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: November 7, 2024 |
By: | /s/ Jeff Lendino | ||||||
Name: | Jeff Lendino | |||||||
Title: | Chief Legal Officer |
September 30, 2024 |
December 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 218,426 | $ | 243,576 | |||||||
Trade accounts receivable, net of allowances of $460 and $444 |
114,018 | 108,240 | |||||||||
Deferred contract costs | 26,643 | 23,508 | |||||||||
Prepaid expenses | 18,861 | 14,255 | |||||||||
Other current assets | 20,787 | 13,055 | |||||||||
Total current assets | 398,735 | 402,634 | |||||||||
Equipment and leasehold improvements, net | 18,773 | 15,184 | |||||||||
Goodwill | 900,092 | 887,121 | |||||||||
Other intangible assets, net | 160,505 | 187,891 | |||||||||
Deferred contract costs, non-current | 56,679 | 53,070 | |||||||||
Other assets | 49,426 | 43,752 | |||||||||
Total assets | $ | 1,584,210 | $ | 1,589,652 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 21,965 | $ | 25,909 | |||||||
Accrued liabilities | 69,526 | 77,447 | |||||||||
Income taxes payable | 1,430 | 1,248 | |||||||||
Deferred revenue |
326,107 | 317,546 | |||||||||
Total current liabilities | 419,028 | 422,150 | |||||||||
Deferred revenue, non-current |
52,110 | 55,886 | |||||||||
Deferred tax liability, net | 5,327 | 5,952 | |||||||||
Convertible senior notes, net | 368,883 | 366,999 | |||||||||
Other liabilities | 18,333 | 21,118 | |||||||||
Total liabilities | 863,681 | 872,105 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 125 | 126 | |||||||||
Additional paid-in capital |
1,241,716 | 1,162,993 | |||||||||
Accumulated other comprehensive loss | (15,135) | (26,777) | |||||||||
Accumulated deficit | (506,177) | (418,795) | |||||||||
Total stockholders’ equity | 720,529 | 717,547 | |||||||||
Total liabilities and stockholders’ equity | $ | 1,584,210 | $ | 1,589,652 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Subscription | $ | 156,070 | $ | 138,521 | $ | 453,851 | $ | 396,342 | |||||||||||||||
Services | 3,192 | 3,956 | 10,395 | 12,594 | |||||||||||||||||||
License | 24 | 148 | 179 | 990 | |||||||||||||||||||
Total revenue | 159,286 | 142,625 | 464,425 | 409,926 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of subscription(1)(2)(3)(5)(6) (exclusive of amortization expense shown below) |
29,149 | 25,009 | 85,300 | 72,354 | |||||||||||||||||||
Cost of services(1)(2)(3)(4)(5) (exclusive of amortization expense shown below) |
3,831 | 3,736 | 11,220 | 10,413 | |||||||||||||||||||
Amortization expense | 3,048 | 3,494 | 9,604 | 10,102 | |||||||||||||||||||
Total cost of revenue | 36,028 | 32,239 | 106,124 | 92,869 | |||||||||||||||||||
Gross profit | 123,258 | 110,386 | 358,301 | 317,057 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Sales and marketing(1)(2)(3)(4)(5)(6) |
60,056 | 64,239 | 186,743 | 188,337 | |||||||||||||||||||
Research and development(1)(2)(3)(4)(5)(6) |
35,977 | 34,704 | 104,992 | 101,501 | |||||||||||||||||||
General and administrative(1)(2)(3)(4)(5)(6)(7) |
36,136 | 35,896 | 102,761 | 100,298 | |||||||||||||||||||
Amortization expense | 6,948 | 7,420 | 20,741 | 21,908 | |||||||||||||||||||
Total operating expenses | 139,117 | 142,259 | 415,237 | 412,044 | |||||||||||||||||||
Loss from operations | (15,859) | (31,873) | (56,936) | (94,987) | |||||||||||||||||||
Interest income, net | 1,574 | 1,687 | 5,255 | 4,453 | |||||||||||||||||||
Foreign currency transaction gain (loss) | 3,354 | (2,647) | 3,373 | (995) | |||||||||||||||||||
