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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 June 30, 2021
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/05f3a8fd18229fb4e9aa16dcfe1cc082-jamf-20210630_g1.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 August 12, 2021, the Registrant had 118,653,414 shares of common stock, $0.001 par value, outstanding.


Table of Contents
Jamf Holding Corp.
INDEX
PAGE

2

Table of Contents
PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
JAMF HOLDING CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
June 30, 2021
December 31, 2020 (1)
(Unaudited)(As Revised)
Assets
Current assets:
Cash and cash equivalents$226,485 $194,868 
Trade accounts receivable, net of allowances of $480 and $530 at June 30, 2021 and December 31, 2020, respectively
66,667 69,056 
Income taxes receivable565 632 
Deferred contract costs10,480 8,284 
Prepaid expenses14,432 13,283 
Other current assets2,687 1,113 
Total current assets321,316 287,236 
Equipment and leasehold improvements, net17,223 15,130 
Goodwill541,850 541,480 
Other intangible assets, net189,021 202,878 
Deferred contract costs, non-current25,993 22,202 
Other assets28,112 5,359 
Total assets$1,123,515 $1,074,285 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$9,037 $6,967 
Accrued liabilities38,263 31,916 
Income taxes payable417 713 
Deferred revenues180,707 160,002 
Total current liabilities228,424 199,598 
Deferred revenues, non-current57,750 45,507 
Deferred tax liability, net4,306 5,087 
Other liabilities29,076 13,079 
Total liabilities319,556 263,271 
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized at June 30, 2021 and December 31, 2020; no shares issued and outstanding at June 30, 2021 and December 31, 2020
  
Common stock, $0.001 par value, 500,000,000 shares authorized at June 30, 2021 and December 31, 2020; 118,249,912 and 116,992,472 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
118 117 
Additional paid‑in capital917,116 903,116 
Accumulated deficit(113,275)(92,219)
Total stockholders’ equity803,959 811,014 
Total liabilities and stockholders’ equity$1,123,515 $1,074,285 
(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.
The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
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,
2021
2020 (1)
2021 (2)
2020 (1)
(As Revised)(As Revised)
Revenue:
Subscription$80,718 $58,600 $155,200 $112,804 
Services3,929 2,632 7,932 6,719 
License1,591 1,032 3,833 2,794 
Total revenue86,238 62,264 166,965 122,317 
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)13,875 8,740 25,889 17,988 
Cost of services (exclusive of amortization expense shown below)2,607 2,210 5,072 5,300 
Amortization expense2,860 2,678 5,637 5,355 
Total cost of revenue19,342 13,628 36,598 28,643 
Gross profit66,896 48,636 130,367 93,674 
Operating expenses:
Sales and marketing32,617 20,781 62,784 43,785 
Research and development17,203 11,949 32,829 24,587 
General and administrative27,508 6,528 43,752 17,743 
Amortization expense5,623 5,634 11,250 11,308 
Total operating expenses82,951 44,892 150,615 97,423 
Income (loss) from operations(16,055)3,744 (20,248)(3,749)
Interest expense, net(167)(4,690)(222)(9,468)
Foreign currency transaction loss(308)(13)(526)(317)
Other income, net 36  91 
Loss before income tax (provision) benefit(16,530)(923)(20,996)(13,443)
Income tax (provision) benefit63 89 (60)3,113 
Net loss$(16,467)$(834)$(21,056)$(10,330)
Net loss per share, basic and diluted$(0.14)$(0.01)$(0.18)$(0.10)
Weighted‑average shares used to compute net loss per share, basic and diluted117,909,720 102,862,404 117,649,467 102,861,475 
(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.
(2) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information.
The accompanying notes are an integral part of these consolidated financial statements.
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JAMF HOLDING CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)
Stock ClassAdditional Paid‑In
Capital
Accumulated
Deficit (1)
Stockholders’
Equity (1)
Common
SharesAmount
(As Revised)(As Revised)
Three Months Ended June 30, 2021:
Balance, March 31, 2021117,705,895 $118 $909,966 $(96,808)$813,276 
Exercise of stock options544,017 — 3,044 — 3,044 
Share‑based compensation— — 4,106 — 4,106 
Net loss— — — (16,467)(16,467)
Balance, June 30, 2021
118,249,912 $118 $917,116 $(113,275)$803,959 
Three Months Ended June 30, 2020:
Balance, March 31, 2020102,862,404 $103 $569,670 $(77,633)$492,140 
Share‑based compensation— — 764 — 764 
Net loss— — — (834)(834)
Balance, June 30, 2020
102,862,404 $103 $570,434 $(78,467)$492,070 
Six Months Ended June 30, 2021:
Balance, December 31, 2020116,992,472 $117 $903,116 $(92,219)$811,014 
Exercise of stock options1,257,440 1 7,062 — 7,063 
Share‑based compensation— — 6,938 — 6,938 
Net loss— — — (21,056)(21,056)
Balance, June 30, 2021
118,249,912 $118 $917,116 $(113,275)$803,959 
Six Months Ended June 30, 2020:
Balance, December 31, 2019102,843,612 $103 $568,756 $(68,137)$500,722 
Exercise of stock options18,792 — 103 — 103 
Share‑based compensation— — 1,575 — 1,575 
Net loss— — — (10,330)(10,330)
Balance, June 30, 2020102,862,404 $103 $570,434 $(78,467)$492,070 
(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.
