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Jamf Announces Second Quarter 2023 Financial Results

  • Q2 total revenue year-over-year growth of 17% to $135.1 million
  • ARR year-over-year growth of 18% to $547.8 million as of June 30, 2023
  • Cash flow provided by operations of $60.4 million for the TTM ended June 30, 2023, or 12% of TTM total revenue; unlevered free cash flow of $66.6 million for the TTM ended June 30, 2023, or 13% of TTM total revenue

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

“Our second quarter of 2023 represents the 13th consecutive quarter where Jamf outperformed expectations,” said Dean Hager, CEO. “We continue to experience tailwinds of Apple adoption in the enterprise across industries and customer preference to consolidate device management and security on a single platform to enhance their security posture and realize cost savings. Jamf’s unmatched platform of solutions is uniquely positioned to leverage these tailwinds to meet the needs of organizations of all sizes and help drive further adoption of Apple in the enterprise.”

Second Quarter 2023 Financial Highlights

  • ARR: ARR of $547.8 million as of June 30, 2023, an increase of 18% year-over-year.
  • Revenue: Total revenue of $135.1 million, an increase of 17% year-over-year.
  • Gross Profit: GAAP gross profit of $104.2 million, or 77% of total revenue, compared to $86.2 million in the second quarter of 2022. Non-GAAP gross profit of $110.6 million, or 82% of total revenue, compared to $93.9 million in the second quarter of 2022.
  • Operating Loss/Income: GAAP operating loss of $37.6 million, or (28)% of total revenue, compared to $61.8 million in the second quarter of 2022. Non-GAAP operating income of $5.8 million, or 4% of total revenue, compared to $4.5 million in the second quarter of 2022.
  • Cash Flow: Cash flow provided by operations of $60.4 million for the TTM ended June 30, 2023, or 12% of TTM total revenue, compared to $43.5 million for the TTM ended June 30, 2022. Unlevered free cash flow of $66.6 million for the TTM ended June 30, 2023, or 13% of TTM total revenue, compared to $48.1 million for the TTM ended June 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.

“Our vision of delivering organizations Trusted Access, which combines management, connection and protection into a single, powerful, easy-to-use platform, is resonating with our customers and provides Jamf with significant opportunity,” said John Strosahl, President and COO. “We’re at the early stages and are excited to continue to help our customers succeed with Apple.”

Recent Business Highlights

  • Ended the second quarter serving more than 73,500 customers with 31.3 million total devices on our platform.
  • Achieved 37% year-over-year growth in security ARR, to $114.6 million as of June 30, 2023, representing 21% of Jamf’s total ARR.
  • Launched three new integrations with Google Cloud, enabling and protecting mobile workforces. Encompassing Zero Trust, observability, and identity workflows, Jamf continues to provide unique value for Google Cloud users with Apple devices.
  • Announced and completed the acquisition of dataJAR, a leading Apple technology managed services provider. We believe this acquisition will help Jamf expand partnerships with managed service provider partners through dataJAR’s proprietary technology and make it easier for organizations to harness the power of Jamf’s management and security platform.
  • Announced Jamf now empowers more than 42 million students globally, serving eight of the top 10 largest school districts in the United States (according to March 2023 data from Niche) and all of the top 10 best global universities (as ranked by US News and World Report in March 2023).
  • Launched Jamf Safe Internet for Microsoft Windows, furthering our goal of ensuring that students on all devices are protected.
  • Announced Jamf’s participation in the renowned CEO Action for Diversity & Inclusion™ pledge. This powerful initiative brings together business leaders from various industries to foster a more inclusive workplace environment and drive meaningful change.
  • Published our 2023 Purpose and Impact Report, detailing our strategic commitments and approach to environmental, social, and governance topics to empower employees, customers, and communities.

