Jamf Announces First Quarter 2025 Financial Results
•Q1 total revenue year-over-year growth of 10% to $167.6 million
•ARR year-over-year growth of 9% to $657.9 million as of March 31, 2025
•GAAP operating loss of $4.2 million, or (2)% of total revenue, compared to GAAP operating loss of $21.1 million, or (14)% of total revenue, in the first quarter of 2024
•Non-GAAP operating income of $37.6 million, or 22% of total revenue, compared to $22.1 million, or 15% of total revenue, in the first quarter of 2024
MINNEAPOLIS – May 6, 2025 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its first quarter ended March 31, 2025.
“Jamf achieved solid results in Q1, exceeding the high end of our outlook for both revenue and profitability. We continue to execute our growth and profitability initiatives and remain committed to our goal of achieving the Rule of 40,” said John Strosahl, CEO. “On April 1st, we welcomed Identity Automation to Jamf. We’re excited to have Identity Automation’s identity and access capabilities as part of the Jamf platform, which will support two of our key growth levers, security adoption and mobile penetration.”
First Quarter 2025 Financial Highlights
•Revenue: Total revenue of $167.6 million, an increase of 10% year-over-year.
•ARR: ARR of $657.9 million as of March 31, 2025, an increase of 9% year-over-year.
•Gross Profit: GAAP gross profit of $130.5 million, or 78% of total revenue, compared to $117.0 million in the first quarter of 2024. Non-GAAP gross profit of $137.2 million, or 82% of total revenue, compared to $123.7 million in the first quarter of 2024.
•Operating Loss/Income: GAAP operating loss of $4.2 million, or (2)% of total revenue, compared to $21.1 million in the first quarter of 2024. Non-GAAP operating income of $37.6 million, or 22% of total revenue, compared to $22.1 million in the first quarter of 2024.
•Net Income/Adjusted EBITDA: Net income of $0.5 million, or 0% of total revenue, compared to net loss of $20.5 million in the first quarter of 2024. Adjusted EBITDA of $39.4 million, or 24% of total revenue, compared to $23.9 million in the first quarter of 2024.
•Cash Flow: Cash flow provided by operations of $51.2 million for the TTM ended March 31, 2025, or 8% of TTM total revenue, compared to $44.9 million for the TTM ended March 31, 2024. Unlevered free cash flow of $79.1 million for the TTM ended March 31, 2025, or 12% of TTM total revenue, compared to $72.6 million for the TTM ended March 31, 2024.
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.
Business Highlights
•Achieved Security ARR of $162 million as of March 31, 2025, representing 17% year-over-year growth and 25% of Jamf’s total ARR.
•Delivered year-over-year International revenue growth of 16%.
•Completed the acquisition of Identity Automation on April 1, 2025, expanding the Jamf platform to include dynamic identity management for K-12 education and other mobile device-specific industries.
•Launched four platform solutions – Jamf for Mac, Jamf for Mobile, Jamf for K-12, and Jamf for Small Business – aligned to specific buyer personas to deliver the power of Jamf’s device security and management capabilities through a simplified buying process.
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•Honored by CRN®, a brand of The Channel Company, with a 5-Star Award in the 2025 CRN Partner Program Guide, an elite recognition given to companies that have built their partner programs on the key elements needed to nurture lasting, profitable, and successful channel partnerships.
Financial Outlook
We are maintaining our previously provided outlook for fiscal 2025 and layering in the financial impact of the Identity Automation acquisition, which closed on April 1, 2025. Our outlook is also based on current foreign exchange rates which impact our operating expenses.
For the second quarter of 2025, Jamf currently expects:
•Total revenue of $167.5 to $169.5 million
•Non-GAAP operating income of $29.5 to $30.5 million
For the full year 2025, Jamf currently expects:
•Total revenue of $691.0 to $695.0 million
•Non-GAAP operating income of $144.5 to $147.5 million
•Year-over-year unlevered free cash flow growth of at least 75%
To assist with modeling, for the second quarter of 2025 and full year 2025, amortization is expected to be approximately $9.8 million and $38.3 million, respectively. In addition, for the second quarter of 2025 and full year 2025, stock-based compensation and related payroll taxes are expected to be approximately $30.1 million and $111.3 million, respectively.
Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss) and unlevered free cash flow to cash flow from operations because certain items are out of Jamf’s control or cannot be reasonably predicted. Historically, adjustments to non-GAAP operating income have included, but are not limited to, amortization expense, stock-based compensation expense, acquisition-related expense, acquisition-related earn-out, offering costs, payroll taxes related to stock-based compensation, system transformation costs, restructuring and other cost optimization charges, and extraordinary legal settlements and non-recurring litigation costs. Historically, adjustments to unlevered free cash flow have included, but are not limited to, cash paid for interest, cash paid for acquisition-related expense, cash paid for system transformation costs, cash paid for restructuring and other cost optimization charges, cash paid for contingent consideration, and cash paid for extraordinary legal settlements and non-recurring litigation costs. Accordingly, a reconciliation for forward-looking non-GAAP operating income and unlevered free cash flow are 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 and cash flow from operations being materially less than is indicated by currently estimated unlevered free cash flow.
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 May 6, 2025.
The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com. Those parties interested in participating via telephone may register on Jamf’s Investor Relations website. The financial tables, earnings presentation, and investor presentation provided in connection with this press release and the accompanying conference call will also be available on Jamf’s Investor Relations website.
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A replay of the call will be available on the Investor Relations website beginning on May 6, 2025, at approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).
Please note that Jamf uses its https://ir.jamf.com 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, adjusted EBITDA, adjusted EBITDA as a percentage of revenue, 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 amortization expense, stock-based compensation expense, foreign currency transaction (gain) loss, amortization of debt issuance costs, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, restructuring and other cost optimization charges, and extraordinary legal settlements and non-recurring litigation costs. We believe that non-GAAP financial measures, when taken collectively with GAAP financial measures, may be helpful to investors because they provide consistency and comparability with our past financial performance, provide additional understanding of factors and trends affecting our business, and assist in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Our non-GAAP financial measures are presented for supplemental informational purposes only, and should not be considered a substitute for financial measures presented in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude certain 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. Further, non-GAAP financial measures are not standardized. It may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. A reconciliation is provided for each non-GAAP financial measure used in this press release to the most directly comparable financial measure stated in accordance with GAAP at the end of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. In addition, investors are encouraged to review our consolidated financial statements included in our publicly filed reports in their entirety and not rely solely on any single financial measure.
Forward-Looking Statements
This press release and the accompanying conference call contain “forward-looking statements” within the meaning of federal securities laws, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “can,” “will,” “would,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include, but are not limited to, statements regarding our future financial and operating performance (including our outlook and guidance), the demand for our platform, anticipated impacts of macroeconomic conditions on our business, our expectations regarding business benefits and financial impacts from our acquisitions, partnerships, and investments, and our ability to deliver on our long-term strategy.
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The forward-looking statements contained in this press release and the accompanying conference call are also subject to additional risks, uncertainties, and factors, including those more fully described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025 as well as the subsequent periodic and current reports and other filings that we make with the Securities and Exchange Commission from time to time. Moreover, we operate in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release and the accompanying conference call.
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 and the accompanying conference call 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’s purpose is to simplify work by helping organizations manage and secure an Apple experience that end users love and organizations trust. Jamf is the only company in the world that provides a complete management and security solution for an Apple-first environment designed to be enterprise secure, consumer simple and protects personal privacy. To learn more, visit www.jamf.com.