The accompanying notes are an integral part of these consolidated financial statements.
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JAMF HOLDING CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
2021 (1)
2020 (2)
(As Revised)
Cash flows from operating activities
Net loss$(21,056)$(10,330)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense19,538 19,170 
Amortization of deferred contract costs5,861 3,452 
Amortization of debt issuance costs249 571 
Non-cash lease expense2,398  
Provision for bad debt expense and returns(41)812 
Share‑based compensation6,938 1,575 
Deferred tax benefit(669)(3,082)
Adjustment to contingent consideration4,237 (3,700)
Other454 (156)
Changes in operating assets and liabilities:
Trade accounts receivable2,249 (7,316)
Income tax receivable/payable(238)(278)
Prepaid expenses and other assets(2,986)928 
Deferred contract costs(11,848)(8,035)
Accounts payable2,284 202 
Accrued liabilities(1,889)(2,371)
Deferred revenue32,627 16,833 
Other liabilities(86)1,240 
Net cash provided by operating activities38,022 9,515 
Cash flows from investing activities
Acquisition, net of cash acquired(3,041) 
Purchases of equipment and leasehold improvements(5,211)(1,366)
Proceeds from sale of equipment and leasehold improvements22  
Net cash used in investing activities(8,230)(1,366)
Cash flows from financing activities
Debt issuance costs(530) 
Cash paid for offering costs(243)(2,203)
Cash paid for contingent consideration(4,206) 
Proceeds from the exercise of stock options7,063 103 
Net cash provided by (used in) financing activities2,084 (2,100)
Effect of exchange rate changes on cash and cash equivalents(259) 
Net increase in cash and cash equivalents31,617 6,049 
Cash and cash equivalents, beginning of period194,868 32,375 
Cash and cash equivalents, end of period$226,485 $38,424 
Supplemental disclosures of cash flow information:
Cash paid for interest$6 $9,262 
Cash paid for income taxes, net of refunds832 411 
Offering costs accrued but not paid300 2,865 
Operating lease assets obtained in exchange for operating lease liabilities(19) 
(1) Includes the three months ended March 31, 2021, which has been revised to correct immaterial errors. See Note 1 for more information.
(2) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.
The accompanying notes are an integral part of these consolidated financial statements.
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JAMF HOLDING CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1. Basis of presentation and description of business
Description of business
Jamf Holding Corp. and its wholly owned subsidiaries, collectively, are referred to as the “Company,” “we,” “us” or “our.” We are the standard in Apple Enterprise Management, and our cloud software platform is the only vertically-focused Apple infrastructure and security platform of scale in the world. We help organizations connect, manage and protect Apple products, apps and corporate resources in the cloud without ever having to touch the devices. With our products, Apple devices can be deployed to employees brand new in the shrink-wrapped box, automatically set up and personalized at first power-on and continuously administered throughout the life of the device. Our customers are located throughout the world.
Vista Equity Partners acquisition
On November 13, 2017, Vista Equity Partners (“Vista”) acquired a majority share of all the issued and outstanding shares of the Company at the purchase price of $733.8 million (the “Vista Acquisition”). As of June 30, 2021, funds controlled by Vista owned approximately 53.5% of our outstanding common stock. As a result, we are a “controlled company” under NASDAQ Global Select Market (“NASDAQ”) corporate governance rules.
Emerging growth company status
We are currently an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act, until such time as those standards apply to private companies.
We have elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (i) no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, our consolidated financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
On June 30, 2021, the last day of our second fiscal quarter in 2021, the market value of our common stock held by non-affiliates exceeded $700.0 million. Accordingly, we will be deemed a large accelerated filer as of December 31, 2021 and will no longer qualify as an emerging growth company and be able to take advantage of the extended timeline to comply with new or revised accounting standards applicable to public companies beginning with our Annual Report on Form 10-K for the year ending December 31, 2021.
Unaudited interim consolidated financial information
The accompanying interim consolidated balance sheet as of June 30, 2021, the consolidated statements of operations and of stockholders’ equity for the three and six months ended June 30, 2021 and 2020 and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 and the related footnote disclosures are unaudited. These unaudited interim 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. Except for the revision discussed below, all adjustments made were of a normal recurring nature. The results for the three and six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021 or for any future period.
Basis of presentation
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Certain reclassifications of prior period amounts have been made to conform to the current presentation. In the fourth quarter of 2020, the Company reclassified on-premise subscription revenue from license revenue to subscription revenue in the consolidated statements of operations on a retroactive basis. The amount reclassified for the three
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JAMF HOLDING CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
and six months ended June 30, 2020 was $5.8 million and $10.3 million, respectively. The revised presentation is consistent with our disaggregated revenue disclosure and is more consistent with how investors and other users of the financial statements evaluate overall subscription revenue. The reclassification had no impact on total revenue.
