|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
7372
(Primary Standard Industrial
Classification Code Number) |
| |
82-3031543
(I.R.S. Employer
Identification No.) |
|
|
Robert M. Hayward, P.C.
Robert E. Goedert, P.C. Alexander M. Schwartz Kirkland & Ellis LLP 300 North LaSalle Chicago, Illinois 60654 (312) 862-2000 |
| |
Michael Kaplan
Marcel R. Fausten Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 (212) 450-4000 |
|
| Large accelerated filer ☐ | | | Accelerated Filer ☐ | | | Non-accelerated filer ☒ | | |
Smaller Reporting Company ☐
Emerging Growth Company ☒ |
|
| | |||||||||||||||||||||||||
Title of Each Class of Securities
to be Registered |
| | |
Amount to be
Registered(1) |
| | |
Proposed Maximum
Offering Price Per Share(2) |
| | |
Proposed Maximum
Aggregate Offering Price(1)(2) |
| | |
Amount of
Registration Fee |
| |||||||||
Common Stock, par value $0.001 per share
|
| | | | | | | | $ | | | | | | $ | | | | | | $ | | |
| | |
Page
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Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | | | | | | | |
Subscription
|
| | | $ | 249,192 | | | | | $ | 175,189 | | | | | $ | 113,040 | | |
Services
|
| | | | 14,525 | | | | | | 19,008 | | | | | | 20,206 | | |
License
|
| | | | 5,734 | | | | | | 9,830 | | | | | | 13,316 | | |
Total revenue
|
| | | | 269,451 | | | | | | 204,027 | | | | | | 146,562 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Cost of subscription(1)(2) (exclusive of amortization expense shown below)
|
| | | | 39,323 | | | | | | 31,539 | | | | | | 24,088 | | |
Cost of services(1)(2) (exclusive of amortization expense shown below)
|
| | | | 10,712 | | | | | | 14,224 | | | | | | 16,246 | | |
Amortization expense
|
| | | | 10,753 | | | | | | 10,266 | | | | | | 8,969 | | |
Total cost of revenue
|
| | | | 60,788 | | | | | | 56,029 | | | | | | 49,303 | | |
Gross profit
|
| | | | 208,663 | | | | | | 147,998 | | | | | | 97,259 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | |
Sales and marketing(1)(2)
|
| | | | 96,251 | | | | | | 71,006 | | | | | | 51,976 | | |
Research and development(1)(2)
|
| | | | 52,431 | | | | | | 42,829 | | | | | | 31,515 | | |
General and administrative(1)(2)(3)
|
| | | | 51,904 | | | | | | 32,003 | | | | | | 22,270 | | |
Amortization expense
|
| | | | 22,575 | | | | | | 22,416 | | | | | | 21,491 | | |
Total operating expenses
|
| | | | 223,161 | | | | | | 168,254 | | | | | | 127,252 | | |
Loss from operations
|
| | | | (14,498) | | | | | | (20,256) | | | | | | (29,993) | | |
Interest expense, net
|
| | | | (10,741) | | | | | | (21,423) | | | | | | (18,203) | | |
Loss on extinguishment of debt
|
| | | | (5,213) | | | | | | — | | | | | | — | | |
Foreign currency transaction gain (loss)
|
| | | | (722) | | | | | | (1,252) | | | | | | (418) | | |
Other income, net
|
| | | | 91 | | | | | | 220 | | | | | | 221 | | |
Loss before income tax benefit
|
| | | | (31,083) | | | | | | (42,711) | | | | | | (48,393) | | |
Income tax benefit
|
| | | | 8,312 | | | | | | 10,111 | | | | | | 12,137 | | |
Net loss
|
| | | $ | (22,771) | | | | | $ | (32,600) | | | | | $ | (36,256) | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands, except share and per share amounts)
|
| |||||||||||||||
Per Share Data:(4) | | | | | | | | | | | | | | | | | | | |
Net loss per share:
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | (0.21) | | | | | $ | (0.32) | | | | | $ | (0.35) | | |
Diluted
|
| | | $ | (0.21) | | | | | $ | (0.32) | | | | | $ | (0.35) | | |
