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0001721947false00017219472024-05-082024-05-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 8, 2024
JAMF HOLDING CORP.
(Exact name of registrant as specified in its charter)
Delaware 001-39399 82-3031543
(State or other jurisdiction
of incorporation)
(Commission File Number) (IRS Employer
Identification No.)
100 Washington Ave S, Suite 1100
Minneapolis, MN
55401
(Address of principal executive offices) (Zip Code)
(612) 605-6625
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ Emerging growth company
☐  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
Name of each exchange on which
registered
Common Stock, $0.001 par value JAMF The NASDAQ Stock Market LLC



Item 2.02. Results of Operations and Financial Condition.
On May 8, 2024, Jamf Holding Corp. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2024. In the press release, the Company also announced that it will hold a conference call on May 8, 2024 to discuss its financial results for the quarter ended March 31, 2024. The full text of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
This information is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description of Exhibit
99.1
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
JAMF HOLDING CORP.
Date: May 8, 2024
By: /s/ Jeff Lendino
Name: Jeff Lendino
Title: Chief Legal Officer

EX-99.1 2 jamf-03312024x8kxex991.htm EX-99.1 Document
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Exhibit 99.1

Jamf Announces First Quarter 2024 Financial Results
•Q1 total revenue year-over-year growth of 15% to $152.1 million
•ARR year-over-year growth of 14% to $602.4 million as of March 31, 2024
•GAAP operating loss of $21.1 million, or (14)% of total revenue, compared to GAAP operating loss of $25.5 million, or (19)% of total revenue, in the first quarter of 2023.
•Non-GAAP operating income of $22.1 million, or 15% of total revenue, compared to $6.1 million, or 5% of total revenue, in the first quarter of 2023.
MINNEAPOLIS – May 8, 2024 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its first quarter ended March 31, 2024.
“Jamf had a solid start to the year, exceeding the high end of our Q1 outlook,” said John Strosahl, Jamf CEO. “During our Investor Day on March 13th, we outlined our three-year plan for improved revenue growth and increased profitability with the goal of exceeding the Rule of 40 in 2026. We look forward to sharing our progress against this plan in the coming quarters.”
First Quarter 2024 Financial Highlights
•ARR: ARR of $602.4 million as of March 31, 2024, an increase of 14% year-over-year.
•Revenue: Total revenue of $152.1 million, an increase of 15% year-over-year.
•Gross Profit: GAAP gross profit of $117.0 million, or 77% of total revenue, compared to $102.5 million in the first quarter of 2023. Non-GAAP gross profit of $123.7 million, or 81% of total revenue, compared to $108.4 million in the first quarter of 2023.
•Operating Loss/Income: GAAP operating loss of $21.1 million, or (14)% of total revenue, compared to $25.5 million in the first quarter of 2023. Non-GAAP operating income of $22.1 million, or 15% of total revenue, compared to $6.1 million in the first quarter of 2023.
•Cash Flow: Cash flow provided by operations of $44.9 million for the TTM ended March 31, 2024, or 8% of TTM total revenue, compared to $68.2 million for the TTM ended March 31, 2023. Unlevered free cash flow of $72.6 million for the TTM ended March 31, 2024, or 13% of TTM total revenue, compared to $72.8 million for the TTM ended March 31, 2023.
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.

Recent Business Highlights
•Ended the first quarter serving more than 75,900 customers with 32.8 million total devices on our platform.
•Achieved 31% year-over-year growth in security ARR, to $138.4 million as of March 31, 2024, representing 23% of Jamf’s total ARR.
•Launched same-day support for Apple Vision Pro’s visionOS 1.1 release, making management for this powerful new endpoint available in Jamf Pro. This follows Jamf’s recently announced, first-to-market support for Apple Vision Pro within Jamf Protect and Jamf Connect.
