0001721947false00017219472020-09-012020-09-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 12, 2020

JAMF HOLDING CORP.

(Exact name of registrant as specified in its charter)

Delaware

001-39399

82-3031543

(State or other jurisdiction
of incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

100 Washington Ave S, Suite 1100
Minneapolis, MN

55401

(Address of principal executive offices)

(Zip Code)

(612) 605-6625

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

  Emerging growth company

  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading
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.

On November 12, 2020, Jamf Holding Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2020. In the press release, the Company also announced that it will hold a conference call on November 12, 2020 to discuss its financial results for the quarter ended September 30, 2020. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.

    

Description of Exhibit

99.1

Press Release dated November 12, 2020.

104

Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

JAMF HOLDING CORP.

Date: November 12, 2020

By:

/s/ Jeff Lendino

Name:

Jeff Lendino

Title:

Chief Legal Officer

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Exhibit 99.1

Jamf Announces Third Quarter 2020 Financial Results

Q3 total revenue grew 29% year-over-year to $70.4 million
Recurring revenue grew 40% year-over-year to $65.8 million
ARR grew 37% year-over-year to $261.5 million

MINNEAPOLIS, MN - November 12, 2020 - Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced financial results for its third quarter ended September 30, 2020.

Financial Highlights for the Third Quarter 2020:

ARR: ARR increased 37% year-over-year to $261.5 million as of September 30, 2020.
Revenue: Total revenue was $70.4 million, an increase of 29% year-over-year. Recurring revenue was $65.8 million, an increase of 40% year-over-year.
Gross Profit: GAAP gross profit was $55.2 million, or 78% of total revenue, compared to $40.5 million, or 74% of total revenue, in the third quarter of 2019. Non-GAAP Gross Profit was $58.2 million, or 83% of total revenue, compared to $43.2 million, or 79% of total revenue, in the third quarter of 2019.  
Operating Loss/Income: GAAP operating loss was $376 thousand, compared to GAAP operating income of $205 thousand in the third quarter of 2019. Non-GAAP Operating Income was $12.0 million, or 17% of total revenue, compared to $9.6 million, or 18% of total revenue in the third quarter of 2019.
Cash Flow: Cash flow provided by operations was $23.6 million, compared to $15.1 million in the third quarter of 2019. Unlevered free cash flow was $28.2 million, or 40% of total revenue, compared to $17.9 million, or 33% of total revenue in the third quarter of 2019.

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 reconciliations of these non-GAAP financial measures.

“We delivered strong third quarter results as the tailwinds of telehealth, distance learning, and remote work offset economic headwinds and drove robust Jamf sales, growth, and customer acquisition,” said Dean Hager, CEO of Jamf. “We are dedicated to our customers’ success and continue to roll out new features and enhancements to optimize the Jamf Apple Enterprise Management platform. We showcased many of these platform enhancements at our annual Jamf Nation User Conference (JNUC), which drew ten times our normal conference attendance this year as a virtual event. We are well positioned for continued growth in a large and expanding market, and we look forward to continuing to improve the overall management, security and experience for organizations using Apple, so they can empower their end users with the native Apple experience.”

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Recent Business Highlights:

Expanded education offering with several new capabilities, including one-click Remote Class and Raise Hand features, as well as the new Jamf Assessment app to administer proctored exams in a virtual world.
Grew the total number of Apple devices running Jamf to 18.6 million at the end of the third quarter.
Hosted approximately 20,000 attendees at the virtual JNUC, ten times the normal attendance of our annual, in-person event. Jamf showcased platform enhancements that are powering the learn, care and work anywhere trends, along with customer and partner stories on how they were able to succeed during this time using Apple and Jamf.
Announced same-day compatibility and key feature support across its product portfolio for Apple’s fall releases, including macOS Big Sur and support for the new Mac built with the new Apple M1 chip, which were released this week.
Extended collaboration with Microsoft Enterprise Mobility + Security by launching iOS Device Compliance, empowering organizations to choose Jamf for all Apple device management while also sharing important device information, like compliance status, with Microsoft Endpoint Manager.
Announced the acquisition of Mondada, the creator of Kinobi and Kinobi Pro, leading solutions in patch management for the Apple platform. Mondada’s solutions integrate with Jamf Pro, allowing organizations to extend Jamf Pro’s built-in patch management functionality to include all Mac applications within an environment.

Financial Outlook:

For the fourth quarter of 2020, the company currently expects:

Total revenue of $70 to $71 million
Non-GAAP Operating Income of $1 to $2 million

For the full year 2020, the company is increasing its outlook and currently expects:

Total revenue of $263 to $264 million
Non-GAAP Operating Income of $28.5 to $29.5 million

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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 November 12, 2020. The news release with the financial results will be accessible from the company’s website prior to the conference call. Parties in the United States and Canada can access the call by dialing +1 (833) 519-1319, and international parties can access the call by dialing +1 (914) 800-3885.

