Jamf Announces Third Quarter 2023 Financial Results

  • Q3 total revenue year-over-year growth of 15% to $142.6 million
  • ARR year-over-year growth of 15% to $566.3 million as of September 30, 2023
  • Cash flow provided by operations of $47.2 million for the TTM ended September 30, 2023, or 9% of TTM total revenue; unlevered free cash flow of $60.6 million for the TTM ended September 30, 2023, or 11% of TTM total revenue

MINNEAPOLIS, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Jamf (NASDAQ: JAMF), the standard in managing and securing Apple at work, today announced financial results for its third quarter ended September 30, 2023.

“Jamf’s industry-leading Apple management and security solutions, delivered as an integrated platform, help IT and security teams deliver an experience that is loved by users and trusted by organizations,” said John Strosahl, CEO. “Our robust platform, commitment to innovation, relentless focus on our customers, combined with growing adoption of Apple in the enterprise, helped Jamf outperform expectations for the 14th consecutive quarter.”

Third Quarter 2023 Financial Highlights

  • ARR: ARR of $566.3 million as of September 30, 2023, an increase of 15% year-over-year.
  • Revenue: Total revenue of $142.6 million, an increase of 15% year-over-year.
  • Gross Profit: GAAP gross profit of $110.4 million, or 77% of total revenue, compared to $93.4 million in the third quarter of 2022. Non-GAAP gross profit of $117.0 million, or 82% of total revenue, compared to $101.6 million in the third quarter of 2022.
  • Operating Loss/Income: GAAP operating loss of $31.9 million, or (22)% of total revenue, compared to $28.6 million in the third quarter of 2022. Non-GAAP operating income of $12.4 million, or 9% of total revenue, compared to $6.9 million in the third quarter of 2022.
  • Cash Flow: Cash flow provided by operations of $47.2 million for the TTM ended September 30, 2023, or 9% of TTM total revenue, compared to $63.2 million for the TTM ended September 30, 2022. Unlevered free cash flow of $60.6 million for the TTM ended September 30, 2023, or 11% of TTM total revenue, compared to $64.0 million for the TTM ended September 30, 2022.

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 third quarter serving more than 74,400 customers with 31.8 million total devices on our platform.
  • Achieved 31% year-over-year growth in security ARR, to $119.9 million as of September 30, 2023, representing 21% of Jamf’s total ARR.
  • Named a leading endpoint security vendor by Frost & Sullivan in their Frost Radar Endpoint Security 2023 report.
  • Gathered Apple IT and security experts along with key partners like Apple at the 14th annual, largest ever, Jamf Nation User Conference to share how Jamf is continuing to innovate to bring together management and security into one integrated platform.
  • Announced support for Apple’s new identity technology, Platform Single Sign-In (SSO), with Okta, offering fast, secure and streamlined authentication for Mac.
  • Achieved StateRAMP Ready status for Jamf Pro and Jamf School, giving U.S. state government agencies, including public education institutions, the confidence they need to comply with industry standards.
  • Released Jamf Pro 11 with a more modern, accessible UI, simplified onboarding and continued support for Declarative Device Management.
  • Announced new AI-powered functionality for Jamf Protect that takes detailed raw telemetry and security alert data, applies the MITRE attack framework and summarizes a friendly explanation along with recommendations for Jamf admins on how to remedy security issues.
  • Announced same-day support for recently released Apple operating systems including macOS Sonoma, iOS 17, iPadOS 17 and tvOS 17.
  • Named as one of 2023’s Best Workplaces for Women™ by Fortune Media and Great Place to Work®.

Financial Outlook

For the fourth quarter of 2023, Jamf currently expects:

  • Total revenue of $148.0 to $149.0 million
  • Non-GAAP operating income of $19.5 to $20.5 million

For the full year 2023, Jamf currently expects:

  • Total revenue of $557.9 to $558.9 million
  • Non-GAAP operating income of $43.8 to $44.8 million

To assist with modeling, for the fourth quarter of 2023 and full year 2023, amortization is expected to be approximately $10.9 million and $42.9 million, respectively. In addition, for the fourth quarter of 2023 and full year 2023, stock-based compensation and related payroll taxes are expected to be approximately $25.2 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, these items have included, but are not limited to, acquisition-related expenses and acquisition-related earn-out, offering costs, 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 November 8, 2023.

