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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): March 4, 2021

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 March 4, 2021, Jamf Holding Corp. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2020. In the press release, the Company also announced that it will hold a conference call on March 4, 2021 to discuss its financial results for the quarter and year ended December 31, 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 March 4, 2021

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: March 4, 2021

By:

/s/ Jeff Lendino

Name:

Jeff Lendino

Title:

Chief Legal Officer

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Exhibit 99.1

Jamf Announces Fourth Quarter and Fiscal Year 2020 Financial Results

Q4 total revenue grew 34% year-over-year to $76.4 million; fiscal year total revenue grew 32% to $269.5 million

·

Q4 recurring revenue grew 40% year-over-year to $70.0 million; fiscal year recurring revenue grew 42% to $249.2 million

ARR grew 37% year-over-year to $285.3 million as of December 31, 2020

MINNEAPOLIS, MN – March 4, 2021 – Jamf (NASDAQ: JAMF), the standard in Apple Enterprise Management, today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

Fourth Quarter 2020 Financial Highlights:

ARR: ARR increased 37% year-over-year to $285.3 million as of December 31, 2020.
Revenue: Total revenue was $76.4 million, an increase of 34% year-over-year. Recurring revenue was $70.0 million, an increase of 40% year-over-year.
Gross Profit: GAAP gross profit was $59.5 million, or 78% of total revenue, compared to $41.6 million, or 73% of total revenue, in the fourth quarter of 2019. Non-GAAP Gross Profit was $62.7 million, or 82% of total revenue, compared to $44.3 million, or 78% of total revenue, in the fourth quarter of 2019.
Operating Loss/Income: GAAP operating loss was $11.9 million, compared to $9.9 million in the fourth quarter of 2019. Non-GAAP Operating Income was $3.0 million, or 4% of total revenue, compared to Non-GAAP Operating Loss of $0.8 million in the fourth quarter of 2019.
Cash Flow: Cash flow provided by operations was $19.7 million, compared to $6.5 million in the fourth quarter of 2019. Unlevered free cash flow was $19.1 million, or 25% of total revenue, compared to $10.4 million, or 18% of total revenue in the fourth quarter of 2019.

Fiscal Year 2020 Financial Highlights:

Revenue: Total revenue was $269.5 million, an increase of 32% year-over-year. Recurring revenue was $249.2 million, an increase of 42% year-over-year.
Gross Profit: GAAP gross profit was $208.7 million, or 77% of total revenue, compared to $148.0 million, or 73% of total revenue, in fiscal year 2019. Non-GAAP Gross Profit was $220.3 million, or 82% of total revenue, compared to $158.5 million, or 78% of total revenue, in fiscal year 2019.

·

Operating Loss/Income: GAAP operating loss was $14.5 million, compared to $20.3 million in fiscal year 2019. Non-GAAP Operating Income was $30.4 million, or 11% of total revenue, compared to $16.5 million, or 8% of total revenue in fiscal year 2019.

Cash Flow: Cash flow provided by operations was $52.7 million, compared to $11.9 million in fiscal year 2019. Unlevered free cash flow was $66.2 million, or 25% of total revenue, compared to $26.8 million, or 13% of total revenue in fiscal year 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 finished 2020 with high growth across every product, geography, and the top 10 industries we serve, demonstrating the strength and diversity of our platform,” said Dean Hager, CEO of Jamf. “As we look to 2021, we’ll continue to expand the breadth and depth of our Apple Enterprise Management platform to enhance our value to customers and accelerate further penetration of Apple in the enterprise.”


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Recent Business Highlights:

Achieved our goal of powering 20 million Apple devices by the end of 2020, a goal we set in 2015.  We ended the year with 20.4 million Apple devices on our platform across more than 47,000 customers.

·

Awarded two U.S. patents for innovative workflow solutions, Jamf Setup and Jamf Reset, and Virtual Visits.

Expanded education offering with several new capabilities in Jamf School, including an enhanced Jamf Teacher app allowing teachers to use a Mac to manage student iPads, as well as enhanced student connectivity with batch activation capabilities for cellular-enabled student iPad devices, ensuring student equity is improved from the moment the iPad is activated.
Enhanced security offerings via Jamf Protect with new audit logging capabilities and a customer-facing API, allowing customers to access Jamf Protect data on-demand and to make changes right within the app.