Weighted average shared used in computing net loss per share:
|
| | | | | | | | | | | | | | | | | | |
Basic
|
| | | | 108,908,597 | | | | | | 102,752,092 | | | | | | 102,325,465 | | |
Diluted
|
| | | | 108,908,597 | | | | | | 102,752,092 | | | | | | 102,325,465 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Consolidated Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | |
Net cash provided by operating activities
|
| | | $ | 52,743 | | | | | $ | 11,904 | | | | | $ | 9,360 | | |
Net cash used in investing activities
|
| | | | (6,876) | | | | | | (47,363) | | | | | | (5,802) | | |
Net cash provided by financing activities
|
| | | | 115,964 | | | | | | 28,652 | | | | | | 1,770 | | |
Non-GAAP Financial Data (unaudited): | | | | | |||||||||||||||
Non-GAAP Gross Profit(5)
|
| | | $ | 220,287 | | | | | $ | 158,458 | | | | | $ | 106,453 | | |
Non-GAAP Operating Income(6)
|
| | | | 30,443 | | | | | | 16,479 | | | | | | 2,940 | | |
Adjusted EBITDA(7)
|
| | | | 35,374 | | | | | | 20,824 | | | | | | 6,615 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Subscription
|
| | | $ | 732 | | | | | $ | 194 | | | | | $ | 225 | | |
Services
|
| | | | 139 | | | | | | — | | | | | | — | | |
Sales and marketing
|
| | | | 1,748 | | | | | | 460 | | | | | | 529 | | |
Research and development
|
| | | | 1,533 | | | | | | 394 | | | | | | 239 | | |
General and administrative
|
| | | | 2,591 | | | | | | 1,413 | | | | | | 1,322 | | |
| | | | $ | 6,743 | | | | | $ | 2,461 | | | | | $ | 2,315 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | |
Subscription
|
| | | $ | 917 | | | | | $ | 846 | | | | | $ | 745 | | |
Services
|
| | | | 193 | | | | | | 232 | | | | | | 285 | | |
Sales and marketing
|
| | | | 1,829 | | | | | | 1,582 | | | | | | 1,238 | | |
Research and development
|
| | | | 1,067 | | | | | | 1,052 | | | | | | 905 | | |
General and administrative
|
| | | | 834 | | | | | | 413 | | | | | | 281 | | |
| | | | $ | 4,840 | | | | | $ | 4,125 | | | | | $ | 3,454 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
General and administrative
|
| | | $ | 5,200 | | | | | $ | 1,392 | | | | | $ | 158 | | |
| | |
December 31,
2020 |
| |||
| | |
(in thousands)
|
| |||
Consolidated Balance Sheet Data (at end of period): | | | | | | | |
Cash and cash equivalents
|
| | | $ | 194,868 | | |
Working capital(a)
|
| | | | 89,214 | | |
Total assets
|
| | | | 1,078,153 | | |
Deferred revenues
|
| | | | 205,950 | | |
Debt
|
| | | | — | | |
Total liabilities
|
| | | | 262,672 | | |
Total stockholders’ equity
|
| | | | 815,481 | | |
| | |
For the Three Months Ended,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| |
December 31,
2018 |
| |
September 30,
2018 |
| |
June 30,
2018 |
| |
March 31,
2018 |
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statement of Operations Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subscription
|
| | | $ | 70,044 | | | | | $ | 65,782 | | | | | $ | 58,748 | | | | | $ | 54,618 | | | | | $ | 50,093 | | | | | $ | 47,051 | | | | | $ | 41,264 | | | | | $ | 36,781 | | | | | $ | 33,125 | | | | | $ | 31,244 | | | | | $ | 26,454 | | | | | $ | 22,217 | | |
Services
|
| | | | 4,459 | | | | | | 3,605 | | | | | | 2,451 | | | | | | 4,010 | | | | | | 4,479 | | | | | | 5,234 | | | | | | 4,794 | | | | | | 4,501 | | | | | | 5,332 | | | | | | 5,510 | | | | | | 4,970 | | | | | | 4,394 | | |
License
|
| | | | 1,923 | | | | | | 1,017 | | | | | | 1,032 | | | | | | 1,762 | | | | | | 2,449 | | | | | | 2,283 | | | | | | 2,252 | | | | | | 2,846 | | | | | | 3,440 | | | | | | 2,539 | | | | | | 3,183 | | | | | | 4,154 | | |
