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: February 27, 2024 |
By: | /s/ Jeff Lendino | ||||||
Name: | Jeff Lendino | |||||||
Title: | Chief Legal Officer |
December 31, 2023 |
December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 243,576 | $ | 224,338 | |||||||
Trade accounts receivable, net of allowances of $444 and $445 |
108,240 | 88,163 | |||||||||
Deferred contract costs | 23,508 | 17,652 | |||||||||
Prepaid expenses | 14,255 | 14,331 | |||||||||
Other current assets | 13,055 | 6,562 | |||||||||
Total current assets | 402,634 | 351,046 | |||||||||
Equipment and leasehold improvements, net | 15,184 | 19,421 | |||||||||
Goodwill | 887,121 | 856,925 | |||||||||
Other intangible assets, net | 187,891 | 218,744 | |||||||||
Deferred contract costs, non-current | 53,070 | 39,643 | |||||||||
Other assets | 43,752 | 43,763 | |||||||||
Total assets | $ | 1,589,652 | $ | 1,529,542 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 25,909 | $ | 15,393 | |||||||
Accrued liabilities | 77,447 | 67,051 | |||||||||
Income taxes payable | 1,248 | 486 | |||||||||
Deferred revenue |
317,546 | 278,038 | |||||||||
Total current liabilities | 422,150 | 360,968 | |||||||||
Deferred revenue, non-current |
55,886 | 68,112 | |||||||||
Deferred tax liability, net | 5,952 | 5,505 | |||||||||
Convertible senior notes, net | 366,999 | 364,505 | |||||||||
Other liabilities | 21,118 | 29,114 | |||||||||
Total liabilities | 872,105 | 828,204 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 126 | 123 | |||||||||
Additional paid-in capital | 1,162,993 | 1,049,875 | |||||||||
Accumulated other comprehensive loss | (26,777) | (39,951) | |||||||||
Accumulated deficit | (418,795) | (308,709) | |||||||||
Total stockholders’ equity | 717,547 | 701,338 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,589,652 | $ | 1,529,542 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription | $ | 146,677 | $ | 124,875 | $ | 543,019 | $ | 455,007 | |||||||||||||||
Services | 3,731 | 4,838 | 16,325 | 19,025 | |||||||||||||||||||
License | 237 | 610 | 1,227 | 4,744 | |||||||||||||||||||
Total revenue | 150,645 | 130,323 | 560,571 | 478,776 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of subscription(1)(2)(3)(4)(5) (exclusive of amortization expense shown below) |
26,200 | 22,609 | 98,554 | 85,479 | |||||||||||||||||||
Cost of services(1)(2)(3)(4) (exclusive of amortization expense shown below) |
3,563 | 3,632 | 13,976 | 13,816 | |||||||||||||||||||
Amortization expense | 3,427 | 4,172 | 13,529 | 19,932 | |||||||||||||||||||
Total cost of revenue | 33,190 | 30,413 | 126,059 | 119,227 | |||||||||||||||||||
Gross profit | 117,455 | 99,910 | 434,512 | 359,549 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1)(2)(3)(4)(5) |
62,420 | 58,557 | 250,757 | 217,728 | |||||||||||||||||||
Research and development(1)(2)(3)(4)(5) |
32,921 | 30,322 | 134,422 | 119,906 | |||||||||||||||||||
General and administrative(1)(2)(3)(4)(5)(6) |
34,935 | 28,568 | 135,233 | 132,562 | |||||||||||||||||||
Amortization expense | 7,441 | 7,124 | 29,349 | 28,227 | |||||||||||||||||||
Total operating expenses | 137,717 | 124,571 | 549,761 | 498,423 | |||||||||||||||||||
Loss from operations | (20,262) | (24,661) | (115,249) | (138,874) | |||||||||||||||||||
Interest income (expense), net | 2,073 | 917 | 6,526 | (538) | |||||||||||||||||||
Foreign currency transaction gain (loss) | 1,911 | 1,279 | 916 | (2,802) | |||||||||||||||||||
Loss before income tax (provision) benefit | (16,278) | (22,465) | (107,807) | (142,214) | |||||||||||||||||||
Income tax (provision) benefit | (1,132) | 1,234 | (2,279) | 913 | |||||||||||||||||||