The webcast will be accessible on Jamf’s investor relations website at https://ir.jamf.com. A telephonic replay of the conference call will be available through Thursday, November 19, 2020. To access the replay, parties should dial (855) 859-2056, or (404) 537-3406 and enter the passcode 8684837#.

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, Non-GAAP Operating Income 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, depreciation and amortization expense, acquisition-related expenses, acquisition-related earnout, foreign currency transaction loss and discrete tax items. 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. 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 is not providing 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 earnout, amortization and stock-based compensation. Accordingly, a reconciliation for forward-looking Non-GAAP Operating Income is not available without unreasonable effort. However, for the fourth quarter of 2020 and full year 2020 amortization is expected to be $8.3 million and $33.3 million, respectively. In addition, for the fourth quarter of 2020 and full year 2020 stock-based compensation is expected to be $2.9 million and $6.8 million, respectively. 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.

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

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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. 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: the impact on our operations and financial condition from the effects of the current 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; risks associated with cyber-security events; the impact of reputational harm if users perceive our products as the cause of device failure; 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 meet service-level commitments under our subscription agreements; 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 AWS; 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 potential acquisitions and divestitures, including, but not limited to, disruptions to ongoing operations; diversions of management from day-to-day responsibilities; adverse impacts on our financial condition; failure of an acquired business to further our strategy; uncertainty of synergies; personnel issues; resulting lawsuits and issues unidentified in diligence processes; 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; the impact of real or perceived errors, failures or bugs in our products; the impact of interruptions or performance problems associated with our technology or infrastructure; our ability to attract and retain highly qualified personnel; risks associated with competitive challenges faced by our customers; the impact of statutory and regulatory determinations on our offerings to governmental entities; 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 impact of any catastrophic events; and, risks associated with our financial results or difficulty in predicting our financial results due to our revenue recognition. Given these factors, as well as other variables that may affect Jamf’s 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

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statements included in this press release and on the related teleconference call relate only to events as of the date hereof. Jamf undertakes 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: www.jamf.com.

Investor Contact:

Jennifer Gaumond

ir@jamf.com

Media Contact:

Rachel Nauen

media@jamf.com

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Jamf Holding Corp.

Consolidated Balance Sheets

(In thousands)

September 30, 

December 31, 

    

2020

    

2019

(unaudited)

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

177,457

$

32,433

Trade accounts receivable, net of allowances of $513 and $200

 

64,151

 

46,513

Income taxes receivable

 

672

 

14

Deferred contract costs

 

8,528

 

5,553

Prepaid expenses

 

16,565

 

10,935

Other current assets

 

764

 

3,133

Total current assets

 

268,137

 

98,581

Equipment and leasehold improvements, net

 

10,934

 

12,477

Goodwill

 

539,818

 

539,818

Other intangible assets, net

 

210,120

 

235,099

Deferred contract costs

 

23,433

 

16,234

Other assets

 

2,842

 

2,599

Total assets

$

1,055,284

$

904,808

Liabilities and stockholders' equity

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable

$

6,672

$

3,684

Accrued liabilities

 

21,521

 

26,927

Income taxes payable

 

1,294

 

819

Deferred revenues

 

151,532

 

120,089

Total current liabilities

 

181,019

 

151,519

Deferred revenues, noncurrent

 

36,706

 

20,621

Deferred tax liability

 

12,774

 

18,133

Debt

 

 

201,319

Other liabilities

 

9,399

 

9,338

Total liabilities

 

239,898

 

400,930

Commitments and contingencies

 

  

 

  

Stockholders' equity:

 

  

 

  

Preferred stock

Common stock

 

117

 

103

Additional paid-in capital

 

894,056

 

568,756

Accumulated deficit

 

(78,787)

 

(64,981)

Total stockholders' equity

 

815,386

 

503,878

Total liabilities and stockholders' equity

$

1,055,284

$

904,808

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Jamf Holding Corp.