·

Completed the acquisition of the assets of cmdSecurity, a suite of security and compliance tools purpose-built for macOS, extending the security capabilities of our platform.

·

Expanded the availability of Jamf business plan, originally launched in Q4 to new customers, to current customers in February 2021.

·

Received certification as a “Great Place to Work®,” with employee experience statistics well ahead of the averages for U.S.-based companies, including 96% of employees indicating they are proud to work at Jamf.

Financial Outlook:

For the first quarter of fiscal year 2021, the company currently expects:

·

Total revenue of $76 to $77 million

·

Non-GAAP Operating Income of $6 to $7 million

For the full year 2021, the company currently expects:

·

Total revenue of $330 to $336 million

·

Non-GAAP Operating Income of $27 to $31 million

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 March 4, 2021. 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, March 11, 2021. To access the replay, parties should dial (855) 859-2056, or (404) 537-3406 and enter the passcode 7943058#.

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, costs associated with our secondary offering, 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. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the company’s financial statements. In addition, they are subject to inherent


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limitations as they reflect the exercise of judgment by the company's 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 review our consolidated financial statements included in publicly filed reports in their entirety and not rely solely on any single financial measurement or communication.

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 earn-out, costs associated with our secondary offering, amortization and stock-based compensation. 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. However, for the first quarter of 2021 and full year 2021 amortization is expected to be approximately $8.4 million and $33.8 million, respectively. In addition, for the first quarter of 2021 and full year 2021 stock-based compensation is expected to be approximately $3 million and $54 million, respectively.

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. 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; 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 Amazon Web Services; 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; 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; our ability to develop and expand our marketing and sales capabilities; the risks associated with sales to new and existing enterprise customers; 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


Graphic

experience managing a public company; the impact of any catastrophic events; the impact of global economic conditions; risks associated with cyber-security events; 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; 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; and the risks associated with our use of open source software in our products.

Additional information concerning these and other factors can be found in the company’s filings with the Securities and Exchange Commission. 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 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:

Aleena Kaleem

media@jamf.com


Graphic

Jamf Holding Corp.

Consolidated Balance Sheets

(In thousands)

(unaudited)

December 31,

December 31,

    

2020

    

2019

Assets

Current assets:

Cash and cash equivalents

$

194,868

$

32,433

Trade accounts receivable, net of allowances of $530 and $200

69,056

46,513

Income taxes receivable

632

14

Deferred contract costs

9,959

5,553

Prepaid expenses

13,283

10,935

Other current assets

1,113

3,133

Total current assets

288,911

98,581

Equipment and leasehold improvements, net

12,755

12,477

Goodwill

541,480

539,818

Other intangible assets, net

202,878

235,099

Deferred contract costs

26,770

16,234

Other assets

5,359

2,599

Total assets

$

1,078,153

$

904,808

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

6,967

$

3,684

Accrued liabilities

31,574

26,927

Income taxes payable

713

819

Deferred revenues

160,443

120,089

Total current liabilities

199,697

151,519

Deferred revenues, noncurrent

45,507

20,621

Deferred tax liability, net

6,422

18,133

Debt

201,319

Other liabilities

11,046

9,338

Total liabilities

262,672

400,930

Commitments and contingencies

Stockholders’ equity:

Preferred stock

Common stock

117

103

Additional paid‑in capital

903,116

568,756

Accumulated deficit

(87,752)

(64,981)

Total stockholders’ equity

815,481

503,878

Total liabilities and stockholders’ equity

$

1,078,153

$

904,808


Graphic

Jamf Holding Corp.

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(unaudited)

   

Three Months Ended December 31,

   

Years Ended December 31,

   

2020 

   

2019 

   

2020 

   

2019 

Revenue:

Subscription

$

70,044

$

50,093

$

249,192

$

175,189

Services

4,459

4,479

14,525

19,008

License

1,923

2,449

5,734

9,830

Total revenue

76,426

57,021

269,451

204,027

Cost of revenue:

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

11,196

9,114

39,323

31,539

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

2,976

3,635

10,712

14,224

Amortization expense

2,719

2,678

10,753

10,266

Total cost of revenue

16,891

15,427

60,788

56,029

Gross profit

59,535

41,594

208,663

147,998

Operating expenses:

