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Jamf Announces Fourth Quarter and Fiscal Year 2023 Financial Results

  • Q4 total revenue year-over-year growth of 16% to $150.6 million; fiscal year total revenue growth of 17% to $560.6 million
  • ARR year-over-year growth of 15% to $588.6 million as of December 31, 2023
  • GAAP operating loss of $115.2 million, or (21)% of total revenue, compared to GAAP operating loss of $138.9 million, or (29)% of total revenue, in fiscal year 2022.
  • Non-GAAP operating income of $45.4 million, or 8% of total revenue, compared to $25.9 million, or 5% of total revenue, for fiscal year 2022.

MINNEAPOLIS, Feb. 27, 2024 (GLOBE NEWSWIRE) -- 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, 2023.

“Jamf completed 2023 with solid results as organizations choose Jamf to enable an Apple-first, modern approach to managing and securing employee devices,” said John Strosahl, Jamf CEO. “Our unique ability to deliver Trusted Access, where only trusted users on trusted devices are able to access company resources, has helped us navigate the recent headwinds related to lower device expansion.”

Fourth Quarter 2023 Financial Highlights

  • ARR: ARR of $588.6 million as of December 31, 2023, an increase of 15% year-over-year.
  • Revenue: Total revenue of $150.6 million, an increase of 16% year-over-year.
  • Gross Profit: GAAP gross profit of $117.5 million, or 78% of total revenue, compared to $99.9 million in the fourth quarter of 2022. Non-GAAP gross profit of $124.1 million, or 82% of total revenue, compared to $107.0 million in the fourth quarter of 2022.
  • Operating Loss/Income: GAAP operating loss of $20.3 million, or (13)% of total revenue, compared to $24.7 million in the fourth quarter of 2022. Non-GAAP operating income of $21.1 million, or 14% of total revenue, compared to $8.7 million in the fourth quarter of 2022.

Fiscal Year 2023 Financial Highlights

  • Revenue: Total revenue of $560.6 million, an increase of 17% year-over-year.
  • Gross Profit: GAAP gross profit of $434.5 million, or 78% of total revenue, compared to $359.5 million in fiscal year 2022. Non-GAAP gross profit of $460.1 million, or 82% of total revenue, compared to $390.0 million in fiscal year 2022.
  • Operating Loss/Income: GAAP operating loss of $115.2 million, or (21)% of total revenue, compared to GAAP operating loss of $138.9 million in fiscal year 2022. Non-GAAP operating income of $45.4 million, or 8% of total revenue, compared to $25.9 million for fiscal year 2022.
  • Cash Flow: Cash flow provided by operations of $36.0 million for fiscal year 2023, or 6% of total revenue, compared to $90.0 million for fiscal year 2022. Unlevered free cash flow of $55.4 million for fiscal year 2023, or 10% of total revenue, compared to $87.5 million for fiscal year 2022.

“We achieved significant margin improvement on both on a GAAP and non-GAAP basis in 2023 as a result of revenue outperformance and diligent cost management,” said Ian Goodkind, Jamf CFO. “As we look to the next three years, we’ll ramp up our efforts to increase profitability to align our cost structure with the current revenue growth profile of Jamf, with the goal of exceeding the Rule of 40 in 2026. I look forward to sharing more during our Investor Day on March 13th.”

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 fiscal year 2023 serving more than 75,300 customers with 32.3 million total devices on our platform.
  • Achieved 33% year-over-year growth in security ARR, to $133.8 million as of December 31, 2023, representing 23% of Jamf’s total ARR.
  • Launched first-to-market support for Apple Vision Pro, adding this powerful new endpoint to Jamf’s Apple-first, Apple-best security and access products, Jamf Protect and Jamf Connect.
  • Announced participation in the Microsoft Security Copilot Partner Private Preview, working with Microsoft product teams to help shape product development for the first AI-powered security product that enables security professionals to respond to threats quickly using an advanced large language model (LLM) with a security-specific model that is informed by Microsoft's unique global threat intelligence and more than 65 trillion daily signals.
  • Released Jamf’s annual Security 360: Annual Trends Report, analyzing the threats impacting devices used in the modern workplace.
  • Profiled in the Omdia Universe on Digital Workspace Management / Unified Endpoint Management Platforms, 2024 assessment.

