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) |
☐ | 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)) |
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 |
Exhibit No. | Description of Exhibit | ||||
99.1 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
JAMF HOLDING CORP. | ||||||||
Date: August 8, 2023 |
By: | /s/ Jeff Lendino | ||||||
Name: | Jeff Lendino | |||||||
Title: | Chief Legal Officer |
June 30, 2023 |
December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 211,471 | $ | 224,338 | |||||||
Trade accounts receivable, net of allowances of $508 and $445 |
100,184 | 88,163 | |||||||||
Income taxes receivable | 782 | 465 | |||||||||
Deferred contract costs | 20,386 | 17,652 | |||||||||
Prepaid expenses | 18,092 | 14,331 | |||||||||
Other current assets | 8,078 | 6,097 | |||||||||
Total current assets | 358,993 | 351,046 | |||||||||
Equipment and leasehold improvements, net | 17,514 | 19,421 | |||||||||
Goodwill | 867,909 | 856,925 | |||||||||
Other intangible assets, net | 200,128 | 218,744 | |||||||||
Deferred contract costs, non-current | 46,145 | 39,643 | |||||||||
Other assets | 42,340 | 43,763 | |||||||||
Total assets | $ | 1,533,029 | $ | 1,529,542 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 15,168 | $ | 15,393 | |||||||
Accrued liabilities | 56,902 | 67,051 | |||||||||
Income taxes payable | 866 | 486 | |||||||||
Deferred revenues | 290,663 | 278,038 | |||||||||
Total current liabilities | 363,599 | 360,968 | |||||||||
Deferred revenues, non-current | 64,388 | 68,112 | |||||||||
Deferred tax liability, net | 5,146 | 5,505 | |||||||||
Convertible senior notes, net | 365,750 | 364,505 | |||||||||
Other liabilities | 25,783 | 29,114 | |||||||||
Total liabilities | 824,666 | 828,204 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 125 | 123 | |||||||||
Additional paid-in capital | 1,105,703 | 1,049,875 | |||||||||
Accumulated other comprehensive loss | (28,357) | (39,951) | |||||||||
Accumulated deficit | (369,108) | (308,709) | |||||||||
Total stockholders’ equity | 708,363 | 701,338 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,533,029 | $ | 1,529,542 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription | $ | 130,591 | $ | 109,407 | $ | 257,821 | $ | 211,608 | |||||||||||||||
Services | 4,254 | 5,027 | 8,638 | 8,971 | |||||||||||||||||||
License | 244 | 1,204 | 842 | 3,317 | |||||||||||||||||||
Total revenue | 135,089 | 115,638 | 267,301 | 223,896 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of subscription(1)(2)(3)(4) (exclusive of amortization expense shown below) |
24,186 | 20,634 | 47,345 | 40,536 | |||||||||||||||||||
Cost of services(1)(2)(3)(4) (exclusive of amortization expense shown below) |
3,385 | 3,493 | 6,677 | 6,600 | |||||||||||||||||||
Amortization expense | 3,312 | 5,265 | 6,608 | 10,483 | |||||||||||||||||||
Total cost of revenue | 30,883 | 29,392 | 60,630 | 57,619 | |||||||||||||||||||
Gross profit | 104,206 | 86,246 | 206,671 | 166,277 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1)(2)(3)(4)(5) |
63,890 | 58,750 | 124,098 | 105,075 | |||||||||||||||||||
Research and development(1)(2)(3)(4)(5) |
34,725 | 33,983 | 66,797 | 58,785 | |||||||||||||||||||
General and administrative(1)(2)(3)(4)(5) |
35,966 | 48,321 | 64,402 | 73,933 | |||||||||||||||||||
Amortization expense | 7,247 | 7,034 | 14,488 | 14,063 | |||||||||||||||||||
Total operating expenses | 141,828 | 148,088 | 269,785 | 251,856 | |||||||||||||||||||