Total revenue
|
| | | | 76,426 | | | | | | 70,404 | | | | | | 62,231 | | | | | | 60,390 | | | | | | 57,021 | | | | | | 54,568 | | | | | | 48,310 | | | | | | 44,128 | | | | | | 41,897 | | | | | | 39,293 | | | | | | 34,607 | | | | | | 30,765 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of subscription(1) (exclusive
of amortization expense shown below) |
| | | | 11,196 | | | | | | 10,117 | | | | | | 8,762 | | | | | | 9,248 | | | | | | 9,114 | | | | | | 8,045 | | | | | | 7,423 | | | | | | 6,957 | | | | | | 6,519 | | | | | | 6,264 | | | | | | 5,752 | | | | | | 5,553 | | |
Cost of services(1) (exclusive of amortization expense shown below)
|
| | | | 2,976 | | | | | | 2,443 | | | | | | 2,207 | | | | | | 3,086 | | | | | | 3,635 | | | | | | 3,397 | | | | | | 3,549 | | | | | | 3,643 | | | | | | 3,811 | | | | | | 4,097 | | | | | | 4,110 | | | | | | 4,228 | | |
Amortization expense
|
| | | | 2,719 | | | | | | 2,679 | | | | | | 2,678 | | | | | | 2,677 | | | | | | 2,678 | | | | | | 2,634 | | | | | | 2,513 | | | | | | 2,441 | | | | | | 2,298 | | | | | | 2,231 | | | | | | 2,220 | | | | | | 2,220 | | |
Total cost of revenue
|
| | | | 16,891 | | | | | | 15,239 | | | | | | 13,647 | | | | | | 15,011 | | | | | | 15,427 | | | | | | 14,076 | | | | | | 13,485 | | | | | | 13,041 | | | | | | 12,628 | | | | | | 12,592 | | | | | | 12,082 | | | | | | 12,001 | | |
Gross profit
|
| | | | 59,535 | | | | | | 55,165 | | | | | | 48,584 | | | | | | 45,379 | | | | | | 41,594 | | | | | | 40,492 | | | | | | 34,825 | | | | | | 31,087 | | | | | | 29,269 | | | | | | 26,701 | | | | | | 22,525 | | | | | | 18,764 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales and marketing(1)
|
| | | | 30,516 | | | | | | 23,251 | | | | | | 20,202 | | | | | | 22,282 | | | | | | 22,156 | | | | | | 16,962 | | | | | | 16,612 | | | | | | 15,276 | | | | | | 15,500 | | | | | | 13,298 | | | | | | 12,554 | | | | | | 10,624 | | |
Research and development(1)
|
| | | | 15,149 | | | | | | 12,736 | | | | | | 11,929 | | | | | | 12,617 | | | | | | 13,376 | | | | | | 10,919 | | | | | | 9,491 | | | | | | 9,043 | | | | | | 8,375 | | | | | | 7,902 | | | | | | 7,540 | | | | | | 7,698 | | |
General and administrative(1)
|
| | | | 20,091 | | | | | | 13,921 | | | | | | 6,603 | | | | | | 11,289 | | | | | | 10,427 | | | | | | 6,779 | | | | | | 7,534 | | | | | | 7,263 | | | | | | 6,743 | | | | | | 5,164 | | | | | | 5,063 | | | | | | 5,300 | | |
Amortization expense
|
| | | | 5,634 | | | | | | 5,633 | | | | | | 5,634 | | | | | | 5,674 | | | | | | 5,530 | | | | | | 5,627 | | | | | | 5,626 | | | | | | 5,633 | | | | | | 5,375 | | | | | | 5,372 | | | | | | 5,372 | | | | | | 5,372 | | |
Total operating expenses
|
| | | | 71,390 | | | | | | 55,541 | | | | | | 44,368 | | | | | | 51,862 | | | | | | 51,489 | | | | | | 40,287 | | | | | | 39,263 | | | | | | 37,215 | | | | | | 35,993 | | | | | | 31,736 | | | | | | 30,529 | | | | | | 28,994 | | |
Income (loss) from
operations |
| | | | (11,855) | | | | | | (376) | | | | | | 4,216 | | | | | | (6,483) | | | | | | (9,895) | | | | | | 205 | | | | | | (4,438) | | | | | | (6,128) | | | | | | (6,724) | | | | | | (5,035) | | | | | | (8,004) | | | | | | (10,230) | | |
Interest expense, net
|
| | | | (66) | | | | | | (1,207) | | | | | | (4,690) | | | | | | (4,778) | | | | | | (4,998) | | | | | | (5,473) | | | | | | (5,481) | | | | | | (5,471) | | | | | | (4,285) | | | | | | (4,738) | | | | | | (4,778) | | | | | | (4,402) | | |
Loss on extinguishment of