Sales and marketing(1)

30,516

22,156

96,251

71,006

Research and development(1)

15,149

13,376

52,431

42,829

General and administrative(1)

20,091

10,427

51,904

32,003

Amortization expense

5,634

5,530

22,575

22,416

Total operating expenses

71,390

51,489

223,161

168,254

Loss from operations

(11,855)

(9,895)

(14,498)

(20,256)

Interest expense, net

(66)

(4,998)

(10,741)

(21,423)

Loss on extinguishment of debt

(5,213)

Foreign currency transaction gain (loss)

(251)

59

(722)

(1,252)

Other income, net

55

91

220

Loss before income tax benefit

(12,172)

(14,779)

(31,083)

(42,711)

Income tax benefit

3,207

3,530

8,312

10,111

Net loss

$

(8,965)

$

(11,249)

$

(22,771)

$

(32,600)

Net loss per share, basic and diluted

$

(0.08)

$

(0.11)

$

(0.21)

$

(0.32)

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

116,647,340

102,825,965

108,908,597

102,752,092


(1) Includes stock-based compensation as follows:

Three Months Ended December 31,

Years Ended December 31,

   

2020

   

2019

   

2020

   

2019

Cost of revenue:

Subscription

$

342

$

38

$

732

$

194

Services

77

139

Sales and marketing

851

112

1,748

460

Research and development

712

110

1,533

394

General and administrative

858

385

2,591

1,413

$

2,840

$

645

$

6,743

$

2,461


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Jamf Holding Corp.

Consolidated Statements of Cash Flows

(In thousands)

(unaudited)

Years Ended December 31,

2020

2019

Cash flows from operating activities

Net loss

$

(22,771)

$

(32,600)

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

Depreciation and amortization expense

38,168

36,807

Amortization of deferred contract costs

9,647

6,250

Amortization of debt issuance costs

773

1,120

Provision for bad debt expense and returns

1,024

279

Loss (gain) on disposal of equipment and leasehold improvements

(29)

(17)

Loss on extinguishment of debt

5,213

Share‑based compensation

6,743

2,461

Deferred tax benefit

(8,675)

(11,247)

Adjustment to contingent consideration

(1,000)

200

Other

(263)

Changes in operating assets and liabilities:

Trade accounts receivable

(23,170)

(14,741)

Income tax receivable/payable

(766)

559

Prepaid expenses and other assets

(4,119)

(4,585)

Deferred contract costs

(24,589)

(17,050)

Deferred taxes

145

Accounts payable

3,888

1,138

Accrued liabilities

5,501

6,390

Deferred revenue

65,125

36,998

Other liabilities

1,898

(58)

Net cash provided by operating activities

52,743

11,904

Cash flows from investing activities

Acquisition, net of cash acquired

(2,512)

(40,173)

Purchases of equipment and leasehold improvements

(4,368)

(7,190)

Proceeds from sale of equipment and leasehold improvements

4

Net cash used in investing activities

(6,876)

(47,363)

Cash flows from financing activities

Proceeds from debt

40,000

Debt issuance costs

(1,264)

(1,550)

Payment of debt

(205,000)

(10,000)

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

(7,256)

(721)

Proceeds from private placement

2,233

Proceeds from the exercise of stock options

2,985

923

Net cash provided by financing activities

115,964

28,652

Effect of exchange rate changes on cash and cash equivalents

604

Net increase (decrease) in cash and cash equivalents

162,435

(6,807)

Cash and cash equivalents, beginning of period

32,433

39,240

Cash and cash equivalents, end of period

$

194,868

$

32,433


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Jamf Holding Corp.

Supplemental Financial Information

Disaggregated Revenues

(In thousands)

(unaudited)

Three Months Ended December 31,

Years Ended December 31,

    

2020

    

2019

    

2020

    

2019

SaaS subscription and support and maintenance

$

63,525

$

46,239

$

224,514

$

159,111

On‑premise subscription

6,519

3,854

24,678

16,078

Subscription revenue

70,044

50,093

249,192

175,189

Professional services

4,459

4,479

14,525

19,008

Perpetual licenses

1,923

2,449

5,734

9,830

Non-subscription revenue

6,382

6,928

20,259

28,838

Total revenue

$

76,426

$

57,021

$

269,451

$

204,027


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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 December 31,

