0001628280-21-023008 | 10-Q | XBRL Viewer

Trade accounts receivable, net of allowances of $460 and $530 at September 30, 2021 and December 31, 2020, respectively

$ 227,148

$ 194,868

69,486

69,056

652

632

11,673

8,284

18,677

13,283

3,592

1,113

331,228

287,236

17,529

15,130

846,057

541,480

276,750

202,878

27,830

22,202

30,685

5,359

1,530,079

1,074,285

12,717

6,967

98,598

31,916

Income taxes payable

730

713

Deferred revenues

211,029

160,002

323,074

199,598

59,338

45,507

Convertible senior notes, net

11,455

5,087

361,474

27,969

13,079

783,310

263,271

Preferred stock, $0.001 par value, 50,000,000 shares authorized at September 30, 2021 and December 31, 2020; no shares issued and outstanding at September 30, 2021 and December 31, 2020

Common stock, $0.001 par value, 500,000,000 shares authorized at September 30, 2021 and December 31, 2020; 119,027,104 and 116,992,472 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

119

117

Accumulated other comprehensive loss

898,428

903,116

(8,120)

(143,658)

(92,219)

^[1]

746,769

811,014

$ 1,530,079

$ 1,074,285

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Allowance	$ 460	$ 530
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	119,027,104	116,992,472
Common stock outstanding (in shares)	119,027,104	116,992,472

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Revenue:

$ 95,621

$ 70,548

^[1]

$ 262,586

$ 192,865

^[1]

5,198

2,679

^[1]

10,835

8,034

^[1]

26,470

15,158

^[1]

63,068

43,801

^[1]

69,151

55,390

^[1]

199,518

149,064

^[1]

40,856

23,773

^[1]

103,640

67,558

^[1]

25,608

12,757

^[1]

58,437

37,344

^[1]

25,536

13,845

^[1]

69,288

31,588

^[1]

7,025

5,633

^[1]

18,275

16,941

^[1]

99,025

56,008

^[1]

249,640

153,431

^[1]

(29,874)

(618)

^[1]

(50,122)

(4,367)

^[1]

(1,386)

(1,207)

^[1]

(1,608)

(10,675)

^[1]

(449)

(5,213)

^[1]

(449)

(5,213)

^[1]

(269)

(154)

^[1]

(795)

(471)

^[1]

^[1]

(31,978)

(7,192)

^[1]

(52,974)

(20,635)

^[1]

1,595

1,804

^[1]

1,535

4,917

^[1]

Net loss per share, basic (in dollars per share)

^[1]

$ (30,383)

$ (5,388)

$ (51,439)

$ (15,718)

$ (0.26)

$ (0.05)

^[1]

$ (0.44)

$ (0.15)

^[1]

Net loss per share, diluted (in dollars per share)

$ (0.26)

$ (0.05)

^[1]

$ (0.44)

$ (0.15)

^[1]

Weighted-average shares used to compute net loss per share, basic (in shares)

118,640,565

113,203,074

^[1]

117,983,463

106,333,836

^[1]

Weighted-average shares used to compute net loss per share, diluted (in shares)

118,640,565

113,203,074

^[1]

117,983,463

106,333,836

^[1]

Revenue:

$ 90,700

$ 65,634

^[1]

$ 245,900

$ 178,438

^[1]

18,317

10,032

^[1]

44,206

28,020

^[1]

Services

Revenue:

4,083

3,897

^[1]

12,015

10,616

^[1]

2,955

2,447

^[1]

8,027

7,747

^[1]

License

Revenue:

Statement of Comprehensive Income [Abstract]

$ 838

$ 1,017

^[1]

$ 4,671

$ 3,811

^[1]

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

^[1]

$ (30,383)

$ (5,388)

$ (51,439)

$ (15,718)

Other comprehensive loss:

Total other comprehensive loss

^[1]

(8,120)

(8,120)

^[1]

(8,120)

^[1]

Comprehensive loss

$ (38,503)

$ (5,388)

^[1]

$ (59,559)

$ (15,718)

^[1]

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Beginning balance (in shares) at Dec. 31, 2019

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

IPO

^[1]

Private placement

^[1]

Common Stock

IPO

Common Stock

Private placement

Additional Paid‑In Capital

IPO

Additional Paid‑In Capital

Private placement

Accumulated Other Comprehensive Loss

Accumulated Deficit

102,843,612

Beginning balance at Dec. 31, 2019

$ 500,722

^[1]

$ 103

$ 568,756

$ 0

$ (68,137)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

13,500,000

85,880

$ 318,993

$ 2,233

$ 14

$ 318,979

$ 2,233

33,792

185

^[1]

185

3,903

^[1]

3,903

^[1]

Ending balance (in shares) at Sep. 30, 2020

^[1]

(15,718)

116,463,284

Ending balance at Sep. 30, 2020

810,318

^[1]

$ 117

894,056

(83,855)

^[1]

Beginning balance (in shares) at Jun. 30, 2020

102,862,404

Beginning balance at Jun. 30, 2020

492,070

^[1]

$ 103

570,434

(78,467)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

13,500,000

85,880

$ 318,993

$ 2,233

$ 14

$ 318,979

$ 2,233

15,000

^[1]

2,328

^[1]

2,328

^[1]

Ending balance (in shares) at Sep. 30, 2020

^[1]

(5,388)

116,463,284

Ending balance at Sep. 30, 2020

810,318

^[1]

$ 117

894,056

(83,855)

^[1]

Beginning balance (in shares) at Dec. 31, 2020

116,992,472

Beginning balance at Dec. 31, 2020

811,014

^[1]

$ 117

903,116

(92,219)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

1,526,856

Vesting of restricted stock units (in shares)

8,570

^[1]

$ 2

8,568

507,776

22,774

^[1]

22,774

Purchase of capped calls

(36,030)

^[1]

(36,030)

(8,120)

^[1]

(8,120)

Ending balance (in shares) at Sep. 30, 2021

^[1]

(51,439)

119,027,104

Ending balance at Sep. 30, 2021

746,769

^[1]

$ 119

898,428

(8,120)

(143,658)

^[1]

Beginning balance (in shares) at Jun. 30, 2021

118,249,912

Beginning balance at Jun. 30, 2021

803,959

^[1]

$ 118

917,116

(113,275)

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

269,416

Vesting of restricted stock units (in shares)

1,507

^[1]

$ 1

1,506

507,776

15,836

^[1]

15,836

Purchase of capped calls

(36,030)

^[1]

(36,030)

(8,120)

^[1]

(8,120)

Ending balance (in shares) at Sep. 30, 2021

^[1]

(30,383)

119,027,104

Ending balance at Sep. 30, 2021

$ 746,769

^[1]

$ 119

$ 898,428

$ (8,120)

$ (143,658)

^[1]

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Adjustments to reconcile net loss to cash provided by operating activities:

^[1]

$ (51,439)

$ (15,718)

33,249

28,632

^[2]

9,034

5,518

^[2]

573

700

^[2]

Non-cash lease expense

3,705

^[2]

(7)

894

^[2]

449

5,213

^[1]

22,774

3,903

^[2]

(2,568)

(5,169)

^[2]

4,837

(3,100)

^[2]

1,144

(277)

^[2]

3,184

(18,274)

^[2]

(107)

(183)

^[2]

(8,129)

(4,200)

^[2]

(18,052)

(13,970)

^[2]

5,020

2,987

^[2]

1,644

(4,207)

^[2]

Deferred revenue

59,464

47,189

^[2]

3,161

^[2]

64,827

33,099

^[2]

Acquisitions, net of cash acquired

(352,711)

^[2]

Proceeds from sale of equipment and leasehold improvements

(7,261)

(1,836)

^[2]

^[2]

(359,937)

(1,836)

^[2]

Proceeds from convertible senior notes

373,750

^[2]

Proceeds from bank borrowings

250,000

^[2]

Payment for purchase of capped calls

(250,000)

(205,000)

^[2]

(36,030)

^[2]

(12,636)

(1,264)

^[2]

Proceeds from initial public offering, net of underwriting discounts and commissions

(2,050)

^[2]

326,316

^[2]

(543)

(6,601)

^[2]

Cash paid for contingent consideration

2,233

^[2]

(4,206)

^[2]

8,570

185

^[2]

Effect of exchange rate changes on cash, cash equivalents and restricted cash

328,905

113,819

^[2]

(865)

^[2]

Net increase in cash, cash equivalents and restricted cash

32,930

145,082

^[2]

Cash, cash equivalents and restricted cash, beginning of period

194,868

32,375

^[2]

Cash, cash equivalents and restricted cash, end of period

227,798

177,457

^[2]

Cash paid for:

944

12,647

^[2]

Deferred consideration accrued but not paid

1,047

703

^[2]

Non-cash activities:

50,000

^[2]

Debt issuance costs accrued but not paid

489

^[2]

Operating lease assets obtained in exchange for operating lease liabilities

1,469

^[2]

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:

Restricted cash included in other current assets

227,148

177,457

^[2]

650

^[2]

Total cash, cash equivalents and restricted cash

$ 227,798

$ 177,457

^[2]

[1]	Certain prior period amounts have 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.

Basis of presentation and description of business

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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.

Initial public offering

On July 24, 2020, the Company closed its initial public offering (“IPO”) through which it issued and sold 13,500,000 shares of common stock at the IPO price of $26.00 per share. In connection with the IPO, the Company raised approximately $319.0 million after deducting the underwriting discount and commissions of $24.7 million and offering expenses of $7.3 million. Upon completion of the IPO, authorized capital stock consisted of 500,000,000 shares of common stock, par value $0.001 per share, and 50,000,000 shares of undesignated preferred stock, par value $0.001 per share.

Concurrently with the Company’s IPO, the Company issued and sold 85,880 shares of its common stock in a private placement to certain of its named executive officers, certain of its other employees and its independent directors at the IPO Price for aggregate consideration of approximately $2.2 million.

Upon closing of the IPO, the Company repaid $205.0 million of the principal amount of its then existing Term Loan Facility (the “Prior Term Loan Facility”) and paid $3.4 million of accrued interest and $2.0 million of prepayment penalty. The Company also wrote off $3.2 million of remaining debt issuance costs upon repayment of the debt. The Company recorded a loss on debt extinguishment of $5.2 million for the prepayment penalty and write off of debt issuance costs in the third quarter of 2020.

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 or 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 September 30, 2021, the consolidated statements of operations and of stockholders’ equity for the three and nine months ended September 30, 2021 and 2020 and the consolidated statements of cash flows for the nine months ended September 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 nine months ended September 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 and nine months ended September 30, 2020 was $7.8 million and $18.2 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 December 31, 2020 and for the quarter and year-to-date periods ended September 30, 2020.


