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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________
FORM 10-Q
_________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                 to
Commission File Number: 001-39399
https://cdn.kscope.io/02eb5fefd0a2b2e8482522ed065c989e-0000000000.jpg
JAMF HOLDING CORP.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
82-3031543
(I.R.S. Employer
Identification No.)
100 Washington Ave S, Suite 1100
Minneapolis, MN 55401
(Address of principal executive offices)
(612605-6625
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common Stock, $0.001 par value per share
JAMF
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
On October 24, 2023, the registrant had 125,795,772 shares of common stock, $0.001 par value, outstanding.


Table of Contents
JAMF HOLDING CORP.
TABLE OF CONTENTS
PAGE
2

Table of Contents
GLOSSARY
We use acronyms, abbreviations, and other defined terms throughout this quarterly report on Form 10-Q. These terms are defined below. Jamf Holding Corp. and its wholly owned subsidiaries, collectively, are referred to as the “Company,” “we,” “us,” or “our.”
TermDefinition
2017 Option Plan2017 Stock Option Plan
2020 Credit AgreementCredit agreement dated July 27, 2020, as amended, supplemented, or modified
2020 PlanJamf Holding Corp. Omnibus Incentive Plan
2020 Revolving Credit FacilityRevolving credit facility available under the 2020 Credit Agreement
2021 ESPPJamf Holding Corp. 2021 Employee Stock Purchase Plan
2026 NotesConvertible Senior Notes due 2026
ARRAnnual Recurring Revenue
AWSAmazon Web Services
ASC 606
ASC Topic 606, Revenue from Contracts with Customers
ASC 805
ASC Topic 805, Business Combinations
ASC 850
ASC Topic 850, Related Party Disclosures
BYODBring your own device
CEOChief executive officer
CODMChief operating decision maker
Credit Agreement Amendment
Amendment No. 2 to the 2020 Credit Agreement, effective April 7, 2023
Current Period ARRARR from the same cohort of customers used to calculate Prior Period ARR as of the current period end
dataJARData Jar Ltd.
dataJAR Purchase AgreementShare Purchase Agreement, dated as of July 13, 2023, entered into in connection with the acquisition of dataJAR
DigitaDigita Security LLC
EUREuro
Exchange ActThe Securities Exchange Act of 1934, as amended
GAAPU.S. generally accepted accounting principles
GBPBritish pound sterling
ITInformation technology
JNGFJamf Nation Global Foundation
LIBO Rate
London interbank offered rate
MSPManaged services provider
Prior Period ARRARR from the cohort of all customers as of 12 months prior to period end
R&EResearch and experimental
RSURestricted stock unit
SaaSSoftware-as-a-service
SAFESimple agreement for future equity
SECSecurities and Exchange Commission
SMBsSmall-to-medium-sized businesses
Term SOFR
Forward-looking secured overnight financing rate
UKUnited Kingdom
U.S.United States
VistaVista Equity Partners, LLC and its affiliates
WanderaWandera, Inc.
ZecOpsZecOps, Inc.
ZecOps Merger AgreementAgreement and Plan of Merger, dated as of September 23, 2022 in connection with the acquisition of ZecOps
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PART I.    FINANCIAL INFORMATION
Item 1.     Financial Statements
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
September 30, 2023December 31, 2022
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$227,619 $224,338 
Trade accounts receivable, net of allowances of $484 and $445 at September 30, 2023 and December 31, 2022, respectively
95,361 88,163 
Income taxes receivable678 465 
Deferred contract costs21,693 17,652 
Prepaid expenses15,938 14,331 
Other current assets10,733 6,097 
Total current assets372,022 351,046 
Equipment and leasehold improvements, net16,400 19,421 
Goodwill876,822 856,925 
Other intangible assets, net196,514 218,744 
Deferred contract costs, non-current48,871 39,643 
Other assets41,423 43,763 
Total assets$1,552,052 $1,529,542 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$21,070 $15,393 
Accrued liabilities68,088 67,051 
Income taxes payable1,018 486 
Deferred revenue311,138 278,038 
Total current liabilities401,314 360,968 
Deferred revenue, non-current58,616 68,112 
Deferred tax liability, net5,624 5,505 
Convertible senior notes, net366,374 364,505 
Other liabilities20,707 29,114 
Total liabilities852,635 828,204 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized at September 30, 2023 and December 31, 2022; no shares issued and outstanding at September 30, 2023 and December 31, 2022
  
Common stock, $0.001 par value, 500,000,000 shares authorized at September 30, 2023 and December 31, 2022; 125,726,004 and 123,170,172 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively
126 123 
Additional paid‑in capital1,136,727 1,049,875 
Accumulated other comprehensive loss(36,051)(39,951)
Accumulated deficit(401,385)(308,709)
Total stockholders’ equity699,417 701,338 
Total liabilities and stockholders’ equity$1,552,052 $1,529,542 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenue:
Subscription$138,521 $118,524 $396,342 $330,132 
Services3,956 5,216 12,594 14,187 
License148 817 990 4,134 
Total revenue142,625 124,557 409,926 348,453 
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)25,009 22,334 72,354 62,870 
Cost of services (exclusive of amortization expense shown below)3,736 3,584 10,413 10,184 
Amortization expense3,494 5,277 10,102 15,760 
Total cost of revenue32,239 31,195 92,869 88,814 