debt |
| | | | — | | | | | | (5,213) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Foreign currency transaction gain
(loss) |
| | | | (251) | | | | | | (154) | | | | | | (13) | | | | | | (304) | | | | | | 59 | | | | | | (861) | | | | | | (197) | | | | | | (253) | | | | | | (79) | | | | | | (94) | | | | | | (183) | | | | | | (62) | | |
Other income, net
|
| | | | — | | | | | | — | | | | | | 36 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 55 | | | | | | 56 | | | | | | 55 | | |
Loss before income tax
benefit |
| | | | (12,172) | | | | | | (6,950) | | | | | | (451) | | | | | | (11,510) | | | | | | (14,779) | | | | | | (6,074) | | | | | | (10,061) | | | | | | (11,797) | | | | | | (11,033) | | | | | | (9,812) | | | | | | (12,909) | | | | | | (14,639) | | |
Income tax benefit
|
| | | | 3,207 | | | | | | 1,857 | | | | | | 28 | | | | | | 3,220 | | | | | | 3,530 | | | | | | 1,404 | | | | | | 2,390 | | | | | | 2,787 | | | | | | 3,039 | | | | | | 2,352 | | | | | | 3,239 | | | | | | 3,507 | | |
Net loss
|
| | | $ | (8,965) | | | | | $ | (5,093) | | | | | $ | (423) | | | | | $ | (8,290) | | | | | $ | (11,249) | | | | | $ | (4,670) | | | | | $ | (7,671) | | | | | $ | (9,010) | | | | | $ | (7,994) | | | | | $ | (7,460) | | | | | $ | (9,670) | | | | | $ | (11,132) | | |
| | |
For the Three Months Ended,
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
December 31,
2020 |
| |
September 30,
2020 |
| |
June 30,
2020 |
| |
March 31,
2020 |
| |
December 31,
2019 |
| |
September 30,
2019 |
| |
June 30,
2019 |
| |
March 31,
2019 |
| |
December 31,
2018 |
| |
September 30,
2018 |
| |
June 30,
2018 |
| |
March 31,
2018 |
| ||||||||||||||||||||||||||||||||||||
| | |
(in thousands)
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Subscription
|
| | | $ | 342 | | | | | $ | 314 | | | | | $ | 38 | | | | | $ | 38 | | | | | $ | 38 | | | | | $ | 38 | | | | | $ | 55 | | | | | $ | 63 | | | | | $ | 60 | | | | | $ | 62 | | | | | $ | 59 | | | | | $ | 44 | | |
Services
|
| | | | 77 | | | | | | 62 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Sales and marketing | | | | | 851 | | | | | | 675 | | | | | | 111 | | | | | | 111 | | | | | | 112 | | | | | | 112 | | | | | | 143 | | | | | | 93 | | | | | | 202 | | | | | | 113 | | | | | | 132 | | | | | | 81 | | |
Research and development
|
| | | | 712 | | | | | | 523 | | | | | | 141 | | | | | | 157 | | | | | | 110 | | | | | | 99 | | | | | | 95 | | | | | | 90 | | | | | | (20) | | | | | | 84 | | | | | | 86 | | | | | | 89 | | |
General and administrative
|
| | | | 858 | | | | | | 754 | | | | | | 474 | | | | | | 505 | | | | | | 385 | | | | | | 349 | | | | | | 356 | | | | | | 323 | | | | | | 326 | | | | | | 353 | | | | | | 369 | | | | | | 275 | | |
| | | | $ | 2,840 | | | | | $ | 2,328 | | | | | $ | 764 | | | | | $ | 811 | | | | | $ | 645 | | | | | $ | 598 | | | | | $ | 649 | | | | | $ | 569 | | | | | $ | 568 | | | | | $ | 612 | | | | | $ | 646 | | | | | $ | 489 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Gross profit
|
| | | $ | 208,663 | | | | | $ | 147,998 | | | | | $ | 97,259 | | |
Amortization expense
|
| | | | 10,753 | | | | | | 10,266 | | | | | | 8,969 | | |
Stock-based compensation
|
| | | | 871 | | | | | | 194 | | | | | | 225 | | |
Non-GAAP Gross Profit
|
| | | $ | 220,287 | | | | | $ | 158,458 | | | | | $ | 106,453 | | |
Non-GAAP Gross Profit Margin
|
| | | | 82% | | | | | | 78% | | | | | | 73% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Operating loss
|