	December 31, 2020
	As Previously Reported		Adjustments				As Revised
			Commissions		Other
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	194,868	$	—	$	—	$	194,868
Trade accounts receivable, net of allowances	69,056		—		—		69,056
Income taxes receivable	632		—		—		632
Deferred contract costs	9,959		(1,675)		—		8,284
Prepaid expenses	13,283		—		—		13,283
Other current assets	1,113		—		—		1,113
Total current assets	288,911		(1,675)		—		287,236
Equipment and leasehold improvements, net	12,755		—		2,375		15,130
Goodwill	541,480		—		—		541,480
Other intangible assets, net	202,878		—		—		202,878
Deferred contract costs, non-current	26,770		(4,568)		—		22,202
Other assets	5,359		—		—		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 liabilities	31,574		—		342		31,916
Income taxes payable	713		—		—		713
Deferred revenues	160,443		—		(441)		160,002
Total current liabilities	199,697		—		(99)		199,598
Deferred revenues, non-current	45,507		—		—		45,507
Deferred tax liability, net	6,422		(1,535)		200		5,087
Other liabilities	11,046		—		2,033		13,079
Total liabilities	262,672		(1,535)		2,134		263,271
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—		—		—
Common stock	117		—		—		117
Additional paid‑in capital	903,116		—		—		903,116
Accumulated deficit	(87,752)		(4,708)		241		(92,219)
Total stockholders’ equity	815,481		(4,708)		241		811,014
Total liabilities and stockholders’ equity	$	1,078,153	$	(6,243)	$	2,375	$	1,074,285


	Three Months Ended September 30, 2020
	As Previously Reported (1)		Adjustments				As Revised
			Commissions		Other
	(in thousands, except share and per share amounts)
Revenue:
Subscription	$	65,782	$	—	$	(148)	$	65,634
Services	3,605		—		292		3,897
License	1,017		—		—		1,017
Total revenue	70,404		—		144		70,548
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	10,117		—		(85)		10,032
Cost of services (exclusive of amortization expense shown below)	2,443		—		4		2,447
Amortization expense	2,679		—		—		2,679
Total cost of revenue	15,239		—		(81)		15,158
Gross profit	55,165		—		225		55,390
Operating expenses:
Sales and marketing	23,251		488		34		23,773
Research and development	12,736		—		21		12,757
General and administrative	13,921		—		(76)		13,845
Amortization expense	5,633		—		—		5,633
Total operating expenses	55,541		488		(21)		56,008
Loss from operations	(376)		(488)		246		(618)
Interest expense, net	(1,207)		—		—		(1,207)
Loss on extinguishment of debt	(5,213)		—		—		(5,213)
Foreign currency transaction loss	(154)		—		—		(154)
Loss before income tax benefit	(6,950)		(488)		246		(7,192)
Income tax benefit	1,857		119		(172)		1,804
Net loss	$	(5,093)	$	(369)	$	74	$	(5,388)
Net loss per share, basic and diluted	$	(0.04)					$	(0.05)
Weighted-average shares used to compute net loss per share, basic and diluted	113,203,074						113,203,074

(1) Previously reported amounts reflect the reclassification of on-premise subscription revenue from license revenue to subscription revenue, which we applied on a retrospective basis in the fourth quarter of 2020. See further information in Basis of Presentation above.


	Nine Months Ended September 30, 2020
	As Previously Reported (1)		Adjustments				As Revised
			Commissions		Other
	(in thousands, except share and per share amounts)
Revenue:
Subscription	$	179,148	$	—	$	(710)	$	178,438
Services	10,066		—		550		10,616
License	3,811		—		—		3,811
Total revenue	193,025		—		(160)		192,865
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	28,127		—		(107)		28,020
Cost of services (exclusive of amortization expense shown below)	7,736		—		11		7,747
Amortization expense	8,034		—		—		8,034
Total cost of revenue	43,897		—		(96)		43,801
Gross profit	149,128		—		(64)		149,064
Operating expenses:
Sales and marketing	65,735		1,722		101		67,558
Research and development	37,282		—		62		37,344
General and administrative	31,813		—		(225)		31,588
Amortization expense	16,941		—		—		16,941
Total operating expenses	151,771		1,722		(62)		153,431
Loss from operations	(2,643)		(1,722)		(2)		(4,367)
Interest expense, net	(10,675)		—		—		(10,675)
Loss on extinguishment of debt	(5,213)		—		—		(5,213)
Foreign currency transaction loss	(471)		—		—		(471)
Other income, net	91		—		—		91
Loss before income tax provision	(18,911)		(1,722)		(2)		(20,635)
Income tax provision	5,105		430		(618)		4,917
Net loss	$	(13,806)	$	(1,292)	$	(620)	$	(15,718)
Net loss per share, basic and diluted	$	(0.13)					$	(0.15)
Weighted-average shares used to compute net loss per share, basic and diluted	106,333,836						106,333,836


	Stock Class			Additional Paid‑In Capital		Accumulated Deficit		Stockholders’ Equity
	Common
	Shares	Amount
	(in thousands, except share amounts)
As Previously Reported
Balance, June 30, 2020	102,862,404	$	103	$	570,434	$	(73,694)	$	496,843
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000	14		318,979		—		318,993
Private placement	85,880	—		2,233		—		2,233
Exercise of stock options	15,000	—		82		—		82
Share‑based compensation	—	—		2,328		—		2,328
Net loss	—	—		—		(5,093)		(5,093)
Balance, September 30, 2020	116,463,284	$	117	$	894,056	$	(78,787)	$	815,386

Commissions Adjustment
Balance, June 30, 2020	—	$	—	$	—	$	(3,753)	$	(3,753)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	—		—		—		—
Private placement	—	—		—		—		—
Exercise of stock options	—	—		—		—		—
Share‑based compensation	—	—		—		—		—
Net loss	—	—		—		(369)		(369)
Balance, September 30, 2020	—	$	—	$	—	$	(4,122)	$	(4,122)

Other Adjustments
Balance, June 30, 2020	—	$	—	$	—	$	(1,020)	$	(1,020)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	—		—		—		—
Private placement	—	—		—		—		—
Exercise of stock options	—	—		—		—		—
Share‑based compensation	—	—		—		—		—
Net loss	—	—		—		74		74
Balance, September 30, 2020	—	$	—	$	—	$	(946)	$	(946)

As Revised
Balance, June 30, 2020	102,862,404	$	103	$	570,434	$	(78,467)	$	492,070
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000	14		318,979		—		318,993
Private placement	85,880	—		2,233		—		2,233
Exercise of stock options	15,000	—		82		—		82
Share‑based compensation	—	—		2,328		—		2,328
Net loss	—	—		—		(5,388)		(5,388)
Balance, September 30, 2020	116,463,284	$	117	$	894,056	$	(83,855)	$	810,318


	Stock Class				Additional Paid‑In Capital		Accumulated Deficit		Stockholders’ Equity
	Common
	Shares		Amount
	(in thousands, except share amounts)
As Previously Reported
Balance, December 31, 2019	102,843,612		$	103	$	568,756	$	(64,981)	$	503,878
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000		14		318,979		—		318,993
Private placement	85,880		—		2,233		—		2,233
Exercise of stock options	33,792		—		185		—		185
Share‑based compensation	—		—		3,903		—		3,903
Net loss	—		—		—		(13,806)		(13,806)
Balance, September 30, 2020	116,463,284		$	117	$	894,056	$	(78,787)	$	815,386

Commissions Adjustment
Balance, December 31, 2019	—		$	—	$	—	$	(2,830)	$	(2,830)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	.	—		—		—		—
Private placement	—		—		—		—		—
Exercise of stock options	—		—		—		—		—
Share‑based compensation	—		—		—		—		—
Net loss	—		—		—		(1,292)		(1,292)
Balance, September 30, 2020	—		$	—	$	—	$	(4,122)	$	(4,122)

Other Adjustments
Balance, December 31, 2019	—		$	—	$	—	$	(326)	$	(326)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—		—		—		—		—
Private placement	—		—		—		—		—
Exercise of stock options	—		—		—		—		—
Share‑based compensation	—		—		—		—		—
Net loss	—		—		—		(620)		(620)
Balance, September 30, 2020	—		$	—	$	—	$	(946)	$	(946)

As Revised
Balance, December 31, 2019	102,843,612		$	103	$	568,756	$	(68,137)	$	500,722
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000		14		318,979		—		318,993
Private placement	85,880		—		2,233		—		2,233
Exercise of stock options	33,792		—		185		—		185
Share‑based compensation	—		—		3,903		—		3,903
Net loss	—		—		—		(15,718)		(15,718)
Balance, September 30, 2020	116,463,284		$	117	$	894,056	$	(83,855)	$	810,318


	Nine Months Ended September 30, 2020
	As Previously Reported		Adjustments				As Revised
			Commissions		Other
	(in thousands)
Cash flows from operating activities
Net loss	$	(13,806)	$	(1,292)	$	(620)	$	(15,718)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense	28,378		—		254		28,632
Amortization of deferred contract costs	6,705		(1,187)		—		5,518
Amortization of debt issuance costs	700		—		—		700
Provision for bad debt expense and returns	894		—		—		894
Gain on disposal of equipment and leasehold improvements	(23)		—		23		—
Loss on extinguishment of debt	5,213		—		—		5,213
Share‑based compensation	3,903		—		—		3,903
Deferred tax benefit	(5,357)		(430)		618		(5,169)
Adjustment to contingent consideration	(3,100)		—		—		(3,100)
Other	—		—		(277)		(277)
Changes in operating assets and liabilities:
Trade accounts receivable	(18,332)		—		58		(18,274)
Income tax receivable/payable	(183)		—		—		(183)
Prepaid expenses and other assets	(4,699)		—		499		(4,200)
Deferred contract costs	(16,879)		2,909		—		(13,970)
Accounts payable	3,145		—		(158)		2,987
Accrued liabilities	(4,207)		—		—		(4,207)
Deferred revenue	47,528		—		(339)		47,189
Other liabilities	3,161		—		—		3,161
Net cash provided by operating activities	33,041		—		58		33,099
Cash flows from investing activities
Purchases of equipment and leasehold improvements	(1,836)		—		—		(1,836)
Net cash used in investing activities	(1,836)		—		—		(1,836)
Cash flows from financing activities
Payment of bank borrowings	(205,000)		—		—		(205,000)
Debt issuance costs	(1,264)		—		—		(1,264)
Payment of debt extinguishment costs	(2,050)		—		—		(2,050)
Proceeds from initial public offering, net of underwriting discounts and commissions	326,316		—		—		326,316
Cash paid for offering costs	(6,601)		—		—		(6,601)
Proceeds from private placement	2,233		—		—		2,233
Proceeds from the exercise of stock options	185		—		—		185
Net cash provided by financing activities	113,819		—		—		113,819
Net increase in cash and cash equivalents	145,024		—		58		145,082
Cash and cash equivalents, beginning of period	32,433		—		(58)		32,375
Cash and cash equivalents, end of period	$	177,457	$	—	$	—	$	177,457
Supplemental disclosures of cash flow information:
Cash paid for interest	$	12,647	$	—	$	—	$	12,647
Cash paid for income taxes, net of refunds	703		—		—		703

Subsequent events

The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued. No subsequent events or transactions were identified.

