022 and full year 2022, stock-based compensation and related payroll taxes is expected to be approximately $23.2 million and $116.9 million, respectively.

Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss) because certain items are out of Jamf’s control or cannot be reasonably predicted. Historically, these items have included, but are not limited to, acquisition-related expenses and acquisition-related earn-out, offering costs, amortization and stock-based compensation and related payroll taxes. Accordingly, a reconciliation for forward-looking non-GAAP operating income is not available without unreasonable effort. These items are uncertain, depend on various factors, and could result in projected GAAP operating income (loss) being materially less than is indicated by currently estimated non-GAAP operating income.

These statements are forward-looking and actual results may differ materially. Refer to the Forward-Looking Statements safe harbor below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Webcast and Conference Call Information

Jamf will host a conference call and live webcast for analysts and investors at 3:30 p.m. Central Time (4:30 p.m. Eastern Time) on August 4, 2022.

The conference call will be webcast live on Jamf’s Investor Relations website at, along with the earnings press release, financial tables, earnings presentation and investor presentation. Those parties interested in participating via telephone may register on Jamf’s Investor Relations website or by clicking here.

A replay of the call will be available on the Investor Relations website beginning on August 4, 2022, at approximately 7:00 p.m. ET.  

Please note that Jamf uses its website as a means of disclosing material non-public information, announcing upcoming investor conferences and for complying with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website in addition to following our press releases, SEC filings and public conference calls and webcasts.

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, 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 stock-based compensation, amortization expense, acquisition-related expenses, acquisition-related earnout, offering costs, foreign currency transaction loss, payroll taxes related to stock-based compensation, legal reserve, loss on extinguishment of debt, and amortization of debt issuance costs. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant 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. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. Jamf strongly encourages investors to review its consolidated financial statements included in publicly filed reports in their entirety and not rely solely on any single financial measurement or communication.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and market positioning. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business and include statements regarding our future financial and operating performance (including our financial outlook for future reporting periods). You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “can have,” “likely,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, among others: the impact on our operations from macroeconomic and market conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, challenges in the supply chain and the effects of the ongoing COVID-19 pandemic; the potential impact of customer dissatisfaction with Apple or other negative events affecting Apple services and devices, and failure of enterprises to adopt Apple products; the potentially adverse impact of changes in features and functionality by Apple on our engineering focus or product development efforts; changes in our continued relationship with Apple; the fact that we are not party to any exclusive agreements or arrangements with Apple; our reliance, in part, on channel partners for the sale and distribution of our products; our ability to successfully develop new products or materially enhance current products through our research and development efforts; our ability to continue to attract new customers; our ability to retain our current customers; our ability to sell additional functionality to our current customers; our ability to correctly estimate market opportunity and forecast market growth; risks associated with failing to continue our recent growth rates; our dependence on one of our products for a substantial portion of our revenue; our ability to scale our business and manage our expenses; our ability to change our pricing models, if necessary to compete successfully; the impact of delays or outages of our cloud services from any disruptions, capacity limitations or interferences of third-party data centers that host our cloud services, including Amazon Web Services; our ability to meet service-level commitments under our subscription agreements; our ability to maintain, enhance and protect our brand; our ability to maintain our corporate culture; the ability of Jamf Nation to thrive and grow as we expand our business; the potential impact of inaccurate, incomplete or misleading content that is posted on Jamf Nation; our ability to offer high-quality support; risks and uncertainties associated with acquisitions and divestitures (such as our acquisition of Wandera); our ability to predict and respond to rapidly evolving technological trends and our customers' changing needs; our ability to compete with existing and new companies; the impact of adverse general and industry-specific economic and market conditions; the impact of reductions in IT spending; our ability to attract and retain highly qualified personnel; risks associated with competitive challenges faced by our customers; the impact of our often long and unpredictable sales cycle; the risks associated with sales to new and existing enterprise customers; our ability to develop and expand our marketing and sales capabilities; the risks associated with free trials and other inbound, lead-generation sales strategies; the risks associated with indemnity provisions in our contracts; our management team’s limited experience managing a public company; risks associated with cyber-security events; the impact of real or perceived errors, failures or bugs in our products; the impact of general disruptions to data transmission; risks associated with stringent and changing privacy laws, regulations and standards, and information security policies and contractual obligations related to data privacy and security; the risks associated with intellectual property infringement claims; our reliance on third-party software and intellectual property licenses; our ability to protect our intellectual property and proprietary rights; the risks associated with our use of open source software in our products; risks associated with our indebtedness; and risks associated with global events (such as Russia’s invasion of Ukraine and related sanctions).