Gross profit110,386 93,362 317,057 259,639 
Operating expenses:
Sales and marketing64,239 54,096 188,337 159,171 
Research and development34,704 30,799 101,501 89,584 
General and administrative35,896 30,061 100,298 103,994 
Amortization expense7,420 7,040 21,908 21,103 
Total operating expenses142,259 121,996 412,044 373,852 
Loss from operations(31,873)(28,634)(94,987)(114,213)
Interest income (expense), net1,687 45 4,453 (1,455)
Foreign currency transaction loss(2,647)(2,624)(995)(4,081)
Loss before income tax benefit (provision)(32,833)(31,213)(91,529)(119,749)
Income tax benefit (provision)556 (89)(1,147)(321)
Net loss$(32,277)$(31,302)$(92,676)$(120,070)
Net loss per share, basic and diluted$(0.26)$(0.26)$(0.74)$(1.00)
Weighted‑average shares used to compute net loss per share, basic and diluted125,537,246 121,014,325 124,455,109 120,188,587 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net loss$(32,277)$(31,302)$(92,676)$(120,070)
Other comprehensive (loss) income:
Foreign currency translation adjustments(7,694)(26,510)3,900 (56,218)
Total other comprehensive (loss) income
(7,694)(26,510)3,900 (56,218)
Comprehensive loss$(39,971)$(57,812)$(88,776)$(176,288)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)
Stock ClassAdditional Paid‑In
Capital
Accumulated Other Comprehensive LossAccumulated
Deficit
Stockholders’
Equity
Common
SharesAmount
Three Months Ended September 30, 2023:
Balance, June 30, 2023
124,890,541 $125 $1,105,703 $(28,357)$(369,108)$708,363 
Exercise of stock options370,564 — 2,675 — — 2,675 
Vesting of restricted stock units464,899 1 — — — 1 
Share‑based compensation— — 28,349 — — 28,349 
Foreign currency translation adjustments— — — (7,694)— (7,694)
Net loss— — — — (32,277)(32,277)
Balance, September 30, 2023
125,726,004 $126 $1,136,727 $(36,051)$(401,385)$699,417 
Three Months Ended September 30, 2022:
Balance, June 30, 2022
120,310,047 $120 $987,576 $(37,574)$(256,176)$693,946 
Exercise of stock options476,637 — 3,139 — — 3,139 
Vesting of restricted stock units553,401 — — — — — 
Share‑based compensation— — 20,490 — — 20,490 
Foreign currency translation adjustments— — — (26,510)— (26,510)
Net loss— — — — (31,302)(31,302)
Balance, September 30, 2022
121,340,085 $120 $1,011,205 $(64,084)$(287,478)$659,763 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(in thousands, except share amounts)
(unaudited)
Stock ClassAdditional Paid‑In
Capital
Accumulated Other Comprehensive LossAccumulated
Deficit
Stockholders’
Equity
Common
SharesAmount
Nine Months Ended September 30, 2023:
Balance, December 31, 2022
123,170,172 $123 $1,049,875 $(39,951)$(308,709)$701,338 
Exercise of stock options778,589 1 5,639 — — 5,640 
Vesting of restricted stock units1,572,281 2 — — — 2 
Issuance of common stock under the employee stock purchase plan204,962 — 3,131 — — 3,131 
Share‑based compensation— — 78,082 — — 78,082 
Foreign currency translation adjustments— — — 3,900 — 3,900 
Net loss— — — — (92,676)(92,676)
Balance, September 30, 2023
125,726,004 $126 $1,136,727 $(36,051)$(401,385)$699,417 
Nine Months Ended September 30, 2022:
Balance, December 31, 2021
119,426,064 $119 $913,581 $(7,866)$(167,408)$738,426 
Exercise of stock options747,410 1 4,681 — — 4,682 
Vesting of restricted stock units1,036,161 — — — — — 
Issuance of common stock under the employee stock purchase plan130,450 — 3,419 — — 3,419 
Share‑based compensation— — 89,524 — — 89,524 
Foreign currency translation adjustments— — — (56,218)— (56,218)
Net loss— — — — (120,070)(120,070)
Balance, September 30, 2022
121,340,085 $120 $1,011,205 $(64,084)$(287,478)$659,763 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30,
20232022
Operating activities
Net loss$(92,676)$(120,070)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense37,603 41,738 
Amortization of deferred contract costs15,565 12,091 
Amortization of debt issuance costs2,055 2,040 
Non-cash lease expense4,443 4,373 
Provision for credit losses and returns226 310 
Share‑based compensation78,082 89,524 
Deferred tax benefit(1,973)(2,019)
Adjustment to contingent consideration 388 
Other584 4,603 
Changes in operating assets and liabilities:
Trade accounts receivable(6,512)(15,125)
Income tax receivable/payable267 688 
Prepaid expenses and other assets(6,838)(3,351)
Deferred contract costs(28,839)(22,919)
Accounts payable4,916 7,766 
Accrued liabilities(7,370)2,872 
Deferred revenue20,512 59,922 
Net cash provided by operating activities20,045 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 options5,640 4,682 
Net cash provided by (used in) financing activities5,157 (260)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(190)(1,322)
Net increase in cash, cash equivalents, and restricted cash2,929 48,330 
Cash, cash equivalents, and restricted cash, beginning of period231,921 177,150 
Cash, cash equivalents, and restricted cash, end of period$234,850 $225,480 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(unaudited)
Nine Months Ended September 30,
20232022
Supplemental disclosures of cash flow information:
Cash paid for:
Interest$704 $683 
Income taxes, net of refunds2,807 1,630 
Non-cash activities:
Employee stock purchase plan3,131 3,419 
Offering costs accrued but not paid 17 
Operating lease assets obtained in exchange for operating lease liabilities768 7,320 
Purchases of equipment and leasehold improvements accrued but not paid159 311 
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:     