For the first quarter of 2024, Jamf currently expects:

  • Total revenue of $148.0 to $150.0 million
  • Non-GAAP operating income of $19.0 to $20.0 million

For the full year 2024, Jamf currently expects:

  • Total revenue of $614.5 to $619.5 million
  • Non-GAAP operating income of $89.0 to $93.0 million

To assist with modeling, for the first quarter of 2024 and full year 2024, amortization is expected to be approximately $10.2 million and $40.3 million, respectively. In addition, for the first quarter of 2024 and full year 2024, stock-based compensation and related payroll taxes are expected to be approximately $23.1 million and $110.8 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 expense 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.

Jamf to Host Investor Day

Jamf will host an Investor Day for analysts and investors to provide an update on the business, strategy and 3-year financial expectations.

The event will begin at 9:00 a.m. Eastern Time on March 13th, 2024 and will be hosted in person in New York, New York and via live webcast.

The event will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com. Those parties interested in participating in person, please reach out to investorevents@jamf.com. The presentation and related materials provided in connection with this event will be available on Jamf’s Investor Relations website.

A replay of the event will be available on the Investor Relations website beginning on March 13th, 2024, at approximately 6:00 p.m. Central Time (7:00 p.m. Eastern Time).

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 February 27, 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 February 27, 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.

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 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, extraordinary legal settlements and other non-recurring litigation costs, loss on extinguishment of debt, amortization of debt issuance costs, system transformation costs, and restructuring charges. 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. 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 Contact
Jennifer Gaumond
ir@jamf.com 

Media Contact
Rachel Nauen
media@jamf.com 

Jamf Holding Corp.
Consolidated Balance Sheets
(in thousands)
(unaudited)
 
 December 31,
2023
 December 31,
2022
Assets   
Current assets:   
Cash and cash equivalents$243,576  $224,338 
Trade accounts receivable, net of allowances of $444 and $445 108,240   88,163 
Deferred contract costs 23,508   17,652 
Prepaid expenses 14,255   14,331 
Other current assets 13,055   6,562 
Total current assets 402,634   351,046 
Equipment and leasehold improvements, net 15,184   19,421 
Goodwill 887,121   856,925 
Other intangible assets, net 187,891   218,744 
Deferred contract costs, non-current 53,070   39,643 
Other assets 43,752   43,763 
Total assets$1,589,652  $1,529,542 
    
Liabilities and stockholders’ equity   
Current liabilities:   
Accounts payable$25,909  $15,393 
Accrued liabilities 77,447   67,051 
Income taxes payable 1,248   486 
Deferred revenue 317,546   278,038 
Total current liabilities 422,150   360,968 
Deferred revenue, non-current 55,886   68,112 
Deferred tax liability, net 5,952   5,505 
Convertible senior notes, net 366,999   364,505 
Other liabilities 21,118   29,114 
Total liabilities 872,105   828,204 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock     
Common stock 126   123 
Additional paid-in capital 1,162,993   1,049,875 
Accumulated other comprehensive loss (26,777)  (39,951)
Accumulated deficit (418,795)  (308,709)
Total stockholders’ equity 717,547   701,338 
Total liabilities and stockholders’ equity$1,589,652  $1,529,542 