•Highlighted a number of product updates during Jamf’s Spring Event, including:
◦Compliance dashboard in Jamf Protect, setting a new standard for visualizing device compliance status;
◦Compliance Editor with Jamf Pro for iOS and iPadOS, removing ambiguity around enforcing compliance on mobile devices;
◦Jamf Routines in Jamf bundled solutions, making IT teams more powerful and efficient with no-code automations and integrations; ◦Privilege Elevation in Jamf Connect for macOS, granting temporary and conditional access to admin privileges;
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◦App Version Control within App Installers, keeping apps updated and protected; and
◦“Balanced privacy” reporting for Jamf Safe Internet, providing visibility needed to resolve security issues while maintaining student privacy.
•Named winner in three categories of Cyber Defense Magazine’s Global InfoSec Awards during RSA 2024 - Market Leader Zero Trust BYOD, Market Leader Mobile Device Security, and Cutting Edge Mobile Endpoint Security
•Announced strategic relationship with FTI Consulting, providing FTI client confidence that their mobile devices are secure through continuous protection with Jamf Executive Threat Protection.
For the second quarter of 2024, Jamf currently expects:
•Total revenue of $150.5 to $152.5 million
•Non-GAAP operating income of $21.5 to $22.5 million
For the full year 2024, Jamf currently expects:
•Total revenue of $618.5 to $622.5 million
•Non-GAAP operating income of $92.5 to $95.5 million
To assist with modeling, for the second quarter of 2024 and full year 2024, amortization is expected to be approximately $10.1 million and $40.3 million, respectively. In addition, for the second quarter of 2024 and full year 2024, stock-based compensation and related payroll taxes are expected to be approximately $28.1 million and $104.9 million, respectively.
Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss) because certain items are out of Jamf’s control or cannot be reasonably predicted. Historically, adjustments to non-GAAP operating income have included, but are not limited to, acquisition-related expense and acquisition-related earn-out, amortization, stock-based compensation and related payroll taxes, and system transformation costs. Accordingly, a reconciliation for forward-looking non-GAAP operating income is not available without unreasonable effort. These items are uncertain, depend on various factors, and could result in projected GAAP operating income (loss) being materially less than is indicated by currently estimated non-GAAP operating income.
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 8, 2024.
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.
A replay of the call will be available on the Investor Relations website beginning on May 8, 2024, 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.
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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, 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 loss (gain), amortization of debt issuance costs, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, restructuring charges, and extraordinary legal settlements and non-recurring litigation costs. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in 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. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this press release. We strongly encourage investors to review our consolidated financial statements included in our publicly filed reports in their entirety and not rely solely on any single financial measurement or communication.
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.
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, 2023. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 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.
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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 protect personal privacy. To learn more, visit www.jamf.com.
Investor Contact
Jennifer Gaumond
ir@jamf.com
Media Contact
Rachel Nauen
media@jamf.com
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Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)