Loss before income tax (provision) benefit | (10,931) | (32,833) | (48,308) | (91,529) | |||||||||||||||||||
Income tax (provision) benefit | (1,310) | 556 | (3,719) | (1,147) | |||||||||||||||||||
Net loss | $ | (12,241) | $ | (32,277) | $ | (52,027) | $ | (92,676) | |||||||||||||||
Net loss per share, basic and diluted | $ | (0.10) | $ | (0.26) | $ | (0.41) | $ | (0.74) | |||||||||||||||
Weighted‑average shares used to compute net loss per share, basic and diluted | 127,995,266 | 125,537,246 | 127,736,456 | 124,455,109 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 2,931 | $ | 2,653 | $ | 8,542 | $ | 7,635 | |||||||||||||||
Services | 445 | 362 | 1,308 | 994 | |||||||||||||||||||
Sales and marketing | 7,887 | 8,493 | 22,561 | 25,068 | |||||||||||||||||||
Research and development | 6,581 | 6,429 | 18,981 | 17,863 | |||||||||||||||||||
General and administrative | 7,563 | 10,412 | 20,877 | 26,522 | |||||||||||||||||||
$ | 25,407 | $ | 28,349 | $ | 72,269 | $ | 78,082 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 73 | $ | 92 | $ | 255 | $ | 175 | |||||||||||||||
Services | 33 | 13 | 57 | 25 | |||||||||||||||||||
Sales and marketing | 259 | 304 | 876 | 711 | |||||||||||||||||||
Research and development | 155 | 164 | 514 | 410 | |||||||||||||||||||
General and administrative | 112 | 131 | 548 | 353 | |||||||||||||||||||
$ | 632 | $ | 704 | $ | 2,250 | $ | 1,674 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 346 | $ | 302 | $ | 951 | $ | 923 | |||||||||||||||
Services | 46 | 46 | 139 | 124 | |||||||||||||||||||
Sales and marketing | 700 | 786 | 2,120 | 2,378 | |||||||||||||||||||
Research and development | 467 | 447 | 1,360 | 1,370 | |||||||||||||||||||
General and administrative | 259 | 270 | 768 | 798 | |||||||||||||||||||
$ | 1,818 | $ | 1,851 | $ | 5,338 | $ | 5,593 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Services | $ | 27 | $ | 14 | $ | 194 | $ | 16 | |||||||||||||||
Sales and marketing | — | 104 | — | 219 | |||||||||||||||||||
Research and development | 119 | 333 | 538 | 508 | |||||||||||||||||||
General and administrative | 342 | 2,284 | 4,530 | 3,429 | |||||||||||||||||||
$ | 488 | $ | 2,735 | $ | 5,262 | $ | 4,172 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | 74 | $ | 22 | $ | 178 | $ | 22 | |||||||||||||||
Services | 9 | — | 9 | — | |||||||||||||||||||
Sales and marketing | 390 | 55 | 525 | 92 | |||||||||||||||||||
Research and development | 157 | 2 | 157 | 12 | |||||||||||||||||||
General and administrative | 5,701 | 1,293 | 9,675 | 3,027 | |||||||||||||||||||
$ | 6,331 | $ | 1,372 | $ | 10,544 | $ | 3,153 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Subscription | $ | — | $ | — | $ | 7 | $ | — | |||||||||||||||
Sales and marketing | (31) | — | 6,487 | — | |||||||||||||||||||
Research and development | 1 | — | 709 | — | |||||||||||||||||||
General and administrative | 712 | — | 1,669 | — | |||||||||||||||||||
$ | 682 | $ | — | $ | 8,872 | $ | — |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Offering costs | $ | — | $ | — | $ | 872 | $ | — | |||||||||||||||
Legal settlements and non-recurring litigation costs | 11 | 200 | (122) | 200 |
Nine Months Ended September 30, | |||||||||||
2024 | 2023 | ||||||||||
Operating activities | |||||||||||
Net loss | $ | (52,027) | $ | (92,676) | |||||||
Adjustments to reconcile net loss to cash provided by operating activities: |
|||||||||||
Depreciation and amortization expense | 35,683 | 37,603 | |||||||||
Amortization of deferred contract costs | 19,791 | 15,565 | |||||||||
