•Q4 total revenue year-over-year growth of 8% to $163.0 million; fiscal year total revenue growth of 12% to $627.4 million

•ARR year-over-year growth of 10% to $646.0 million as of December 31, 20241

•FY24 GAAP operating loss of $69.1 million, or (11)% of total revenue, compared to GAAP operating loss of $115.2 million, or (21)% of total revenue, for fiscal year 2023

•FY24 Non-GAAP operating income of $103.1 million, or 16% of total revenue, compared to $45.4 million, or 8% of total revenue, for fiscal year 2023

MINNEAPOLIS – February 27, 2025 – Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its fourth quarter and fiscal year ended December 31, 2024.

“I am pleased with Jamf’s performance in 2024. We met our objective of exceeding our financial targets for all four quarters of 2024. We achieved these strong results while executing our comprehensive systems update, including the rollout of our new partner program and portal,” said John Strosahl, CEO. “We’re well positioned entering 2025, with multiple growth levers including security adoption, mobile penetration, international expansion, and channel leverage. We’re excited to see the benefits from our growth and profitability initiatives as we progress toward our goal of achieving the Rule of 40.”

•Revenue: Total revenue of $163.0 million, an increase of 8% year-over-year.

•ARR: ARR of $646.0 million as of December 31, 2024, an increase of 10% year-over-year.1

•Gross Profit: GAAP gross profit of $127.8 million, or 78% of total revenue, compared to $117.5 million in the fourth quarter of 2023. Non-GAAP gross profit of $134.3 million, or 82% of total revenue, compared to $124.1 million in the fourth quarter of 2023.

•Operating Loss/Income: GAAP operating loss of $12.2 million, or (7)% of total revenue, compared to $20.3 million in the fourth quarter of 2023. Non-GAAP operating income of $29.7 million, or 18% of total revenue, compared to $21.1 million in the fourth quarter of 2023.

•Revenue: Total revenue of $627.4 million, an increase of 12% year-over-year.

•Gross Profit: GAAP gross profit of $486.1 million, or 77% of total revenue, compared to $434.5 million for fiscal year 2023. Non-GAAP gross profit of $512.8 million, or 82% of total revenue, compared to $460.1 million for fiscal year 2023.

•Operating Loss/Income: GAAP operating loss of $69.1 million, or (11)% of total revenue, compared to GAAP operating loss of $115.2 million for fiscal year 2023. Non-GAAP operating income of $103.1 million, or 16% of total revenue, compared to $45.4 million for fiscal year 2023.

•Cash Flow: Cash flow provided by operations of $31.2 million for fiscal year 2024, or 5% of total revenue, compared to $36.0 million for fiscal year 2023. Unlevered free cash flow of $72.4 million for fiscal year 2024, or 12% of total revenue, compared to $55.4 million for fiscal year 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 fiscal year 2024 serving more than 76,500 customers with 33.2 million total devices on our platform.1

•Achieved Security ARR of $156 million as of December 31, 2024, representing 17% year-over-year growth and 24% of Jamf’s total ARR.1

•Drove Jamf Business Plan year-over-year ARR growth of over 50%, demonstrating continued demand for Jamf’s management and security platform.

•Continued to see strong interest in our new Mobile Security solution that shipped in Q3.

•Delivered year-over-year International revenue growth of 17%.

•Achieved StateRAMP Authorized status for Jamf Pro and Jamf School, the highest level of verification within the StateRAMP program. StateRAMP is a critical cloud security assessment and authorization program designed to address the specific technology and stringent compliance requirements of education institutions as well as state and local governments.

•Awarded Microsoft Azure’s IP co-sell top-tier partner designation and announced flagship device management solution Jamf Pro is available on the Azure cloud, and both Jamf Pro and Jamf Business Plan are available in the Azure Marketplace.

•Included as a Representative Vendor in the 2025 Gartner® Market Guide for Endpoint Management Tools.2

•Named to Forbes first-ever Most Trusted Companies in America list.

For the first quarter of 2025, Jamf currently expects:

•Total revenue of $165.5 to $167.5 million

•Non-GAAP operating income of $35.5 to $37.5 million

For the full year 2025, Jamf currently expects:

•Total revenue of $675.5 to $680.5 million

•Non-GAAP operating income of $142.5 to $146.5 million

•Year-over-year unlevered free cash flow growth of at least 75%

To assist with modeling, for the first quarter of 2025 and full year 2025, amortization is expected to be approximately $9.7 million and $38.1 million, respectively. In addition, for the first quarter of 2025 and full year 2025, stock-based compensation and related payroll taxes are expected to be approximately $26.2 million and $112.5 million, respectively.

Jamf is unable to provide a quantitative reconciliation of forward-looking guidance of non-GAAP operating income to GAAP operating income (loss) and unlevered free cash flow to cash flow from operations 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. Historically, adjustments to unlevered free cash flow have included, but are not limited to, cash paid for interest, cash paid for acquisition-related expense, cash paid for system transformation costs, cash paid for restructuring charges, cash paid for contingent consideration, and cash paid for extraordinary legal settlements and non-recurring litigation costs. Accordingly, a reconciliation for forward-looking non-GAAP operating income and unlevered free cash flow are 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 and cash flow from operations being materially less than is indicated by currently estimated unlevered free cash flow.

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.

(1) Device, customer, and ARR metrics have been adjusted as of Q3 2024 as a result of minor data reconfiguration as part of our comprehensive systems update. Due to the timing of this change, validation of accounts and metrics continued through year end and immaterially impacted ARR, customer count, and device count previously reported for Q3 2024.

(2) Gartner®, Market Guide for Endpoint Management Tools, Tom Cipolla et al., 13 January 2025. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved. The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this Earnings Call script), and the opinions expressed in the Gartner Content are subject to change without notice.

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 February 27, 2025.

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 February 27, 2025, 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 measures, when taken collectively with GAAP financial measures, may be helpful to investors because they provide consistency and comparability with our past financial performance, provide additional understanding of factors and trends affecting our business, and assist in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Our non-GAAP financial measures are presented for supplemental informational purposes only, and should not be considered a substitute for financial measures presented in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude certain 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. Further, non-GAAP financial measures are not standardized. It may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. A reconciliation is provided for each non-GAAP financial measure used in this press release to the most directly comparable financial measure stated in accordance with GAAP at the end of this press release. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. In addition, investors are encouraged to review our consolidated financial statements included in our publicly filed reports in their entirety and not rely solely on any single financial measure.

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, 2024. 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

Natali Brockett

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)

Key Business Metrics (1)

(in millions, except number of customers and percentages)

(unaudited)

(1) Device, customer, and ARR metrics have been adjusted as of Q3 2024 as a result of minor data reconfiguration as part of our comprehensive systems update. Due to the timing of this change, validation of accounts and metrics continued through year end and immaterially impacted ARR, customer count, and device count previously reported for Q3 2024.

(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.