Cash and cash equivalents$227,619 $225,480 
Restricted cash included in other current assets3,631  
Restricted cash included in other assets3,600  
Total cash, cash equivalents, and restricted cash$234,850 $225,480 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1. Basis of presentation and description of business
Description of business
We are the standard in managing and securing Apple at work, and we are the only company in the world that provides a complete management and security solution for an Apple-first environment that is designed to be enterprise secure, consumer simple, and protective of personal privacy. We help IT and security teams confidently protect the devices, data, and applications used by their workforce, while providing employees with consumer-simple, privacy-protecting technology. With Jamf’s software, devices can be deployed to employees brand new in the shrink-wrapped box, set up automatically and personalized at first power-on and administered continuously throughout the lifecycle of the device. Our customers are located throughout the world.
Basis of presentation and principles of consolidation
The accompanying condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. All intercompany accounts and transactions have been eliminated.
Unaudited interim condensed consolidated financial information
The interim condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statements of operations, of comprehensive loss, and of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022, and the related notes are unaudited. The condensed consolidated balance sheet as of December 31, 2022 was derived from our audited consolidated financial statements that were included in our Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 1, 2023. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary for the fair presentation of the consolidated financial position, results of operations, and cash flows of the Company. All adjustments made were of a normal recurring nature. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future period.
Use of estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of revenue and expenses during the reporting period. These estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future and include, but are not limited to, revenue recognition, stock-based compensation, the expected period of benefit for deferred contract costs, the fair values of assets acquired and liabilities assumed in business combinations, useful lives for finite-lived assets, recoverability of long-lived assets, the value of right-of-use assets and lease liabilities, allowance for expected credit losses, commitments and contingencies, and accounting for income taxes and related valuation allowances against deferred tax assets. Actual results could differ from those estimates.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Segment and geographic information
Our CODM is our CEO, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. We operate our business as one operating segment and therefore we have one reportable segment.
Revenue by geographic region as determined based on the location where the sale originated were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
The Americas (1)
$95,469 $86,687 $276,720 $241,816 
Europe, the Middle East, India, and Africa36,639 28,622 102,365 82,136 
Asia Pacific10,517 9,248 30,841 24,501 
$142,625 $124,557 $409,926 $348,453 
(1) The vast majority of our Americas revenue comes from the U.S.
Note 2. Summary of significant accounting policies
The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the three and nine months ended September 30, 2023. The following describes the impact of certain policies.
Revenue recognition
The Company applies ASC 606 and follows a five-step model to determine the appropriate amount of revenue to be recognized in accordance with ASC 606.
Disaggregation of Revenue
The Company separates revenue into subscription and non-subscription categories to disaggregate the revenue that is term-based and renewable from the revenue that is one-time in nature. Revenue from subscription and non-subscription contractual arrangements were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
SaaS subscription and support and maintenance$133,626 $112,351 $380,954 $312,992 
On‑premise subscription4,895 6,173 15,388 17,140 
Subscription revenue138,521 118,524 396,342 330,132 
Professional services3,956 5,216 12,594 14,187 
Perpetual licenses148 817 990 4,134 
Non‑subscription revenue4,104 6,033 13,584 18,321 
Total revenue$142,625 $124,557 $409,926 $348,453 
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Contract Balances
Contract liabilities consist of customer billings in advance of revenue being recognized. The Company invoices its customers for subscription, support and maintenance, and services in advance. Changes in contract liabilities, including revenue earned during the period from the beginning contract liability balance and new deferrals of revenue during the period, were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
Balance, beginning of the period$355,051 $316,952 $346,150 $282,128 
Acquisitions
3,230  3,230  
Revenue earned(114,780)(96,542)(250,724)(199,357)
Deferral of revenue127,803 120,820 272,274 258,459 
Other (1)
(1,550) (1,176) 
Balance, end of the period$369,754 $341,230 $369,754 $341,230 
(1) Includes contract assets netted against contract liabilities on a contract-by-contract basis.