Financial Outlook

For the third quarter of 2023, Jamf currently expects:

  • Total revenue of $139.0 to $141.0 million
  • Non-GAAP operating income of $10.0 to $11.0 million

For the full year 2023, Jamf currently expects:

  • Total revenue of $555.0 to $558.0 million
  • Non-GAAP operating income of $41.0 to $43.0 million

To assist with modeling, for the third quarter of 2023 and full year 2023, amortization is expected to be approximately $10.5 million and $42.0 million, respectively. In addition, for the third quarter of 2023 and full year 2023, stock-based compensation and related payroll taxes are expected to be approximately $30.2 million and $107.1 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 August 8, 2023.

The conference call will be webcast live on Jamf’s Investor Relations website at https://ir.jamf.com, along with the earnings press release, financial tables, earnings presentation, and investor presentation. Those parties interested in participating via telephone may register on Jamf’s Investor Relations website.

A replay of the call will be available on the Investor Relations website beginning on August 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 settlement, 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 June 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)

 June 30,
2023
 December 31,
2022
Assets   
Current assets:   
Cash and cash equivalents$211,471  $224,338 
Trade accounts receivable, net of allowances of $508 and $445 100,184   88,163 
Income taxes receivable 782   465 
Deferred contract costs 20,386   17,652 
Prepaid expenses 18,092   14,331 
Other current assets 8,078   6,097 
Total current assets 358,993   351,046 
Equipment and leasehold improvements, net 17,514   19,421 
Goodwill 867,909   856,925 
Other intangible assets, net 200,128   218,744 
Deferred contract costs, non-current 46,145   39,643 
Other assets 42,340   43,763 
Total assets$1,533,029  $1,529,542 
    
Liabilities and stockholders’ equity   
Current liabilities:   
Accounts payable$15,168  $15,393 
Accrued liabilities 56,902   67,051 
Income taxes payable 866   486 
Deferred revenues 290,663   278,038 
Total current liabilities 363,599   360,968 
Deferred revenues, non-current 64,388   68,112 
Deferred tax liability, net 5,146   5,505 
Convertible senior notes, net 365,750   364,505 
Other liabilities 25,783   29,114 
Total liabilities 824,666   828,204 
Commitments and contingencies   
Stockholders’ equity:   
Preferred stock     
Common stock 125   123 
Additional paid-in capital 1,105,703   1,049,875 
Accumulated other comprehensive loss (28,357)  (39,951)
Accumulated deficit (369,108)  (308,709)
Total stockholders’ equity 708,363   701,338 
Total liabilities and stockholders’ equity$1,533,029  $1,529,542 


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

Three Months Ended June 30, Six Months Ended June 30,
 2023   2022   2023   2022 
Revenue:       
Subscription$130,591  $109,407  $257,821  $211,608 
Services 4,254   5,027   8,638   8,971 
License 244   1,204   842   3,317 
Total revenue 135,089   115,638   267,301   223,896 
Cost of revenue:       
Cost of subscription(1)(2)(3)(4) (exclusive of amortization expense shown below) 24,186   20,634   47,345   40,536 
Cost of services(1)(2)(3)(4) (exclusive of amortization expense shown below) 3,385   3,493   6,677   6,600 
Amortization expense 3,312   5,265   6,608   10,483 
Total cost of revenue 30,883   29,392   60,630   57,619 
Gross profit 104,206   86,246   206,671   166,277 
Operating expenses:       
Sales and marketing(1)(2)(3)(4)(5) 63,890   58,750   124,098   105,075 
Research and development(1)(2)(3)(4)(5) 34,725   33,983   66,797   58,785 
General and administrative(1)(2)(3)(4)(5) 35,966   48,321   64,402   73,933 
Amortization expense 7,247   7,034   14,488   14,063 
Total operating expenses 141,828   148,088   269,785   251,856 
Loss from operations (37,622)  (61,842)  (63,114)  (85,579)
Interest income (expense), net 1,481   (641)  2,766   (1,500)
Foreign currency transaction gain (loss) 1,048   (676)  1,652   (1,457)
Loss before income tax (provision) benefit (35,093)  (63,159)  (58,696)  (88,536)
Income tax (provision) benefit (1,106)  20   (1,703)  (232)
Net loss$(36,199) $(63,139) $(60,399) $(88,768)
Net loss per share, basic and diluted$(0.29) $(0.53) $(0.49) $(0.74)
Weighted‑average shares used to compute net loss per share, basic and diluted 124,382,767   119,941,482   123,905,072   119,768,871 