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Revenue:

Subscription

$

57,933

$

41,916

$

160,989

$

112,872

Services

 

3,605

 

5,234

 

10,066

 

14,529

License

 

8,866

 

7,418

 

21,970

 

19,605

Total revenue

 

70,404

 

54,568

 

193,025

 

147,006

Cost of revenue:

 

  

 

  

 

  

 

  

Cost of subscription(1) (exclusive of amortization shown below)

 

10,117

 

8,045

 

28,127

 

22,425

Cost of services(1) (exclusive of amortization shown below)

 

2,443

 

3,397

 

7,736

 

10,589

Amortization expense

 

2,679

 

2,634

 

8,034

 

7,588

Total cost of revenue

 

15,239

 

14,076

 

43,897

 

40,602

Gross profit

 

55,165

 

40,492

 

149,128

 

106,404

Operating expenses:

 

  

 

  

 

  

 

  

Sales and marketing(1)

 

23,251

 

16,962

 

65,735

 

48,850

Research and development(1)

 

12,736

 

10,919

 

37,282

 

29,453

General and administrative(1)

 

13,921

 

6,779

 

31,813

 

21,576

Amortization expense

 

5,633

 

5,627

 

16,941

 

16,886

Total operating expenses

 

55,541

 

40,287

 

151,771

 

116,765

Income (loss) from operations

 

(376)

 

205

 

(2,643)

 

(10,361)

Interest expense, net

 

(1,207)

 

(5,473)

 

(10,675)

 

(16,425)

Loss on extinguishment of debt

(5,213)

(5,213)

Foreign currency transaction loss

 

(154)

 

(861)

 

(471)

 

(1,311)

Other income, net

 

 

55

 

91

 

165

Loss before income tax benefit

 

(6,950)

 

(6,074)

 

(18,911)

 

(27,932)

Income tax benefit

 

1,857

 

1,404

 

5,105

 

6,581

Net loss

$

(5,093)

$

(4,670)

$

(13,806)

$

(21,351)

Net loss per share, basic and diluted

$

(0.04)

$

(0.05)

$

(0.13)

$

(0.21)

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

 

113,203,074

 

102,791,023

 

106,333,836

 

102,727,198


(1) Includes stock-based compensation as follows:

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Cost of revenue:

 

  

 

  

 

  

 

  

Subscription

$

314

$

38

$

390

$

156

Services

 

62

 

 

62

 

Sales and marketing

 

675

 

112

 

897

 

348

Research and development

 

523

 

99

 

821

 

284

General and administrative

 

754

 

349

 

1,733

 

1,028

$

2,328

$

598

$

3,903

$

1,816

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Jamf Holding Corp.

Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

Nine Months Ended

September 30, 

    

2020

    

2019

Cash flows from operating activities

 

  

 

  

Net loss

$

(13,806)

$

(21,351)

Adjustments to reconcile net loss to cash provided by (used in) operating activities:

 

  

 

  

Depreciation and amortization expense

 

28,378

 

27,437

Amortization of deferred contract costs

 

6,705

 

4,463

Amortization of debt issuance costs

 

700

 

843

Provision for bad debt expense and returns

 

894

 

Loss (gain) on disposal of equipment and leasehold improvements

 

(23)

 

(11)

Loss on extinguishment of debt

5,213

Share-based compensation

 

3,903

 

1,816

Deferred taxes

 

(5,357)

 

(6,867)

Adjustment to contingent consideration

 

(3,100)

 

Changes in operating assets and liabilities:

 

Trade accounts receivable

 

(18,332)

 

(13,046)

Income tax receivable/payable

 

(183)

 

(246)

Prepaid expenses and other assets

 

(4,699)

 

(4,888)

Deferred contract costs

 

(16,879)

 

(12,684)

Accounts payable

 

3,145

 

(836)

Accrued liabilities

 

(4,207)

 

1,151

Deferred revenue

 

47,528

 

29,597

Other liabilities

 

3,161

 

(11)

Net cash provided by operating activities

 

33,041

 

5,367

Cash flows from investing activities

 

  

 

  

Acquisition, net of cash acquired

 

 

(40,173)

Purchases of equipment and leasehold improvements

 

(1,836)

 

(6,164)

Net cash used in investing activities

 

(1,836)

 

(46,337)

Cash flows from financing activities

 

  

 

  

Proceeds from debt

 

 

40,000

Debt issuance costs

 

(1,264)

 

(1,550)

Payment of debt

(205,000)

(4,750)

Payment of debt extinguishment costs

(2,050)

Proceeds from initial public offering, net of underwriting discounts and commissions

326,316

Cash paid for offering costs

 

(6,601)

 

Proceeds from private placement

2,233

Proceeds from the exercise of stock options

 

185

 

820

Net cash provided by financing activities

 

113,819

 

34,520

Net increase (decrease) in cash

 

145,024

 

(6,450)

Cash, beginning of period

 

32,433

 

39,240

Cash, end of period

$

177,457

$

32,790

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Jamf Holding Corp.

Supplemental Financial Information

Disaggregated Revenues

(In thousands)

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

SaaS subscription and support and maintenance

$

57,933

$

41,916

$

160,989

$

112,872

On-premise subscription

 

7,849

 

5,135

 

18,159

 

12,224

Recurring revenue

 

65,782

 

47,051

 

179,148

 

125,096

Perpetual licenses

 

1,017

 

2,283

 

3,811

 

7,381

Professional services

 

3,605

 

5,234

 

10,066

 

14,529

Non-recurring revenue

 

4,622

 

7,517

 

13,877

 

21,910

Total revenue

$

70,404

$

54,568

$

193,025

$

147,006

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Jamf Holding Corp.