Use of estimates

The preparation of the 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 revenues 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, commissions, the fair values of assets

acquired and liabilities assumed in business combinations, useful lives for finite-lived assets, and accounting for income taxes. Actual results could differ from those estimates.

Segment and geographic information

Our chief operating decision maker (“CODM”) is our Chief Executive Officer, 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 end user customer address was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands)
Revenue:
The Americas	$	69,865	$	54,707	$	195,408	$	149,723
Europe, the Middle East, India, and Africa	19,543		11,786		49,721		32,347
Asia Pacific	6,213		4,055		17,457		10,795
	$	95,621	$	70,548	$	262,586	$	192,865

(1) Certain prior period amounts have been revised to correct immaterial errors. See above for more information.

Summary of significant accounting policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

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, 2020. Except for the accounting policies for leases that were updated as a result of adopting the new accounting standard and the accounting policies for foreign currency remeasurement discussed below, there have been no significant changes to these policies that have had a material impact on the Company’s consolidated financial statements and related notes for the three and nine months ended September 30, 2021. The following describes the impact of certain policies.

Foreign currency remeasurement

Our reporting currency is the U.S. dollar. The functional currency of our foreign operations, except for Wandera Ltd. and its subsidiaries, is the U.S. dollar. The functional currency of Wandera Ltd. and its subsidiaries is the British Pound (“GBP”). The assets, liabilities, revenues and expenses of our foreign operations are remeasured in accordance with ASC Topic 830, Foreign Currency Matters. Remeasurement adjustments are recorded as foreign currency transaction gains (losses) in the consolidated statement of operations. Assets and liabilities of Wandera Ltd. and its subsidiaries are translated into U.S. dollars based upon exchange rates prevailing at the end of each period. Revenues and expenses of Wandera Ltd. and its subsidiaries are translated at weighted average exchange rates on a monthly basis. The resulting translation adjustment is included in accumulated other comprehensive income (“AOCI”).

Revenue recognition

The Company applies ASC Topic 606, Revenue from Contracts with Customers (“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 those revenues that are term-based and renewable from those that are one-time in nature. Revenue from subscription and non-subscription contractual arrangements are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands)
SaaS subscription and support and maintenance	$	83,775	$	57,785	$	222,672	$	160,279
On‑premise subscription	6,925		7,849		23,228		18,159
Subscription revenue	90,700		65,634		245,900		178,438
Professional services	4,083		3,897		12,015		10,616
Perpetual licenses	838		1,017		4,671		3,811
Non‑subscription revenue	4,921		4,914		16,686		14,427
Total revenue	$	95,621	$	70,548	$	262,586	$	192,865

(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Contract Balances

If revenue is recognized in advance of the right to invoice, a contract asset is recorded. The balances of contract assets, which are included in other current assets in the consolidated balance sheets, were $1.7 million and $0.9 million as of September 30, 2021 and December 31, 2020, respectively.

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,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands)
Balance, beginning of the period	$	238,457	$	157,282	$	205,509	$	140,449
Acquisitions	5,200		—		5,200		—
Revenue earned	(71,574)		(49,823)		(144,038)		(115,784)
Deferral of revenue	98,284		80,179		203,696		162,973
Balance, end of the period	$	270,367	$	187,638	$	270,367	$	187,638

(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

There were no significant changes to our contract assets and liabilities during the three and nine months ended September 30, 2021 and 2020 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, 2021 and December 31, 2020, the Company had $310.3 million and $224.1 million, respectively, of remaining performance obligations, with 81% and 80%, respectively, expected to be recognized as revenue over the succeeding 12 months, and the remainder generally expected to be recognized over the three years thereafter. Previously reported remaining performance obligations as of December 31, 2020 have been revised. See Note 1 for more information.

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 consolidated balance sheets when the period of benefit is determined to be greater than one year.

Total amortization of contract costs for the three months ended September 30, 2021 and 2020 was $3.1 million and $2.0 million, respectively. Total amortization of contract costs for the nine months ended September 30, 2021 and 2020 was $9.0 million and $5.5 million, respectively. Previously reported amortization of contract costs for the three and nine months ended September 30, 2020 have been revised. See Note 1 for more information.

The Company periodically reviews these deferred 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, 2021 and 2020.

Concentration of Credit Risk

For the three and nine months ended September 30, 2021, the Company had one distributor that accounted for more than 10% of total net revenues. Total receivables related to this distributor were $10.8 million as of September 30, 2021. For the three and nine months ended September 30, 2020, the Company had two distributors that accounted for more than 10% of total net revenues. Total receivables related to these distributors were $19.8 million as of December 31, 2020.

No single end customer accounted for more than 10% of total revenue during the three and nine months ended September 30, 2021 and 2020.

Recently issued accounting pronouncements not yet adopted

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

Financial Instruments — Credit Losses

In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates (“ASU 2019-10”). The update allows the extension of the initial effective date for entities which have not yet adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). For private companies, the standard is effective for annual reporting periods beginning after December 15, 2022, with early adoption permitted. 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 ended December 31, 2021. As such, the Company will adopt ASU 2016-13 in the fourth quarter of 2021 with an effective date of January 1, 2021 through a cumulative-effect

adjustment to retained earnings. The Company is currently evaluating the effect the standard will have on its consolidated financial statements.

Reference Rate Reform

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides entities with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows entities to account for a modified contract as a continuation of an existing contract. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Business Combinations — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in accordance with acquisition accounting. The new guidance should be applied prospectively to acquisitions occurring on or after the effective date. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not been issued. The Company will evaluate whether to early adopt the standard for future acquisitions.

Adoption of new accounting pronouncements

Leases

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations related to their leasing arrangements. The update requires lessees to recognize most leases on their balance sheets, with the exception of short-term leases if a policy election is made, while recognizing lease expense on their income statements in a manner similar to current GAAP. The guidance also requires entities to disclose key quantitative and qualitative information about its leasing arrangements. The Company adopted the new lease standard on January 1, 2021 using the optional transition method to the modified retrospective approach. Under this transition provision, results for reporting periods beginning on January 1, 2021 are presented under ASC Topic 842, Leases (“ASC 842”) while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases (“ASC 840”).

To reduce the burden of adoption and ongoing compliance with ASC 842, a number of practical expedients and policy elections are available under the new guidance. The Company elected the “package of practical expedients” permitted under the transition guidance, which among other things, did not require reassessment of whether contracts entered into prior to adoption are or contain leases, and allowed carryforward of the historical lease classification for existing leases. The Company has not elected to adopt the “hindsight” practical expedient, and therefore measured the right-of-use (“ROU”) asset and lease liability using the remaining portion of the lease term at adoption on January 1, 2021.

The Company made an accounting policy election under ASC 842 not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2021 for existing leases upon the adoption of ASC 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives.

Future lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes to an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred.

The Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred.

The Company uses its incremental borrowing rate to determine the present value of lease payments as the Company’s leases do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. Judgement is applied in assessing factors such as Company specific credit risk, lease term, nature and quality of the underlying collateral, currency and economic environment in determining the incremental borrowing rate to apply to each lease.

Upon adoption, the Company recorded ROU assets and lease liabilities of approximately $25.0 million and $28.6 million, respectively, related to the Company’s operating leases. The adoption of the new lease standard did not materially impact our consolidated statements of operations or consolidated statements of cash flows. See Note 6 for more information.

Debt with Conversion and Other Options and Contracts in Entity’s Own Equity

In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Among other changes, the standard eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. As a result, entities will account for a convertible debt instrument wholly as debt unless the instrument contains features that require bifurcation as a derivative in accordance with ASC Topic 815, Derivatives and Hedging, or a convertible debt instrument was issued at a substantial premium. In addition, the amendments also require the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. The standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the new standard on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Financial instruments fair value

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial instruments fair value

We report financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

ASC 820 also establishes a fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three levels. Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP established a hierarchy framework to classify the fair value based on the observability of significant inputs to the measurement. The levels of the fair value hierarchy are as follows:

Level 1: Fair value is determined using an unadjusted quoted price in an active market for identical assets or liabilities.

Level 2: Fair value is estimated using inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly.

Level 3: Fair value is estimated using unobservable inputs that are significant to the fair value of the assets or liabilities.

The Company invests in money market funds and U.S. Treasuries with original or remaining 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. U.S. Treasuries include treasury bills that generally mature within 30 days and are classified within Level 1 of the fair value hierarchy. The fair value of these financial instruments were as follows:


	September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	153,026	$	—	$	—	$	153,026
Total cash equivalents	$	153,026	$	—	$	—	$	153,026


	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	100,000	$	—	$	—	$	100,000
U.S. Treasuries	25,000		—		—		25,000
Total cash equivalents	$	125,000	$	—	$	—	$	125,000

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. See Note 7 for the fair value of our 2026 Notes, which are recorded as debt at the principal amount net of issuance costs on the consolidated balance sheet.

Business Combination and Asset Acquisition [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Acquisitions

9 Months Ended

Sep. 30, 2021

Acquisitions

Wandera

On July 1, 2021, the Company completed its previously announced acquisition of Wandera, Inc. (“Wandera”) pursuant to the terms of the Agreement and Plan of Merger, dated as of May 5, 2021 (the “Merger Agreement”). Wandera is a leader in zero trust cloud security and access for mobile devices. As an Apple-first provider of unified cloud security, Wandera expands the Company’s security offering for the enterprise. Building on the Company’s existing capabilities, Wandera adds Zero Trust Network Access (“ZTNA”), mobile threat defense and data policy features to ensure mobile workers can simply and safely access the network resources they need while complying with organizational policies and reducing mobile charges. This acquisition uniquely positions the Company to help IT and security teams confidently protect the devices, data and applications used by a mobile workforce, while extending the intended Apple experience through the Company’s robust and scalable Apple Enterprise Management platform.

Under the terms of the Merger Agreement, the Company acquired 100% of the voting equity interest in Wandera and paid total cash consideration of $409.3 million. The total consideration consists of an initial payment of $359.3 million at close and deferred consideration of $50.0 million payable in $25.0 million increments on October 1, 2021 and December 15, 2021. The initial payment of $359.3 million includes $0.7 million held back as partial security for post-closing true-up adjustments as well as indemnification claims made within one year of the acquisition date. The amount held back is recorded as restricted cash in other current assets on the consolidated balance sheet. The Company recorded the fair value of deferred consideration in accrued liabilities on the consolidated balance sheet as of September 30, 2021. The acquisition was initially financed with cash on hand and borrowings under the New Term Loan Facility (as defined in Note 7 below).