(1) Includes stock-based compensation as follows:

 Three Months Ended June 30, Six Months Ended June 30,
  2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$2,715 $2,061 $4,982 $4,016
Services 323  313  632  617
Sales and marketing 9,076  13,811  16,575  19,670
Research and development 6,401  10,631  11,434  14,490
General and administrative 11,668  26,208  16,110  30,241
 $30,183 $53,024 $49,733 $69,034

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

Three Months Ended June 30, Six Months Ended June 30,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$71 $24 $83 $24
Services 12  1  12  1
Sales and marketing 303  65  407  77
Research and development 175  77  246  104
General and administrative 146  86  222  183
$707 $253 $970 $389

(3) Includes depreciation expense as follows:

Three Months Ended June 30, Six Months Ended June 30,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:      
Subscription$306 $286 $621 $606
Services 39  41  78  86
Sales and marketing 787  633  1,592  1,317
Research and development 456  397  923  756
General and administrative 267  235  528  473
$1,855 $1,592 $3,742 $3,238

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

Three Months Ended June 30, Six Months Ended June 30,
 2023  2022  2023  2022
 (in thousands)
Cost of revenue:       
Subscription$ $23 $ $61
Services 1    2  
Sales and marketing 115    115  7
Research and development 124  283  175  546
General and administrative 439  242  1,145  1,035
 $679 $548 $1,437 $1,649

(5) Includes system transformation costs as follows:​

Three Months Ended June 30, Six Months Ended June 30,
 2023  2022  2023  2022
 (in thousands)
Sales and marketing$37 $ $37 $
Research and development 10    10  
General and administrative 1,293    1,734  
 $1,340 $ $1,781 $

General and administrative also includes acquisition-related earnout of $0.1 million and $0.2 million for the three and six months ended June 30, 2022, respectively. The acquisition-related earnout was an expense for the three and six months ended June 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)

Six Months Ended June 30,
 2023   2022 
Operating activities 
Net loss$        (60,399) $        (88,768)
Adjustments to reconcile net loss to cash (used in) provided by operating activities:   
Depreciation and amortization expense 24,838   27,784 
Amortization of deferred contract costs 9,987   7,859 
Amortization of debt issuance costs 1,368   1,358 
Non-cash lease expense 2,955   2,943 
Provision for credit losses and returns 217   274 
Share‑based compensation 49,733   69,034 
Deferred tax benefit (355)  (1,199)
Adjustment to contingent consideration    188 
Other (1,856)  1,438 
Changes in operating assets and liabilities:   
Trade accounts receivable (12,047)  (17,870)
Income tax receivable/payable 81   165 
Prepaid expenses and other assets (6,694)  (3,851)
Deferred contract costs (19,124)  (15,438)
Accounts payable (483)  292 
Accrued liabilities (10,205)  (3,100)
Deferred revenue 8,753   35,233 
Net cash (used in) provided by operating activities (13,231)  16,342 
Investing activities   
Acquisitions, net of cash acquired    (4,023)
Purchases of equipment and leasehold improvements (1,786)  (2,876)
Purchase of investments (750)   
Other (25)  (79)
Net cash used in investing activities (2,561)  (6,978)
Financing activities   
Debt issuance costs    (50)
Cash paid for offering costs    (80)
Cash paid for contingent consideration (206)  (4,588)
Payment of acquisition-related holdback (277)  (200)
Proceeds from the exercise of stock options 2,965   1,543 
Net cash provided by (used in) financing activities 2,482   (3,375)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash 92   (790)
Net (decrease) increase in cash, cash equivalents, and restricted cash (13,218)  5,199 
Cash, cash equivalents, and restricted cash, beginning of period 231,921   177,150 
Cash, cash equivalents, and restricted cash, end of period$218,703  $182,349 
    
