•Q2 total revenue year-over-year growth of 13% to $153.0 million

•ARR year-over-year growth of 13% to $621.7 million as of June 30, 2024

•GAAP operating loss of $20.0 million, or (13)% of total revenue, compared to GAAP operating loss of $37.6 million, or (28)% of total revenue, in the second quarter of 2023

•Non-GAAP operating income of $23.5 million, or 15% of total revenue, compared to $5.8 million, or 4% of total revenue, in the second quarter of 2023

MINNEAPOLIS – August 7, 2024 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its second quarter ended June 30, 2024.

“Jamf continued to exceed expectations in Q2, with results surpassing the high end of our financial outlook,” said John Strosahl, Jamf CEO. “Our focused efforts on key strategic growth areas along with investments in scalability and efficiency are driving our performance now and preparing Jamf for the goals we’ve laid out for the future.”

•Revenue: Total revenue of $153.0 million, an increase of 13% year-over-year.

•ARR: ARR of $621.7 million as of June 30, 2024, an increase of 13% year-over-year.

•Gross Profit: GAAP gross profit of $118.0 million, or 77% of total revenue, compared to $104.2 million in the second quarter of 2023. Non-GAAP gross profit of $124.9 million, or 82% of total revenue, compared to $110.6 million in the second quarter of 2023.

•Operating Loss/Income: GAAP operating loss of $20.0 million, or (13)% of total revenue, compared to $37.6 million in the second quarter of 2023. Non-GAAP operating income of $23.5 million, or 15% of total revenue, compared to $5.8 million in the second quarter of 2023.

•Cash Flow: Cash flow provided by operations of $47.6 million for the TTM ended June 30, 2024, or 8% of TTM total revenue, compared to $60.4 million for the TTM ended June 30, 2023. Unlevered free cash flow of $82.7 million for the TTM ended June 30, 2024, or 14% of TTM total revenue, compared to $66.6 million for the TTM ended June 30, 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.

•Ended the second quarter serving more than 76,600 customers with 33.6 million total devices on our platform.

•Achieved 27% year-over-year growth in security ARR, to $145.1 million as of June 30, 2024, representing 23% of Jamf’s total ARR.

•Named a Leader in the IDC MarketScape: Worldwide UEM Software for Apple Devices 2024 Vendor Assessment.

•Launched two new offerings to better support managed service provider (MSP) partners.

◦Jamf Insights, a single dashboard to provide a multi-tenanted view of an entire customer fleet and key device metrics, helping partners easily support customers’ devices to enhance security and provide a powerful user experience.

◦Jamf Service Provider plan, a comprehensive plan that brings together Jamf Insights, Jamf Pro, Jamf Auto Update and a dedicated MSP support service, enabling partners to simplify, automate and scale their practice by combining Jamf’s products and expertise in one place.

•Announced Jamf has been authorized by the CVE Program as a CVE Numbering Authority, recognizing Jamf’s commitment to helping organizations maintain the most secure environments. CVE is an international, community-based effort with a mission to identify, define and catalog publicly-disclosed cybersecurity vulnerabilities.

•Hosted over 1,400 customers at Jamf Nation Live events in Amsterdam, Berlin and London.

•Published our 2024 Purpose and Impact Report, detailing our strategic commitments and approach to environmental, social, and governance topics to empower employees, customers, and communities.

For the third quarter of 2024, Jamf currently expects:

•Total revenue of $156.5 to $158.5 million

•Non-GAAP operating income of $25.5 to $26.5 million

For the full year 2024, Jamf currently expects:

•Total revenue of $622.5 to $625.5 million

•Non-GAAP operating income of $96.0 to $98.0 million

To assist with modeling, for the third quarter of 2024 and full year 2024, amortization is expected to be approximately $10.0 million and $40.3 million, respectively. In addition, for the third quarter of 2024 and full year 2024, stock-based compensation and related payroll taxes are expected to be approximately $27.2 million and $102.9 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, 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 charges, and extraordinary legal settlements and non-recurring litigation 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.

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 August 7, 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 August 7, 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.

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, offering costs, 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.

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 June 30, 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.

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.

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.

Jennifer Gaumond

ir@jamf.com

Ashley Long

media@jamf.com

(unaudited)

(unaudited)

(1) Includes stock-based compensation as follows:

(2) Includes payroll taxes related to stock-based compensation as follows:

(3) Includes depreciation expense as follows:

(4) Includes acquisition-related expense as follows:

(5) Includes system transformation costs as follows:

(6) Includes restructuring charges as follows:

(7) General and administrative also includes the following:

(unaudited)

(unaudited)

(in millions, except number of customers and percentages)

(unaudited)

(unaudited)

(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.