March 31,
2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents $ 224,497 $ 243,576 
Trade accounts receivable, net of allowances of $387 and $444
95,484 108,240 
Deferred contract costs 24,514 23,508 
Prepaid expenses 21,314 14,255 
Other current assets 20,913 13,055 
Total current assets 386,722 402,634
Equipment and leasehold improvements, net 14,858 15,184 
Goodwill 885,041 887,121 
Other intangible assets, net 177,253 187,891 
Deferred contract costs, non-current 54,040 53,070 
Other assets 45,838 43,752 
Total assets $ 1,563,752 $ 1,589,652
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 20,388 $ 25,909 
Accrued liabilities 70,533 77,447 
Income taxes payable 1,346 1,248 
Deferred revenue
311,698 317,546 
Total current liabilities 403,965 422,150
Deferred revenue, non-current
52,805 55,886 
Deferred tax liability, net 5,515 5,952 
Convertible senior notes, net 367,626 366,999 
Other liabilities 17,771 21,118 
Total liabilities 847,682 872,105
Commitments and contingencies
Stockholders’ equity:
Preferred stock — 
Common stock 126 126 
Additional paid-in capital 1,183,852 1,162,993 
Accumulated other comprehensive loss (28,589) (26,777)
Accumulated deficit (439,319) (418,795)
Total stockholders’ equity 716,070 717,547
Total liabilities and stockholders’ equity $ 1,563,752 $ 1,589,652
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Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended March 31,
2024 2023
Revenue:
Subscription $ 148,353  $ 127,230 
Services 3,706  4,384 
License 64  598 
Total revenue 152,123  132,212 
Cost of revenue:
Cost of subscription(1)(2)(3)(5)(6) (exclusive of amortization expense shown below)
28,010  23,159 
Cost of services(1)(2)(3)(4) (exclusive of amortization expense shown below)
3,770  3,292 
Amortization expense 3,312  3,296 
Total cost of revenue 35,092  29,747 
Gross profit 117,031  102,465 
Operating expenses:
Sales and marketing(1)(2)(3)(5)(6)
64,782  60,208 
Research and development(1)(2)(3)(4)(6)
34,262  32,072 
General and administrative(1)(2)(3)(4)(5)(6)(7)
32,198  28,436 
Amortization expense 6,898  7,241 
Total operating expenses 138,140  127,957 
Loss from operations (21,109) (25,492)
Interest income, net 2,040  1,285 
Foreign currency transaction (loss) gain (412) 604 
Loss before income tax provision (19,481) (23,603)
Income tax provision (1,043) (597)
Net loss $ (20,524) $ (24,200)
Net loss per share, basic and diluted $ (0.16) $ (0.20)
Weighted‑average shares used to compute net loss per share, basic and diluted 127,292,097  123,422,066 
(1) Includes stock-based compensation as follows:
Three Months Ended March 31,
2024 2023
(in thousands)
Cost of revenue:
Subscription $ 2,628  $ 2,267 
Services 412  309 
Sales and marketing 6,389  7,499 
Research and development 5,431  5,033 
General and administrative 5,719  4,442 
$ 20,579  $ 19,550 
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(2) Includes payroll taxes related to stock-based compensation as follows:
Three Months Ended March 31,
2024 2023
(in thousands)
Cost of revenue:
Subscription $ 137  $ 12 
Services 24  — 
Sales and marketing 560  104 
Research and development 302  71 
General and administrative 265  76 
$ 1,288  $ 263 
(3) Includes depreciation expense as follows:
Three Months Ended March 31,
2024 2023
(in thousands)
Cost of revenue:
Subscription $ 298  $ 315 
Services 47  39 
Sales and marketing 733  805 
Research and development 444  467 
General and administrative 258  261 
$ 1,780  $ 1,887 
(4) Includes acquisition-related expense as follows:
Three Months Ended March 31,
2024 2023
(in thousands)
Cost of revenue:
Services $ 79  $
Research and development 183  51 
General and administrative 2,126  706 
$ 2,388  $ 758 
(5) Includes system transformation costs as follows:
Three Months Ended March 31,
2024 2023
(in thousands)
Cost of revenue:
Subscription $ 32  $ — 
Sales and marketing 51  — 
General and administrative 1,786  441 
$ 1,869  $ 441 
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(6) Includes restructuring charges as follows:
Three Months Ended March 31,
2024 2023
(in thousands)
Cost of revenue:
Subscription $ 10  $ — 
Sales and marketing 5,571  — 
Research and development 734  — 