Investor Contact
Jennifer Gaumond
ir@jamf.com
Media Contact
Liarna LaPorta
media@jamf.com
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Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
222,353
$
224,680
Trade accounts receivable, net of allowances of $475 and $577
138,416
138,791
Deferred contract costs
28,513
27,958
Prepaid expenses
23,121
12,679
Other current assets
19,179
20,549
Total current assets
431,582
424,657
Equipment and leasehold improvements, net
20,711
19,321
Goodwill
891,050
882,593
Other intangible assets, net
139,446
147,823
Deferred contract costs, non-current
59,061
59,663
Other assets
46,782
46,172
Total assets
$
1,588,632
$
1,580,229
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
20,273
$
18,405
Accrued liabilities
51,661
68,363
Income taxes payable
119
1,014
Deferred revenue
327,009
333,573
Total current liabilities
399,062
421,355
Deferred revenue, non-current
52,085
52,136
Deferred tax liability, net
5,132
5,180
Convertible senior notes, net
370,146
369,514
Other liabilities
14,985
16,061
Total liabilities
841,410
864,246
Commitments and contingencies
Stockholders’ equity:
Preferred stock
—
—
Common stock
125
125
Treasury stock
—
(741)
Additional paid-in capital
1,292,918
1,269,264
Accumulated other comprehensive loss
(23,745)
(30,060)
Accumulated deficit
(522,076)
(522,605)
Total stockholders’ equity
747,222
715,983
Total liabilities and stockholders’ equity
$
1,588,632
$
1,580,229
5
Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended March 31,
2025
2024
Revenue:
Subscription
$
164,224
$
148,353
Services
3,397
3,706
License
—
64
Total revenue
167,621
152,123
Cost of revenue:
Cost of subscription(1)(2)(3)(5)(6) (exclusive of amortization expense shown below)
30,702
28,010
Cost of services(1)(2)(3)(4)(5) (exclusive of amortization expense shown below)
3,549
3,770
Amortization expense
2,851
3,312
Total cost of revenue
37,102
35,092
Gross profit
130,519
117,031
Operating expenses:
Sales and marketing(1)(2)(3)(5)(6)
59,712
64,782
Research and development(1)(2)(3)(4)(5)(6)
35,457
34,262
General and administrative(1)(2)(3)(4)(5)(6)(7)
32,668
32,198
Amortization expense
6,838
6,898
Total operating expenses
134,675
138,140
Loss from operations
(4,156)
(21,109)
Interest income, net
1,328
2,040
Foreign currency transaction gain (loss)
3,181
(412)
Income (loss) before income tax benefit (provision)
353
(19,481)
Income tax benefit (provision)
176
(1,043)
Net income (loss)
$
529
$
(20,524)
Net income (loss) per share, basic
$
0.00
$
(0.16)
Net income (loss) per share, diluted
$
0.00
$
(0.16)
Weighted-average shares used to compute net income (loss) per share, basic
129,845,214
127,292,097
Weighted-average shares used to compute net income (loss) per share, diluted
140,073,323
127,292,097
(1) Includes stock-based compensation as follows:
Three Months Ended March 31,
2025
2024
Cost of revenue:
Subscription
$
3,061
$
2,628
Services
390
412
Sales and marketing
7,174
6,389
Research and development
6,331
5,431
General and administrative
7,439
5,719
$
24,395
$
20,579
6
(2) Includes payroll taxes related to stock-based compensation as follows:
Three Months Ended March 31,
2025
2024
Cost of revenue:
Subscription
$
197
$
137
Services
52
24
Sales and marketing
727
560
Research and development
470
302
General and administrative
429
265
$
1,875
$
1,288
(3) Includes depreciation expense as follows:
Three Months Ended March 31,
2025
2024
Cost of revenue:
Subscription
$
352
$
298
Services
45
47
Sales and marketing
657
733
Research and development
465
444
General and administrative
286
258
$
1,805
$
1,780
(4) Includes acquisition-related expense as follows:
Three Months Ended March 31,
2025
2024
Cost of revenue:
Services
$
—
$
79
Research and development
—
183
General and administrative
2,054
2,126
$
2,054
$
2,388
(5) Includes system transformation costs as follows:
Three Months Ended March 31,
2025
2024
Cost of revenue:
Subscription
$
107
$
32
Services
13
—
Sales and marketing
339
51
Research and development
141
—
General and administrative
2,629
1,786
$
3,229
$
1,869
7
(6) Includes restructuring and other cost optimization charges as follows:
Three Months Ended March 31,
2025
2024
Cost of revenue:
Subscription
$
4
$
10
Sales and marketing
109
5,571
Research and development
176
734
General and administrative
267
789
$
556
$
7,104
(7) General and administrative also includes the following:
Three Months Ended March 31,
2025
2024
Extraordinary legal settlements and non-recurring litigation costs
—
(197)
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Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended March 31,
2025
2024
Operating activities