Loss from operations | (37,622) | (61,842) | (63,114) | (85,579) | |||||||||||||||||||
Interest income (expense), net | 1,481 | (641) | 2,766 | (1,500) | |||||||||||||||||||
Foreign currency transaction gain (loss) | 1,048 | (676) | 1,652 | (1,457) | |||||||||||||||||||
Loss before income tax (provision) benefit | (35,093) | (63,159) | (58,696) | (88,536) | |||||||||||||||||||
Income tax (provision) benefit | (1,106) | 20 | (1,703) | (232) | |||||||||||||||||||
Net loss | $ | (36,199) | $ | (63,139) | $ | (60,399) | $ | (88,768) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.29) | $ | (0.53) | $ | (0.49) | $ | (0.74) | |||||||||||||||
Weighted‑average shares used to compute net loss per share, basic and diluted | 124,382,767 | 119,941,482 | 123,905,072 | 119,768,871 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 2,715 | $ | 2,061 | $ | 4,982 | $ | 4,016 | |||||||||||||||
Services | 323 | 313 | 632 | 617 | |||||||||||||||||||
Sales and marketing | 9,076 | 13,811 | 16,575 | 19,670 | |||||||||||||||||||
Research and development | 6,401 | 10,631 | 11,434 | 14,490 | |||||||||||||||||||
General and administrative | 11,668 | 26,208 | 16,110 | 30,241 | |||||||||||||||||||
$ | 30,183 | $ | 53,024 | $ | 49,733 | $ | 69,034 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 71 | $ | 24 | $ | 83 | $ | 24 | |||||||||||||||
Services | 12 | 1 | 12 | 1 | |||||||||||||||||||
Sales and marketing | 303 | 65 | 407 | 77 | |||||||||||||||||||
Research and development | 175 | 77 | 246 | 104 | |||||||||||||||||||
General and administrative | 146 | 86 | 222 | 183 | |||||||||||||||||||
$ | 707 | $ | 253 | $ | 970 | $ | 389 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 306 | $ | 286 | $ | 621 | $ | 606 | |||||||||||||||
Services | 39 | 41 | 78 | 86 | |||||||||||||||||||
Sales and marketing | 787 | 633 | 1,592 | 1,317 | |||||||||||||||||||
Research and development | 456 | 397 | 923 | 756 | |||||||||||||||||||
General and administrative | 267 | 235 | 528 | 473 | |||||||||||||||||||
$ | 1,855 | $ | 1,592 | $ | 3,742 | $ | 3,238 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | — | $ | 23 | $ | — | $ | 61 | |||||||||||||||
Services | 1 | — | 2 | — | |||||||||||||||||||
Sales and marketing | 115 | — | 115 | 7 | |||||||||||||||||||
Research and development | 124 | 283 | 175 | 546 | |||||||||||||||||||
General and administrative | 439 | 242 | 1,145 | 1,035 | |||||||||||||||||||
$ | 679 | $ | 548 | $ | 1,437 | $ | 1,649 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Sales and marketing | $ | 37 | $ | — | $ | 37 | $ | — | |||||||||||||||
Research and development | 10 | — | 10 | — | |||||||||||||||||||
General and administrative | 1,293 | — | 1,734 | — | |||||||||||||||||||
$ | 1,340 | $ | — | $ | 1,781 | $ | — |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (60,399) | $ | (88,768) | |||||||
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | |||||||||||
Depreciation and amortization expense | 24,838 | 27,784 | |||||||||
Amortization of deferred contract costs | 9,987 | 7,859 | |||||||||
Amortization of debt issuance costs | 1,368 | 1,358 | |||||||||
Non-cash lease expense | 2,955 | 2,943 | |||||||||
Provision for credit losses and returns | 217 | 274 | |||||||||
Share‑based compensation | 49,733 | 69,034 | |||||||||
Deferred tax benefit | (355) | (1,199) | |||||||||
Adjustment to contingent consideration | — | 188 | |||||||||