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 November 8, 2023, 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.

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, 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 stock-based compensation, amortization expense, acquisition-related expenses, acquisition-related earnout, offering costs, foreign currency transaction (gain) loss, payroll taxes related to stock-based compensation, legal settlements and other non-recurring litigation costs, loss on extinguishment of debt, amortization of debt issuance costs, and system transformation 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, 2022. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2023, 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.

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 Contacts
Jennifer Gaumond
Michael Thomas
ir@jamf.com 

Media Contact
Rachel Nauen
media@jamf.com 

Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)

 September 30,
2023
 December 31,
2022
Assets   
Current assets:   
Cash and cash equivalents$227,619  $224,338 
Trade accounts receivable, net of allowances of $484 and $445 95,361   88,163 
Income taxes receivable 678   465 
Deferred contract costs 21,693   17,652 
Prepaid expenses 15,938   14,331 
Other current assets 10,733   6,097 
Total current assets 372,022   351,046 
Equipment and leasehold improvements, net 16,400   19,421 
Goodwill 876,822   856,925 
Other intangible assets, net 196,514   218,744 
Deferred contract costs, non-current 48,871   39,643 
Other assets 41,423   43,763 
Total assets$1,552,052  $1,529,542 
    
Liabilities and stockholders’ equity   
Current liabilities:   
Accounts payable$21,070  $15,393 
Accrued liabilities 68,088   67,051 
Income taxes payable 1,018   486 
Deferred revenue 311,138   278,038 
Total current liabilities 401,314   360,968 
Deferred revenue, non-current 58,616   68,112 
Deferred tax liability, net 5,624   5,505 
Convertible senior notes, net 366,374   364,505 
Other liabilities 20,707   29,114 
Total liabilities 852,635   828,204 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock     
Common stock 126   123 
Additional paid-in capital 1,136,727   1,049,875 
Accumulated other comprehensive loss (36,051)  (39,951)
Accumulated deficit (401,385)  (308,709)
Total stockholders’ equity 699,417   701,338 
Total liabilities and stockholders’ equity$1,552,052  $1,529,542 
        

Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)

Three Months Ended September 30, Nine Months Ended September 30,
 2023   2022   2023   2022 
Revenue:       
Subscription$138,521  $118,524  $396,342  $330,132 
Services 3,956   5,216   12,594   14,187 
License 148   817   990   4,134 
Total revenue 142,625   124,557   409,926   348,453 
Cost of revenue:       
Cost of subscription(1)(2)(3)(4)(5)(exclusive of amortization expense shown below) 25,009   22,334   72,354   62,870 
Cost of services(1)(2)(3)(4)(exclusive of amortization expense shown below) 3,736   3,584   10,413   10,184 
Amortization expense 3,494   5,277   10,102   15,760 
Total cost of revenue 32,239   31,195   92,869   88,814 
Gross profit 110,386   93,362   317,057   259,639 
Operating expenses:       
Sales and marketing(1)(2)(3)(4)(5) 64,239   54,096   188,337   159,171 
Research and development(1)(2)(3)(4)(5) 34,704   30,799   101,501   89,584 
General and administrative(1)(2)(3)(4)(5) 35,896   30,061   100,298   103,994 
Amortization expense 7,420   7,040   21,908   21,103 
Total operating expenses 142,259   121,996   412,044   373,852 
Loss from operations (31,873)  (28,634)  (94,987)  (114,213)
Interest income (expense), net 1,687   45   4,453   (1,455)
Foreign currency transaction loss (2,647)  (2,624)  (995)  (4,081)
Loss before income tax benefit (provision) (32,833)  (31,213)  (91,529)  (119,749)
Income tax benefit (provision) 556   (89)  (1,147)  (321)
Net loss$(32,277) $(31,302) $(92,676) $(120,070)
Net loss per share, basic and diluted$(0.26) $(0.26) $(0.74) $(1.00)
Weighted‑average shares used to compute net loss per share, basic and diluted 125,537,246   121,014,325   124,455,109   120,188,587 
                