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. Given these factors, as well as other variables that may affect our operating results, you should not rely on forward-looking statements, assume that past financial performance will be a reliable indicator of future performance, or use historical trends to anticipate results or trends in future periods. The forward-looking statements included in this press release relate only to events as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

About Jamf

Jamf, the standard in Apple Enterprise Management, extends the legendary Apple experience people love to businesses, schools and government organizations through its software and the world’s largest online community of IT admins focused exclusively on Apple, Jamf Nation. To learn more, visit:

Investor Contact
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Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)

 June 30,
 December 31, 2021
Current assets:   
Cash and cash equivalents$182,349  $177,150 
Trade accounts receivable, net of allowances of $479 and $391 96,450   79,143 
Income taxes receivable 450   608 
Deferred contract costs 15,460   12,904 
Prepaid expenses 17,513   17,581 
Other current assets 4,953   4,212 
Total current assets 317,175   291,598 
Equipment and leasehold improvements, net 17,334   18,045 
Goodwill 823,671   845,734 
Other intangible assets, net 233,557   264,593 
Deferred contract costs, non-current 34,823   29,842 
Other assets 39,530   30,608 
Total assets$1,466,090  $1,480,420 
Liabilities and stockholders’ equity   
Current liabilities:   
Accounts payable$9,506  $9,306 
Accrued liabilities 50,761   54,022 
Income taxes payable 203   167 
Deferred revenues 249,374   223,031 
Total current liabilities 309,844   286,526 
Deferred revenues, non-current 67,578   59,097 
Deferred tax liability, net 7,596   8,700 
Convertible senior notes, net 363,265   362,031 
Other liabilities 23,861   25,640 
Total liabilities 772,144   741,994 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock     
Common stock 120   119 
Additional paid-in capital 987,576   913,581 
Accumulated other comprehensive loss (37,574)  (7,866)
Accumulated deficit (256,176)  (167,408)
Total stockholders’ equity 693,946   738,426 
Total liabilities and stockholders’ equity$1,466,090  $1,480,420 

Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)

Three Months Ended June 30, Six Months Ended June 30,
 2022   2021   2022   2021 
Subscription$109,407  $80,718  $211,608  $155,200 
Services 5,027   3,929   8,971   7,932 
License 1,204   1,591   3,317   3,833 
Total revenue 115,638   86,238   223,896   166,965 
Cost of revenue:       
Cost of subscription(1)(2)(3)(4)(exclusive of amortization expense shown below) 20,634   13,875   40,536   25,889 
Cost of services(1)(2)(3)(exclusive of amortization expense shown below) 3,493   2,607   6,600   5,072 
Amortization expense 5,265   2,860   10,483   5,637 
Total cost of revenue 29,392   19,342   57,619   36,598 
Gross profit 86,246   66,896   166,277   130,367 
Operating expenses:       
Sales and marketing(1)(2)(3)(4) 58,750   32,617   105,075   62,784 
Research and development(1)(2)(3)(4) 33,983   17,203   58,785   32,829 
General and administrative(1)(2)(3)(4) 48,321   27,508   73,933   43,752 
Amortization expense 7,034   5,623   14,063   11,250 
Total operating expenses 148,088   82,951   251,856   150,615 
Loss from operations (61,842)  (16,055)  (85,579)  (20,248)
Interest expense, net (641)  (167)  (1,500)  (222)
Foreign currency transaction loss (676)  (308)  (1,457)  (526)
Loss before income tax benefit (provision) (63,159)  (16,530)  (88,536)  (20,996)
Income tax benefit (provision) 20   63   (232)  (60)
Net loss$(63,139) $(16,467) $(88,768) $(21,056)
Net loss per share, basic and diluted$(0.53) $(0.14) $(0.74) $(0.18)
Weighted‑average shares used to compute net loss per share, basic and diluted 119,941,482   117,909,720   119,768,871   117,649,467 