Jamf Holding Corp.
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
 
Three Months Ended December 31, Years Ended December 31,
 2023   2022   2023   2022 
Revenue:       
Subscription$146,677  $124,875  $543,019  $455,007 
Services 3,731   4,838   16,325   19,025 
License 237   610   1,227   4,744 
Total revenue 150,645   130,323   560,571   478,776 
Cost of revenue:       
Cost of subscription(1)(2)(3)(4)(5)(exclusive of amortization expense shown below) 26,200   22,609   98,554   85,479 
Cost of services(1)(2)(3)(4)(exclusive of amortization expense shown below) 3,563   3,632   13,976   13,816 
Amortization expense 3,427   4,172   13,529   19,932 
Total cost of revenue 33,190   30,413   126,059   119,227 
Gross profit 117,455   99,910   434,512   359,549 
Operating expenses:       
Sales and marketing(1)(2)(3)(4)(5) 62,420   58,557   250,757   217,728 
Research and development(1)(2)(3)(4)(5) 32,921   30,322   134,422   119,906 
General and administrative(1)(2)(3)(4)(5)(6) 34,935   28,568   135,233   132,562 
Amortization expense 7,441   7,124   29,349   28,227 
Total operating expenses 137,717   124,571   549,761   498,423 
Loss from operations (20,262)  (24,661)  (115,249)  (138,874)
Interest income (expense), net 2,073   917   6,526   (538)
Foreign currency transaction gain (loss) 1,911   1,279   916   (2,802)
Loss before income tax (provision) benefit (16,278)  (22,465)  (107,807)  (142,214)
Income tax (provision) benefit (1,132)  1,234   (2,279)  913 
Net loss$(17,410) $(21,231) $(110,086) $(141,301)
Net loss per share, basic and diluted$(0.14) $(0.17) $(0.88) $(1.17)
Weighted‑average shares used to compute net loss per share, basic and diluted 126,361,484   122,300,221   124,935,620   120,720,972 

(1) Includes stock-based compensation as follows:

 Three Months Ended December 31, Years Ended December 31,
  2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$2,594 $2,359 $10,229 $8,854
Services 392  338  1,386  1,299
Sales and marketing 8,059  6,934  33,127  33,559
Research and development 5,856  4,772  23,719  24,392
General and administrative 6,017  5,243  32,539  41,066
 $22,918 $19,646 $101,000 $109,170

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

Three Months Ended December 31, Years Ended December 31,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$143 $160 $318 $293
Services 32  30  57  54
Sales and marketing 451  367  1,162  810
Research and development 171  183  581  429
General and administrative 137  153  490  428
$934 $893 $2,608 $2,014

(3) Includes depreciation expense as follows:

Three Months Ended December 31, Years Ended December 31,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:      
Subscription$296 $310 $1,219 $1,201
Services 44  44  168  170
Sales and marketing 777  739  3,155  2,725
Research and development 444  445  1,814  1,610
General and administrative 266  258  1,064  965
$1,827 $1,796 $7,420 $6,671

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

Three Months Ended December 31, Years Ended December 31,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$ $ $ $61
Services 34    50  
Sales and marketing 152    371  7
Research and development 299  120  807  912
General and administrative 2,704  1,092  6,133  3,663
 $3,189 $1,212 $7,361 $4,643

(5) Includes system transformation costs as follows:​

Three Months Ended December 31, Years Ended December 31,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$29 $ $51 $
Sales and marketing 82    174  
Research and development     12  
General and administrative 1,569    4,596  
 $1,680 $ $4,833 $

(6) General and administrative also includes the following:

Three Months Ended December 31, Years Ended December 31,
 2023  2022  2023  2022
 (in thousands)
Acquisition-related earnout$ $306 $ $694
Offering costs       124
Restructuring charges 1,393    1,393  
Legal settlements and other non-recurring litigation costs 359    559  


Jamf Holding Corp.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
Years Ended December 31,
 2023   2022 
Operating activities 
Net loss$(110,086) $(141,301)
Adjustments to reconcile net loss to cash provided by operating activities:   
Depreciation and amortization expense 50,298   54,830 
Amortization of deferred contract costs 21,497   16,563 
Amortization of debt issuance costs 2,742   2,722 
Non-cash lease expense 5,935   5,869 
Impairment of lease right-of-use assets 1,077    
Provision for credit losses and returns 472   328 
Share‑based compensation 101,000   109,170 
Deferred tax benefit (1,976)  (2,955)
Adjustment to contingent consideration    694 
Other (1,673)  3,333 
Changes in operating assets and liabilities:   
Trade accounts receivable (19,233)  (9,487)
Prepaid expenses and other assets (11,354)  1,888 
Deferred contract costs (40,643)  (31,134)
Accounts payable 9,352   5,891 
Accrued liabilities 2,690   10,017 
Income taxes payable 727   151 
Deferred revenue 23,939   63,426 
Other liabilities 1,200    
Net cash provided by operating activities 35,964   90,005 
Investing activities   
Acquisitions, net of cash acquired (18,797)  (23,816)
Purchases of equipment and leasehold improvements (2,934)  (7,727)
Purchase of investments (750)  (3,100)
Other 5   (139)
Net cash used in investing activities (22,476)  (34,782)
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 (515)  (200)
Proceeds from the exercise of stock options 6,042   5,203 
Net cash provided by financing activities 5,321   261 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 79   (713)
Net increase in cash, cash equivalents, and restricted cash 18,888   54,771 
Cash, cash equivalents, and restricted cash, beginning of period 231,921   177,150 
Cash, cash equivalents, and restricted cash, end of period$250,809  $231,921 
    