Acquisition-related costs were expensed as incurred and were as follows:


	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	(in thousands)
Cost of revenue:
Subscription	$	17	$	17
Sales and marketing	34		34
Research and development	549		590
General and administrative	1,859		4,007
	$	2,459	$	4,648

The Company accounted for the acquisition by applying the acquisition method of accounting for business combinations in accordance with ASC Topic 805, Business Combinations (“ASC 805”). Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values as of the date of acquisition. In accordance with U.S. GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair value of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates can include, but are not limited to:

•future expected cash flows from subscription contracts and acquired developed technologies;

•historical and expected customer attrition rates and anticipated growth in revenue from acquired customers;

•royalty rates applied to acquired developed technology platforms;

•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

•uncertain tax positions and tax-related valuation allowances.

The final purchase accounting allocations for the Wandera 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 liabilities assumed, and finalization of income tax effects of the opening balance sheet. The actual fair values of Wandera’s assets acquired, liabilities assumed and resulting goodwill may differ materially from the adjustments set forth in this Form 10-Q.

The purchase price was allocated using information currently available to the Company. As a result, the Company may continue to adjust the assumptions used in the valuation of intangible assets acquired, deferred revenue and tax-related balances. 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	$	9,605
Trade accounts receivable, net	3,882
Prepaid expenses	900
Equipment and leasehold improvements, net	58
Intangible assets acquired	102,050
Operating lease assets	1,474
Deferred tax asset	849
Liabilities assumed:
Accounts payable	788
Accrued liabilities	3,464
Income taxes payable	94
Deferred revenue	5,200
Operating lease liabilities	1,474
Deferred tax liability	9,356
Goodwill	310,833
Total purchase consideration	$	409,275

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 are as follows:


	Useful Life	Gross Value
		(in thousands)
Developed technology	6.5 years	$	60,500
Customer relationships	11.0 years	35,600
Order backlog	2.5 years	3,800
Non-competes	2.5 years	1,750
Trademarks	3.0 years	400
Total identifiable intangible assets		$	102,050

Developed technology represents the estimated fair value of the features underlying the Wandera products as well as the platform supporting Wandera customers. Customer relationships represent the estimated fair value of the underlying relationships with Wandera customers. Order backlog represents the estimated fair value of existing order backlog with Wandera customers. Non-competes represent the estimated fair value of non-compete agreements acquired from Wandera. Trademarks represent the estimated fair value of the Wandera brand.

Wandera contributed revenue and net loss of $5.1 million and $8.3 million, respectively, from the acquisition date through September 30, 2021, excluding the effects of the acquisition and integration costs.

The following unaudited pro forma information presents the combined results of Jamf and Wandera assuming the acquisition was completed on January 1, 2020. As required by ASC 805, these unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations of the combined companies would have been had the acquisition occurred at the beginning of the period presented, nor are they indicative of future results of operations. The pro forma results below have been adjusted for the amortization of acquired intangibles, reduction of deferred revenue, deferred commissions, stock-based compensation expense and additional interest expense. The pro forma results for the three and nine months ended September 30, 2021 have also been adjusted to exclude the impact of $2.5 million and $4.6 million, respectively, of acquisition-related costs (pre-tax) incurred by the Company that are directly attributable to the transaction. The adjustments do not reflect the effect of costs or synergies that would have been expected to result from the integration of the acquisition.

Pro forma consolidated revenues and net loss for the three and nine months ended September 30, 2021 and 2020, calculated as if Wandera had been acquired as of January 1, 2020, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Revenues	$	95,621	$	75,104	$	274,194	$	206,943
Net loss	(28,537)		(10,061)		(61,237)		(31,451)

cmdReporter

On February 26, 2021, the Company entered into an asset purchase agreement with cmdSecurity Inc. (“cmdSecurity”) to acquire certain cmdSecurity assets, including cmdReporter, a suite of security and compliance tools purpose-built for macOS. With cmdReporter, the Company further extends the security capabilities of its expansive Apple Enterprise Management platform. cmdSecurity’s software complements the Company’s existing product offerings. The Company accounted for the acquisition by applying the acquisition method of accounting for business combinations in accordance with ASC 805. The final aggregate purchase price was approximately $3.4 million. This acquisition was funded by the Company’s cash on hand and included future contingent consideration due to the sellers. 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 the cmdSecurity assembled workforce and was not material. The acquired intangible assets and goodwill are deductible for income tax purposes.

At the time of the acquisition, the contingent consideration was valued at $0.4 million, which was based on the acquired business signing new business or renewing acquired contracts during the 90 days following the close of the acquisition. The estimated fair value of these contingent payments was determined using projected contract wins, which used Level 3 inputs for fair value measurements, including assumptions about the probability of closing contracts based on their current stage in the sales process. As of September 30, 2021, the fair value of the contingent consideration was nil as $0.3 million was earned by the acquired business and the unearned portion of $0.1 million was written off during the second quarter of 2021. The Company did not make a cash payment for the earned portion of the liability as the sellers received the cash directly from the customers. As such, the reduction of the liability was offset by a reduction in accounts receivable.

Substantially all of the purchase price consideration related to the fair value of the acquired separately identifiable intangibles assets, which related to acquired developed technology and in-process research and development (“IPR&D”). The fair value of the identifiable intangible assets was estimated using the replacement cost method, whereby the components of the acquired intangibles were reviewed to determine the cumulative cost of development for each component, inclusive of a developer’s profit and an entrepreneurial incentive. The cumulative cost of development was not discounted to account for obsolescence factor as the replacement cost accounted for present day development. The developed technology is amortized over its estimated weighted-average useful life, which was determined to be 5.0 years. The IPR&D is an indefinite lived intangible asset that is not amortized, but is evaluated at least annually for impairment. For more information on intangible assets, see Note 5.

Acquisition-related expenses were expensed as incurred and totaled nil and $0.1 million for the three and nine months ended September 30, 2021, respectively. These expenses were recognized as acquisition costs in general and administrative expenses in the consolidated statement of operations.

The Company allocated the net purchase consideration to the net assets acquired based on their respective fair values at the time of the acquisition as follows (in thousands):


Cash consideration	$	3,041
Contingent consideration	359
Final aggregate purchase price	$	3,400

Intangible assets acquired:
Developed technology	$	2,630
IPR&D	400
Goodwill	370
Total purchase consideration	$	3,400

Digita Security LLC

In 2019, the Company recorded contingent consideration in connection with its purchase of the outstanding membership interests of Digita. The maximum contingent consideration is $15.0 million if the acquired business achieves certain revenue milestones by December 31, 2022. In the second quarter of 2021, the acquired business achieved the minimum revenue milestone, which resulted in the Company making a cash payment of $4.2 million to the acquired business. Additional cash payments will be made within 30 days of December 31, 2021 and December 31, 2022 if the acquired business achieves the revenue milestones.

The estimated fair value of these contingent payments is determined using a Monte Carlo simulation model, which uses Level 3 inputs for fair value measurements, including assumptions about the probability of growth of subscription services and the related pricing of the services offered. During the three and nine months ended September 30, 2021, the fair value of the contingent consideration was increased by $0.6 million and $4.9 million, respectively, which was reflected in general and administrative expenses in the consolidated statement of operations. The adjustment for the three and nine months ended September 30, 2021 primarily reflected updated assumptions about the probability of growth of subscription services. As of September 30, 2021, the fair value of the contingent consideration was $8.9 million, of which $4.5 million was included in accrued liabilities and $4.4 million was included in other liabilities in the consolidated balance sheet. As of December 31, 2020, the fair value of the contingent consideration was $8.2 million, which was included in other liabilities in the consolidated balance sheet.

Goodwill and other intangible assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

The change in the carrying amount of goodwill is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Goodwill, beginning of period	$	541,850	$	539,818	$	541,480	$	539,818
Goodwill acquired	310,833		—		311,203		—
Foreign currency translation adjustment	(6,626)		—		(6,626)		—
Goodwill, end of period	$	846,057	$	539,818	$	846,057	$	539,818

The gross carrying amount and accumulated amortization of intangible assets other than goodwill are as follows:


	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	8 years	$	34,320	$	13,454	$	20,866	4.8 years
Customer relationships	2 ‑ 12 years	214,428		55,810		158,618		8.7 years
Developed technology	5 years	54,563		31,173		23,390		2.3 years
Non‑competes	2 years	90		86		4		0.1 years
Balance, December 31, 2020		$	303,401	$	100,523	$	202,878

Trademarks	3 - 8 years	$	34,690	$	16,683	$	18,007	4.1 years
Customer relationships	2 ‑ 12 years	249,483		70,239		179,244		8.5 years
Developed technology	5 - 6.5 years	116,158		41,956		74,202		5.2 years
Non‑competes	2 - 2.5 years	1,796		264		1,532		2.3 years
Order backlog	2.5 years	3,744		379		3,365		2.3 years
IPR&D	Indefinite	400		—		400
Balance, September 30, 2021		$	406,271	$	129,521	$	276,750

Amortization expense was $12.2 million and $8.3 million for the three months ended September 30, 2021 and 2020, respectively. Amortization expense was $29.1 million and $25.0 million for the nine months ended September 30, 2021 and 2020, respectively.

The expected future amortization expense as of September 30, 2021 for intangible assets acquired in connection with the Wandera acquisition is as follows:


Years ending December 31:
2021 (remaining three months)	$	3,725
2022	14,897
2023	14,897
2024	12,611
2025	12,544
Thereafter	39,652
Total amortization expense	$	98,326

There were no impairments to goodwill or intangible assets recorded for the three and nine months ended September 30, 2021 and 2020.

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

The Company determines if an arrangement is or contains a lease at inception, which is the date on which the terms of the contract are agreed to and the agreement creates enforceable rights and obligations. Under ASC 842, a contract is or contains a lease when (i) explicitly or implicitly identified assets have been deployed in the contract and (ii) the customer obtains substantially all of the economic benefits from the use of that underlying asset and directs how and for what purpose the asset is used during the term of the contract. The Company also considers whether its service arrangements include the right to control the use of an asset. See Note 2 for more information on the Company’s accounting policies for leases.

The Company leases office facilities and vehicles under operating lease agreements that have initial terms ranging from 1 to 9 years. Some leases include one or more options to renew, generally at our sole discretion, with renewal terms that can extend the lease term up to 10 years. In addition, certain leases contain termination options, where the rights to terminate

are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease terms when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants or residual value guarantees. The Company also leases office equipment under a finance lease agreement with a term of 4 years. The Company’s finance lease was not material to the consolidated financial statements as of September 30, 2021.

Supplemental balance sheet information related to the Company’s operating leases is as follows:

Leases

Balance Sheet Classification

September 30, 2021

(in thousands)

Assets

Operating lease assets

Other assets

22,892

Liabilities

Operating lease liabilities - current

Accrued liabilities

5,367

Operating lease liabilities - non-current

Other liabilities

21,442

Total operating lease liabilities

26,809

The weighted-average remaining term of the Company’s operating leases was 6.0 years as of September 30, 2021. The weighted-average discount rate used to measure the present value of the operating lease liabilities was 3.5% as of September 30, 2021.