(1) Includes stock-based compensation as follows:

 Three Months Ended June 30, Six Months Ended June 30,
  2022  2021  2022  2021
 (in thousands)
Cost of revenue:       
Subscription$2,061 $344 $4,016 $668
Services 313  75  617  152
Sales and marketing 13,811  1,088  19,670  1,930
Research and development 10,631  1,153  14,490  1,931
General and administrative 26,208  1,446  30,241  2,257
 $53,024 $4,106 $69,034 $6,938

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

Three Months Ended June 30, Six Months Ended June 30,
 2022  2021  2022  2021
 (in thousands)
Cost of revenue:       
Subscription$24 $ $24 $
Services 1    1  
Sales and marketing 65  59  77  146
Research and development 77  24  104  117
General and administrative 86  138  183  353
$253 $221 $389 $616

(3) Includes depreciation expense as follows:

Three Months Ended June 30, Six Months Ended June 30,
 2022  2021  2022  2021
 (in thousands)
Cost of revenue:      
Subscription$286 $249 $606 $512
Services 41  38  86  81
Sales and marketing 633  524  1,317  1,098
Research and development 397  277  756  582
General and administrative 235  183  473  378
$1,592 $1,271 $3,238 $2,651

(4) Includes acquisition-related expense as follows:​

Three Months Ended June 30, Six Months Ended June 30,
 2022  2021  2022  2021
 (in thousands)
Cost of revenue:       
Subscription$23 $ $61 $
Sales and marketing     7  
Research and development 283  41  546  41
General and administrative 242  2,174  1,035  2,284
 $548 $2,215 $1,649 $2,325

General and administrative also includes acquisition-related earnout of $0.1 million and $3.9 million for the three months ended June 30, 2022 and 2021, respectively, and $0.2 million and $4.2 million for the six months ended June 30, 2022 and 2021, respectively. The acquisition-related earnout was an expense for both the three and six months ended June 30, 2022 and 2021 reflecting the increase in fair value of the Digita acquisition contingent liability due to growth in sales of our Jamf Protect product. General and administrative also includes legal reserve of $4.2 million for the three and six months ended June 30, 2021.

Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)

Six Months Ended June 30,
 2022   2021 
Cash flows from operating activities 
Net loss$(88,768) $(21,056)
Adjustments to reconcile net loss to cash provided by operating activities:   
Depreciation and amortization expense 27,784   19,538 
Amortization of deferred contract costs 7,859   5,861 
Amortization of debt issuance costs 1,358   249 
Non-cash lease expense 2,943   2,398 
Provision for credit losses and returns 274   (41)
Share‑based compensation 69,034   6,938 
Deferred tax benefit (1,199)  (669)
Adjustment to contingent consideration 188   4,237 
Other 1,438   454 
Changes in operating assets and liabilities:   
Trade accounts receivable (17,870)  2,249 
Income tax receivable/payable 165   (238)
Prepaid expenses and other assets (3,851)  (2,986)
Deferred contract costs (15,438)  (11,848)
Accounts payable 292   2,284 
Accrued liabilities (3,100)  (1,889)
Deferred revenue 35,233   32,627 
Other liabilities    (86)
Net cash provided by operating activities 16,342   38,022 
Cash flows from investing activities   
Acquisitions, net of cash acquired (4,023)  (3,041)
Purchases of equipment and leasehold improvements (2,876)  (5,211)
Other (79)  22 
Net cash used in investing activities (6,978)  (8,230)
Cash flows from financing activities   
Debt issuance costs (50)  (530)
Cash paid for offering costs (80)  (243)
Cash paid for contingent consideration (4,588)  (4,206)
Payment of acquisition-related holdback (200)   
Proceeds from the exercise of stock options 1,543   7,063 
Net cash (used in) provided by financing activities (3,375)  2,084 
Effect of exchange rate changes on cash and cash equivalents (790)  (259)
Net increase in cash and cash equivalents 5,199   31,617 
Cash and cash equivalents, beginning of period 177,150   194,868 
Cash and cash equivalents, end of period$182,349  $226,485 

Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenues
(in thousands)

 Three Months Ended June 30, Six Months Ended June 30,
  2022  2021  2022  2021
SaaS subscription and support and maintenance$104,291 $72,121 $200,641 $138,897
On‑premise subscription 5,116  8,597  10,967  16,303
Subscription revenue 109,407  80,718  211,608  155,200
Professional services 5,027  3,929  8,971  7,932
Perpetual licenses 1,204  1,591  3,317  3,833
Non‑subscription revenue 6,231  5,520  12,288  11,765
Total revenue$115,638 $86,238 $223,896 $166,965

Jamf Holding Corp.
Key Business Metrics
(in millions, except number of customers and percentages)

 June 30,
 March 31,
 December 31,
 September 30,
 June 30,
 March 31,
ARR$466.0  $436.5  $412.5  $384.8  $333.0  $308.0 
ARR from management solutions as a percent of total ARR 82%  83%  84%  84%  91%  93%
ARR from security solutions as a percent of total ARR 18%  17%  16%  16%  9%  7%
ARR from commercial customers as a percent of total ARR 71%  70%  69%  68%  64%  63%
ARR from education customers as a percent of total ARR 29%  30%  31%  32%  36%  37%
Dollar-based net retention rate(1) 117%  120%  120%  119%  119%  117%
Devices(2) 28.4   26.8   26.1   25.0   23.2   21.8 
Customers 67,000   62,000   60,000   57,000   53,000   50,000 

(1) The dollar-based net retention rate for the TTM ended June 30, 2022 includes Wandera. The dollar-based net retention rates for periods prior to June 30, 2022 were based on our Jamf legacy business and did not include Wandera since it had not been a part of our business for the full trailing twelve months.

(2) Previously reported devices for March 31, 2022 and Dec. 31, 2021 have been updated to reflect an immaterial adjustment.

Jamf Holding Corp.
Supplemental Financial Information
Reconciliation of GAAP to non-GAAP Financial Data
(in thousands, except share and per share amounts)

 Three Months Ended June 30, Six Months Ended June 30,
  2022   2021   2022   2021 
Operating expenses$148,088  $82,951  $251,856  $150,615 
Amortization expense (7,034)  (5,623)  (14,063)  (11,250)
Stock-based compensation (50,650)  (3,687)  (64,401)  (6,118)
Acquisition-related expense (525)  (2,215)  (1,588)  (2,325)
Acquisition-related earnout (100)  (3,937)  (188)  (4,237)
Offering costs (124)  (594)  (124)  (594)
Payroll taxes related to stock-based compensation (228)  (221)  (364)  (616)
Legal reserve    (4,200)     (4,200)
Non-GAAP operating expenses$89,427  $62,474  $171,128  $121,275 
 Three Months Ended June 30, Six Months Ended June 30,
  2022   2021   2022   2021 
Gross profit$86,246  $66,896  $166,277  $130,367 
Amortization expense 5,265   2,860   10,483   5,637 
Stock-based compensation 2,374   419   4,633   820 
Acquisition-related expense 23      61    
Payroll taxes related to stock-based compensation 25      25    
Non-GAAP gross profit$93,933  $70,175  $181,479  $136,824 
Gross profit margin 75%  78%  74%  78%
Non-GAAP gross profit margin 81%  81%  81%  82%
 Three Months Ended June 30, Six Months Ended June 30,
  2022   2021   2022   2021 
Operating loss$(61,842) $(16,055) $(85,579) $(20,248)
Amortization expense 12,299   8,483   24,546   16,887 
Stock-based compensation 53,024   4,106   69,034   6,938 
Acquisition-related expense 548   2,215   1,649   2,325 
Acquisition-related earnout 100   3,937   188   4,237 
Offering costs 124   594   124   594 
Payroll taxes related to stock-based compensation 253   221   389   616 
Legal reserve    4,200      4,200 
Non-GAAP operating income$4,506  $7,701  $10,351  $15,549 
Operating loss margin(53)% (19)% (38)% (12)%
Non-GAAP operating income margin 4%  9%  5%  9%