(1) Includes stock-based compensation as follows:

 Three Months Ended September 30, Nine Months Ended September 30,
  2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$2,653 $2,479 $7,635 $6,495
Services 362  344  994  961
Sales and marketing 8,493  6,955  25,068  26,625
Research and development 6,429  5,130  17,863  19,620
General and administrative 10,412  5,582  26,522  35,823
 $28,349 $20,490 $78,082 $89,524

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

Three Months Ended September 30, Nine Months Ended September 30,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$92 $109 $175 $133
Services 13  23  25  24
Sales and marketing 304  366  711  443
Research and development 164  142  410  246
General and administrative 131  92  353  275
$704 $732 $1,674 $1,121

(3) Includes depreciation expense as follows:

Three Months Ended September 30, Nine Months Ended September 30,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:      
Subscription$302 $285 $923 $891
Services 46  40  124  126
Sales and marketing 786  669  2,378  1,986
Research and development 447  409  1,370  1,165
General and administrative 270  234  798  707
$1,851 $1,637 $5,593 $4,875

(4) Includes acquisition-related expense as follows:​

Three Months Ended September 30, Nine Months Ended September 30,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$ $ $ $61
Services 14    16  
Sales and marketing 104    219  7
Research and development 333  246  508  792
General and administrative 2,284  1,536  3,429  2,571
 $2,735 $1,782 $4,172 $3,431

(5) Includes system transformation costs as follows:​

Three Months Ended September 30, Nine Months Ended September 30,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$22 $ $22 $
Sales and marketing 55    92  
Research and development 2    12  
General and administrative 1,293    3,027  
 $1,372 $ $3,153 $
            

General and administrative also includes acquisition-related earnout of $0.2 million and $0.4 million for the three and nine months ended September 30, 2022, respectively. The acquisition-related earnout was an expense for the three and nine months ended September 30, 2022 reflecting the increase in fair value of the Digita acquisition contingent liability due to growth in sales of our Jamf Protect product.

Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Nine Months Ended September 30,
 2023   2022 
Operating activities 
Net loss$(92,676) $(120,070)
Adjustments to reconcile net loss to cash provided by operating activities:   
Depreciation and amortization expense 37,603   41,738 
Amortization of deferred contract costs 15,565   12,091 
Amortization of debt issuance costs 2,055   2,040 
Non-cash lease expense 4,443   4,373 
Provision for credit losses and returns 226   310 
Share‑based compensation 78,082   89,524 
Deferred tax benefit (1,973)  (2,019)
Adjustment to contingent consideration    388 
Other 584   4,603 
Changes in operating assets and liabilities:   
Trade accounts receivable (6,512)  (15,125)
Income tax receivable/payable 267   688 
Prepaid expenses and other assets (6,838)  (3,351)
Deferred contract costs (28,839)  (22,919)
Accounts payable 4,916   7,766 
Accrued liabilities (7,370)  2,872 
Deferred revenue 20,512   59,922 
  Net cash provided by operating activities 20,045   62,831 
Investing activities   
Acquisitions, net of cash acquired (18,797)  (4,023)
Purchases of equipment and leasehold improvements (2,522)  (5,645)
Purchase of investments (750)  (3,100)
Other (14)  (151)
  Net cash used in investing activities (22,083)  (12,919)
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 (277)  (200)
Proceeds from the exercise of stock options 5,640   4,682 
  Net cash provided by (used in) financing activities 5,157   (260)
  Effect of exchange rate changes on cash, cash equivalents, and restricted cash (190)  (1,322)
  Net increase in cash, cash equivalents, and restricted cash 2,929   48,330 
Cash, cash equivalents, and restricted cash, beginning of period 231,921   177,150 
Cash, cash equivalents, and restricted cash, end of period$234,850  $225,480 
    