Net loss | $ | (17,410) | $ | (21,231) | $ | (110,086) | $ | (141,301) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.14) | $ | (0.17) | $ | (0.88) | $ | (1.17) | |||||||||||||||
Weighted‑average shares used to compute net loss per share, basic and diluted | 126,361,484 | 122,300,221 | 124,935,620 | 120,720,972 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 2,594 | $ | 2,359 | $ | 10,229 | $ | 8,854 | |||||||||||||||
Services | 392 | 338 | 1,386 | 1,299 | |||||||||||||||||||
Sales and marketing | 8,059 | 6,934 | 33,127 | 33,559 | |||||||||||||||||||
Research and development | 5,856 | 4,772 | 23,719 | 24,392 | |||||||||||||||||||
General and administrative | 6,017 | 5,243 | 32,539 | 41,066 | |||||||||||||||||||
$ | 22,918 | $ | 19,646 | $ | 101,000 | $ | 109,170 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 143 | $ | 160 | $ | 318 | $ | 293 | |||||||||||||||
Services | 32 | 30 | 57 | 54 | |||||||||||||||||||
Sales and marketing | 451 | 367 | 1,162 | 810 | |||||||||||||||||||
Research and development | 171 | 183 | 581 | 429 | |||||||||||||||||||
General and administrative | 137 | 153 | 490 | 428 | |||||||||||||||||||
$ | 934 | $ | 893 | $ | 2,608 | $ | 2,014 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 296 | $ | 310 | $ | 1,219 | $ | 1,201 | |||||||||||||||
Services | 44 | 44 | 168 | 170 | |||||||||||||||||||
Sales and marketing | 777 | 739 | 3,155 | 2,725 | |||||||||||||||||||
Research and development | 444 | 445 | 1,814 | 1,610 | |||||||||||||||||||
General and administrative | 266 | 258 | 1,064 | 965 | |||||||||||||||||||
$ | 1,827 | $ | 1,796 | $ | 7,420 | $ | 6,671 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | — | $ | — | $ | — | $ | 61 | |||||||||||||||
Services | 34 | — | 50 | — | |||||||||||||||||||
Sales and marketing | 152 | — | 371 | 7 | |||||||||||||||||||
Research and development | 299 | 120 | 807 | 912 | |||||||||||||||||||
General and administrative | 2,704 | 1,092 | 6,133 | 3,663 | |||||||||||||||||||
$ | 3,189 | $ | 1,212 | $ | 7,361 | $ | 4,643 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 29 | $ | — | $ | 51 | $ | — | |||||||||||||||
Sales and marketing | 82 | — | 174 | — | |||||||||||||||||||
Research and development | — | — | 12 | — | |||||||||||||||||||
General and administrative | 1,569 | — | 4,596 | — | |||||||||||||||||||
$ | 1,680 | $ | — | $ | 4,833 | $ | — |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Acquisition-related earnout | $ | — | $ | 306 | $ | — | $ | 694 | |||||||||||||||
Offering costs |
— | — | — | 124 | |||||||||||||||||||
Restructuring charges | 1,393 | — | 1,393 | — | |||||||||||||||||||
Legal settlements and other non-recurring litigation costs | 359 | — | 559 | — |
Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (110,086) | $ | (141,301) | |||||||
Adjustments to reconcile net loss to cash provided by operating activities: |
|||||||||||
Depreciation and amortization expense | 50,298 | 54,830 | |||||||||
Amortization of deferred contract costs | 21,497 | 16,563 | |||||||||
Amortization of debt issuance costs | 2,742 | 2,722 | |||||||||
Non-cash lease expense | 5,935 | 5,869 | |||||||||
Impairment of lease right-of-use assets | 1,077 | — | |||||||||
Provision for credit losses and returns | 472 | 328 | |||||||||
Share‑based compensation | 101,000 | 109,170 | |||||||||
Deferred tax benefit | (1,976) | (2,955) | |||||||||
Adjustment to contingent consideration | — | 694 | |||||||||
Other | (1,673) | 3,333 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade accounts receivable | (19,233) | (9,487) | |||||||||
Prepaid expenses and other assets | (11,354) | 1,888 | |||||||||