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$211,471  $182,349 
Restricted cash included in other current assets 32    
Restricted cash included in other assets 7,200    
Total cash, cash equivalents, and restricted cash$218,703  $182,349 


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

 Three Months Ended June 30, Six Months Ended June 30,
  2023  2022  2023  2022
SaaS subscription and support and maintenance$126,566 $104,291 $247,328 $200,641
On‑premise subscription 4,025  5,116  10,493  10,967
Subscription revenue 130,591  109,407  257,821  211,608
Professional services 4,254  5,027  8,638  8,971
Perpetual licenses 244  1,204  842  3,317
Non‑subscription revenue 4,498  6,231  9,480  12,288
Total revenue$135,089 $115,638 $267,301 $223,896


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

  June 30,
2023
 March 31,
2023
 December 31,
2022
 September 30,
2022
 June 30,
2022
 March 31,
2022
             
ARR $547.8  $526.6  $512.5  $490.5  $466.0  $436.5 
             
ARR from management solutions as a percent of total ARR  79%  80%  80%  82%  82%  83%
             
ARR from security solutions as a percent of total ARR  21%  20%  20%  18%  18%  17%
             
ARR from commercial customers as a percent of total ARR  73%  72%  72%  71%  71%  70%
             
ARR from education customers as a percent of total ARR  27%  28%  28%  29%  29%  30%
             
Dollar-based net retention rate (1)  109%  111%  113%  115%  117%  120%
             
Devices  31.3   30.8   30.0   29.3   28.4   26.8 
             
Customers  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 June 30, Six Months Ended June 30,
  2023   2022   2023   2022 
Operating expenses$141,828  $148,088  $269,785  $251,856 
Amortization expense (7,247)  (7,034)  (14,488)  (14,063)
Stock-based compensation (27,145)  (50,650)  (44,119)  (64,401)
Acquisition-related expense (678)  (525)  (1,435)  (1,588)
Acquisition-related earnout    (100)     (188)
Offering costs    (124)     (124)
Payroll taxes related to stock-based compensation (624)  (228)  (875)  (364)
System transformation costs (1,340)     (1,781)   
Non-GAAP operating expenses$104,794  $89,427  $207,087  $171,128 
        
 Three Months Ended June 30, Six Months Ended June 30,
  2023   2022   2023   2022 
Gross profit$104,206  $86,246  $206,671  $166,277 
Amortization expense 3,312   5,265   6,608   10,483 
Stock-based compensation 3,038   2,374   5,614   4,633 
Acquisition-related expense 1   23   2   61 
Payroll taxes related to stock-based compensation 83   25   95   25 
Non-GAAP gross profit$110,640  $93,933  $218,990  $181,479 
Gross profit margin 77%  75%  77%  74%
Non-GAAP gross profit margin 82%  81%  82%  81%
        
 Three Months Ended June 30, Six Months Ended June 30,
  2023   2022   2023   2022 
Operating loss$        (37,622) $        (61,842) $        (63,114) $        (85,579)
Amortization expense 10,559   12,299   21,096   24,546 
Stock-based compensation 30,183   53,024   49,733   69,034 
Acquisition-related expense 679   548   1,437   1,649 
Acquisition-related earnout    100      188 
Offering costs    124      124 
Payroll taxes related to stock-based compensation 707   253   970   389 
System transformation costs 1,340      1,781    
Non-GAAP operating income$5,846  $4,506  $11,903  $10,351 
Operating loss margin (28)%  (53)%  (24)%  (38)%
Non-GAAP operating income margin 4%  4%  4%  5%