There were no significant changes to our contract liabilities during the three and nine months ended September 30, 2023 and 2022 outside of our sales activities.
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and noncancellable amounts to be invoiced. As of September 30, 2023, the Company had $477.4 million of remaining performance obligations, with 72% expected to be recognized as revenue over the succeeding 12 months, and the remainder generally expected to be recognized over the three years thereafter.
Deferred Contract Costs
Sales commissions, as well as associated payroll taxes and retirement plan contributions (together, contract costs), that are incremental to the acquisition of customer contracts are capitalized using a portfolio approach as deferred contract costs in the condensed consolidated balance sheets when the period of benefit is determined to be greater than one year.
Total amortization of contract costs was $5.6 million and $4.2 million for the three months ended September 30, 2023 and 2022, respectively, and $15.6 million and $12.1 million for the nine months ended September 30, 2023 and 2022, respectively.
The Company periodically reviews these deferred contract costs to determine whether events or changes in circumstances have occurred that could affect the period of benefit of these deferred contract costs. There were no impairment losses recorded during the three and nine months ended September 30, 2023 and 2022.
Note 3. Financial instruments fair value
Assets and liabilities measured at fair value on a recurring basis
The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.
In addition, the contingent consideration associated with the Digita acquisition was measured and recorded at fair value on a recurring basis. The estimated fair value of the contingent payments associated with the Digita acquisition was determined using a Monte Carlo simulation model, which used Level 3 inputs, including assumptions about the probability of
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
growth of subscription services and the related pricing of the services offered. Significant increases (decreases) in the probability of growth of subscription services as well as the related pricing of the services offered would have resulted in a higher (lower) fair value measurement. The Company made the final payment related to the contingent consideration in the first quarter of 2023. See Note 4 for more information.
The fair value of these financial instruments were as follows:
September 30, 2023
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$140,201 $ $ $140,201 
Total cash equivalents$140,201 $ $ $140,201 
December 31, 2022
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$132,306 $ $ $132,306 
Total cash equivalents$132,306 $ $ $132,306 
Liabilities
Contingent consideration:
Accrued liabilities$ $ $6,206 $6,206 
Total contingent consideration$ $ $6,206 $6,206 
The carrying value of accounts receivable and accounts payable approximate their fair value due to their short maturities and are excluded from the tables above.
The following table provides a summary of the changes in contingent consideration, which is classified as Level 3:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
Balance, beginning of period$ $5,700 $6,206 $10,100 
Total (gains) losses included in:
Net loss 200  388 
Payments  (6,206)(4,588)
Balance, end of period$ $5,900 $ $5,900 
The change in the fair value of the contingent consideration is included in general and administrative expenses in the condensed consolidated statements of operations. The adjustment for the three and nine months ended September 30, 2022 primarily reflected updated assumptions about the probability of growth of subscription services.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Fair value measurements of other financial instruments
The following table presents the net carrying value and estimated fair value of the 2026 Notes, which are not recorded at fair value in the condensed consolidated balance sheets:
September 30, 2023December 31, 2022
Net Carrying ValueEstimated Fair ValueNet Carrying ValueEstimated Fair Value
(in thousands)
2026 Notes
$366,374 $312,268 $364,505 $308,504 
As of September 30, 2023 and December 31, 2022, the difference between the net carrying value of the 2026 Notes and the principal amount of $373.8 million represents the unamortized debt issuance costs of $7.4 million and $9.2 million, respectively. See Note 8 for more information. The estimated fair value of the 2026 Notes, which is classified as Level 2, was determined based on quoted bid prices of the 2026 Notes in an over-the-counter market on the last trading day of the reporting period.
Note 4. Acquisitions
dataJAR
On July 13, 2023, the Company completed its acquisition of dataJAR, a UK-based leading MSP focused on providing powerful Apple and Jamf services for businesses and educational organizations. dataJAR’s proprietary software provides a single pane of glass for Jamf MSP partners who assist in managing multiple organizations’ deployments, reducing support tickets, and allowing partners to more seamlessly manage devices. We believe this acquisition will help Jamf partner more closely with its MSP partners and expand the reach of its leading Apple-first and Apple-best management and security platform.
Under the terms of the dataJAR Purchase Agreement, the Company acquired 100% of the equity interest in dataJAR for total purchase consideration of £19.3 million (or approximately $25.1 million using the exchange rate on July 13, 2023), which included (i) £16.6 million (or approximately $21.6 million using the exchange rate on July 13, 2023) paid upon closing, (ii) £0.2 million (or approximately $0.3 million using the exchange rate on July 13, 2023) in cash as partial security for post-closing true-up adjustments, and (iii) £2.5 million (or approximately $3.2 million using the exchange rate on July 13, 2023) in cash as partial security for post-closing indemnification claims to be released 12 months from the closing date. The cash consideration paid upon closing was funded by the Company’s cash on hand.