Three Months Ended June 30, Six Months Ended June 30,
 2022   2021   2022   2021 
Net loss$(63,139) $(16,467) $(88,768) $(21,056)
Exclude: Income tax benefit (provision) 20   63   (232)  (60)
Loss before income tax benefit (provision) (63,159)  (16,530)  (88,536)  (20,996)
Amortization expense 12,299   8,483   24,546   16,887 
Stock-based compensation 53,024   4,106   69,034   6,938 
Foreign currency transaction loss 676   308   1,457   526 
Amortization of debt issuance costs 679      1,358    
Acquisition-related expense 548   2,215   1,649   2,325 
Acquisition-related earnout 100   3,937   188   4,237 
Offering costs 124   594   124   594 
Payroll taxes related to stock-based compensation 253   221   389   616 
Legal reserve    4,200      4,200 
Non-GAAP income before income taxes 4,544   7,534   10,209   15,327 
Non-GAAP provision for income taxes(1) (1,090)  (1,808)  (2,450)  (3,678)
Non-GAAP net income$3,454  $5,726  $7,759  $11,649 
Net loss per share:       
Basic$(0.53) $(0.14) $(0.74) $(0.18)
Diluted$(0.53) $(0.14) $(0.74) $(0.18)
Weighted‑average shares used in computing net loss per share:       
Basic 119,941,482   117,909,720   119,768,871   117,649,467 
Diluted 119,941,482   117,909,720   119,768,871   117,649,467 
Non-GAAP net income per share:       
Basic$0.03  $0.05  $0.06  $0.10 
Diluted$0.03  $0.05  $0.06  $0.10 
Weighted-average shares used in computing non-GAAP net income per share:       
Basic 119,941,482   117,909,720   119,768,871   117,649,467 
Diluted 129,189,399   120,521,776   129,436,956   120,499,563 

(1) Beginning in the first quarter of 2022, Jamf changed its method of calculating its non-GAAP provision for income taxes in accordance with the SEC’s Non-GAAP Financial Measures Compliance and Disclosure Interpretation on a retroactive basis. Under the new method, Jamf’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. Historically, Jamf had approximated the effective tax rate by taking into account the sizeable U.S. net operating loss carryforwards and tax credit carryforwards that have not been recorded where Jamf does not expect to record or pay tax for the foreseeable future.

 Six Months Ended June 30, Years Ended December 31,
  2022   2021   2020   2021   2020 
Net cash provided by operating activities$16,342  $38,022  $9,515  $65,165  $52,801 
Purchases of equipment and leasehold improvements (2,876)  (5,211)  (1,366)  (9,755)  (4,368)
Free cash flow 13,466   32,811   8,149   55,410   48,433 
Cash paid for interest 371   6   9,262   967   12,649 
Cash paid for acquisition-related expense 1,720   1,094   1,600   5,039   5,200 
Cash paid for legal settlement          5,000    
Unlevered free cash flow$15,557  $33,911  $19,011  $66,416  $66,282 
Total revenue$223,896  $166,965  $122,317  $366,388  $269,132 
Net cash provided by operating activities as a percentage of total revenue 7%  23%  8%  18%  20%
Free cash flow margin 6%  20%  7%  15%  18%
Unlevered free cash flow margin 7%  20%  16%  18%  25%

 Trailing Twelve Months Ended
June 30,
  2022   2021 
Net cash provided by operating activities$43,485  $81,308 
Purchases of equipment and leasehold improvements (7,420)  (8,213)
Free cash flow 36,065   73,095 
Cash paid for interest 1,332   3,393 
Cash paid for acquisition-related expense 5,665   4,694 
Cash paid for legal settlement 5,000    
Unlevered free cash flow$48,062  $81,182 
Total revenue$423,319  $313,780 
Net cash provided by operating activities as a percentage of total revenue 10%  26%
Free cash flow margin 9%  23%
Unlevered free cash flow margin 11%  26%