Three Months Ended June 30, Six Months Ended June 30,
 2023   2022   2023   2022 
Net loss$        (36,199) $        (63,139) $        (60,399) $        (88,768)
Exclude: income tax (provision) benefit (1,106)  20   (1,703)  (232)
Loss before income tax (provision) benefit (35,093)  (63,159)  (58,696)  (88,536)
Amortization expense 10,559   12,299   21,096   24,546 
Stock-based compensation 30,183   53,024   49,733   69,034 
Foreign currency transaction (gain) loss (1,048)  676   (1,652)  1,457 
Amortization of debt issuance costs 684   679   1,368   1,358 
Acquisition-related expense 679   548   1,437   1,649 
Acquisition-related earnout    100      188 
Offering costs    124      124 
Payroll taxes related to stock-based compensation 707   253   970   389 
System transformation costs 1,340      1,781    
Non-GAAP income before income taxes 8,011   4,544   16,037   10,209 
Non-GAAP provision for income taxes (1) (1,923)  (1,090)  (3,849)  (2,450)
Non-GAAP net income$6,088  $3,454  $12,188  $7,759 
Net loss per share:       
Basic$(0.29) $(0.53) $(0.49) $(0.74)
Diluted$(0.29) $(0.53) $(0.49) $(0.74)
Weighted‑average shares used in computing net loss per share:       
Basic 124,382,767   119,941,482   123,905,072   119,768,871 
Diluted 124,382,767   119,941,482   123,905,072   119,768,871 
Non-GAAP net income per share:       
Basic$0.05  $0.03  $0.10  $0.06 
Diluted$0.05  $0.03  $0.09  $0.06 
Weighted-average shares used in computing non-GAAP net income per share:       
Basic 124,382,767   119,941,482   123,905,072   119,768,871 
Diluted 134,690,326   129,189,399   134,316,268   129,436,956 

(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.

 Six Months Ended June 30, Years Ended December 31,
  2023   2022   2021   2022   2021 
Net cash (used in) provided by operating activities$        (13,231) $        16,342  $        38,022  $        90,005  $        65,165 
Less:         
Purchases of equipment and leasehold improvements         (1,786)          (2,876)          (5,211)          (7,727)          (9,755)
Free cash flow (15,017)  13,466   32,811   82,278   55,410 
Add:         
Cash paid for interest 391   371   6   763   967 
Cash paid for acquisition-related expense 1,208   1,720   1,094   4,480   5,039 
Cash paid for system transformation costs 2,097             
Cash paid for contingent consideration 6,000             
Cash paid for legal settlement             5,000 
Unlevered free cash flow$(5,321) $15,557  $33,911  $87,521  $66,416 
Total revenue$267,301  $223,896  $166,965  $478,776  $366,388 
Net cash (used in) provided by operating activities as a percentage of total revenue(5)%  7%  23%  19%  18%
Free cash flow margin(6)%  6%  20%  17%  15%
Unlevered free cash flow margin(2)%  7%  20%  18%  18%


 Trailing Twelve Months Ended
June 30,
  2023   2022 
Net cash provided by operating activities$        60,432  $        43,485 
Less:   
Purchases of equipment and leasehold improvements (6,637)  (7,420)
Free cash flow 53,795   36,065 
Add:   
Cash paid for interest 783   1,332 
Cash paid for acquisition-related expense 3,968   5,665 
Cash paid for system transformation costs 2,097    
Cash paid for contingent consideration 6,000    
Cash paid for legal settlement    5,000 
Unlevered free cash flow$66,643  $48,062 
Total revenue$522,181  $423,319 
Net cash provided by operating activities as a percentage of total revenue 12%  10%
Free cash flow margin 10%  9%
Unlevered free cash flow margin 13%  11%

 


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