Amortization of capitalized CCA implementation costs |
1,065 | — | |||||||||
Amortization of debt issuance costs | 2,119 | 2,055 | |||||||||
Non-cash lease expense | 4,235 | 4,443 | |||||||||
Provision for credit losses and returns | 173 | 226 | |||||||||
Stock-based compensation | 72,269 | 78,082 | |||||||||
Deferred tax benefit | (363) | (1,973) | |||||||||
Other | (4,462) | 584 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Trade accounts receivable | (5,796) | (6,512) | |||||||||
Prepaid expenses and other assets | (18,690) | (7,071) | |||||||||
Deferred contract costs | (26,235) | (28,839) | |||||||||
Accounts payable | (4,059) | 4,916 | |||||||||
Accrued liabilities | (6,957) | (7,370) | |||||||||
Income taxes payable | 200 | 500 | |||||||||
Deferred revenue | 4,521 | 20,512 | |||||||||
Other liabilities | 49 | — | |||||||||
Net cash provided by operating activities |
21,516 | 20,045 | |||||||||
Investing activities | |||||||||||
Acquisitions, net of cash acquired |
— | (18,797) | |||||||||
Purchases of equipment and leasehold improvements | (6,674) | (2,522) | |||||||||
Purchase of investments | (2,500) | (750) | |||||||||
Other | (303) | (14) | |||||||||
Net cash used in investing activities | (9,477) | (22,083) | |||||||||
Financing activities | |||||||||||
Debt issuance costs | (1,549) | — | |||||||||
Cash paid for offering costs | (872) | — | |||||||||
Cash paid for contingent consideration | — | (206) | |||||||||
Payment of acquisition-related holdback | (6,811) | (277) | |||||||||
Repurchase and retirement of common stock |
(35,357) | — | |||||||||
Proceeds from the exercise of stock options | 3,726 | 5,640 | |||||||||
Net cash (used in) provided by financing activities | (40,863) | 5,157 | |||||||||
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 102 | (190) | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash |
(28,722) | 2,929 | |||||||||
Cash, cash equivalents, and restricted cash, beginning of period | 250,809 | 231,921 | |||||||||
Cash, cash equivalents, and restricted cash, end of period | $ | 222,087 | $ | 234,850 | |||||||
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 | $ | 218,426 | $ | 227,619 | |||||||
Restricted cash included in other current assets | 3,661 | 3,631 | |||||||||
Restricted cash included in other assets | — | 3,600 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 222,087 | $ | 234,850 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
SaaS subscription and support and maintenance | $ | 151,485 | $ | 133,626 | $ | 439,992 | $ | 380,954 | |||||||||||||||
On‑premise subscription | 4,585 | 4,895 | 13,859 | 15,388 | |||||||||||||||||||
Subscription revenue | 156,070 | 138,521 | 453,851 | 396,342 | |||||||||||||||||||
Professional services | 3,192 | 3,956 | 10,395 | 12,594 | |||||||||||||||||||
Perpetual licenses | 24 | 148 | 179 | 990 | |||||||||||||||||||
Non‑subscription revenue | 3,216 | 4,104 | 10,574 | 13,584 | |||||||||||||||||||
Total revenue | $ | 159,286 | $ | 142,625 | $ | 464,425 | $ | 409,926 |
September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
|||||||||||||||||||||||||||||||||||
ARR | $ | 635.0 | $ | 621.7 | $ | 602.4 | $ | 588.6 | $ | 566.3 | $ | 547.8 | $ | 526.6 | |||||||||||||||||||||||||||
ARR from management solutions as a percent of total ARR | 76 | % | 77 | % | 77 | % | 77 | % | 79 | % | 79 | % | 80 | % | |||||||||||||||||||||||||||
ARR from security solutions as a percent of total ARR | 24 | % | 23 | % | 23 | % | 23 | % | 21 | % | 21 | % | 20 | % | |||||||||||||||||||||||||||