Revision of previously issued consolidated financial statements
In connection with the preparation of its financial statements for the quarter ended June 30, 2021, the Company identified immaterial errors related to certain commissions that were incorrectly capitalized in prior periods. The commissions, as well as the associated payroll taxes and retirement plan contributions, were not incremental to the acquisition of customer contracts and should have been expensed as incurred in accordance with GAAP, rather than capitalized. As a result, sales and marketing expenses were understated and deferred contract costs were overstated by $2.5 million, $2.0 million, $1.8 million and $0.8 million for the years ended December 31, 2020, 2019 and 2018 and the three months ended March 31, 2021, respectively.
In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality and SAB No. 108, Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the materiality of this error both quantitatively and qualitatively and determined that it was not material to our previously issued consolidated financial statements. However, adjusting for the cumulative effect of this error in the consolidated statement of operations for 2021 would be material to the Company’s results for this period as the cumulative amount of the error increased over time. As such, the Company has revised its previously issued consolidated financial statements as of and for the years ended December 31, 2020, 2019 and 2018 and its unaudited consolidated financial statements as of and for the quarter ended March 31, 2021 and quarters and year-to-date periods ended June 30, 2020 and September 30, 2020 to correct the error.
The revisions also include the corrections of other immaterial errors that the Company had previously recorded as out-of-period adjustments in the period of identification, as well as other previously identified immaterial errors. The previously recorded out-of-period adjustments included the establishment of state valuation allowances, as well as other immaterial errors. The Company had previously determined that these errors did not, both individually and in the aggregate, result in a material misstatement of our previously issued consolidated financial statements and reached the same conclusion when aggregating these immaterial errors with the commissions error described above.
The accompanying financial statements and relevant footnotes to the consolidated financial statements in this Quarterly Report on Form 10-Q have been revised to correct for the immaterial errors discussed above. The tables below provide reconciliations of our previously reported amounts to revised amounts to correct for these immaterial errors in our consolidated financial statements as of and for the years ended December 31, 2020, 2019 and 2018 and our unaudited consolidated financial statements as of and for the quarter ended March 31, 2021 and as of and for the quarter and year-to-date periods ended June 30, 2020.
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JAMF HOLDING CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
December 31, 2020
As Previously ReportedAdjustmentsAs Revised
CommissionsOther
(in thousands)
Assets
Current assets:
Cash and cash equivalents$194,868 $ $ $194,868 
Trade accounts receivable, net of allowances69,056   69,056 
Income taxes receivable632   632 
Deferred contract costs9,959 (1,675) 8,284 
Prepaid expenses13,283   13,283 
Other current assets1,113   1,113 
Total current assets288,911 (1,675) 287,236 
Equipment and leasehold improvements, net12,755  2,375 15,130 
Goodwill541,480   541,480 
Other intangible assets, net202,878   202,878 
Deferred contract costs, non-current26,770 (4,568) 22,202 
Other assets5,359   5,359 
Total assets$1,078,153 $(6,243)$2,375 $1,074,285 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$6,967 $ $ $6,967 
Accrued liabilities31,574  342 31,916 
Income taxes payable713   713 
Deferred revenues160,443  (441)160,002 
Total current liabilities199,697  (99)199,598 
Deferred revenues, non-current45,507   45,507 
Deferred tax liability, net6,422 (1,535)200 5,087 
Other liabilities11,046  2,033 13,079 
Total liabilities262,672 (1,535)2,134 263,271 
Commitments and contingencies
Stockholders’ equity:
Preferred stock    
Common stock117   117 
Additional paid‑in capital903,116   903,116 
Accumulated deficit(87,752)(4,708)241 (92,219)
Total stockholders’ equity815,481 (4,708)241 811,014 
Total liabilities and stockholders’ equity$1,078,153 $(6,243)$2,375 $1,074,285 
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JAMF HOLDING CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Year Ended December 31, 2020
As Previously ReportedAdjustmentsAs Revised
CommissionsOther
(in thousands, except share and per share amounts)
Revenue:
Subscription$249,192 $ $(313)$248,879 
Services14,525  (6)14,519 
License5,734   5,734 
Total revenue269,451  (319)269,132 
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)39,323  206 39,529 
Cost of services (exclusive of amortization expense shown below)10,712  14 10,726 
Amortization expense10,753   10,753 
Total cost of revenue60,788  220 61,008 
Gross profit208,663  (539)208,124 
Operating expenses:
Sales and marketing96,251 2,497 137 98,885 
Research and development52,431  82 52,513 
General and administrative51,904  (301)51,603 
Amortization expense22,575   22,575 
Total operating expenses223,161 2,497 (82)225,576 
Loss from operations(14,498)(2,497)(457)(17,452)
Interest expense, net(10,741)  (10,741)
Loss on extinguishment of debt(5,213)  (5,213)
Foreign currency transaction loss(722)  (722)
Other income, net91