| | | $ | (14,498) | | | | | $ | (20,256) | | | | | $ | (29,993) | | |
Amortization expense
|
| | | | 33,328 | | | | | | 32,682 | | | | | | 30,460 | | |
Stock-based compensation
|
| | | | 6,743 | | | | | | 2,461 | | | | | | 2,315 | | |
Acquisition-related expense
|
| | | | 5,200 | | | | | | 1,392 | | | | | | 158 | | |
Acquisition-related earnout
|
| | | | (1,000) | | | | | | 200 | | | | | | — | | |
Offering costs
|
| | | | 670 | | | | | | — | | | | | | — | | |
Non-GAAP Operating Income
|
| | | $ | 30,443 | | | | | $ | 16,479 | | | | | $ | 2,940 | | |
Non-GAAP Operating Income Margin
|
| | | | 11% | | | | | | 8% | | | | | | 2% | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net loss
|
| | | $ | (22,771) | | | | | $ | (32,600) | | | | | $ | (36,256) | | |
Amortization expense
|
| | | | 33,328 | | | | | | 32,682 | | | | | | 30,460 | | |
Stock-based compensation
|
| | | | 6,743 | | | | | | 2,461 | | | | | | 2,315 | | |
Foreign currency transaction loss
|
| | | | 722 | | | | | | 1,252 | | | | | | 418 | | |
Loss on extinguishment of debt
|
| | | | 5,213 | | | | | | — | | | | | | — | | |
Acquisition-related expense
|
| | | | 5,200 | | | | | | 1,392 | | | | | | 158 | | |
Acquisition-related earnout
|
| | | | (1,000) | | | | | | 200 | | | | | | — | | |
Offering costs
|
| | | | 670 | | | | | | — | | | | | | — | | |
Discrete tax items
|
| | | | (2,937) | | | | | | 53 | | | | | | (534) | | |
Benefit for income taxes(1)
|
| | | | (9,793) | | | | | | (9,280) | | | | | | (8,124) | | |
Non-GAAP Net Income (Loss)
|
| | | $ | 15,375 | | | | | $ | (3,840) | | | | | $ | (11,563) | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
| | |
2020
|
| |
2019
|
| |
2018
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Net loss
|
| | | $ | (22,771) | | | | | $ | (32,600) | | | | | $ | (36,256) | | |
Interest expense, net
|
| | | | 10,741 | | | | | | 21,423 | | | | | | 18,203 | | |
Benefit for income taxes
|
| | | | (8,312) | | | | | | (10,111) | | | | | | (12,137) | | |
Depreciation expense
|
| | | | 4,840 | | | | | | 4,125 | | | | | | 3,454 | | |
Amortization expense
|
| | | | 33,328 | | | | | | 32,682 | | | | | | 30,460 | | |
Stock-based compensation
|
| | | | 6,743 | | | | | | 2,461 | | | | | | 2,315 | | |
Foreign currency transaction loss
|
| | | | 722 | | | | | | 1,252 | | | | | | 418 | | |
Loss on extinguishment of debt
|
| | | | 5,213 | | | | | | — | | | | | | — | | |
Acquisition-related expense
|
| | | | 5,200 | | | | | | 1,392 | | | | | | 158 | | |
Acquisition-related earnout
|
| | | | (1,000) | | | | | | 200 | | | | | | — | | |
Offering costs
|
| | | | 670 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 35,374 | | | | | $ | 20,824 | | | | | $ | 6,615 | | |
Name
|
| |
Age
|
| |
Position
|
| |||
Dean Hager
|
| | | | 53 | | | | Chief Executive Officer and Director | |
Dave Alampi
|
| | | | 57 | | | | Chief Marketing Officer | |
Sam Johnson
|
| | | | 39 | | | | Chief Customer Officer | |
Jeff Lendino
|
| | | | 50 | | | | Chief Legal Officer | |
Jill Putman
|
| | | | 53 | | | | Chief Financial Officer | |
John Strosahl
|
| | | | 54 | | | | Chief Operating Officer | |
Jason Wudi
|
| | | | 42 | | | | Chief Technology Officer | |
Betsy Atkins
|
| | | | 67 | | | | Director | |
David Breach
|
| | | | 54 | | | | Director | |
Andre Durand
|
| | | | 53 | | | | Director | |
Michael Fosnaugh
|
| | | | 42 | | | | Director | |
Charles Guan
|
| | | | 34 | | | | Director | |
Kevin Klausmeyer
|
| | | | 62 | | | | Director | |
Christina Lema
|
| | | | 40 | | | | Director | |
Martin Taylor
|