Other | (1,856) | 1,438 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade accounts receivable | (12,047) | (17,870) | |||||||||
Income tax receivable/payable | 81 | 165 | |||||||||
Prepaid expenses and other assets | (6,694) | (3,851) | |||||||||
Deferred contract costs | (19,124) | (15,438) | |||||||||
Accounts payable | (483) | 292 | |||||||||
Accrued liabilities | (10,205) | (3,100) | |||||||||
Deferred revenue | 8,753 | 35,233 | |||||||||
Net cash (used in) provided by operating activities | (13,231) | 16,342 | |||||||||
Investing activities | |||||||||||
Acquisitions, net of cash acquired | — | (4,023) | |||||||||
Purchases of equipment and leasehold improvements | (1,786) | (2,876) | |||||||||
Purchase of investments | (750) | — | |||||||||
Other | (25) | (79) | |||||||||
Net cash used in investing activities | (2,561) | (6,978) | |||||||||
Financing activities | |||||||||||
Debt issuance costs | — | (50) | |||||||||
Cash paid for offering costs | — | (80) | |||||||||
Cash paid for contingent consideration | (206) | (4,588) | |||||||||
Payment of acquisition-related holdback | (277) | (200) | |||||||||
Proceeds from the exercise of stock options | 2,965 | 1,543 | |||||||||
Net cash provided by (used in) financing activities | 2,482 | (3,375) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 92 | (790) | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (13,218) | 5,199 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 231,921 | 177,150 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 218,703 | $ | 182,349 | |||||||
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 | $ | 211,471 | $ | 182,349 | |||||||
Restricted cash included in other current assets | 32 | — | |||||||||
Restricted cash included in other assets | 7,200 | — | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 218,703 | $ | 182,349 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
SaaS subscription and support and maintenance | $ | 126,566 | $ | 104,291 | $ | 247,328 | $ | 200,641 | |||||||||||||||
On‑premise subscription | 4,025 | 5,116 | 10,493 | 10,967 | |||||||||||||||||||
Subscription revenue | 130,591 | 109,407 | 257,821 | 211,608 | |||||||||||||||||||
Professional services | 4,254 | 5,027 | 8,638 | 8,971 | |||||||||||||||||||
Perpetual licenses | 244 | 1,204 | 842 | 3,317 | |||||||||||||||||||
Non‑subscription revenue | 4,498 | 6,231 | 9,480 | 12,288 | |||||||||||||||||||
Total revenue | $ | 135,089 | $ | 115,638 | $ | 267,301 | $ | 223,896 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
March 31, 2022 |
|||||||||||||||||||||||||||||||||
ARR | $ | 547.8 | $ | 526.6 | $ | 512.5 | $ | 490.5 | $ | 466.0 | $ | 436.5 | ||||||||||||||||||||||||||
ARR from management solutions as a percent of total ARR | 79 | % | 80 | % | 80 | % | 82 | % | 82 | % | 83 | % | ||||||||||||||||||||||||||
ARR from security solutions as a percent of total ARR | 21 | % | 20 | % | 20 | % | 18 | % | 18 | % | 17 | % | ||||||||||||||||||||||||||
ARR from commercial customers as a percent of total ARR | 73 | % | 72 | % | 72 | % | 71 | % | 71 | % | 70 | % | ||||||||||||||||||||||||||
ARR from education customers as a percent of total ARR | 27 | % | 28 | % | 28 | % | 29 | % | 29 | % | 30 | % | ||||||||||||||||||||||||||
Dollar-based net retention rate (1) |
109 | % | 111 | % | 113 | % | 115 | % | 117 | % | 120 | % | ||||||||||||||||||||||||||
Devices | 31.3 | 30.8 | 30.0 | 29.3 | 28.4 | 26.8 | ||||||||||||||||||||||||||||||||