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$227,619  $225,480 
Restricted cash included in other current assets 3,631    
Restricted cash included in other assets 3,600    
Total cash, cash equivalents, and restricted cash$234,850  $225,480 
        

Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenues
(in thousands)
(unaudited)

 Three Months Ended September 30, Nine Months Ended September 30,
  2023  2022  2023  2022
SaaS subscription and support and maintenance$133,626 $112,351 $380,954 $312,992
On‑premise subscription 4,895  6,173  15,388  17,140
Subscription revenue 138,521  118,524  396,342  330,132
Professional services 3,956  5,216  12,594  14,187
Perpetual licenses 148  817  990  4,134
Non‑subscription revenue 4,104  6,033  13,584  18,321
Total revenue$142,625 $124,557 $409,926 $348,453
            

Jamf Holding Corp.
Supplemental Information
Key Business Metrics
(in millions, except number of customers and percentages)
(unaudited)

 September 30,
2023
 June 30,
2023
 March 31,
2023
 December 31,
2022
 September 30,
2022
 June 30,
2022
 March 31,
2022
              
ARR$566.3  $547.8  $526.6  $512.5  $490.5  $466.0  $436.5 
              
ARR from management solutions as a percent of total ARR 79%  79%  80%  80%  82%  82%  83%
              
ARR from security solutions as a percent of total ARR 21%  21%  20%  20%  18%  18%  17%
              
ARR from commercial customers as a percent of total ARR 73%  73%  72%  72%  71%  71%  70%
              
ARR from education customers as a percent of total ARR 27%  27%  28%  28%  29%  29%  30%
              
Dollar-based net retention rate(1) 108%  109%  111%  113%  115%  117%  120%
              
Devices 31.8   31.3   30.8   30.0   29.3   28.4   26.8 
              
Customers 74,400   73,500   72,500   71,000   69,000   67,000   62,000 

(1) The dollar-based net retention rate for March 31, 2022 was based on our Jamf legacy business and does not include Wandera since it had not been a part of our business for the full trailing twelve months.

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 September 30, Nine Months Ended September 30,
  2023   2022   2023   2022 
Operating expenses$142,259  $121,996  $412,044  $373,852 
Amortization expense (7,420)  (7,040)  (21,908)  (21,103)
Stock-based compensation (25,334)  (17,667)  (69,453)  (82,068)
Acquisition-related expense (2,721)  (1,782)  (4,156)  (3,370)
Acquisition-related earnout    (200)     (388)
Offering costs          (124)
Payroll taxes related to stock-based compensation (599)  (600)  (1,474)  (964)
System transformation costs (1,350)     (3,131)   
Legal settlements and other non-recurring litigation costs (200)     (200)   
Non-GAAP operating expenses$104,635  $94,707  $311,722  $265,835 
        
 Three Months Ended September 30, Nine Months Ended September 30,
  2023   2022   2023   2022 
Gross profit$110,386  $93,362  $317,057  $259,639 
Amortization expense 3,494   5,277   10,102   15,760 
Stock-based compensation 3,015   2,823   8,629   7,456 
Acquisition-related expense 14      16   61 
Payroll taxes related to stock-based compensation 105   132   200   157 
System transformation costs 22      22    
Non-GAAP gross profit$117,036  $101,594  $336,026  $283,073 
Gross profit margin 77%  75%  77%  75%
Non-GAAP gross profit margin 82%  82%  82%  81%
        
 Three Months Ended September 30, Nine Months Ended September 30,
  2023   2022   2023   2022 
Operating loss$(31,873) $(28,634) $(94,987) $(114,213)
Amortization expense 10,914   12,317   32,010   36,863 
Stock-based compensation 28,349   20,490   78,082   89,524 
Acquisition-related expense 2,735   1,782   4,172   3,431 
Acquisition-related earnout    200      388 
Offering costs          124 
Payroll taxes related to stock-based compensation 704   732   1,674   1,121 
System transformation costs 1,372      3,153    
Legal settlements and other non-recurring litigation costs 200      200    
Non-GAAP operating income$12,401  $6,887  $24,304  $17,238 
Operating loss margin(22)% (23)% (23)% (33)%
Non-GAAP operating income margin 9%  6%  6%  5%