| | | | 51 | | | | Director | |
Board Member
|
| |
Audit Committee
|
| |
Compensation and
Nominating Committee |
|
Betsy Atkins
|
| | | | |
X (Chair)
|
|
David Breach
|
| | | | |
X
|
|
Andre Durand
|
| |
X
|
| | | |
Michael Fosnaugh
|
| | | | |
X
|
|
Charles Guan
|
| |
X
|
| | | |
Kevin Klausmeyer
|
| |
X (Chair)
|
| | | |
Christina Lema
|
| | | | | | |
Martin Taylor
|
| | | | |
X
|
|
Name and principal position
|
| |
Year
|
| |
Salary
|
| |
Bonus(1)
|
| |
Nonequity
incentive plan compensation(2) |
| |
Total
|
| |||||||||||||||
Dean Hager, Chief Executive Officer(3) | | | | | 2020 | | | | | $ | 360,578 | | | | | | — | | | | | $ | 395,963 | | | | | $ | 756,541 | | |
| | | | | 2019 | | | | | $ | 300,001 | | | | | $ | 11,500 | | | | | $ | 382,124 | | | | | $ | 693,675 | | |
Jill Putman, Chief Financial Officer | | | | | 2020 | | | | | $ | 323,939 | | | | | | — | | | | | $ | 247,168 | | | | | $ | 571,107 | | |
| | | | | 2019 | | | | | $ | 313,899 | | | | | $ | 12,300 | | | | | $ | 210,676 | | | | | $ | 536,875 | | |
John Strosahl, Chief Operating Officer(4)
|
| | | | 2020 | | | | | $ | 267,213 | | | | | | — | | | | | $ | 322,107 | | | | | $ | 589,320 | | |
| | | | | 2019 | | | | | $ | 253,165 | | | | | $ | 9,387 | | | | | $ | 263,138 | | | | | $ | 526,140 | | |
| | |
Option Awards(1)
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Number of
securities underlying unexercised options (#) exercisable(2)(3) |
| |
Number of
securities underlying unexercised options (#) unexercisable |
| |
Equity
incentive plan awards: Number of securities underlying unexercised unearned options (#)(3) |
| |
Option
exercise price ($) |
| |
Option
expiration date |
| |
Number of
shares or units of stock that have not vested (#) |
| |
Market
value of shares of units of stock that have not vested ($) |
| |
Equity
incentive plan awards: Number of unearned shares, units or other rights that have not vested (#) |
| |
Equity
incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested ($) |
| ||||||||||||||||||
Dean Hager | | | | | 11/21/2017 | | | | | | 1,237,500.00 | | | | | | 412,500.00 | | | | | | 825,000.00 | | | | | | 5.49 | | | | | | 11/21/2027 | | | | | | | | | | | | | | |
| | | | | 12/10/2019 | | | | | | — | | | | | | — | | | | | | 284,625.00 | | | | | | 8.70 | | | | | | 12/10/2029 | | | | | | | | | | | | | | |
Jill Putman | | | | | 11/21/2017 | | | | | | 275,000.00 | | | | | | 91,667.00 | | | | | | 183,334.00 | | | | | | 5.49 | | | | | | 11/21/2027 | | | | | | | | | | | | | | |
| | | | | 10/10/2019 | | | | | | — | | | | | | — | | | | | | 63,250.00 | | | | | | 8.21 | | | | | | 10/10/2029 | | | | | | | | | | | | | | |
John Strosahl | | | | | 11/21/2017 | | | | | | 121,000.00 | | | | | | 60,500.00 | | | | | | 121,000.00 | | | | | | 5.49 | | | | | | 11/21/2027 | | | | | | | | | | | | | | |
| | | | | 10/10/2019 | | | | | | — | | | | | | — | | | | | | 123,750.00 | | | | | | 8.21 | | | | | | 10/10/2029 | | | | | | | | | | | | | | |
Name
|
| |
Fees Earned
or Paid in Cash |
| |
Stock awards(1)
|
| |
Total ($)
|
| |||||||||
Betsy Atkins
|
| | | $ | 60,000 | | | | | $ | 150,020 | | | | | $ | 210,020 | | |
Andre Durand
|
| | | $ | 100,000 | | | | | | — | | | | | $ | 100,000 | | |
Kevin Klausmeyer
|
| | | $ | 110,000 | | | | | $ | 81,249 | | | | | $ | 191,249 | | |
Description
|
| |
Amount
|
|
Annual cash compensation
|
| |
$100,000
|
|
Additional annual cash compensation for chair of committee
|
| |
$20,000
|
|
Annual equity compensation
|
| |
$150,000 (RSUs)
|
|
| | | | | | | | | | | | | | |