In addition, the terms of the dataJAR Purchase Agreement provide for additional future payments to the sellers in the amount of £6.5 million (or approximately $8.4 million using the exchange rate on July 13, 2023) if certain key employees continue their employment with the Company through July 13, 2024. This expense is recognized on a straight-line basis over the requisite service period in general and administrative expense in the condensed consolidated statement of operations. The Company recognized expense of $1.7 million related to this agreement during the three months ended September 30, 2023.
Acquisition-related expenses of $1.2 million were expensed as incurred. These expenses were recognized as acquisition costs in general and administrative expenses in the condensed consolidated statement of operations.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The final purchase accounting allocations for the dataJAR acquisition will be determined within one year from the acquisition date and depend on a number of factors, including the final valuation of our intangible assets acquired and finalization of income tax effects of the opening balance sheet. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed (in thousands):
Assets acquired:
Cash and cash equivalents$2,789 
Trade accounts receivable, net945 
Prepaid expenses1,208 
Other current assets10 
Intangible assets acquired9,400 
Operating lease assets252 
Liabilities assumed:
Accounts payable(605)
Accrued liabilities(599)
Income taxes payable(45)
Deferred revenue(3,230)
Operating lease liabilities(191)
Deferred tax liability(2,398)
Goodwill17,550 
Total purchase consideration$25,086 
The Company accounted for the acquisition by applying the acquisition method of accounting for business combinations in accordance with ASC 805. The allocation of the purchase price required management to make significant estimates in determining the fair value of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates included, but were not limited to:
future expected cash flows from subscription contracts and acquired developed technologies;
anticipated growth in revenue and churn rates for existing customers;
obsolescence curves and other useful life assumptions, such as the period of time and intended use of acquired intangible assets in the Company’s product offerings; and
discount rates.
The goodwill represents the excess of the purchase consideration over the fair value of the underlying net identifiable assets. The goodwill recognized in this acquisition is primarily attributable to expected synergies in sales opportunities across complementary products, customers, and geographies and cross-selling opportunities. The goodwill is not deductible for income tax purposes.
The estimated useful lives and fair values of the identifiable intangible assets acquired were as follows:
Useful LifeGross Value
(in thousands)
Customer relationships
6.0 years$5,000 
Developed technology
5.0 years4,400 
Total identifiable intangible assets$9,400 
The weighted-average useful life of the intangible assets acquired was 5.5 years.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Customer relationships represent the estimated fair value of the underlying relationships with dataJAR customers and were valued using the multi-period excess earnings method. Developed technology represents the estimated fair value of the dataJAR software and was valued using the relief from royalty method.
Pro forma results of operations for this acquisition were not presented as the effects were not material to our financial results.
ZecOps
On November 16, 2022, the Company completed its acquisition of ZecOps, a leader in mobile detection and response, pursuant to the terms of the ZecOps Merger Agreement. This acquisition uniquely positioned Jamf to help IT and security teams strengthen their organization’s mobile security posture.
Under the terms of the ZecOps Merger Agreement, the Company acquired 100% of the equity interest in ZecOps for total purchase consideration of $44.5 million. The total purchase consideration included cash consideration of $28.4 million, equity consideration of $15.1 million (based on the closing price of the Company’s common stock on November 16, 2022), and repayment of the $1.0 million SAFE investment in ZecOps the Company entered into in the third quarter of 2022. The cash consideration included (i) $0.3 million in cash held back in an escrow fund as partial security for post-closing true-up adjustments and (ii) $7.2 million in cash held back in an escrow fund as partial security for post-closing indemnification claims with (A) 50% of the then existing escrowed amount to be released 18 months following the closing date and (B) the remaining escrowed amount to be released on March 1, 2025. The cash consideration was funded by the Company’s cash on hand. The equity consideration consisted of up to 711,111 shares of the Company’s common stock, based on (i) the deemed total equity consideration value under the ZecOps Merger Agreement of $19.2 million divided by (ii) the agreed upon floor of the Company’s stock price of $27.00 per share. On the closing date, 710,691 shares of the equity consideration were issued to applicable ZecOps equityholders, and 420 shares were issued into a reserve account, subject to the completion of customary shareholder certifications. The reserved shares were subsequently released in January 2023. In the first quarter of 2023, the Company recorded an immaterial measurement period adjustment.
The final purchase accounting allocations for the ZecOps acquisition will be determined within one year from the acquisition date and depend on a number of factors, including the finalization of income tax effects of the opening balance sheet. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed (in thousands):
Assets acquired:
Cash and cash equivalents$820 
Trade accounts receivable, net448 
Prepaid expenses39 
Other current assets2,104 
Intangible assets acquired9,500 
Operating lease assets104 
Liabilities assumed:
Accounts payable(73)
Accrued liabilities(2,260)
Income taxes payable(48)
Deferred revenue(1,014)
Operating lease liabilities(85)
Deferred tax liability(529)
Goodwill35,458 
Total purchase consideration$44,464 
The Company accounted for the acquisition by applying the acquisition method of accounting for business combinations in accordance with ASC 805. The allocation of the purchase price required management to make significant
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
estimates in determining the fair value of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates included, but were not limited to:
future expected cash flows from subscription contracts and acquired developed technologies;
time to recreate customer relationships and anticipated growth in revenue;
research and development costs;
obsolescence curves and other useful life assumptions, such as the period of time and intended use of acquired intangible assets in the Company’s product offerings;
discount rates; and
tax-related valuation allowances.