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$243,576  $224,338 
Restricted cash included in other current assets 3,633   383 
Restricted cash included in other assets 3,600   7,200 
Total cash, cash equivalents, and restricted cash$250,809  $231,921 


Jamf Holding Corp.
Supplemental Financial Information
Disaggregated Revenue
(in thousands)
(unaudited)
 
 Three Months Ended December 31, Years Ended December 31,
  2023  2022  2023  2022
SaaS subscription and support and maintenance$140,315 $117,621 $521,269 $430,613
On‑premise subscription 6,362  7,254  21,750  24,394
Subscription revenue 146,677  124,875  543,019  455,007
Professional services 3,731  4,838  16,325  19,025
Perpetual licenses 237  610  1,227  4,744
Non‑subscription revenue 3,968  5,448  17,552  23,769
Total revenue$150,645 $130,323 $560,571 $478,776


Jamf Holding Corp.
Supplemental Information
Key Business Metrics

(in millions, except number of customers and percentages)
(unaudited)
 
 December 31,
2023
 September 30,
2023
 June 30,
2023
 March 31,
2023
 December 31,
2022
 September 30,
2022
 June 30,
2022
 March 31,
2022
                
ARR$588.6  $566.3  $547.8  $526.6  $512.5  $490.5  $466.0  $436.5 
                
ARR from management solutions as a percent of total ARR 77%  79%  79%  80%  80%  82%  82%  83%
                
ARR from security solutions as a percent of total ARR 23%  21%  21%  20%  20%  18%  18%  17%
                
ARR from commercial customers as a percent of total ARR 74%  73%  73%  72%  72%  71%  71%  70%
                
ARR from education customers as a percent of total ARR 26%  27%  27%  28%  28%  29%  29%  30%
                
Dollar-based net retention rate(1) 108%  108%  109%  111%  113%  115%  117%  120%
                
Devices 32.3   31.8   31.3   30.8   30.0   29.3   28.4   26.8 
                
Customers 75,300   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 December 31, Years Ended December 31,
  2023   2022   2023   2022 
Operating expenses$137,717  $124,571  $549,761  $498,423 
Amortization expense (7,441)  (7,124)  (29,349)  (28,227)
Stock-based compensation (19,932)  (16,949)  (89,385)  (99,017)
Acquisition-related expense (3,155)  (1,212)  (7,311)  (4,582)
Acquisition-related earnout    (306)     (694)
Offering costs          (124)
Payroll taxes related to stock-based compensation (759)  (703)  (2,233)  (1,667)
System transformation costs (1,651)     (4,782)   
Restructuring charges (1,393)     (1,393)   
Legal settlements and other non-recurring litigation costs (359)     (559)   
Non-GAAP operating expenses$103,027  $98,277  $414,749  $364,112 
        
 Three Months Ended December 31, Years Ended December 31,
  2023   2022   2023   2022 
Gross profit$117,455  $99,910  $434,512  $359,549 
Amortization expense 3,427   4,172   13,529   19,932 
Stock-based compensation 2,986   2,697   11,615   10,153 
Acquisition-related expense 34      50   61 
Payroll taxes related to stock-based compensation 175   190   375   347 
System transformation costs 29      51    
Non-GAAP gross profit$124,106  $106,969  $460,132  $390,042 
Gross profit margin 78%   77%   78%   75% 
Non-GAAP gross profit margin 82%   82%   82%   81% 
        
