Jamf : Q1 2023 Investor Presentation

The Standard for Apple in the Enterprise

Investor Presentation:

First Quarter 2023

Safe Harbor

Unless otherwise specified, financial information and other data presented in this presentation is presented as of March 31, 2023. The financial results and other data contained herein following July 1, 2021 include the impact of the Wandera acquisition, which closed on that date, unless otherwise specified. Jamf's historical results are not necessarily indicative of the results that may be expected in the future.

Forward-Looking Statements

This presentation contains "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 presentation 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 is also set forth in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 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.

Market and Industry Data

This presentation includes information concerning economic conditions, the Company's industry, the Company's markets and the Company's competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as Jamf's own estimates and research. Jamf's estimates are derived from publicly available information released by third party sources, as well as data from its internal research, and are based on such data and the Company's knowledge of its industry, which the Company believes to be reasonable. The independent industry publications used in this presentation were not prepared on the Company's behalf. While the Company is not aware of any misstatements regarding any information in this presentation, forecasts, assumptions, expectations, beliefs, estimates and projects involve risk and uncertainties and are subject to change based on various factors.

Non-GAAP Financial Measures

This presentation contains the financial measures Non-GAAP Gross Profit, Non-GAAP Gross Profit Margin, Non-GAAP Operating Income (Loss), Non-GAAP Operating Income (Loss) Margin, Free Cash Flow, Free Cash Flow Margin, Unlevered Free Cash Flow, Unlevered Free Cash Flow Margin, Non-GAAP Sales and Marketing, Non-GAAP Research and Development and Non-GAAP General and Administrative Expenses which are not recognized under generally accepted accounting principles in the United States ("GAAP").

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 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-titlednon-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 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.

Definitions of Non-GAAP Gross Profit, Non-GAAP Operating Income (Loss), Free Cash Flow, Unlevered Free Cash Flow, Non-GAAP Sales and Marketing, Non-GAAP Research and Development and Non-GAAP General and Administrative Expenses and reconciliations of these non- GAAP financial measures to the most directly comparable GAAP financial measure can be found at the end of this presentation.

1

Jamf - Helping Organizations Succeed with Apple

72,500

Active Jamf Customers

57

Net Promoter Score2

9 out of 10

Top Fortune 500

Companies4

30.8m

Devices Run Jamf

111%

Dollar-Based Net Retention

22 out of 25

Most Valuable Global

Brands5

$35b

Total Addressable Market1

90%

Rate Jamf as a

Great Place to Work3

15 out of 15

Largest U.S. Banks6

The Standard in Apple Enterprise Management

Large and Growing Addressable Market

$526.6m / 21%

ARR / Growth7

82%

Non-GAAP Gross Margin8

22%

Revenue Growth7

5%

Non-GAAP Operating Income

Margin8

96%

Subscription Revenue

14%

TTM uFCF Margin8,9

Strong and Predictable Financial Profile

Note: Company statistics and financial metrics are as of the period ended 3/31/2023 unless footnoted otherwise. 1 Sourced from Frost & Sullivan and management estimates. 2 As of November 2022. 3 Based on December 2021 Great Place to Work®. An updated Great Place to Work® survey is in process. 4 As ranked by Fortune as of 3/31/2023. 5 As ranked by Forbes Most Valuable Brands list as of 3/31/2023. 6 Based on total assets as of 3/31/2023. 7 Growth is compared to Q1 2022. 8 See appendix for reconciliation of GAAP to Non-GAAP measures. 9 TTM as of March 31, 2023.

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The Jamf Story

Customers

72,500

Co-Founder

Chip Pearson

Founded by

Zach Halmstad

0

First

Employees

Implemented

Smart Group

Technology

1st JNUC
Customer		Retail
	Channel

Edu Sales

Channel

International Expansion

Implemented

Classroom

Management

Technology

Jamf

Cloud

Jamf

Trusted

Access

IPO

Achieved 20mm

Device Goal

CEO Dean Hager

President and COO John

Strosahl

Healthcare

Solution

72,500

Q1 2023

Enhanced

Security offerings with Wandera acquisition

4