ARR from commercial customers as a percent of total ARR | 75 | % | 74 | % | 74 | % | 74 | % | 73 | % | 73 | % | 72 | % | |||||||||||||||||||||||||||
ARR from education customers as a percent of total ARR | 25 | % | 26 | % | 26 | % | 26 | % | 27 | % | 27 | % | 28 | % | |||||||||||||||||||||||||||
Dollar-based net retention rate | 106 | % | 106 | % | 107 | % | 108 | % | 108 | % | 109 | % | 111 | % | |||||||||||||||||||||||||||
Devices (1) |
33.9 | 33.6 | 32.8 | 32.3 | 31.8 | 31.3 | 30.8 | ||||||||||||||||||||||||||||||||||
Customers (1) |
76,000 | 76,600 | 75,900 | 75,300 | 74,400 | 73,500 | 72,500 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Operating expenses | $ | 139,117 | $ | 142,259 | $ | 415,237 | $ | 412,044 | |||||||||||||||
Amortization expense | (6,948) | (7,420) | (20,741) | (21,908) | |||||||||||||||||||
Stock-based compensation | (22,031) | (25,334) | (62,419) | (69,453) | |||||||||||||||||||
Acquisition-related expense | (461) | (2,721) | (5,068) | (4,156) | |||||||||||||||||||
Offering costs | — | — | (872) | — | |||||||||||||||||||
Payroll taxes related to stock-based compensation | (526) | (599) | (1,938) | (1,474) | |||||||||||||||||||
System transformation costs | (6,248) | (1,350) | (10,357) | (3,131) | |||||||||||||||||||
Restructuring charges | (682) | — | (8,865) | — | |||||||||||||||||||
Legal settlements and non-recurring litigation costs |
(11) | (200) | 122 | (200) | |||||||||||||||||||
Non-GAAP operating expenses | $ | 102,210 | $ | 104,635 | $ | 305,099 | $ | 311,722 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Gross profit | $ | 123,258 | $ | 110,386 | $ | 358,301 | $ | 317,057 | |||||||||||||||
Amortization expense | 3,048 | 3,494 | 9,604 | 10,102 | |||||||||||||||||||
Stock-based compensation | 3,376 | 3,015 | 9,850 | 8,629 | |||||||||||||||||||
Acquisition-related expense | 27 | 14 | 194 | 16 | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 106 | 105 | 312 | 200 | |||||||||||||||||||
System transformation costs | 83 | 22 | 187 | 22 | |||||||||||||||||||
Restructuring charges | — | — | 7 | — | |||||||||||||||||||
Non-GAAP gross profit | $ | 129,898 | $ | 117,036 | $ | 378,455 | $ | 336,026 | |||||||||||||||
Gross profit margin | 77% | 77% | 77% | 77% | |||||||||||||||||||
Non-GAAP gross profit margin | 82% | 82% | 81% | 82% | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Operating loss | $ | (15,859) | $ | (31,873) | $ | (56,936) | $ | (94,987) | |||||||||||||||
Amortization expense | 9,996 | 10,914 | 30,345 | 32,010 | |||||||||||||||||||
Stock-based compensation | 25,407 | 28,349 | 72,269 | 78,082 | |||||||||||||||||||
Acquisition-related expense | 488 | 2,735 | 5,262 | 4,172 | |||||||||||||||||||
Offering costs | — | — | 872 | — | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 632 | 704 | 2,250 | 1,674 | |||||||||||||||||||
System transformation costs | 6,331 | 1,372 | 10,544 | 3,153 | |||||||||||||||||||
Restructuring charges | 682 | — | 8,872 | — | |||||||||||||||||||
Legal settlements and non-recurring litigation costs |
11 | 200 | (122) | 200 | |||||||||||||||||||
Non-GAAP operating income | $ | 27,688 | $ | 12,401 | $ | 73,356 | $ | 24,304 | |||||||||||||||
Operating loss margin | (10)% | (22)% | (12)% | (23)% | |||||||||||||||||||
Non-GAAP operating income margin | 17% | 9% | 16% | 6% |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net loss | $ | (12,241) | $ | (32,277) | $ | (52,027) | $ | (92,676) | |||||||||||||||