The components of lease expense were as follows:


	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	(in thousands)
Operating lease cost	$	1,541	$	4,424
Short-term lease cost	83		187
Variable lease cost	508		1,388
Total lease expense	$	2,132	$	5,999

Operating lease cost is recognized on a straight-line basis over the lease term. The Company leases certain office facilities with a related party, including the office space in Eau Claire, Wisconsin. Operating lease cost with related parties was $0.3 million and $0.8 million for the three and nine months ended September 30, 2021, respectively.

Total lease expense, including the Company’s share of the lessors’ operating expenses, was $1.2 million and $3.7 million for the three and nine months ended September 30, 2020, respectively. Previously reported total lease expense for the three and nine months ended September 30, 2020 have been revised. See Note 1 for more information. Lease expense with related parties, including the Company’s share of the lessors’ operating expenses, was $0.3 million and $0.8 million for the three and nine months ended September 30, 2020, respectively.

For the nine months ended September 30, 2021, operating cash flows included $4.3 million of cash paid for operating lease liabilities.

Maturities of the Company’s operating lease liabilities as of September 30, 2021 were as follows:


	Operating Leases
	(in thousands)
Years ending December 31:
2021 (remaining three months)	$	1,599
2022	6,077
2023	5,681
2024	4,605
2025	2,519
Thereafter	9,482
Total lease payments	29,963
Less: imputed interest	3,154
Total present value of lease liabilities	$	26,809

Leases

Supplemental balance sheet information related to the Company’s operating leases is as follows:

Leases

Balance Sheet Classification

September 30, 2021

(in thousands)

Assets

Operating lease assets

Other assets

22,892

Liabilities

Operating lease liabilities - current

Accrued liabilities

5,367

Operating lease liabilities - non-current

Other liabilities

21,442

Total operating lease liabilities

26,809

The components of lease expense were as follows:


	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	(in thousands)
Operating lease cost	$	1,541	$	4,424
Short-term lease cost	83		187
Variable lease cost	508		1,388
Total lease expense	$	2,132	$	5,999

For the nine months ended September 30, 2021, operating cash flows included $4.3 million of cash paid for operating lease liabilities.

Maturities of the Company’s operating lease liabilities as of September 30, 2021 were as follows:


	Operating Leases
	(in thousands)
Years ending December 31:
2021 (remaining three months)	$	1,599
2022	6,077
2023	5,681
2024	4,605
2025	2,519
Thereafter	9,482
Total lease payments	29,963
Less: imputed interest	3,154
Total present value of lease liabilities	$	26,809

Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Convertible Senior Notes

On September 17, 2021, the Company issued $373.8 million aggregate principal amount of 0.125% Convertible Senior Notes due 2026 (the “2026 Notes”) in a private offering. The 2026 Notes were issued pursuant to an indenture, dated September 17, 2021 (the “2026 Notes Indenture”), among the Company, JAMF Software, LLC, as subsidiary guarantor, and U.S. Bank National Association, as trustee. The 2026 Notes are general senior, unsecured obligations of the Company and mature on September 1, 2026, unless earlier converted, redeemed, or repurchased. The 2026 Notes bear interest at a rate of 0.125% per year, payable semiannually in arrears on March 1 and September 1 of each year, beginning on March 1, 2022. The Company recorded the principal amount of the 2026 Notes, net of issuance costs, as a liability in the consolidated balance sheet in accordance with ASU 2020-06, which the Company early adopted on January 1, 2021.

The Company’s net proceeds from the offering were approximately $361.4 million after deducting the initial purchasers’ discounts and commissions and the offering expenses paid by the Company. The Company used (i) approximately $250.0 million of the net proceeds to repay the Company’s New Term Loan Facility and to pay any associated prepayment penalties and accrued and unpaid interest to the date of repayment and (ii) approximately $36.0 million of the net proceeds from this offering to fund the cost of entering into the Capped Calls (as defined and described below), and will use the remainder of the net proceeds for general corporate purposes, which may include working capital, capital expenditures, and potential acquisitions and strategic transactions.

The 2026 Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding March 1, 2026, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on December 31, 2021 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (2) during the five business day period after any ten consecutive trading day period (the “measurement period”) in which the trading price (as defined in the 2026 Notes Indenture) per $1,000 principal amount of the 2026 Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate for the 2026 Notes on each such trading day; (3) if the Company calls such 2026 Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the 2026 Notes called (or deemed called) for redemption; and (4) upon the occurrence of specified corporate events as set forth in the 2026 Notes Indenture. On or after March 1, 2026 until the close of business on the second scheduled trading day immediately preceding the maturity date (September 1, 2026), holders of the 2026 Notes may convert all or any portion of their 2026 Notes at any time, regardless of the foregoing conditions. Upon conversion, the Company may satisfy its conversion obligation by paying or delivering, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of the

Company’s common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2026 Notes Indenture.

The initial conversion rate for the 2026 Notes is 20.0024 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $49.99 per share of common stock. The initial conversion price of the 2026 Notes represents a premium of approximately 40.0% to the last reported sale price of the Company’s common stock on The Nasdaq Global Select Market on September 14, 2021. The conversion rate for the 2026 Notes is subject to adjustment under certain circumstances in accordance with the terms of the 2026 Notes Indenture. In addition, following certain corporate events that occur prior to the maturity date of the 2026 Notes or if the Company delivers a notice of redemption in respect of the 2026 Notes, the Company will, under certain circumstances, increase the conversion rate of the 2026 Notes for a holder who elects to convert its 2026 Notes (or any portion thereof) in connection with such a corporate event or convert its 2026 Notes called (or deemed called) for redemption during the related redemption period (as defined in the 2026 Notes Indenture), as the case may be.

The Company may not redeem the 2026 Notes prior to September 6, 2024. The Company may redeem for cash all or any portion of the 2026 Notes, at its option, on or after September 6, 2024, if the last reported sale price of the common stock has been at least 130% of the conversion price for the 2026 Notes then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, to, but excluding, the redemption date. If the Company redeems less than all the outstanding 2026 Notes, at least $50.0 million aggregate principal amount of 2026 Notes must be outstanding and not subject to redemption as of the date of the relevant notice of redemption. No sinking fund is provided for the 2026 Notes.

If the Company undergoes a fundamental change (as defined in the 2026 Notes Indenture), holders may require, subject to certain conditions and exceptions, the Company to repurchase for cash all or any portion of their 2026 Notes at a fundamental change repurchase price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus accrued and unpaid interest, to, but excluding, the fundamental change repurchase date.

The 2026 Notes Indenture includes customary covenants and sets forth certain events of default after which the 2026 Notes may be declared immediately due and payable and sets forth certain types of bankruptcy or insolvency events of default involving the Company or its significant subsidiaries after which the 2026 Notes become automatically due and payable.

The following table sets forth the interest expense related to the 2026 Notes:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Contractual interest expense	$	18	$	—	$	18	$	—
Amortization of issuance costs	95		—		95		—

In the third quarter of 2021, the Company recorded debt issuance costs of $12.4 million related to the issuance of the 2026 Notes as a reduction to the liability in the consolidated balance sheet. Debt issuance costs are amortized to interest expense over the term of the 2026 Notes using the effective interest rate method. The effective interest rate on the 2026 Notes was 0.81% for the three months ended September 30, 2021.

As of September 30, 2021, the net carrying amount of the 2026 Notes was $361.5 million, with unamortized debt issuance costs of $12.3 million. The estimated fair value (Level 2) of the 2026 Notes was $389.0 million as of September 30, 2021, which 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.

Capped Calls

On September 14, 2021, concurrently with the pricing of the 2026 Notes, and on September 17, 2021, concurrently with the initial purchasers’ exercise of their option to purchase additional 2026 Notes, the Company also entered into privately negotiated capped call transactions (the “Capped Calls”) with third-party banks. The Capped Calls each have an initial strike price of approximately $49.99 per share, subject to certain adjustments, which corresponds to the initial conversion price of the 2026 Notes. The Capped Calls have initial cap prices of $71.42 per share, subject to certain adjustments. The Capped Calls cover, subject to anti-dilution adjustments, approximately 7.5 million shares of the Company’s common stock. The Capped Calls are generally intended to reduce or offset the potential dilution to the common stock upon any conversion of the 2026 Notes with such reduction or offset, as the case may be, subject to a cap based on the cap price. The Company paid approximately $36.0 million from the net proceeds from the issuance and sale of the 2026 Notes to purchase the Capped Calls. The Company recorded the Capped Calls as a reduction to additional paid-in capital in the consolidated balance sheet. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to terminations of the Capped Calls, including changes in law, failures to deliver, and hedging disruptions.

Credit Agreements

On July 27, 2020, the Company entered into a secured credit agreement (the “Credit Agreement”) for an initial revolving credit facility of $150.0 million (the “Revolving Credit Facility”), 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 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 maturity date of the Credit Agreement is July 27, 2025. The 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, 2021 and December 31, 2020. As of both September 30, 2021 and December 31, 2020, we had $1.0 million of letters of credit outstanding under our Revolving Credit Facility.

In connection with the closing of the Wandera acquisition on July 1, 2021, the Company entered into the Incremental Facility Amendment No. 1 (the “Credit Agreement Amendment”), which amended the Company’s existing Credit Agreement. The Credit Agreement Amendment provided for a new 364-day term loan facility (the “New Term Loan Facility”) in an aggregate principal amount of $250.0 million on substantially the same terms and conditions as the Company’s existing Revolving Credit Facility. The Company repaid the principal amount of the New Term Loan Facility on September 23, 2021 with proceeds from the issuance and sale of the 2026 Notes. The Company accounted for this transaction as a debt extinguishment and recorded debt extinguishment costs of $0.4 million for the write-off of remaining debt issuance costs.

In the third quarter of 2020, the Company recorded debt issuance costs of $1.3 million related to the Credit Agreement. In the second quarter of 2021, the Company recorded debt issuance costs of $0.7 million related to the Credit Agreement Amendment. Debt issuance costs are amortized to interest expense over the term of the Credit Agreement using the effective interest rate method. As of September 30, 2021 and December 31, 2020, debt issuance costs related to the Company’s credit agreements of $1.0 million and $1.1 million, respectively, were included in other assets in the consolidated balance sheets.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Share-based Payment Arrangement [Abstract]

Commitments and contingencies	9 Months Ended
Commitments and contingencies	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Contingencies The Company has been engaged in discussions with an entity regarding the entity’s patented technology and allegations regarding the Company’s infringement of that technology. While no legal proceedings have been initiated, the Company accrued $4.2 million to general and administrative expenses during the nine months ended September 30, 2021 based on its most recent discussions with the entity. It is reasonably possible the estimated loss will change. The exposure to loss in excess of the amount accrued as of September 30, 2021 is estimated to be up to $2.3 million. 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 recorded as of December 31, 2020.