Customers | 73,500 | 72,500 | 71,000 | 69,000 | 67,000 | 62,000 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating expenses | $ | 141,828 | $ | 148,088 | $ | 269,785 | $ | 251,856 | |||||||||||||||
Amortization expense | (7,247) | (7,034) | (14,488) | (14,063) | |||||||||||||||||||
Stock-based compensation | (27,145) | (50,650) | (44,119) | (64,401) | |||||||||||||||||||
Acquisition-related expense | (678) | (525) | (1,435) | (1,588) | |||||||||||||||||||
Acquisition-related earnout | — | (100) | — | (188) | |||||||||||||||||||
Offering costs | — | (124) | — | (124) | |||||||||||||||||||
Payroll taxes related to stock-based compensation | (624) | (228) | (875) | (364) | |||||||||||||||||||
System transformation costs | (1,340) | — | (1,781) | — | |||||||||||||||||||
Non-GAAP operating expenses | $ | 104,794 | $ | 89,427 | $ | 207,087 | $ | 171,128 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gross profit | $ | 104,206 | $ | 86,246 | $ | 206,671 | $ | 166,277 | |||||||||||||||
Amortization expense | 3,312 | 5,265 | 6,608 | 10,483 | |||||||||||||||||||
Stock-based compensation | 3,038 | 2,374 | 5,614 | 4,633 | |||||||||||||||||||
Acquisition-related expense | 1 | 23 | 2 | 61 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 83 | 25 | 95 | 25 | |||||||||||||||||||
Non-GAAP gross profit | $ | 110,640 | $ | 93,933 | $ | 218,990 | $ | 181,479 | |||||||||||||||
Gross profit margin | 77% | 75% | 77% | 74% | |||||||||||||||||||
Non-GAAP gross profit margin | 82% | 81% | 82% | 81% | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating loss | $ | (37,622) | $ | (61,842) | $ | (63,114) | $ | (85,579) | |||||||||||||||
Amortization expense | 10,559 | 12,299 | 21,096 | 24,546 | |||||||||||||||||||
Stock-based compensation | 30,183 | 53,024 | 49,733 | 69,034 | |||||||||||||||||||
Acquisition-related expense | 679 | 548 | 1,437 | 1,649 | |||||||||||||||||||
Acquisition-related earnout | — | 100 | — | 188 | |||||||||||||||||||
Offering costs | — | 124 | — | 124 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 707 | 253 | 970 | 389 | |||||||||||||||||||
System transformation costs | 1,340 | — | 1,781 | — | |||||||||||||||||||
Non-GAAP operating income | $ | 5,846 | $ | 4,506 | $ | 11,903 | $ | 10,351 | |||||||||||||||
Operating loss margin | (28)% | (53)% | (24)% | (38)% | |||||||||||||||||||
Non-GAAP operating income margin | 4% | 4% | 4% | 5% |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (36,199) | $ | (63,139) | $ | (60,399) | $ | (88,768) | |||||||||||||||
Exclude: income tax (provision) benefit | (1,106) | 20 | (1,703) | (232) | |||||||||||||||||||
Loss before income tax (provision) benefit | (35,093) | (63,159) | (58,696) | (88,536) | |||||||||||||||||||
Amortization expense | 10,559 | 12,299 | 21,096 | 24,546 | |||||||||||||||||||
Stock-based compensation | 30,183 | 53,024 | 49,733 | 69,034 | |||||||||||||||||||
Foreign currency transaction (gain) loss | (1,048) | 676 | (1,652) | 1,457 | |||||||||||||||||||
Amortization of debt issuance costs | 684 | 679 | 1,368 | 1,358 | |||||||||||||||||||
Acquisition-related expense | 679 | 548 | 1,437 | 1,649 | |||||||||||||||||||
Acquisition-related earnout | — | 100 | — | 188 | |||||||||||||||||||
Offering costs | — | 124 | — | 124 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 707 | 253 | 970 | 389 | |||||||||||||||||||
System transformation costs | 1,340 | — | 1,781 | — | |||||||||||||||||||
Non-GAAP income before income taxes | 8,011 | 4,544 | 16,037 | 10,209 | |||||||||||||||||||