General and administrative 789  — 
$ 7,104  $ — 
(7) General and administrative also includes the following:
Three Months Ended March 31,
2024 2023
(in thousands)
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,
2024 2023
Operating activities
Net loss $ (20,524) $ (24,200)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization expense 11,990  12,424 
Amortization of deferred contract costs 6,325  4,774 
Amortization of debt issuance costs 689  684 
Non-cash lease expense 1,450  1,493 
Provision for credit losses and returns (24) 14 
Stock-based compensation 20,579  19,550 
Deferred tax benefit (267) (27)
Other (26) (677)
Changes in operating assets and liabilities:
Trade accounts receivable 12,696  3,915 
Prepaid expenses and other assets (15,472) (8,936)
Deferred contract costs (8,334) (8,145)
Accounts payable (5,677) (575)
Accrued liabilities (10,602) (19,765)
Income taxes payable 119  65 
Deferred revenue (8,885) (5,394)
Other liabilities 59  — 
Net cash used in operating activities (15,904) (24,800)
Investing activities
Purchases of equipment and leasehold improvements (1,755) (1,121)
Purchase of investments (1,500) (750)
Other 25  14 
Net cash used in investing activities (3,230) (1,857)
Financing activities
Cash paid for contingent consideration —  (206)
Proceeds from the exercise of stock options 280  2,723 
Net cash provided by financing activities 280  2,517 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (184) 42 
Net decrease in cash, cash equivalents, and restricted cash (19,038) (24,098)
Cash, cash equivalents, and restricted cash, beginning of period 250,809  231,921 
Cash, cash equivalents, and restricted cash, end of period $ 231,771  $ 207,823 
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 $ 224,497  $ 200,340 
Restricted cash included in other current assets 7,274  283 
Restricted cash included in other assets —  7,200 
Total cash, cash equivalents, and restricted cash $ 231,771  $ 207,823 

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Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenue
(in thousands)
(unaudited)
Three Months Ended March 31,
2024 2023
SaaS subscription and support and maintenance $ 142,406  $ 120,762 
On‑premise subscription 5,947  6,468 
Subscription revenue 148,353  127,230 
Professional services 3,706  4,384 
Perpetual licenses 64  598 
Non‑subscription revenue 3,770  4,982 
Total revenue $ 152,123  $ 132,212 
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Jamf Holding Corp.
Supplemental Information
Key Business Metrics
(in millions, except number of customers and percentages)
(unaudited)
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
March 31,
2023
ARR $ 602.4  $ 588.6  $ 566.3  $ 547.8  $ 526.6 
ARR from management solutions as a percent of total ARR 77  % 77  % 79  % 79  % 80  %
ARR from security solutions as a percent of total ARR 23  % 23  % 21  % 21  % 20  %
ARR from commercial customers as a percent of total ARR 74  % 74  % 73  % 73  % 72  %
ARR from education customers as a percent of total ARR 26  % 26  % 27  % 27  % 28  %
Dollar-based net retention rate 107  % 108  % 108  % 109  % 111  %
Devices 32.8  32.3  31.8  31.3  30.8 
Customers 75,900  75,300  74,400  73,500  72,500 
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Jamf Holding Corp.
Supplemental Financial Information
Reconciliation of GAAP to non-GAAP Financial Data
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended March 31,
2024 2023
Operating expenses $ 138,140  $ 127,957 
Amortization expense (6,898) (7,241)
Stock-based compensation (17,539) (16,974)
Acquisition-related expense (2,309) (757)
Payroll taxes related to stock-based compensation (1,127) (251)
System transformation costs (1,837) (441)
Restructuring charges (7,094) — 
Legal settlements and non-recurring litigation costs
197  — 
Non-GAAP operating expenses $ 101,533  $ 102,293 
Three Months Ended March 31,
2024 2023
Gross profit $ 117,031  $ 102,465 
Amortization expense 3,312  3,296 
Stock-based compensation 3,040  2,576 
Acquisition-related expense 79 
Payroll taxes related to stock-based compensation 161  12 
System transformation costs 32  — 
Restructuring charges 10  — 
Non-GAAP gross profit $ 123,665  $ 108,350 
Gross profit margin 77% 78%