Deferred contract costs | (40,643) | (31,134) | |||||||||
Accounts payable | 9,352 | 5,891 | |||||||||
Accrued liabilities | 2,690 | 10,017 | |||||||||
Income taxes payable | 727 | 151 | |||||||||
Deferred revenue | 23,939 | 63,426 | |||||||||
Other liabilities |
1,200 | — | |||||||||
Net cash provided by operating activities |
35,964 | 90,005 | |||||||||
Investing activities | |||||||||||
Acquisitions, net of cash acquired | (18,797) | (23,816) | |||||||||
Purchases of equipment and leasehold improvements | (2,934) | (7,727) | |||||||||
Purchase of investments | (750) | (3,100) | |||||||||
Other | 5 | (139) | |||||||||
Net cash used in investing activities | (22,476) | (34,782) | |||||||||
Financing activities | |||||||||||
Debt issuance costs | — | (50) | |||||||||
Cash paid for offering costs | — | (104) | |||||||||
Cash paid for contingent consideration | (206) | (4,588) | |||||||||
Payment of acquisition-related holdback | (515) | (200) | |||||||||
Proceeds from the exercise of stock options | 6,042 | 5,203 | |||||||||
Net cash provided by financing activities |
5,321 | 261 | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 79 | (713) | |||||||||
Net increase in cash, cash equivalents, and restricted cash |
18,888 | 54,771 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 231,921 | 177,150 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 250,809 | $ | 231,921 | |||||||
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 | $ | 243,576 | $ | 224,338 | |||||||
Restricted cash included in other current assets | 3,633 | 383 | |||||||||
Restricted cash included in other assets | 3,600 | 7,200 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 250,809 | $ | 231,921 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
SaaS subscription and support and maintenance | $ | 140,315 | $ | 117,621 | $ | 521,269 | $ | 430,613 | |||||||||||||||
On‑premise subscription | 6,362 | 7,254 | 21,750 | 24,394 | |||||||||||||||||||
Subscription revenue | 146,677 | 124,875 | 543,019 | 455,007 | |||||||||||||||||||
Professional services | 3,731 | 4,838 | 16,325 | 19,025 | |||||||||||||||||||
Perpetual licenses | 237 | 610 | 1,227 | 4,744 | |||||||||||||||||||
Non‑subscription revenue | 3,968 | 5,448 | 17,552 | 23,769 | |||||||||||||||||||
Total revenue | $ | 150,645 | $ | 130,323 | $ | 560,571 | $ | 478,776 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
December 31, 2022 |
September 30, 2022 |
June 30, 2022 |
March 31, 2022 |
||||||||||||||||||||||||||||||||||||||||
ARR | $ | 588.6 | $ | 566.3 | $ | 547.8 | $ | 526.6 | $ | 512.5 | $ | 490.5 | $ | 466.0 | $ | 436.5 | |||||||||||||||||||||||||||||||
ARR from management solutions as a percent of total ARR | 77 | % | 79 | % | 79 | % | 80 | % | 80 | % | 82 | % | 82 | % | 83 | % | |||||||||||||||||||||||||||||||
ARR from security solutions as a percent of total ARR | 23 | % | 21 | % | 21 | % | 20 | % | 20 | % | 18 | % | 18 | % | 17 | % | |||||||||||||||||||||||||||||||
ARR from commercial customers as a percent of total ARR | 74 | % | 73 | % | 73 | % | 72 | % | 72 | % | 71 | % | 71 | % | 70 | % | |||||||||||||||||||||||||||||||
ARR from education customers as a percent of total ARR | 26 | % | 27 | % | 27 | % | 28 | % | 28 | % | 29 | % | 29 | % | 30 | % | |||||||||||||||||||||||||||||||
Dollar-based net retention rate (1) |
108 | % | 108 | % | 109 | % | 111 | % | 113 | % | 115 | % | 117 | % | 120 | % | |||||||||||||||||||||||||||||||
Devices | 32.3 | 31.8 | 31.3 | 30.8 | 30.0 | 29.3 | 28.4 | 26.8 | |||||||||||||||||||||||||||||||||||||||