    

Years Ended December 31,

2020 

2019 

2020 

2019 

Operating expenses

$

71,390

$

51,489

$

223,161

$

168,254

Amortization expense

(5,634)

(5,530)

(22,575)

(22,416)

Stock-based compensation

(2,421)

(607)

(5,872)

(2,267)

Acquisition-related expense

(872)

(5,200)

(1,392)

Acquisition-related earnout

(2,100)

(200)

1,000

(200)

Offering costs

(670)

(670)

Non-GAAP Operating Expenses

$

59,693

$

45,152

$

189,844

$

141,979

Three Months Ended December 31,

Years Ended December 31,

2020

2019

2020

2019

Gross profit

$

59,535

$

41,594

$

208,663

$

147,998

Amortization expense

2,719

2,678

10,753

10,266

Stock-based compensation

419

38

871

194

Non-GAAP Gross Profit

$

62,673

$

44,310

$

220,287

$

158,458

Non-GAAP Gross Profit Margin

82

78

82

78

%

Three Months Ended December 31,

Years Ended December 31,

2020

2019

2020 

2019 

Operating loss

$

(11,855)

$

(9,895)

$

(14,498)

$

(20,256)

Amortization expense

8,353

8,208

33,328

32,682

Stock-based compensation

2,840

645

6,743

2,461

Acquisition-related expense

872

5,200

1,392

Acquisition-related earnout

2,100

200

(1,000)

200

Offering costs

670

670

Non-GAAP Operating Income (Loss)

$

2,980

$

(842)

$

30,443

$

16,479

Non-GAAP Operating Income Margin

4

%  

-1

%  

11

%  

8

%


Graphic

Three Months Ended December 31,

Years Ended December 31,

2020

2019

2020

2019

Net loss

$

(8,965)

$

(11,249)

$

(22,771)

$

(32,600)

Amortization expense

8,353

8,208

33,328

32,682

Stock-based compensation

2,840

645

6,743

2,461

Foreign currency transaction loss (gain)

251

(59)

722

1,252

Loss on extinguishment of debt

5,213

Acquisition-related expense

872

5,200

1,392

Acquisition-related earnout

2,100

200

(1,000)

200

Offering costs

670

670

Discrete tax items

(1,338)

(13)

(2,937)

53

Benefit for income taxes(1)

(2,323)

(2,197)

(9,793)

(9,280)

Non-GAAP Net Income (Loss)

$

2,460

$

(4,465)

$

15,375

$

(3,840)

Net loss per share:

Basic

$

(0.08)

$

(0.11)

$

(0.21)

$

(0.32)

Diluted

$

(0.08)

$

(0.11)

$

(0.21)

$

(0.32)

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

Basic

116,647,340

102,825,965

108,908,597

102,752,092

Diluted

116,647,340

102,825,965

108,908,597

102,752,092

Non-GAAP Net Income (Loss) per Share:

Basic

$

0.02

$

(0.04)

$

0.14

$

(0.04)

Diluted

$

0.02

$

(0.04)

$

0.14

$

(0.04)

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

Basic

116,647,340

102,825,965

108,908,597

102,752,092

Diluted

120,069,893

102,825,965

111,868,920

102,752,092


(1) With exception of the fourth quarter of 2020, the related tax effects of the adjustments to Non-GAAP Net Income (Loss) were calculated using the respective statutory tax rates for applicable jurisdictions, which was not materially different from our annual effective tax rate of approximately 25%. In the fourth quarter of 2020, our annual effective tax rate was impacted by changes in valuation allowance and foreign currencies. Therefore, we used the annual effective tax rate of 15.4% in the fourth quarter of 2020 as this was materially different than our statutory rate.

Three Months Ended December 31,

Years Ended December 31,

2020 

2019 

2020 

2019 

Net cash provided by operating activities

$

19,702

$

6,537

$

52,743

$

11,904

Add:

Cash paid for interest

2

4,908

12,649

20,693

Cash paid for acquisition-related expense

1,900

5,200

1,392

Less:

Purchases of equipment and leasehold improvements

(2,532)

(1,026)

(4,368)

(7,190)

Unlevered free cash flow

$

19,072

$

10,419

$

66,224

$

26,799

Unlevered free cash flow margin

25

%  

18

%  

25

%  

13

%