Non-GAAP gross profit margin 81% 82%
Three Months Ended March 31,
2024 2023
Operating loss $ (21,109) $ (25,492)
Amortization expense 10,210  10,537 
Stock-based compensation 20,579  19,550 
Acquisition-related expense 2,388  758 
Payroll taxes related to stock-based compensation 1,288  263 
System transformation costs 1,869  441 
Restructuring charges 7,104  — 
Legal settlements and non-recurring litigation costs
(197) — 
Non-GAAP operating income $ 22,132  $ 6,057 
Operating loss margin (14)% (19)%
Non-GAAP operating income margin 15% 5%
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Three Months Ended March 31,
2024 2023
Net loss $ (20,524) $ (24,200)
Exclude: income tax provision (1,043) (597)
Loss before income tax provision (19,481) (23,603)
Amortization expense 10,210  10,537 
Stock-based compensation 20,579  19,550 
Foreign currency transaction loss (gain) 412  (604)
Amortization of debt issuance costs 689  684 
Acquisition-related expense 2,388  758 
Payroll taxes related to stock-based compensation 1,288  263 
System transformation costs 1,869  441 
Restructuring charges 7,104  — 
Legal settlements and non-recurring litigation costs
(197) — 
Non-GAAP income before income taxes 24,861  8,026 
Non-GAAP provision for income taxes (1)
(5,967) (1,926)
Non-GAAP net income $ 18,894  $ 6,100 
Net loss per share:
Basic $ (0.16) $ (0.20)
Diluted $ (0.16) $ (0.20)
Weighted‑average shares used in computing net loss per share:
Basic 127,292,097  123,422,066 
Diluted 127,292,097  123,422,066 
Non-GAAP net income per share:
Basic $ 0.15  $ 0.05 
Diluted $ 0.14  $ 0.05 
Weighted-average shares used in computing non-GAAP net income per share:
Basic 127,292,097  123,422,066 
Diluted 138,624,237  133,959,253 
(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,
2024 2023
Net loss $ (20,524) $ (24,200)
Interest income, net (2,040) (1,285)
Provision for income taxes 1,043  597 
Depreciation expense 1,780  1,887 
Amortization expense 10,210  10,537 
Stock-based compensation 20,579  19,550 
Foreign currency transaction loss (gain) 412  (604)
Acquisition-related expense 2,388  758 
Payroll taxes related to stock-based compensation 1,288  263 
System transformation costs 1,869  441 
Restructuring charges 7,104  — 
Legal settlements and non-recurring litigation costs (197) — 
Adjusted EBITDA $ 23,912  $ 7,944 
Three Months Ended March 31, Years Ended December 31,
2024 2023 2022 2023 2022
Net cash (used in) provided by operating activities $ (15,904) $ (24,800) $ (2,990) $ 35,964 $ 90,005
Less:
Purchases of equipment and leasehold improvements (1,755) (1,121) (1,964) (2,934) (7,727)
Free cash flow (17,659) (25,921) (4,954) 33,030 82,278
Add:
Cash paid for interest 314 313 293 784 763
Cash paid for acquisition-related expense 1,422 403 960 2,975 4,480
Cash paid for system transformation costs 8,224 773 12,493
Cash paid for restructuring charges 6,279
Cash paid for contingent consideration 6,000 6,000
Cash paid for legal settlements and non-recurring litigation costs 135 132
Unlevered free cash flow $ (1,285) $ (18,432) $ (3,701) $ 55,414 $ 87,521
Total revenue $ 152,123 $ 132,212 $ 108,258 $ 560,571 $ 478,776
Net cash (used in) provided by operating activities as a percentage of total revenue (10)% (19)% (3)% 6% 19%
Free cash flow margin (12)% (20)% (5)% 6% 17%
Unlevered free cash flow margin (1)% (14)% (3)% 10% 18%
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Trailing Twelve Months Ended
March 31,
2024 2023
Net cash provided by operating activities $ 44,860 $ 68,195
Less:
Purchases of equipment and leasehold improvements (3,568) (6,884)
Free cash flow 41,292 61,311
Add:
Cash paid for interest 785 783
Cash paid for acquisition-related expense 3,994 3,923
Cash paid for system transformation costs 19,944 773
Cash paid for restructuring charges 6,279
Cash paid for contingent consideration 6,000
Cash paid for legal settlements and non-recurring litigation costs 267
Unlevered free cash flow $ 72,561 $ 72,790
Total revenue $ 580,482 $ 502,730
Net cash provided by operating activities as a percentage of total revenue 8% 14%
Free cash flow margin 7% 12%
Unlevered free cash flow margin 13% 14%


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