Three Months Ended September 30, Nine Months Ended September 30,
 2023   2022   2023   2022 
Net loss$        (32,277) $        (31,302) $        (92,676) $        (120,070)
Exclude: income tax benefit (provision) 556   (89)  (1,147)  (321)
Loss before income tax benefit (provision) (32,833)  (31,213)  (91,529)  (119,749)
Amortization expense 10,914   12,317   32,010   36,863 
Stock-based compensation 28,349   20,490   78,082   89,524 
Foreign currency transaction loss 2,647   2,624   995   4,081 
Amortization of debt issuance costs 687   682   2,055   2,040 
Acquisition-related expense 2,735   1,782   4,172   3,431 
Acquisition-related earnout    200      388 
Offering costs          124 
Payroll taxes related to stock-based compensation 704   732   1,674   1,121 
System transformation costs 1,372      3,153    
Legal settlements and other non-recurring litigation costs 200      200    
Non-GAAP income before income taxes 14,775   7,614   30,812   17,823 
Non-GAAP provision for income taxes(1) (3,546)  (1,828)  (7,395)  (4,278)
Non-GAAP net income$11,229  $5,786  $23,417  $13,545 
Net loss per share:       
Basic$(0.26) $(0.26) $(0.74) $(1.00)
Diluted$(0.26) $(0.26) $(0.74) $(1.00)
Weighted‑average shares used in computing net loss per share:       
Basic 125,537,246   121,014,325   124,455,109   120,188,587 
Diluted 125,537,246   121,014,325   124,455,109   120,188,587 
Non-GAAP net income per share:       
Basic$0.09  $0.05  $0.19  $0.11 
Diluted$0.08  $0.04  $0.17  $0.10 
Weighted-average shares used in computing non-GAAP net income per share:       
Basic 125,537,246   121,014,325   124,455,109   120,188,587 
Diluted 135,952,210   132,229,404   134,894,664   130,399,569 

(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.

 Nine Months Ended September 30, Years Ended December 31,
  2023   2022   2021   2022   2021 
Net cash provided by operating activities$        20,045  $        62,831  $        64,827  $        90,005  $        65,165 
Less:         
Purchases of equipment and leasehold improvements (2,522)  (5,645)  (7,261)  (7,727)  (9,755)
Free cash flow 17,523   57,186   57,566   82,278   55,410 
Add:         
Cash paid for interest 704   683   944   763   967 
Cash paid for acquisition-related expense 1,872   2,110   3,885   4,480   5,039 
Cash paid for system transformation costs 6,918             
Cash paid for contingent consideration 6,000             
Cash paid for legal settlement             5,000 
Unlevered free cash flow$33,017  $59,979  $62,395  $87,521  $66,416 
Total revenue$409,926  $348,453  $262,586  $478,776  $366,388 
Net cash provided by operating activities as a percentage of total revenue 5%  18%  25%  19%  18%
Free cash flow margin 4%  16%  22%  17%  15%
Unlevered free cash flow margin 8%  17%  24%  18%  18%
                    


 Trailing Twelve Months Ended
September 30,
  2023   2022 
Net cash provided by operating activities$47,219  $63,169 
Less:   
Purchases of equipment and leasehold improvements (4,604)  (8,139)
Free cash flow 42,615   55,030 
Add:   
Cash paid for interest 784   706 
Cash paid for acquisition-related expense 4,242   3,264 
Cash paid for system transformation costs 6,918    
Cash paid for contingent consideration 6,000    
Cash paid for legal settlement    5,000 
Unlevered free cash flow$60,559  $64,000 
Total revenue$540,249  $452,255 
Net cash provided by operating activities as a percentage of total revenue 9%  14%
Free cash flow margin 8%  12%
Unlevered free cash flow margin 11%  14%


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