The goodwill represents the excess of the purchase consideration over the fair value of the underlying net identifiable assets. The goodwill recognized in this acquisition is primarily attributable to expected synergies in sales opportunities across complementary products, customers, and geographies and cross-selling opportunities. The goodwill is not deductible for income tax purposes.
The estimated useful lives and fair values of the identifiable intangible assets acquired were as follows:
Useful LifeGross Value
(in thousands)
Developed technology5.0 years$5,900 
Customer relationships5.0 years2,300 
Non-competes3.0 years1,300 
Total identifiable intangible assets$9,500 
The weighted-average useful life of the intangible assets acquired was 4.7 years.
Developed technology represents the estimated fair value of the features underlying the ZecOps products as well as the platform supporting ZecOps customers and was valued using an excess earnings income approach. Customer relationships represent the estimated fair value of the underlying relationships with ZecOps customers and were valued using a replacement cost method, which estimates the cost to recreate the asset. Non-competes represent the estimated fair value of non-compete agreements acquired from ZecOps and were valued using a with-and-without income approach.
Pro forma results of operations for this acquisition were not presented as the effects were not material to our financial results.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Other
During the first quarter of 2022, the Company completed two acquisitions to expand our products and services offerings. These acquisitions were not significant individually or in the aggregate to our condensed consolidated financial statements. The combined purchase price for these acquisitions was $4.0 million, which was paid with cash on hand. The purchase price was allocated to the assets acquired based on their estimated fair values as of the date of each acquisition. The allocation included $0.9 million to developed technology with an estimated useful life of 5.0 years and $0.1 million to other assets, with the remaining $3.0 million allocated to goodwill. The goodwill is not deductible for income tax purposes. Acquisition-related expenses of $0.4 million were expensed as incurred. These expenses were recognized as acquisition costs in general and administrative expenses in the condensed consolidated statement of operations.
Digita
In 2019, the Company recorded contingent consideration in connection with its purchase of the outstanding membership interests of Digita. The maximum contingent consideration was $15.0 million if the acquired business achieved certain revenue milestones by December 31, 2022. The acquired business achieved the minimum revenue milestones, which resulted in the Company making cash payments of $6.2 million, $4.6 million, and $4.2 million in the first quarter of 2023, the first quarter of 2022, and the second quarter of 2021, respectively, to the former owners of the acquired business. See Note 3 for more information on the fair value of the contingent consideration.
Note 5. Goodwill and other intangible assets
The change in the carrying amount of goodwill was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
Goodwill, beginning of period$867,909 $823,671 $856,925 $845,734 
Goodwill acquired17,550  17,550 3,014 
Measurement period adjustments  339  
Foreign currency translation adjustment(8,637)(23,147)2,008 (48,224)
Goodwill, end of period$876,822 $800,524 $876,822 $800,524 
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The gross carrying amount and accumulated amortization of intangible assets other than goodwill were as follows:
September 30, 2023
Useful LifeGross ValueAccumulated
Amortization
Net Carrying
Value
Weighted‑
Average
Remaining
Useful Life
(in thousands)
Trademarks
3 - 8 years
$34,653 $25,515 $9,138 2.1 years
Customer relationships
212 years
254,612 113,574 141,038 6.5 years
Developed technology
5 - 6.5 years
121,730 76,526 45,204 4.1 years
Non‑competes
2 - 3 years
2,884 1,934 950 2.0 years
Order backlog
2.5 years
3,543 3,359 184 0.3 years
Total intangible assets$417,422 $220,908 $196,514 
December 31, 2022
Useful LifeGross ValueAccumulated
Amortization
Net Carrying
Value
Weighted‑
Average
Remaining
Useful Life
(in thousands)
Trademarks
3 - 8 years
$34,649 $22,200 $12,449 2.8 years
Customer relationships
212 years
249,659 96,973 152,686 7.2 years
Developed technology
5 - 6.5 years
116,881 66,373 50,508 4.7 years
Non‑competes
2 - 3 years
2,864 1,066 1,798 2.3 years
Order backlog
2.5 years
3,518 2,215 1,303 1.0 year
Total intangible assets$407,571 $188,827 $218,744 
The gross value in the tables above includes a cumulative foreign currency translation adjustment of $(10.5) million and $(11.0) million as of September 30, 2023 and December 31, 2022, respectively. The cumulative foreign currency translation adjustment for accumulated amortization was not material as of both September 30, 2023 and December 31, 2022.
Amortization expense was $10.9 million and $12.3 million for the three months ended September 30, 2023 and 2022, respectively, and $32.0 million and $36.9 million for the nine months ended September 30, 2023 and 2022, respectively.
There were no impairments to goodwill or intangible assets during the three and nine months ended September 30, 2023 and 2022.