Shares Beneficially Owned After this Offering
|
| |||||||||||||||||||||
| | |
Shares Beneficially
Owned Prior to this Offering |
| |
No exercise
Number of shares |
| |
Full Exercise
Number of shares |
| |
No Exercise
of Underwriters’ Option |
| |
Full Exercise
of Underwriters’ Option |
| |||||||||||||||||||||
| | |
Number of
Shares |
| |
Percentage
|
| |
Percentage
|
| |
Percentage
|
| ||||||||||||||||||||||||
5% and Selling Shareholders: | | | | | | | | ||||||||||||||||||||||||||||||
Vista Funds(1)
|
| | | | 72,845,508 | | | | | | 62.0% | | | | | | | | | | | | | | | | | | % | | | | | | % | | |
Other Selling Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dean Hager(2)
|
| | | | 1,281,353 | | | | | | 1.1% | | | | | | 1,281,353 | | | | | | 1,281,353 | | | | | | 1.1% | | | | | | 1.1% | | |
Jill Putman(3)
|
| | | | 355,589 | | | | | | * | | | | | | 355,589 | | | | | | 355,589 | | | | | | * | | | | | | * | | |
John Strosahl(4)
|
| | | | 208,979 | | | | | | * | | | | | | 208,979 | | | | | | 208,979 | | | | | | * | | | | | | * | | |
Betsy Atkins
|
| | | | 1,923 | | | | | | * | | | | | | 1,923 | | | | | | 1,923 | | | | | | * | | | | | | * | | |
David Breach
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Andre Durand
|
| | | | 84,081 | | | | | | * | | | | | | 84,081 | | | | | | 84,081 | | | | | | * | | | | | | * | | |
Michael Fosnaugh
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Charles Guan
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Kevin Klausmeyer
|
| | | | 27,875 | | | | | | * | | | | | | 27,875 | | | | | | 27,875 | | | | | | * | | | | | | * | | |
Christina Lema
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Martin Taylor
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Directors and executive officers as a group (14 individuals)(5)
|
| | | | 2,486,832 | | | | | | 2.1% | | | | | | 2,486,832 | | | | | | 2,486,832 | | | | | | 2.1% | | | | | | 2.1% | | |
Underwriters
|
| |
Number of Shares
|
|
Goldman Sachs & Co. LLC
|
| |
|
|
J.P. Morgan Securities LLC
|
| | | |
Total
|
| | | |
Paid by the Selling Shareholders
|
| |
No Exercise
|
| |
Full Exercise
|
| ||||||
Per Share
|
| | | $ | | | | | $ | | | ||
Total
|
| | | $ | | | | | $ | | | |
|
SEC registration fee
|
| | | $ | | | |
|
FINRA fee
|
| | | | | | |
|
Printing expenses
|
| | | | | | |
|
Legal fees and expenses
|
| | | | | | |
|
Accounting fees and expenses
|
| | | | | | |
|
Miscellaneous expenses
|
| | | | — | | |
|
Total expenses
|
| | | $ | | | |
|
Exhibit
Number |
| |
Description
|
|
| 1.1* | | | Form of Underwriting Agreement | |
| 3.1 | | | Second Amended and Restated Certificate of Incorporation of Jamf Holding Corp. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 27, 2020) | |
| 3.2 | | | Amended and Restated Bylaws of Jamf Holding Corp. (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on July 27, 2020) | |
| 4.1 | | | Registration Rights Agreement (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 27, 2020) | |
| 5.1* | | | Opinion of Kirkland & Ellis LLP | |
| 10.1 | | | Credit Agreement, dated as of July 27, 2020, among JAMF Holdings, Inc., as borrower, Juno Intermediate, Inc., as a guarantor, Juno Parent, LLC, as a guarantor, the other loan parties thereto, the lenders party thereto from time to time and JPMorgan Chase Bank N.A., as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 29, 2020) | |
| 10.2 | | | Master Services Agreement, effective as of November 13, 2017, by and between Vista Consulting Group, LLC and JAMF Holdings, Inc. (incorporated by reference to Exhibit 10.4 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