Exclude: income tax (provision) benefit |
(1,310) | 556 | (3,719) | (1,147) | |||||||||||||||||||
Loss before income tax (provision) benefit |
(10,931) | (32,833) | (48,308) | (91,529) | |||||||||||||||||||
Amortization expense | 9,996 | 10,914 | 30,345 | 32,010 | |||||||||||||||||||
Stock-based compensation | 25,407 | 28,349 | 72,269 | 78,082 | |||||||||||||||||||
Foreign currency transaction (gain) loss | (3,354) | 2,647 | (3,373) | 995 | |||||||||||||||||||
Amortization of debt issuance costs | 722 | 687 | 2,119 | 2,055 | |||||||||||||||||||
Acquisition-related expense | 488 | 2,735 | 5,262 | 4,172 | |||||||||||||||||||
Offering costs | — | — | 872 | — | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 632 | 704 | 2,250 | 1,674 | |||||||||||||||||||
System transformation costs | 6,331 | 1,372 | 10,544 | 3,153 | |||||||||||||||||||
Restructuring charges | 682 | — | 8,872 | — | |||||||||||||||||||
Legal settlements and non-recurring litigation costs |
11 | 200 | (122) | 200 | |||||||||||||||||||
Non-GAAP income before income taxes | 29,984 | 14,775 | 80,730 | 30,812 | |||||||||||||||||||
Non-GAAP provision for income taxes (1) |
(7,196) | (3,546) | (19,375) | (7,395) | |||||||||||||||||||
Non-GAAP net income | $ | 22,788 | $ | 11,229 | $ | 61,355 | $ | 23,417 | |||||||||||||||
Net loss per share: | |||||||||||||||||||||||
Basic | $ | (0.10) | $ | (0.26) | $ | (0.41) | $ | (0.74) | |||||||||||||||
Diluted | $ | (0.10) | $ | (0.26) | $ | (0.41) | $ | (0.74) | |||||||||||||||
Weighted‑average shares used in computing net loss per share: | |||||||||||||||||||||||
Basic | 127,995,266 | 125,537,246 | 127,736,456 | 124,455,109 | |||||||||||||||||||
Diluted | 127,995,266 | 125,537,246 | 127,736,456 | 124,455,109 | |||||||||||||||||||
Non-GAAP net income per share: | |||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.09 | $ | 0.48 | $ | 0.19 | |||||||||||||||
Diluted | $ | 0.16 | $ | 0.08 | $ | 0.44 | $ | 0.17 | |||||||||||||||
Weighted-average shares used in computing non-GAAP net income per share: | |||||||||||||||||||||||
Basic | 127,995,266 | 125,537,246 | 127,736,456 | 124,455,109 | |||||||||||||||||||
Diluted | 138,725,807 | 135,952,210 | 139,076,335 | 134,894,664 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net loss | $ | (12,241) | $ | (32,277) | $ | (52,027) | $ | (92,676) | |||||||||||||||
Interest income, net | (1,574) | (1,687) | (5,255) | (4,453) | |||||||||||||||||||
Provision (benefit) for income taxes | 1,310 | (556) | 3,719 | 1,147 | |||||||||||||||||||
Depreciation expense | 1,818 | 1,851 | 5,338 | 5,593 | |||||||||||||||||||
Amortization expense | 9,996 | 10,914 | 30,345 | 32,010 | |||||||||||||||||||
Stock-based compensation | 25,407 | 28,349 | 72,269 | 78,082 | |||||||||||||||||||
Foreign currency transaction (gain) loss | (3,354) | 2,647 | (3,373) | 995 | |||||||||||||||||||
Acquisition-related expense | 488 | 2,735 | 5,262 | 4,172 | |||||||||||||||||||
Offering costs | — | — | 872 | — | |||||||||||||||||||
Payroll taxes related to stock-based compensation | 632 | 704 | 2,250 | 1,674 | |||||||||||||||||||
System transformation costs | 6,331 | 1,372 | 10,544 | 3,153 | |||||||||||||||||||
Restructuring charges | 682 | — | 8,872 | — | |||||||||||||||||||
Legal settlements and non-recurring litigation costs | 11 | 200 | (122) | 200 | |||||||||||||||||||
Adjusted EBITDA | $ | 29,506 | $ | 14,252 | $ | 78,694 | $ | 29,897 |
Three Months Ended September 30, | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by operating activities |