Note 6. Leases
Supplemental balance sheet information related to the Company’s operating leases is as follows:
LeasesBalance Sheet ClassificationSeptember 30, 2023December 31, 2022
(in thousands)
Assets
Operating lease assetsOther assets$20,094 $23,828 
Liabilities
Operating lease liabilities - currentAccrued liabilities$6,232 $6,539 
Operating lease liabilities - non-currentOther liabilities17,103 21,895 
Total operating lease liabilities$23,335 $28,434 
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Note 7. Commitments and contingencies
Hosting Services and Other Support Software Agreements
The Company has various contractual agreements for hosting services and other support software. The below table reflects the minimum payments under these agreements as of September 30, 2023 (in thousands):
Years ending December 31:
2023 (remaining three months)
$2,354 
2024
40,198 
2025
21,521 
2026
1,126 
2027
1,126 
Thereafter 
$66,325 
As of September 30, 2023, the Company also has a variable obligation of $17.5 million over the term of a three-year contract for third-party hosting services. The Company entered into this contract in May 2022. The variable obligation is not reflected in the table above.
Contingencies
From time to time, the Company may be subject to various claims, charges, and litigation. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company maintains insurance to cover certain actions and believes that resolution of such claims, charges, or litigation will not have a material impact on the Company’s financial position, results of operations, or liquidity. The Company had no liabilities for contingencies as of September 30, 2023 or December 31, 2022.
Note 8. Debt
The following table summarizes the balances and availability of our 2026 Notes and 2020 Revolving Credit Facility:
Outstanding (1)
Unutilized AmountInterest RateMaturity Date
September 30,
2023
December 31,
2022
September 30,
2023
December 31,
2022
September 30,
2023
December 31,
2022
(in thousands)
2026 Notes$366,374 $364,505 N/AN/A0.125%0.125%Sept. 1, 2026
2020 Revolving Credit Facility1,037 1,037 $148,963 $148,963 1.25%
(2)
1.25%
(2)
July 27, 2025
(1) Represents the net carrying amount of our 2026 Notes and outstanding letters of credit under the 2020 Revolving Credit Facility.
(2) Represents the rate on the outstanding letters of credit under the 2020 Revolving Credit Facility. See further discussion on the interest rate applicable to borrowings under the 2020 Revolving Credit Facility below.
Convertible Senior Notes
On September 17, 2021, the Company issued $373.8 million aggregate principal amount of 0.125% 2026 Notes in a private offering. The initial conversion rate for the 2026 Notes is 20.0024 shares of the Company’s common stock per $1,000
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $49.99 per share of common stock. As of September 30, 2023, the conditions allowing holders of the 2026 Notes to convert were not met.
The following table sets forth the interest expense related to the 2026 Notes for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
Contractual interest expense$116 $116 $350 $350 
Amortization of issuance costs624 620 1,869 1,854 
The effective interest rate on the 2026 Notes was 0.81% for both the three and nine months ended September 30, 2023 and 2022. See Note 3 for additional information on the Company’s 2026 Notes.
Credit Agreement
The 2020 Credit Agreement provides for the 2020 Revolving Credit Facility of $150.0 million, which may be increased or decreased under specific circumstances, with a $25.0 million letter of credit sublimit and a $50.0 million alternative currency sublimit. In addition, the 2020 Credit Agreement provides for the ability of the Company to request incremental term loan facilities, in a minimum amount of $5.0 million for each facility. The 2020 Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations, negative covenants, and events of default. We were in compliance with such covenants as of both September 30, 2023 and December 31, 2022.
Effective April 7, 2023, we entered into the Credit Agreement Amendment, which amends certain provisions of the 2020 Credit Agreement. The Credit Agreement Amendment updated the benchmark interest rate provisions to replace the LIBO Rate with the Adjusted Term SOFR for purposes of calculating interest for U.S. dollar-denominated borrowings under the terms of the 2020 Credit Agreement. Except as amended by the Credit Agreement Amendment, the remaining terms of the 2020 Credit Agreement remain in full force and effect. The interest rates applicable to revolving borrowings under the 2020 Credit Agreement are, at the Company’s option, either (i) a base rate, which is equal to the greater of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 0.50%, and (c) the Adjusted Term SOFR Rate (subject to a floor) for a one month interest period (each term as defined in the 2020 Credit Agreement) plus 1.00%, (ii) the Adjusted Term SOFR Rate (subject to a floor) equal to the Term SOFR Rate for the applicable interest period plus 0.10%, or (iii) the Adjusted LIBO Rate (subject to a floor) equal to the LIBO Rate for the applicable interest period multiplied by the Statutory Reserve Rate, plus in the case of each of clauses (i), (ii), and (iii), the Applicable Rate (each term as defined in the 2020 Credit Agreement). The Applicable Rate (i) for base rate loans range from 0.25% to 1.00% per annum and (ii) for LIBO Rate and Term SOFR Rate loans range from 1.25% to 2.00% per annum, in each case, based on the Senior Secured Net Leverage Ratio (each term as defined in the 2020 Credit Agreement). Base rate borrowings may only be made in dollars. The Company pays a commitment fee during the term of the 2020 Credit Agreement ranging from 0.20% to 0.35% per annum of the average daily undrawn portion of the revolving commitments based on the Senior Secured Net Leverage Ratio.