Net loss per share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

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,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(30,383)	$	(5,388)	$	(51,439)	$	(15,718)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	118,640,565		113,203,074		117,983,463		106,333,836
Basic and diluted net loss per share	$	(0.26)	$	(0.05)	$	(0.44)	$	(0.15)

(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Because we have reported a net loss for the three and nine months ended September 30, 2021 and 2020, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share because the potentially dilutive shares would have been antidilutive if included in the calculation.

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Stock options outstanding	5,707,634	7,727,158	5,707,634	7,727,158
Unvested restricted stock units	3,427,190	1,291,056	3,427,190	1,291,056
Shares related to the 2026 Notes	7,475,897	—	7,475,897	—
Total potentially dilutive securities	16,610,721	9,018,214	16,610,721	9,018,214

The Company uses the if-converted method for calculating any potential dilutive effect of the conversion options embedded in the 2026 Notes on diluted net income per share, if applicable. The conversion options of the 2026 Notes are dilutive in periods of net income on a weighted average basis using an assumed conversion date equal to the later of the beginning of the reporting period and the date of issuance of the 2026 Notes.

Share-based compensation

9 Months Ended

Sep. 30, 2021

Share-based compensation

Share-based compensationOn July 21, 2020, the Company adopted the Jamf Holding Corp. Omnibus Incentive Plan (the “2020 Plan”). The 2020 Plan provides for grants of (i) stock options, (ii) stock appreciation rights, (iii) restricted shares, (iv) performance awards, (v) other share-based awards and (vi) other cash-based awards to eligible employees, non-employee directors and consultants of the Company. We initially reserved 14,800,000 shares of our common stock for issuance under the 2020 Plan. The total number of shares reserved for issuance under the 2020 Plan increases on January 1st of each of the first 10 calendar years during the term of the 2020 Plan by the lesser of: (i) a number of shares of our common stock equal to 4% of the total number of shares of our common stock outstanding on December 31st of the preceding calendar year or (ii) a number of shares of our common stock as determined by our board of directors. The maximum number of shares of common stock available for issuance under the 2020

Plan was 19,479,699 shares as of January 1, 2021. As of September 30, 2021, 15,544,733 shares of common stock are reserved for additional grants under the 2020 Plan.

The 2017 Stock Option Plan (“2017 Option Plan”) became effective November 13, 2017 upon the approval of the board of directors and, prior to the adoption of the 2020 Plan, served as the umbrella plan for the Company’s stock-based and cash-based incentive compensation program for its officers and other eligible employees. The aggregate number of shares of common stock that may be issued under the 2017 Option Plan may not exceed 8,470,000 shares. As of September 30, 2021, 128,928 shares of common stock are reserved for additional grants under the 2017 Option Plan. All stock options 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. No options were granted during the nine months ended September 30, 2021.

The table below summarizes return target options activity for the nine months ended September 30, 2021:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2020	3,687,664	$	6.75	7.8	$	85,444
Granted	—	—			—
Exercised	—	—			—
Forfeitures	—	—			—
Outstanding, September 30, 2021	3,687,664	$	6.75	7.0	$	117,158
Options exercisable at September 30, 2021	—	$	—	—	$	—
Vested or expected to vest at September 30, 2021	—	$	—	—	$	—

There was approximately $33.0 million of unrecognized compensation expense related to these return target options as of September 30, 2021. 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.

Restricted stock unit (“RSU”) activity for the nine months ended September 30, 2021 is as follows:


	Units	Per Unit Fair Value
Outstanding, December 31, 2020	1,293,107	$	26.34
Granted	2,725,991	34.86
Vested	(507,776)	30.32
Forfeited	(84,132)	27.64
Outstanding, September 30, 2021	3,427,190	$	32.49

RSUs under the 2020 Plan vest ratably over four years. RSUs under the 2017 Option Plan vest 100% on the one-year anniversary of the date of the grant. The estimated compensation cost of each RSU, which is equal to the fair value of the award on the date of grant, is recognized on a straight-line basis over the vesting period. There was $102.2 million of total unrecognized compensation cost related to unvested restricted stock that is expected to be recognized over a weighted-average period of 3.3 years as of September 30, 2021.

The table below summarizes the service-based option activity for the nine months ended September 30, 2021:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2020	3,546,826	$	5.65	7.1	$	86,098
Granted	—	—			—
Exercised	(1,526,856)	5.61			44,082
Forfeitures	—	—			—
Outstanding, September 30, 2021	2,019,970	$	5.67	6.3	$	66,355
Options exercisable at September 30, 2021	1,533,479	$	5.50	6.2	$	50,633
Vested or expected to vest at September 30, 2021	2,019,970	$	5.67	6.3	$	66,355

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 date of the period. The total fair value of service-based options vested during the nine months ended September 30, 2021 was $2.0 million. There was $1.4 million of unrecognized compensation expense related to service-based stock options that is expected to be recognized over a weighted-average period of 1.5 years as of September 30, 2021.

The Company recognized stock-based compensation expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Cost of revenue:
Subscription	$	1,716	$	314	$	2,384	$	390
Services	229		62		381		62
Sales and marketing	4,833		675		6,763		897
Research and development	5,145		523		7,076		821
General and administrative	3,913		754		6,170		1,733
	$	15,836	$	2,328	$	22,774	$	3,903

Long-term incentive plan	9 Months Ended
Long-term incentive plan	Sep. 30, 2021
Deferred Compensation Arrangements [Abstract]
Long-term incentive plan	Long-term incentive plan In 2018, the Company established a long-term incentive plan (“LTIP”) which provided for cash compensation to certain employees upon achievement of the same conditions of the Company’s return target options. In conjunction with the IPO, the conditions of the LTIP were modified to also vest following an IPO and registration and sale of shares by Vista Equity Partners (“Vista”) provided that Vista achieves a cash return on its equity investment in the Company equaling or exceeding $1.515 billion. In the third quarter of 2021, the Company offered employees with LTIP grants the opportunity to convert those awards into RSUs under the 2020 Plan. Upon conversion, 50% of the RSUs vested immediately and the remaining 50% vest on the one year anniversary of the grant date, provided the employee remains continuously employed by the Company through the vesting date. All employees elected to convert their outstanding LTIP grants to RSUs, resulting in grants totaling 413,234 shares. The conversion of the previously outstanding LTIP grants into RSUs resulted in the recognition of $8.0 million of stock-based compensation expense during the three and nine months ended September 30, 2021. The expense on the unvested RSUs will be recognized on a straight line basis over the vesting period.

Income taxes	9 Months Ended
Income taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income taxes	Income taxesThe Company’s effective tax rates for the three months ended September 30, 2021 and 2020 were 5.0% and 25.1%, respectively. The effective tax rate for the three months ended September 30, 2021 was lower than the prior year period due to the application of Section 162(m) of the Internal Revenue Code, stock option activity and the domestic valuation allowance. The effective tax rate for the three months ended September 30, 2021 differs from the statutory rate primarily as a result of the domestic valuation allowance. The Company’s effective tax rates for the nine months ended September 30, 2021 and 2020 were 2.9% and 23.8%, respectively. The effective tax rate for the nine months ended September 30, 2021 was lower than the prior year period due to the application of Section 162(m) of the Internal Revenue Code, stock option activity and the domestic valuation allowance. The effective tax rate for the nine months ended September 30, 2021 differs from the statutory rate primarily as a result of the domestic valuation allowance. The effective tax rate for the nine months ended September 30, 2021 was impacted by $0.1 million of discrete income tax benefit. The Company’s annual effective tax rates for the nine months ended September 30, 2021 and 2020 were 2.8% and 21.1%, respectively.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Related-party transactions	9 Months Ended
Related-party transactions	Sep. 30, 2021
Related Party Transactions [Abstract]
Related-party transactions	Related-party transactions The Company made pledges to the Jamf Nation Global Foundation (“JNGF”) of $0.2 million and $0.5 million for the three and nine months ended September 30, 2021, respectively. The Company did not make any pledges to the JNGF for the three and nine months ended September 30, 2020. As of September 30, 2021 and December 31, 2020, the Company accrued $0.7 million and $0.9 million, respectively, related to JNGF pledges, which are included in accrued liabilities in the consolidated balance sheets. The Company has an ongoing lease agreement for office space in Eau Claire, Wisconsin with an entity in which a related party is a minority owner. See Note 6 for further discussion of this lease agreement. The Company may engage in transactions in the ordinary course of business with significant shareholders or other companies whose directors or officers may also serve as directors or officers for the Company. The Company carries out these transactions on customary terms. Vista is a U.S.-based investment firm that controls the funds which previously owned a majority of the Company. During the three months ended September 30, 2021, Vista sold a portion of its investment in the Company such that its funds no longer owned a majority of the Company as of September 30, 2021. However, Vista is deemed a related party in accordance with ASC Topic 850, Related Party Disclosures (“ASC 850”) as it continues to be a principal owner of the Company. The Company has paid for consulting services and other expenses related to services provided by Vista and Vista affiliates. The total expenses incurred by the Company for these services were $0.1 million for both the three and nine months ended September 30, 2021. The total expenses incurred by the Company for these services were less than $0.1 million and $0.3 million for the three and nine months ended September 30, 2020, respectively. The Company had $0.1 million and less then $0.1 million in accounts payable related to these expenses as of September 30, 2021 and December 31, 2020, respectively. The Company also has revenue arrangements with Vista affiliates. The Company recognized revenue related to these arrangements of $0.2 million for both the three months ended September 30, 2021 and 2020 and $0.7 million and $0.8 million for the nine months ended September 30, 2021 and 2020, respectively. The Company had $0.1 million and $0.3 million in accounts receivable related to these agreements as of September 30, 2021 and December 31, 2020, respectively. In addition, the Company pays for services with Vista affiliates in the normal course of business. The total expenses incurred by the Company for services with Vista affiliates were $0.3 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively, and $0.8 million and $0.5 million for the nine months ended September 30, 2021 and 2020, respectively. The Company had $0.1 million in accounts payable related to these expenses as of both September 30, 2021 and December 31, 2020. Prior to its termination and repayment in full on July 27, 2020, the Company was party to a term loan facility (the “Prior Term Loan”) and revolving credit facility with a consortium of lenders for a principal amount of $205.0 million and principal committed amount of $15.0 million, respectively. During the three and nine months ended September 30, 2020, affiliates of Vista were paid $0.5 million and $2.1 million, respectively, in interest on the portion of the Prior Term Loan held by them.