Net income (loss)
$
529
$
(20,524)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization expense
11,494
11,990
Amortization of deferred contract costs
7,403
6,325
Amortization of capitalized CCA implementation costs
1,605
—
Amortization of debt issuance costs
725
689
Non-cash lease expense
984
1,450
Provision for credit losses and returns
141
(24)
Stock-based compensation
24,395
20,579
Deferred income tax expense (benefit)
67
(267)
Other
(4,000)
(26)
Changes in operating assets and liabilities:
Trade accounts receivable
442
12,696
Prepaid expenses and other assets
(12,919)
(15,472)
Deferred contract costs
(7,135)
(8,334)
Accounts payable
1,625
(5,677)
Accrued liabilities
(14,148)
(10,602)
Income taxes payable
(859)
119
Deferred revenue
(6,283)
(8,885)
Other liabilities
—
59
Net cash provided by (used in) operating activities
4,066
(15,904)
Investing activities
Purchases of equipment and leasehold improvements
(3,049)
(1,755)
Purchase of investments
(3,000)
(1,500)
Other
10
25
Net cash used in investing activities
(6,039)
(3,230)
Financing activities
Payment of acquisition-related holdback
(3,600)
—
Proceeds from the exercise of stock options
—
280
Net cash (used in) provided by financing activities
(3,600)
280
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(269)
(184)
Net decrease in cash, cash equivalents, and restricted cash
(5,842)
(19,038)
Cash, cash equivalents, and restricted cash, beginning of period
228,344
250,809
Cash, cash equivalents, and restricted cash, end of period
$
222,502
$
231,771
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows above:
Cash and cash equivalents
$
222,353
$
224,497
Restricted cash included in other current assets
149
7,274
Total cash, cash equivalents, and restricted cash
$
222,502
$
231,771
9
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 March 31,
2025
2024
Operating expenses
$
134,675
$
138,140
Amortization expense
(6,838)
(6,898)
Stock-based compensation
(20,944)
(17,539)
Acquisition-related expense
(2,054)
(2,309)
Payroll taxes related to stock-based compensation
(1,626)
(1,127)
System transformation costs
(3,109)
(1,837)
Restructuring and other cost optimization charges
(552)
(7,094)
Extraordinary legal settlements and non-recurring litigation costs
—
197
Non-GAAP operating expenses
$
99,552
$
101,533
Three Months Ended March 31,
2025
2024
Gross profit
$
130,519
$
117,031
Amortization expense
2,851
3,312
Stock-based compensation
3,451
3,040
Acquisition-related expense
—
79
Payroll taxes related to stock-based compensation
249
161
System transformation costs
120
32
Restructuring and other cost optimization charges
4
10
Non-GAAP gross profit
$
137,194
$
123,665
Gross profit margin
78%
77%
Non-GAAP gross profit margin
82%
81%
Three Months Ended March 31,
2025
2024
Operating loss
$
(4,156)
$
(21,109)
Amortization expense
9,689
10,210
Stock-based compensation
24,395
20,579
Acquisition-related expense
2,054
2,388
Payroll taxes related to stock-based compensation
1,875
1,288
System transformation costs
3,229
1,869
Restructuring and other cost optimization charges
556
7,104
Extraordinary legal settlements and non-recurring litigation costs
—
(197)
Non-GAAP operating income
$
37,642
$
22,132
Operating loss margin
(2)%
(14)%
Non-GAAP operating income margin
22%
15%
10
Three Months Ended March 31,
2025
2024
Net income (loss)
$
529
$
(20,524)
Exclude: income tax benefit (provision)
176
(1,043)
Income (loss) before income tax benefit (provision)
353
(19,481)
Amortization expense
9,689
10,210
Stock-based compensation
24,395
20,579
Foreign currency transaction (gain) loss
(3,181)
412
Amortization of debt issuance costs
725
689
Acquisition-related expense
2,054
2,388
Payroll taxes related to stock-based compensation
1,875
1,288
System transformation costs
3,229
1,869
Restructuring and other cost optimization charges
556
7,104
Extraordinary legal settlements and non-recurring litigation costs
—
(197)
Non-GAAP income before income taxes
39,695
24,861
Non-GAAP provision for income taxes (1)
(9,527)
(5,967)
Non-GAAP net income
$
30,168
$
18,894
Net income (loss) per share:
Basic
$
0.00
$
(0.16)
Diluted
$
0.00
$
(0.16)
Weighted-average shares used in computing net income (loss) per share:
Basic
129,845,214
127,292,097
Diluted
140,073,323
127,292,097
Non-GAAP net income per share:
Basic
$
0.23
$
0.15
Diluted
$
0.22
$
0.14
Weighted-average shares used in computing non-GAAP net income per share:
Basic
129,845,214
127,292,097
Diluted
140,073,323
138,624,237
(1) In accordance with the SEC’s Non-GAAP Financial Measures Compliance and Disclosure Interpretation, the Company’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.