| 10.3+ | | | Letter Agreement, dated as of October 20, 2017, between JAMF Holdings, Inc. and Dean Hager (incorporated by reference to Exhibit 10.5 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
| 10.4+ | | | Letter Agreement, dated as of November 20, 2017, between JAMF Holdings, Inc. and Jill Putman (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
| 10.5+ | | | Letter Agreement, dated as of November 20, 2017, between JAMF Holdings, Inc. and John Strosahl (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-1 (333-239535) filed with the SEC on June 29, 2020) | |
| 10.6+ | | | Jamf Holding Corp. Omnibus Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8 (No. 333-240087) filed with the SEC on July 24, 2020) | |
| 10.7+ | | | Form of Stock Option Award Agreement (incorporated by reference to Exhibit 10.9 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
| 10.8+ | | | Form of Restricted Shares Award Agreement (incorporated by reference to Exhibit 10.10 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
|
Exhibit
Number |
| |
Description
|
|
| 10.9+ | | | Form of Stock Appreciation Rights Award Agreement (incorporated by reference Exhibit 10.11 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
| 10.10+ | | | Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.12 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
| 10.11+ | | | Form of Indemnification Agreement (incorporated by reference to Exhibit 10.13 to the Company’s Registration Statement on Form S-1(No. 333-239535) filed with the SEC on June 29, 2020) | |
| 10.12 | | | Amended and Restated Director Nomination Agreement, dated September 1, 2020, by and among the Company and the signatories party thereto (incorporated by reference to Exhibit 10.10 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on September 2, 2020) | |
| 10.13+ | | | Amended and Restated Jamf Holding Corp. Stock Option Plan (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-8 (No. 333-240087) filed with the SEC on July 24, 2020) | |
| 10.14+ | | | Form of Amended and Restated Jamf Holding Corp. Stock Option Plan Grant Agreement (incorporated by reference to Exhibit 10.16 to the Company’s Registration Statement on Form S-1 (No. 333-239535) filed with the SEC on June 29, 2020) | |
| 21.1 | | | List of subsidiaries of Jamf Holding Corp. (incorporated to Exhibit 21.1 to the Company’s Annual Report on Form 10-K filed with the SEC on March 4, 2021) | |
| 23.1* | | | Consent of Ernst & Young LLP | |
| 23.2* | | | Consent of Kirkland & Ellis LLP (included in Exhibit 5.1) | |
| 24.1* | | | Powers of attorney (included on signature page) | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
Dean Hager
|
| |
Chief Executive Officer and Director
(Principal Executive Officer) |
| |
, 2021
|
|
|
Jill Putman
|
| |
Chief Financial Officer
(Principal Financial Officer) |
| |
, 2021
|
|
|
Ian Goodkind
|
| |
Chief Accounting Officer
(Principal Accounting Officer) |
| |
, 2021
|
|
|
Betsy Atkins
|
| | Director | | |
, 2021
|
|
|
David A. Breach
|
| | Director | | |
, 2021
|
|
|
Andre Durand
|
| | Director | | |
, 2021
|
|
|
Michael Fosnaugh
|
| | Director | | |
, 2021
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
Charles Guan
|
| | Director | | |
, 2021
|
|
|
Kevin Klausmeyer
|
| | Director | | |
, 2021
|
|
|
Christina Lema
|
| | Director | | |
, 2021
|
|
|
Martin Taylor
|
| | Director | | |
, 2021
|
|