Summary of significant accounting policies (Policies)	9 Months Ended
Summary of significant accounting policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
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.
Subsequent events	The Company evaluated events or transactions that occurred after the balance sheet date for potential recognition or disclosure through the date the financial statements were issued.
Use of estimates	The preparation of the 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 revenues 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, commissions, the fair values of assets acquired and liabilities assumed in business combinations, useful lives for finite-lived assets, and accounting for income taxes. Actual results could differ from those estimates.
Segment and geographic information	Our chief operating decision maker (“CODM”) is our Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources.
Foreign currency remeasurement	Our reporting currency is the U.S. dollar. The functional currency of our foreign operations, except for Wandera Ltd. and its subsidiaries, is the U.S. dollar. The functional currency of Wandera Ltd. and its subsidiaries is the British Pound (“GBP”). The assets, liabilities, revenues and expenses of our foreign operations are remeasured in accordance with ASC Topic 830, Foreign Currency Matters. Remeasurement adjustments are recorded as foreign currency transaction gains (losses) in the consolidated statement of operations. Assets and liabilities of Wandera Ltd. and its subsidiaries are translated into U.S. dollars based upon exchange rates prevailing at the end of each period. Revenues and expenses of Wandera Ltd. and its subsidiaries are translated at weighted average exchange rates on a monthly basis. The resulting translation adjustment is included in accumulated other comprehensive income (“AOCI”).
Revenue recognition	The Company applies ASC Topic 606, Revenue from Contracts with Customers (“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 those revenues that are term-based and renewable from those that are one-time in nature.If revenue is recognized in advance of the right to invoice, a contract asset is recorded.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.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.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 consolidated balance sheets when the period of benefit is determined to be greater than one year.
Recently issued accounting pronouncements not yet adopted and Adoption of new accounting pronouncements	Recently issued accounting pronouncements not yet adopted From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. Financial Instruments — Credit Losses In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments — Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates (“ASU 2019-10”). The update allows the extension of the initial effective date for entities which have not yet adopted ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”). For private companies, the standard is effective for annual reporting periods beginning after December 15, 2022, with early adoption permitted. 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 ended December 31, 2021. As such, the Company will adopt ASU 2016-13 in the fourth quarter of 2021 with an effective date of January 1, 2021 through a cumulative-effect adjustment to retained earnings. The Company is currently evaluating the effect the standard will have on its consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides entities with temporary optional financial reporting alternatives to ease the potential burden in accounting for reference rate reform and includes a provision that allows entities to account for a modified contract as a continuation of an existing contract. ASU 2020-04 is effective upon issuance and can be applied through December 31, 2022. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. Business Combinations — Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree. Historically, such amounts were recognized by the acquirer at fair value in accordance with acquisition accounting. The new guidance should be applied prospectively to acquisitions occurring on or after the effective date. The standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in interim periods, for any financial statements that have not been issued. The Company will evaluate whether to early adopt the standard for future acquisitions. Adoption of new accounting pronouncements Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) to increase transparency and comparability among organizations related to their leasing arrangements. The update requires lessees to recognize most leases on their balance sheets, with the exception of short-term leases if a policy election is made, while recognizing lease expense on their income statements in a manner similar to current GAAP. The guidance also requires entities to disclose key quantitative and qualitative information about its leasing arrangements. The Company adopted the new lease standard on January 1, 2021 using the optional transition method to the modified retrospective approach. Under this transition provision, results for reporting periods beginning on January 1, 2021 are presented under ASC Topic 842, Leases (“ASC 842”) while prior period amounts continue to be reported and disclosed in accordance with the Company’s historical accounting treatment under ASC Topic 840, Leases (“ASC 840”). To reduce the burden of adoption and ongoing compliance with ASC 842, a number of practical expedients and policy elections are available under the new guidance. The Company elected the “package of practical expedients” permitted under the transition guidance, which among other things, did not require reassessment of whether contracts entered into prior to adoption are or contain leases, and allowed carryforward of the historical lease classification for existing leases. The Company has not elected to adopt the “hindsight” practical expedient, and therefore measured the right-of-use (“ROU”) asset and lease liability using the remaining portion of the lease term at adoption on January 1, 2021. The Company made an accounting policy election under ASC 842 not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. For all other leases, the Company recognizes ROU assets and lease liabilities based on the present value of lease payments over the lease term at the commencement date of the lease (or January 1, 2021 for existing leases upon the adoption of ASC 842). The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives. Future lease payments may include fixed rent escalation clauses or payments that depend on an index (such as the consumer price index). Subsequent changes to an index and other periodic market-rate adjustments to base rent are recorded in variable lease expense in the period incurred. The Company has made an accounting policy election to account for lease and non-lease components in its contracts as a single lease component for all asset classes. The non-lease components typically represent additional services transferred to the Company, such as common area maintenance for real estate, which are variable in nature and recorded in variable lease expense in the period incurred. The Company uses its incremental borrowing rate to determine the present value of lease payments as the Company’s leases do not have a readily determinable implicit discount rate. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount in a similar economic environment. Judgement is applied in assessing factors such as Company specific credit risk, lease term, nature and quality of the underlying collateral, currency and economic environment in determining the incremental borrowing rate to apply to each lease. Upon adoption, the Company recorded ROU assets and lease liabilities of approximately $25.0 million and $28.6 million, respectively, related to the Company’s operating leases. The adoption of the new lease standard did not materially impact our consolidated statements of operations or consolidated statements of cash flows. See Note 6 for more information. Debt with Conversion and Other Options and Contracts in Entity’s Own Equity In August 2020, the FASB issued ASU No. 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Among other changes, the standard eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. As a result, entities will account for a convertible debt instrument wholly as debt unless the instrument contains features that require bifurcation as a derivative in accordance with ASC Topic 815, Derivatives and Hedging, or a convertible debt instrument was issued at a substantial premium. In addition, the amendments also require the if-converted method to be applied for all convertible instruments when calculating diluted earnings per share. The standard is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. The Company early adopted the new standard on January 1, 2021. The adoption of the standard did not have a material impact on the Company’s consolidated financial statements.

Disclosure of accounting policy for revenue from contract with customer.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 18
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 20
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 235
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-Paragraph 4
-Subparagraph (e)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130564-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 20
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130566-203045

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation and description of business (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Error Corrections and Prior Period Adjustments

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 December 31, 2020 and for the quarter and year-to-date periods ended September 30, 2020.


	December 31, 2020
	As Previously Reported		Adjustments				As Revised
			Commissions		Other
	(in thousands)
Assets
Current assets:
Cash and cash equivalents	$	194,868	$	—	$	—	$	194,868
Trade accounts receivable, net of allowances	69,056		—		—		69,056
Income taxes receivable	632		—		—		632
Deferred contract costs	9,959		(1,675)		—		8,284
Prepaid expenses	13,283		—		—		13,283
Other current assets	1,113		—		—		1,113
Total current assets	288,911		(1,675)		—		287,236
Equipment and leasehold improvements, net	12,755		—		2,375		15,130
Goodwill	541,480		—		—		541,480
Other intangible assets, net	202,878		—		—		202,878
Deferred contract costs, non-current	26,770		(4,568)		—		22,202
Other assets	5,359		—		—		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 liabilities	31,574		—		342		31,916
Income taxes payable	713		—		—		713
Deferred revenues	160,443		—		(441)		160,002
Total current liabilities	199,697		—		(99)		199,598
Deferred revenues, non-current	45,507		—		—		45,507
Deferred tax liability, net	6,422		(1,535)		200		5,087
Other liabilities	11,046		—		2,033		13,079
Total liabilities	262,672		(1,535)		2,134		263,271
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—		—		—
Common stock	117		—		—		117
Additional paid‑in capital	903,116		—		—		903,116
Accumulated deficit	(87,752)		(4,708)		241		(92,219)
Total stockholders’ equity	815,481		(4,708)		241		811,014
Total liabilities and stockholders’ equity	$	1,078,153	$	(6,243)	$	2,375	$	1,074,285


	Three Months Ended September 30, 2020
	As Previously Reported (1)		Adjustments				As Revised
			Commissions		Other
	(in thousands, except share and per share amounts)
Revenue:
Subscription	$	65,782	$	—	$	(148)	$	65,634
Services	3,605		—		292		3,897
License	1,017		—		—		1,017
Total revenue	70,404		—		144		70,548
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	10,117		—		(85)		10,032
Cost of services (exclusive of amortization expense shown below)	2,443		—		4		2,447
Amortization expense	2,679		—		—		2,679
Total cost of revenue	15,239		—		(81)		15,158
Gross profit	55,165		—		225		55,390
Operating expenses:
Sales and marketing	23,251		488		34		23,773
Research and development	12,736		—		21		12,757
General and administrative	13,921		—		(76)		13,845
Amortization expense	5,633		—		—		5,633
Total operating expenses	55,541		488		(21)		56,008
Loss from operations	(376)		(488)		246		(618)
Interest expense, net	(1,207)		—		—		(1,207)
Loss on extinguishment of debt	(5,213)		—		—		(5,213)
Foreign currency transaction loss	(154)		—		—		(154)
Loss before income tax benefit	(6,950)		(488)		246		(7,192)
Income tax benefit	1,857		119		(172)		1,804
Net loss	$	(5,093)	$	(369)	$	74	$	(5,388)
Net loss per share, basic and diluted	$	(0.04)					$	(0.05)
Weighted-average shares used to compute net loss per share, basic and diluted	113,203,074						113,203,074


	Nine Months Ended September 30, 2020
	As Previously Reported (1)		Adjustments				As Revised
			Commissions		Other
	(in thousands, except share and per share amounts)
Revenue:
Subscription	$	179,148	$	—	$	(710)	$	178,438
Services	10,066		—		550		10,616
License	3,811		—		—		3,811
Total revenue	193,025		—		(160)		192,865
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)	28,127		—		(107)		28,020
Cost of services (exclusive of amortization expense shown below)	7,736		—		11		7,747
Amortization expense	8,034		—		—		8,034
Total cost of revenue	43,897		—		(96)		43,801
Gross profit	149,128		—		(64)		149,064
Operating expenses:
Sales and marketing	65,735		1,722		101		67,558
Research and development	37,282		—		62		37,344
General and administrative	31,813		—		(225)		31,588
Amortization expense	16,941		—		—		16,941
Total operating expenses	151,771		1,722		(62)		153,431
Loss from operations	(2,643)		(1,722)		(2)		(4,367)
Interest expense, net	(10,675)		—		—		(10,675)
Loss on extinguishment of debt	(5,213)		—		—		(5,213)
Foreign currency transaction loss	(471)		—		—		(471)
Other income, net	91		—		—		91
Loss before income tax provision	(18,911)		(1,722)		(2)		(20,635)
Income tax provision	5,105		430		(618)		4,917
Net loss	$	(13,806)	$	(1,292)	$	(620)	$	(15,718)
Net loss per share, basic and diluted	$	(0.13)					$	(0.15)
Weighted-average shares used to compute net loss per share, basic and diluted	106,333,836						106,333,836


	Stock Class			Additional Paid‑In Capital		Accumulated Deficit		Stockholders’ Equity
	Common
	Shares	Amount
	(in thousands, except share amounts)
As Previously Reported
Balance, June 30, 2020	102,862,404	$	103	$	570,434	$	(73,694)	$	496,843
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000	14		318,979		—		318,993
Private placement	85,880	—		2,233		—		2,233
Exercise of stock options	15,000	—		82		—		82
Share‑based compensation	—	—		2,328		—		2,328
Net loss	—	—		—		(5,093)		(5,093)
Balance, September 30, 2020	116,463,284	$	117	$	894,056	$	(78,787)	$	815,386