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Three Months Ended March 31,
2025
2024
Net income (loss)
$
529
$
(20,524)
Interest income, net
(1,328)
(2,040)
(Benefit) provision for income taxes
(176)
1,043
Depreciation expense
1,805
1,780
Amortization expense
9,689
10,210
Stock-based compensation
24,395
20,579
Foreign currency transaction (gain) loss
(3,181)
412
Acquisition-related expense
2,054
2,388
Payroll taxes related to stock-based compensation
1,875
1,288
System transformation costs
3,229
1,869
Restructuring and other cost optimization charges
556
7,104
Extraordinary legal settlements and non-recurring litigation costs
—
(197)
Adjusted EBITDA
$
39,447
$
23,912
Net income (loss) as a percentage of total revenue
—
%
(13)
%
Adjusted EBITDA as a percentage of total revenue
24
%
16
%
Three Months Ended March 31,
Years Ended December 31,
2025
2024
2023
2024
2023
Net cash provided by (used in) operating activities
$
4,066
$
(15,904)
$
(24,800)
$
31,192
$
35,964
Less:
Purchases of equipment and leasehold improvements
(3,049)
(1,755)
(1,121)
(9,009)
(2,934)
Free cash flow
1,017
(17,659)
(25,921)
22,183
33,030
Add:
Cash paid for interest
349
314
313
842
784
Cash paid for acquisition-related expense
155
1,422
403
10,270
2,975
Cash paid for system transformation costs
2,494
8,224
773
29,346
12,493
Cash paid for restructuring and other cost optimization charges
1,443
6,279
—
9,453
—
Cash paid for contingent consideration
—
—
6,000
—
6,000
Cash paid for extraordinary legal settlements and non-recurring litigation costs
—
135
—
305
132
Unlevered free cash flow
$
5,458
$
(1,285)
$
(18,432)
$
72,399
$
55,414
Total revenue
$
167,621
$
152,123
$
132,212
$
627,399
$
560,571
Net cash provided by (used in) operating activities as a percentage of total revenue
2%
(10)%
(19)%
5%
6%
Free cash flow margin
1%
(12)%
(20)%
4%
6%
Unlevered free cash flow margin
3%
(1)%
(14)%
12%
10%
12
Trailing Twelve Months Ended
March 31,
2025
2024
Net cash provided by operating activities
$
51,162
$
44,860
Less:
Purchases of equipment and leasehold improvements
(10,303)
(3,568)
Free cash flow
40,859
41,292
Add:
Cash paid for interest
877
785
Cash paid for acquisition-related expense
9,003
3,994
Cash paid for system transformation costs
23,616
19,944
Cash paid for restructuring and other cost optimization charges
4,617
6,279
Cash paid for extraordinary legal settlements and non-recurring litigation costs
170
267
Unlevered free cash flow
$
79,142
$
72,561
Total revenue
$
642,897
$
580,482
Net cash provided by operating activities as a percentage of total revenue