Supplemental Financial Information

Reconciliation of GAAP to non-GAAP Financial Data

(In thousands, except share and per share amounts)

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Operating expenses

$

55,541

$

40,287

$

151,771

$

116,765

Amortization expense

 

(5,633)

 

(5,627)

 

(16,941)

 

(16,886)

Stock-based compensation

 

(1,952)

 

(560)

 

(3,451)

 

(1,660)

Acquisition-related expense

 

(1,092)

 

(488)

 

(4,328)

 

(1,392)

Acquisition-related earnout

 

(600)

 

 

3,100

 

Non-GAAP Operating Expenses

$

46,264

$

33,612

$

130,151

$

96,827

Three Months Ended

Nine Months Ended

 

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

 

Gross profit

$

55,165

$

40,492

$

149,128

$

106,404

Amortization expense

 

2,679

 

2,634

 

8,034

 

7,588

Stock-based compensation

 

376

 

38

 

452

 

156

Non-GAAP Gross Profit

$

58,220

$

43,164

$

157,614

$

114,148

Non-GAAP Gross Profit Margin

 

83

%  

 

79

%  

 

82

%  

 

78

%

Three Months Ended

Nine Months Ended

 

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

 

Operating income (loss)

$

(376)

$

205

$

(2,643)

$

(10,361)

Stock-based compensation

 

2,328

 

598

 

3,903

 

1,816

Acquisition-related expense

 

1,092

 

488

 

4,328

 

1,392

Amortization expense

 

8,312

 

8,261

 

24,975

 

24,474

Acquisition-related earnout

 

600

 

 

(3,100)

 

Non-GAAP Operating Income

$

11,956

$

9,552

$

27,463

$

17,321

Non-GAAP Operating Income Margin

 

17

%  

 

18

%  

 

14

%  

 

12

%

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Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Net loss

$

(5,093)

$

(4,670)

$

(13,806)

$

(21,351)

Stock-based compensation

 

2,328

 

598

 

3,903

 

1,816

Acquisition-related expense

 

1,092

 

488

 

4,328

 

1,392

Amortization expense

 

8,312

 

8,261

 

24,975

 

24,474

Acquisition-related earnout

 

600

 

 

(3,100)

 

Loss on extinguishment of debt

5,213

5,213

Foreign currency transaction loss

 

154

 

861

 

471

 

1,311

Discrete tax items

 

(1,389)

 

42

 

(1,599)

 

66

Benefit for income taxes(1)

 

(3,050)

 

(2,494)

 

(7,470)

 

(7,083)

Non-GAAP Net Income

$

8,167

$

3,086

$

12,915

$

625

Net loss per share:

 

  

 

  

 

  

 

  

Basic

$

(0.04)

$

(0.05)

$

(0.13)

$

(0.21)

Diluted

$

(0.04)

$

(0.05)

$

(0.13)

$

(0.21)

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

 

  

 

  

 

  

 

  

Basic

 

113,203,074

 

102,791,023

 

106,333,836

 

102,727,198

Diluted

 

113,203,074

 

102,791,023

 

106,333,836

 

102,727,198

Non-GAAP Net Income per Share:

 

  

 

  

 

  

 

  

Basic

$

0.07

$

0.03

$

0.12

$

0.01

Diluted

$

0.07

$

0.03

$

0.12

$

0.01

Weighted-average shares used in computing Non-GAAP Net Income per Share:

 

  

 

  

 

  

 

  

Basic

 

113,203,074

 

102,791,023

 

106,333,836

 

102,727,198

Diluted

 

116,688,193

 

104,600,602

 

109,188,051

 

103,701,743


(1) The related tax effects of the adjustments to Non-GAAP Net Income were calculated using the respective statutory tax rates for applicable jurisdictions, which is not materially different from our annual effective tax rate of approximately 25%.

Three Months Ended

Nine Months Ended

 

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

 

Net cash provided by operating activities

$

23,608

$

15,086

$

33,041

$

5,367

Add:

 

  

 

  

 

  

 

  

Cash paid for interest

 

3,385

 

5,217

 

12,647

 

15,785

Cash paid for acquisition-related expense

 

1,700

 

488

 

3,300

 

1,392

Less:

 

  

 

 

  

 

  

Purchases of equipment and leasehold improvements

 

(494)

 

(2,845)

 

(1,836)

 

(6,164)

Unlevered free cash flow

$

28,199

$

17,946

$

47,152

$

16,380

Unlevered free cash flow margin

 

40

%  

 

33

%  

 

24

%  

 

11

%

11