Customers | 75,300 | 74,400 | 73,500 | 72,500 | 71,000 | 69,000 | 67,000 | 62,000 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating expenses | $ | 137,717 | $ | 124,571 | $ | 549,761 | $ | 498,423 | |||||||||||||||
Amortization expense | (7,441) | (7,124) | (29,349) | (28,227) | |||||||||||||||||||
Stock-based compensation | (19,932) | (16,949) | (89,385) | (99,017) | |||||||||||||||||||
Acquisition-related expense | (3,155) | (1,212) | (7,311) | (4,582) | |||||||||||||||||||
Acquisition-related earnout | — | (306) | — | (694) | |||||||||||||||||||
Offering costs | — | — | — | (124) | |||||||||||||||||||
Payroll taxes related to stock-based compensation | (759) | (703) | (2,233) | (1,667) | |||||||||||||||||||
System transformation costs | (1,651) | — | (4,782) | — | |||||||||||||||||||
Restructuring charges | (1,393) | — | (1,393) | — | |||||||||||||||||||
Legal settlements and other non-recurring litigation costs |
(359) | — | (559) | — | |||||||||||||||||||
Non-GAAP operating expenses | $ | 103,027 | $ | 98,277 | $ | 414,749 | $ | 364,112 | |||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Gross profit | $ | 117,455 | $ | 99,910 | $ | 434,512 | $ | 359,549 | |||||||||||||||
Amortization expense | 3,427 | 4,172 | 13,529 | 19,932 | |||||||||||||||||||
Stock-based compensation | 2,986 | 2,697 | 11,615 | 10,153 | |||||||||||||||||||
Acquisition-related expense | 34 | — | 50 | 61 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 175 | 190 | 375 | 347 | |||||||||||||||||||
System transformation costs | 29 | — | 51 | — | |||||||||||||||||||
Non-GAAP gross profit | $ | 124,106 | $ | 106,969 | $ | 460,132 | $ | 390,042 | |||||||||||||||
Gross profit margin | 78% | 77% | 78% | 75% | |||||||||||||||||||
Non-GAAP gross profit margin | 82% | 82% | 82% | 81% | |||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Operating loss | $ | (20,262) | $ | (24,661) | $ | (115,249) | $ | (138,874) | |||||||||||||||
Amortization expense | 10,868 | 11,296 | 42,878 | 48,159 | |||||||||||||||||||
Stock-based compensation | 22,918 | 19,646 | 101,000 | 109,170 | |||||||||||||||||||
Acquisition-related expense | 3,189 | 1,212 | 7,361 | 4,643 | |||||||||||||||||||
Acquisition-related earnout | — | 306 | — | 694 | |||||||||||||||||||
Offering costs | — | — | — | 124 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 934 | 893 | 2,608 | 2,014 | |||||||||||||||||||
System transformation costs | 1,680 | — | 4,833 | — | |||||||||||||||||||
Restructuring charges | 1,393 | — | 1,393 | — | |||||||||||||||||||
Legal settlements and other non-recurring litigation costs |
359 | — | 559 | — | |||||||||||||||||||
Non-GAAP operating income | $ | 21,079 | $ | 8,692 | $ | 45,383 | $ | 25,930 | |||||||||||||||
Operating loss margin | (13)% | (19)% | (21)% | (29)% | |||||||||||||||||||
Non-GAAP operating income margin | 14% | 7% | 8% | 5% |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (17,410) | $ | (21,231) | $ | (110,086) | $ | (141,301) | |||||||||||||||
Exclude: income tax (provision) benefit |
(1,132) | 1,234 | (2,279) | 913 | |||||||||||||||||||
Loss before income tax (provision) benefit |
(16,278) | (22,465) | (107,807) | (142,214) | |||||||||||||||||||
Amortization expense | 10,868 | 11,296 | 42,878 | 48,159 | |||||||||||||||||||
Stock-based compensation | 22,918 | 19,646 | 101,000 | 109,170 | |||||||||||||||||||
Foreign currency transaction (gain) loss |
(1,911) | (1,279) | (916) | 2,802 | |||||||||||||||||||
Amortization of debt issuance costs | 687 | 682 | 2,742 | 2,722 | |||||||||||||||||||
Acquisition-related expense | 3,189 | 1,212 | 7,361 | 4,643 | |||||||||||||||||||
Acquisition-related earnout | — | 306 | — | 694 | |||||||||||||||||||