Note 9. Share-based compensation
The Company’s equity incentive plans provide for granting various share-based awards to eligible employees, non-employee directors, and consultants of the Company. In addition, the Company offers an employee stock purchase plan to eligible employees.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The Company recognized stock-based compensation expense for all equity arrangements as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
(in thousands)
Cost of revenue:
Subscription
$2,653 $2,479 $7,635 $6,495 
Services
362 344 994 961 
Sales and marketing8,493 6,955 25,068 26,625 
Research and development6,429 5,130 17,863 19,620 
General and administrative10,412 5,582 26,522 35,823 
$28,349 $20,490 $78,082 $89,524 
Equity Incentive Plans
The maximum number of shares of common stock available for issuance under the 2020 Plan was 29,183,546 shares as of January 1, 2023. As of September 30, 2023, 14,093,923 shares of common stock were reserved for additional grants under the 2020 Plan and 128,928 shares of common stock were reserved for additional grants under the 2017 Option Plan. All stock options previously granted by the Company were at an exercise price at or above the estimated fair market value of the Company’s common stock as of the grant date.
Return Target Options
The table below summarizes return target option activity for the nine months ended September 30, 2023:
OptionsWeighted‑
Average
Exercise
Price
Weighted‑
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20223,272,920 $6.75 5.8$47,623 
Granted  
Exercised(668,298)7.26 9,174 
Forfeitures  
Outstanding, September 30, 20232,604,622 $6.62 4.6$28,762 
Options exercisable at September 30, 20232,604,622 $6.62 4.6$28,762 
Vested or expected to vest at September 30, 20232,604,622 $6.62 4.6$28,762 
The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the optionholders had all optionholders exercised their options on the last day of the period. The return target options outstanding on June 27, 2022 were modified such that these options were deemed fully vested as of June 30, 2022. During the three months ended June 30, 2022, with the filing of a Form S-3 “shelf” registration statement, the market condition and the implied performance obligation were deemed to be satisfied and the Company recognized $33.0 million of stock-based compensation expense. There is no remaining unrecognized compensation expense related to these return target options as of September 30, 2023. The Company issues new shares when return target options are exercised.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Service-Based Options
The table below summarizes the service-based option activity for the nine months ended September 30, 2023:
OptionsWeighted‑
Average
Exercise
Price
Weighted‑
Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20221,215,822 $5.70 5.1$18,968 
Granted
  
Exercised
(110,291)7.13 1,490 
Forfeitures
  
Outstanding, September 30, 20231,105,531 $5.56 3.4$13,381 
Options exercisable at September 30, 20231,092,239 $5.52 3.3$13,255 
Vested or expected to vest at September 30, 20231,105,531 $5.56 3.4$13,381 
Restricted Stock Units
RSU activity for the nine months ended September 30, 2023 was as follows:
UnitsWeighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 20228,417,357 $29.61 
Granted4,931,937 19.86 
Vested(1,572,281)29.87 
Forfeited(685,324)28.32 
Outstanding, September 30, 202311,091,689 $25.36 
RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $220.8 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 2.7 years as of September 30, 2023. The total fair value of RSUs vested during the nine months ended September 30, 2023 was $47.0 million.
In connection with the Company’s former CEO Dean Hager’s Transition and Retirement Agreement, dated May 2, 2023, and his retirement effective September 1, 2023, the Company recognized incremental stock-based compensation expense related to the modification of vested stock options and acceleration of expense of unvested RSUs through the retirement date of $4.3 million and $10.0 million during the three and nine months ended September 30, 2023, respectively.
Employee Stock Purchase Plan
As of September 30, 2023 and December 31, 2022, the Company withheld, at the employees’ request, $2.6 million and $1.1 million, respectively, of eligible employee compensation, which is included in accrued liabilities in the condensed consolidated balance sheets, for purchases of common stock under the 2021 ESPP.
As of September 30, 2023, 4,925,810 shares of common stock were reserved for future issuance under the 2021 ESPP. During the nine months ended September 30, 2023, 204,962 shares of common stock were issued under the 2021 ESPP at a weighted-average purchase price of $15.76 per share. Total proceeds to the Company were $3.1 million during the nine months ended September 30, 2023.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The average grant date fair value for the offering period under the 2021 ESPP that commenced on May 1, 2023 was $5.22 per share. The Company used the following assumptions in the Black-Scholes option pricing model to estimate the fair value:
Three and Nine Months Ended
September 30, 2023
Expected term0.5 years
Expected volatility51.25%
Risk-free interest rate5.14%
Expected dividend yield%
There was $0.2 million of unrecognized compensation expense related to the 2021 ESPP that is expected to be recognized over a period of one month as of September 30, 2023.
Note 10. Net loss per share
The following table sets forth the computation of basic and diluted net loss per share:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022