 Three Months Ended December 31, Years Ended December 31,
  2023   2022   2023   2022 
Operating loss$(20,262) $(24,661) $(115,249) $(138,874)
Amortization expense 10,868   11,296   42,878   48,159 
Stock-based compensation 22,918   19,646   101,000   109,170 
Acquisition-related expense 3,189   1,212   7,361   4,643 
Acquisition-related earnout    306      694 
Offering costs          124 
Payroll taxes related to stock-based compensation 934   893   2,608   2,014 
System transformation costs 1,680      4,833    
Restructuring charges 1,393      1,393    
Legal settlements and other non-recurring litigation costs 359      559    
Non-GAAP operating income$21,079  $8,692  $45,383  $25,930 
Operating loss margin(13)%  (19)%  (21)%  (29)% 
Non-GAAP operating income margin 14%   7%   8%   5% 


Three Months Ended December 31, Years Ended December 31,
 2023   2022   2023   2022 
Net loss$(17,410) $(21,231) $(110,086) $(141,301)
Exclude: income tax (provision) benefit (1,132)  1,234   (2,279)  913 
Loss before income tax (provision) benefit (16,278)  (22,465)  (107,807)  (142,214)
Amortization expense 10,868   11,296   42,878   48,159 
Stock-based compensation 22,918   19,646   101,000   109,170 
Foreign currency transaction (gain) loss (1,911)  (1,279)  (916)  2,802 
Amortization of debt issuance costs 687   682   2,742   2,722 
Acquisition-related expense 3,189   1,212   7,361   4,643 
Acquisition-related earnout    306      694 
Offering costs          124 
Payroll taxes related to stock-based compensation 934   893   2,608   2,014 
System transformation costs 1,680      4,833    
Restructuring charges 1,393      1,393    
Legal settlements and other non-recurring litigation costs 359      559    
Non-GAAP income before income taxes 23,839   10,291   54,651   28,114 
Non-GAAP provision for income taxes(1) (5,721)  (2,469)  (13,116)  (6,747)
Non-GAAP net income$18,118  $7,822  $41,535  $21,367 
Net loss per share:       
Basic$(0.14) $(0.17) $(0.88) $(1.17)
Diluted$(0.14) $(0.17) $(0.88) $(1.17)
Weighted‑average shares used in computing net loss per share:       
Basic 126,361,484   122,300,221   124,935,620   120,720,972 
Diluted 126,361,484   122,300,221   124,935,620   120,720,972 
Non-GAAP net income per share:       
Basic$0.14  $0.06  $0.33  $0.18 
Diluted$0.13  $0.06  $0.31  $0.16 
Weighted-average shares used in computing non-GAAP net income per share:       
Basic 126,361,484   122,300,221   124,935,620   120,720,972 
Diluted 136,716,406   133,027,869   135,285,356   130,965,684 

(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.

 Three Months Ended December 31, Years Ended December 31,
  2023   2022   2023   2022 
Net loss$(17,410) $(21,231) $(110,086) $(141,301)
Interest (income) expense, net (2,073)  (917)  (6,526)  538 
Provision (benefit) for income taxes 1,132   (1,234)  2,279   (913)
Depreciation expense 1,827   1,796   7,420   6,671 
Amortization expense 10,868   11,296   42,878   48,159 
Stock-based compensation 22,918   19,646   101,000   109,170 
Foreign currency transaction (gain) loss (1,911)  (1,279)  (916)  2,802 
Acquisition-related expense 3,189   1,212   7,361   4,643 
Acquisition-related earnout    306      694 
Offering costs          124 
Payroll taxes related to stock-based compensation 934   893   2,608   2,014 
System transformation costs 1,680      4,833    
Restructuring charges 1,393      1,393    
Legal settlements and other non-recurring litigation costs 359      559    
Adjusted EBITDA$22,906  $10,488  $52,803  $32,601 


 Years Ended December 31,
  2023   2022 
Net cash provided by operating activities$35,964  $90,005 
Less:   
Purchases of equipment and leasehold improvements (2,934)  (7,727)
Free cash flow 33,030   82,278 
Add:   
Cash paid for interest 784   763 
Cash paid for acquisition-related expense 2,975   4,480 
Cash paid for system transformation costs 12,493    
Cash paid for contingent consideration 6,000    
Cash paid for legal settlements and other non-recurring litigation costs 132    
Unlevered free cash flow$55,414  $87,521 
Total revenue$560,571  $478,776 
Net cash provided by operating activities as a percentage of total revenue 6%   19% 
Free cash flow margin 6%   17% 
Unlevered free cash flow margin 10%   18% 

 


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