On January 25, 2024, Jamf Holding Corp. (NASDAQ: JAMF) announced a workforce reduction plan (the “Plan”) intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The Plan is expected to impact approximately 6% of the Company’s full-time employees.

The Company currently estimates that it will incur charges of approximately $6.6 million to $8.2 million in connection with the Plan, consisting of cash expenditures for notice period and severance payments, employee benefits, and related costs. The Company expects that the majority of the charges will be incurred in the first quarter of 2024 and that the execution of the Plan will be substantially complete by the end of the second quarter of 2024. The Company intends to exclude the charges associated with the Plan from certain of its non-GAAP financial measures.

Potential position eliminations in each country are subject to local law and consultation requirements, which may extend this process further in certain countries. The charges that the Company expects to incur are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual expenses may differ from the estimates disclosed above. The Company may also incur charges and expenditures not currently contemplated due to unanticipated events that may occur in connection with the Plan.