Offering costs | — | — | — | 124 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 934 | 893 | 2,608 | 2,014 | |||||||||||||||||||
System transformation costs | 1,680 | — | 4,833 | — | |||||||||||||||||||
Restructuring charges | 1,393 | — | 1,393 | — | |||||||||||||||||||
Legal settlements and other non-recurring litigation costs |
359 | — | 559 | — | |||||||||||||||||||
Non-GAAP income before income taxes | 23,839 | 10,291 | 54,651 | 28,114 | |||||||||||||||||||
Non-GAAP provision for income taxes (1) |
(5,721) | (2,469) | (13,116) | (6,747) | |||||||||||||||||||
Non-GAAP net income | $ | 18,118 | $ | 7,822 | $ | 41,535 | $ | 21,367 | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic | $ | (0.14) | $ | (0.17) | $ | (0.88) | $ | (1.17) | |||||||||||||||
Diluted | $ | (0.14) | $ | (0.17) | $ | (0.88) | $ | (1.17) | |||||||||||||||
Weighted‑average shares used in computing net loss per share: | |||||||||||||||||||||||
Basic | 126,361,484 | 122,300,221 | 124,935,620 | 120,720,972 | |||||||||||||||||||
Diluted | 126,361,484 | 122,300,221 | 124,935,620 | 120,720,972 | |||||||||||||||||||
Non-GAAP net income per share: | |||||||||||||||||||||||
Basic | $ | 0.14 | $ | 0.06 | $ | 0.33 | $ | 0.18 | |||||||||||||||
Diluted | $ | 0.13 | $ | 0.06 | $ | 0.31 | $ | 0.16 | |||||||||||||||
Weighted-average shares used in computing non-GAAP net income per share: | |||||||||||||||||||||||
Basic | 126,361,484 | 122,300,221 | 124,935,620 | 120,720,972 | |||||||||||||||||||
Diluted | 136,716,406 | 133,027,869 | 135,285,356 | 130,965,684 |
Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (17,410) | $ | (21,231) | $ | (110,086) | $ | (141,301) | |||||||||||||||
Interest (income) expense, net | (2,073) | (917) | (6,526) | 538 | |||||||||||||||||||
Provision (benefit) for income taxes | 1,132 | (1,234) | 2,279 | (913) | |||||||||||||||||||
Depreciation expense | 1,827 | 1,796 | 7,420 | 6,671 | |||||||||||||||||||
Amortization expense | 10,868 | 11,296 | 42,878 | 48,159 | |||||||||||||||||||
Stock-based compensation | 22,918 | 19,646 | 101,000 | 109,170 | |||||||||||||||||||
Foreign currency transaction (gain) loss | (1,911) | (1,279) | (916) | 2,802 | |||||||||||||||||||
Acquisition-related expense | 3,189 | 1,212 | 7,361 | 4,643 | |||||||||||||||||||
Acquisition-related earnout | — | 306 | — | 694 | |||||||||||||||||||
Offering costs | — | — | — | 124 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 934 | 893 | 2,608 | 2,014 | |||||||||||||||||||
System transformation costs | 1,680 | — | 4,833 | — | |||||||||||||||||||
Restructuring charges | 1,393 | — | 1,393 | — | |||||||||||||||||||
Legal settlements and other non-recurring litigation costs | 359 | — | 559 | — | |||||||||||||||||||
Adjusted EBITDA | $ | 22,906 | $ | 10,488 | $ | 52,803 | $ | 32,601 |
Years Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities |
$ | 35,964 | $ | 90,005 | |||||||
Less: | |||||||||||
Purchases of equipment and leasehold improvements | (2,934) | (7,727) | |||||||||
Free cash flow | 33,030 | 82,278 | |||||||||
Add: | |||||||||||
Cash paid for interest | 784 | 763 | |||||||||
Cash paid for acquisition-related expense | 2,975 | 4,480 | |||||||||
Cash paid for system transformation costs | 12,493 | — | |||||||||
Cash paid for contingent consideration | 6,000 | — | |||||||||
Cash paid for legal settlements and other non-recurring litigation costs |
132 | — | |||||||||
Unlevered free cash flow | $ | 55,414 | $ | 87,521 | |||||||
Total revenue | $ | 560,571 | $ | 478,776 | |||||||
Net cash provided by operating activities as a percentage of total revenue |
6% | 19% | |||||||||
Free cash flow margin | 6% | 17% | |||||||||
Unlevered free cash flow margin | 10% | 18% |