$ | 23,107 | $ | 33,276 | |||||||
Less: | |||||||||||
Purchases of equipment and leasehold improvements | (3,941) | (736) | |||||||||
Free cash flow | 19,166 | 32,540 | |||||||||
Add: | |||||||||||
Cash paid for interest | 307 | 313 | |||||||||
Cash paid for acquisition-related expense | 8,495 | 664 | |||||||||
Cash paid for system transformation costs | 8,578 | 4,821 | |||||||||
Cash paid for restructuring charges | 343 | — | |||||||||
Cash paid for legal settlements and non-recurring litigation costs | 11 | — | |||||||||
Unlevered free cash flow | $ | 36,900 | $ | 38,338 | |||||||
Total revenue | $ | 159,286 | $ | 142,625 | |||||||
Net cash provided by operating activities as a percentage of total revenue |
15% | 23% | |||||||||
Free cash flow margin | 12% | 23% | |||||||||
Unlevered free cash flow margin | 23% | 27% |
Nine Months Ended September 30, | Years Ended December 31, | ||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||
Net cash provided by operating activities |
$ | 21,516 | $ | 20,045 | $ | 62,831 | $ | 35,964 | $ | 90,005 | |||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Purchases of equipment and leasehold improvements | (6,674) | (2,522) | (5,645) | (2,934) | (7,727) | ||||||||||||||||||||||||
Free cash flow | 14,842 | 17,523 | 57,186 | 33,030 | 82,278 | ||||||||||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Cash paid for interest | 727 | 704 | 683 | 784 | 763 | ||||||||||||||||||||||||
Cash paid for acquisition-related expense | 10,270 | 1,872 | 2,110 | 2,975 | 4,480 | ||||||||||||||||||||||||
Cash paid for system transformation costs | 23,763 | 6,918 | — | 12,493 | — | ||||||||||||||||||||||||
Cash paid for restructuring charges | 8,953 | — | — | — | — | ||||||||||||||||||||||||
Cash paid for contingent consideration | — | 6,000 | — | 6,000 | — | ||||||||||||||||||||||||
Cash paid for legal settlements and non-recurring litigation costs | 305 | — | — | 132 | — | ||||||||||||||||||||||||
Unlevered free cash flow | $ | 58,860 | $ | 33,017 | $ | 59,979 | $ | 55,414 | $ | 87,521 | |||||||||||||||||||
Total revenue | $ | 464,425 | $ | 409,926 | $ | 348,453 | $ | 560,571 | $ | 478,776 | |||||||||||||||||||
Net cash provided by operating activities as a percentage of total revenue |
5% | 5% | 18% | 6% | 19% | ||||||||||||||||||||||||
Free cash flow margin | 3% | 4% | 16% | 6% | 17% | ||||||||||||||||||||||||
Unlevered free cash flow margin | 13% | 8% | 17% | 10% | 18% |
Trailing Twelve Months Ended
September 30,
|
|||||||||||
2024 | 2023 | ||||||||||
Net cash provided by operating activities | $ | 37,435 | $ | 47,219 | |||||||
Less: | |||||||||||
Purchases of equipment and leasehold improvements | (7,086) | (4,604) | |||||||||
Free cash flow | 30,349 | 42,615 | |||||||||
Add: | |||||||||||
Cash paid for interest | 807 | 784 | |||||||||
Cash paid for acquisition-related expense | 11,373 | 4,242 | |||||||||
Cash paid for system transformation costs | 29,338 | 6,918 | |||||||||
Cash paid for restructuring charges | 8,953 | — | |||||||||
Cash paid for contingent consideration | — | 6,000 | |||||||||
Cash paid for legal settlements and non-recurring litigation costs | 437 | — | |||||||||
Unlevered free cash flow | $ | 81,257 | $ | 60,559 | |||||||
Total revenue | $ | 615,070 | $ | 540,249 | |||||||
Net cash provided by operating activities as a percentage of total revenue | 6% | 9% | |||||||||
Free cash flow margin | 5% | 8% | |||||||||
Unlevered free cash flow margin | 13% | 11% |