Non-GAAP provision for income taxes (1) |
(1,923) | (1,090) | (3,849) | (2,450) | |||||||||||||||||||
Non-GAAP net income | $ | 6,088 | $ | 3,454 | $ | 12,188 | $ | 7,759 | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic | $ | (0.29) | $ | (0.53) | $ | (0.49) | $ | (0.74) | |||||||||||||||
Diluted | $ | (0.29) | $ | (0.53) | $ | (0.49) | $ | (0.74) | |||||||||||||||
Weighted‑average shares used in computing net loss per share: | |||||||||||||||||||||||
Basic | 124,382,767 | 119,941,482 | 123,905,072 | 119,768,871 | |||||||||||||||||||
Diluted | 124,382,767 | 119,941,482 | 123,905,072 | 119,768,871 | |||||||||||||||||||
Non-GAAP net income per share: | |||||||||||||||||||||||
Basic | $ | 0.05 | $ | 0.03 | $ | 0.10 | $ | 0.06 | |||||||||||||||
Diluted | $ | 0.05 | $ | 0.03 | $ | 0.09 | $ | 0.06 | |||||||||||||||
Weighted-average shares used in computing non-GAAP net income per share: | |||||||||||||||||||||||
Basic | 124,382,767 | 119,941,482 | 123,905,072 | 119,768,871 | |||||||||||||||||||
Diluted | 134,690,326 | 129,189,399 | 134,316,268 | 129,436,956 |
Six Months Ended June 30, | Years Ended December 31, | ||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (13,231) | $ | 16,342 | $ | 38,022 | $ | 90,005 | $ | 65,165 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Purchases of equipment and leasehold improvements | (1,786) | (2,876) | (5,211) | (7,727) | (9,755) | ||||||||||||||||||||||||
Free cash flow | (15,017) | 13,466 | 32,811 | 82,278 | 55,410 | ||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Cash paid for interest | 391 | 371 | 6 | 763 | 967 | ||||||||||||||||||||||||
Cash paid for acquisition-related expense | 1,208 | 1,720 | 1,094 | 4,480 | 5,039 | ||||||||||||||||||||||||
Cash paid for system transformation costs | 2,097 | — | — | — | — | ||||||||||||||||||||||||
Cash paid for contingent consideration | 6,000 | — | — | — | — | ||||||||||||||||||||||||
Cash paid for legal settlement | — | — | — | — | 5,000 | ||||||||||||||||||||||||
Unlevered free cash flow | $ | (5,321) | $ | 15,557 | $ | 33,911 | $ | 87,521 | $ | 66,416 | |||||||||||||||||||
Total revenue | $ | 267,301 | $ | 223,896 | $ | 166,965 | $ | 478,776 | $ | 366,388 | |||||||||||||||||||
Net cash (used in) provided by operating activities as a percentage of total revenue | (5)% | 7% | 23% | 19% | 18% | ||||||||||||||||||||||||
Free cash flow margin | (6)% | 6% | 20% | 17% | 15% | ||||||||||||||||||||||||
Unlevered free cash flow margin | (2)% | 7% | 20% | 18% | 18% |
Trailing Twelve Months Ended
June 30,
|
|||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities | $ | 60,432 | $ | 43,485 | |||||||
Less: | |||||||||||
Purchases of equipment and leasehold improvements | (6,637) | (7,420) | |||||||||
Free cash flow | 53,795 | 36,065 | |||||||||
Add: | |||||||||||
Cash paid for interest | 783 | 1,332 | |||||||||
Cash paid for acquisition-related expense | 3,968 | 5,665 | |||||||||
Cash paid for system transformation costs | 2,097 | — | |||||||||
Cash paid for contingent consideration | 6,000 | — | |||||||||
Cash paid for legal settlement | — | 5,000 | |||||||||
Unlevered free cash flow | $ | 66,643 | $ | 48,062 | |||||||
Total revenue | $ | 522,181 | $ | 423,319 | |||||||
Net cash provided by operating activities as a percentage of total revenue | 12% | 10% | |||||||||
Free cash flow margin | 10% | 9% | |||||||||
Unlevered free cash flow margin | 13% | 11% |