Commissions Adjustment
Balance, June 30, 2020	—	$	—	$	—	$	(3,753)	$	(3,753)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	—		—		—		—
Private placement	—	—		—		—		—
Exercise of stock options	—	—		—		—		—
Share‑based compensation	—	—		—		—		—
Net loss	—	—		—		(369)		(369)
Balance, September 30, 2020	—	$	—	$	—	$	(4,122)	$	(4,122)

Other Adjustments
Balance, June 30, 2020	—	$	—	$	—	$	(1,020)	$	(1,020)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	—		—		—		—
Private placement	—	—		—		—		—
Exercise of stock options	—	—		—		—		—
Share‑based compensation	—	—		—		—		—
Net loss	—	—		—		74		74
Balance, September 30, 2020	—	$	—	$	—	$	(946)	$	(946)

As Revised
Balance, June 30, 2020	102,862,404	$	103	$	570,434	$	(78,467)	$	492,070
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000	14		318,979		—		318,993
Private placement	85,880	—		2,233		—		2,233
Exercise of stock options	15,000	—		82		—		82
Share‑based compensation	—	—		2,328		—		2,328
Net loss	—	—		—		(5,388)		(5,388)
Balance, September 30, 2020	116,463,284	$	117	$	894,056	$	(83,855)	$	810,318


	Stock Class				Additional Paid‑In Capital		Accumulated Deficit		Stockholders’ Equity
	Common
	Shares		Amount
	(in thousands, except share amounts)
As Previously Reported
Balance, December 31, 2019	102,843,612		$	103	$	568,756	$	(64,981)	$	503,878
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000		14		318,979		—		318,993
Private placement	85,880		—		2,233		—		2,233
Exercise of stock options	33,792		—		185		—		185
Share‑based compensation	—		—		3,903		—		3,903
Net loss	—		—		—		(13,806)		(13,806)
Balance, September 30, 2020	116,463,284		$	117	$	894,056	$	(78,787)	$	815,386

Commissions Adjustment
Balance, December 31, 2019	—		$	—	$	—	$	(2,830)	$	(2,830)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—	.	—		—		—		—
Private placement	—		—		—		—		—
Exercise of stock options	—		—		—		—		—
Share‑based compensation	—		—		—		—		—
Net loss	—		—		—		(1,292)		(1,292)
Balance, September 30, 2020	—		$	—	$	—	$	(4,122)	$	(4,122)

Other Adjustments
Balance, December 31, 2019	—		$	—	$	—	$	(326)	$	(326)
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	—		—		—		—		—
Private placement	—		—		—		—		—
Exercise of stock options	—		—		—		—		—
Share‑based compensation	—		—		—		—		—
Net loss	—		—		—		(620)		(620)
Balance, September 30, 2020	—		$	—	$	—	$	(946)	$	(946)

As Revised
Balance, December 31, 2019	102,843,612		$	103	$	568,756	$	(68,137)	$	500,722
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions and offering costs	13,500,000		14		318,979		—		318,993
Private placement	85,880		—		2,233		—		2,233
Exercise of stock options	33,792		—		185		—		185
Share‑based compensation	—		—		3,903		—		3,903
Net loss	—		—		—		(15,718)		(15,718)
Balance, September 30, 2020	116,463,284		$	117	$	894,056	$	(83,855)	$	810,318


	Nine Months Ended September 30, 2020
	As Previously Reported		Adjustments				As Revised
			Commissions		Other
	(in thousands)
Cash flows from operating activities
Net loss	$	(13,806)	$	(1,292)	$	(620)	$	(15,718)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense	28,378		—		254		28,632
Amortization of deferred contract costs	6,705		(1,187)		—		5,518
Amortization of debt issuance costs	700		—		—		700
Provision for bad debt expense and returns	894		—		—		894
Gain on disposal of equipment and leasehold improvements	(23)		—		23		—
Loss on extinguishment of debt	5,213		—		—		5,213
Share‑based compensation	3,903		—		—		3,903
Deferred tax benefit	(5,357)		(430)		618		(5,169)
Adjustment to contingent consideration	(3,100)		—		—		(3,100)
Other	—		—		(277)		(277)
Changes in operating assets and liabilities:
Trade accounts receivable	(18,332)		—		58		(18,274)
Income tax receivable/payable	(183)		—		—		(183)
Prepaid expenses and other assets	(4,699)		—		499		(4,200)
Deferred contract costs	(16,879)		2,909		—		(13,970)
Accounts payable	3,145		—		(158)		2,987
Accrued liabilities	(4,207)		—		—		(4,207)
Deferred revenue	47,528		—		(339)		47,189
Other liabilities	3,161		—		—		3,161
Net cash provided by operating activities	33,041		—		58		33,099
Cash flows from investing activities
Purchases of equipment and leasehold improvements	(1,836)		—		—		(1,836)
Net cash used in investing activities	(1,836)		—		—		(1,836)
Cash flows from financing activities
Payment of bank borrowings	(205,000)		—		—		(205,000)
Debt issuance costs	(1,264)		—		—		(1,264)
Payment of debt extinguishment costs	(2,050)		—		—		(2,050)
Proceeds from initial public offering, net of underwriting discounts and commissions	326,316		—		—		326,316
Cash paid for offering costs	(6,601)		—		—		(6,601)
Proceeds from private placement	2,233		—		—		2,233
Proceeds from the exercise of stock options	185		—		—		185
Net cash provided by financing activities	113,819		—		—		113,819
Net increase in cash and cash equivalents	145,024		—		58		145,082
Cash and cash equivalents, beginning of period	32,433		—		(58)		32,375
Cash and cash equivalents, end of period	$	177,457	$	—	$	—	$	177,457
Supplemental disclosures of cash flow information:
Cash paid for interest	$	12,647	$	—	$	—	$	12,647
Cash paid for income taxes, net of refunds	703		—		—		703

Schedule of Revenue by Geographic Location

Revenue by geographic region as determined based on the end user customer address was as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands)
Revenue:
The Americas	$	69,865	$	54,707	$	195,408	$	149,723
Europe, the Middle East, India, and Africa	19,543		11,786		49,721		32,347
Asia Pacific	6,213		4,055		17,457		10,795
	$	95,621	$	70,548	$	262,586	$	192,865

(1) Certain prior period amounts have been revised to correct immaterial errors. See above for more information.

Summary of significant accounting policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Disaggregation of Revenue

Revenue from subscription and non-subscription contractual arrangements are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands)
SaaS subscription and support and maintenance	$	83,775	$	57,785	$	222,672	$	160,279
On‑premise subscription	6,925		7,849		23,228		18,159
Subscription revenue	90,700		65,634		245,900		178,438
Professional services	4,083		3,897		12,015		10,616
Perpetual licenses	838		1,017		4,671		3,811
Non‑subscription revenue	4,921		4,914		16,686		14,427
Total revenue	$	95,621	$	70,548	$	262,586	$	192,865

(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Contract with Customer Asset and Liability

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,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands)
Balance, beginning of the period	$	238,457	$	157,282	$	205,509	$	140,449
Acquisitions	5,200		—		5,200		—
Revenue earned	(71,574)		(49,823)		(144,038)		(115,784)
Deferral of revenue	98,284		80,179		203,696		162,973
Balance, end of the period	$	270,367	$	187,638	$	270,367	$	187,638

(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Financial instruments fair value (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial Instruments Fair Value

The fair value of these financial instruments were as follows:


	September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	153,026	$	—	$	—	$	153,026
Total cash equivalents	$	153,026	$	—	$	—	$	153,026


	December 31, 2020
	Level 1		Level 2		Level 3		Total
	(in thousands)
Cash equivalents:
Money market funds	$	100,000	$	—	$	—	$	100,000
U.S. Treasuries	25,000		—		—		25,000
Total cash equivalents	$	125,000	$	—	$	—	$	125,000

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions

Acquisition-related costs were expensed as incurred and were as follows:


	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	(in thousands)
Cost of revenue:
Subscription	$	17	$	17
Sales and marketing	34		34
Research and development	549		590
General and administrative	1,859		4,007
	$	2,459	$	4,648

Schedule of Acquisitions

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	$	9,605
Trade accounts receivable, net	3,882
Prepaid expenses	900
Equipment and leasehold improvements, net	58
Intangible assets acquired	102,050
Operating lease assets	1,474
Deferred tax asset	849
Liabilities assumed:
Accounts payable	788
Accrued liabilities	3,464
Income taxes payable	94
Deferred revenue	5,200
Operating lease liabilities	1,474
Deferred tax liability	9,356
Goodwill	310,833
Total purchase consideration	$	409,275

The Company allocated the net purchase consideration to the net assets acquired based on their respective fair values at the time of the acquisition as follows (in thousands):


Cash consideration	$	3,041
Contingent consideration	359
Final aggregate purchase price	$	3,400

Intangible assets acquired:
Developed technology	$	2,630
IPR&D	400
Goodwill	370
Total purchase consideration	$	3,400

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The estimated useful lives and fair values of the identifiable intangible assets are as follows:


	Useful Life	Gross Value
		(in thousands)
Developed technology	6.5 years	$	60,500
Customer relationships	11.0 years	35,600
Order backlog	2.5 years	3,800
Non-competes	2.5 years	1,750
Trademarks	3.0 years	400
Total identifiable intangible assets		$	102,050

Schedule of Pro Forma Revenue and Earnings

Pro forma consolidated revenues and net loss for the three and nine months ended September 30, 2021 and 2020, calculated as if Wandera had been acquired as of January 1, 2020, are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Revenues	$	95,621	$	75,104	$	274,194	$	206,943
Net loss	(28,537)		(10,061)		(61,237)		(31,451)

Goodwill and other intangible assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

The change in the carrying amount of goodwill is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Goodwill, beginning of period	$	541,850	$	539,818	$	541,480	$	539,818
Goodwill acquired	310,833		—		311,203		—
Foreign currency translation adjustment	(6,626)		—		(6,626)		—
Goodwill, end of period	$	846,057	$	539,818	$	846,057	$	539,818

Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill

The gross carrying amount and accumulated amortization of intangible assets other than goodwill are as follows:


	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	8 years	$	34,320	$	13,454	$	20,866	4.8 years
Customer relationships	2 ‑ 12 years	214,428		55,810		158,618		8.7 years
Developed technology	5 years	54,563		31,173		23,390		2.3 years
Non‑competes	2 years	90		86		4		0.1 years
Balance, December 31, 2020		$	303,401	$	100,523	$	202,878

Trademarks	3 - 8 years	$	34,690	$	16,683	$	18,007	4.1 years
Customer relationships	2 ‑ 12 years	249,483		70,239		179,244		8.5 years
Developed technology	5 - 6.5 years	116,158		41,956		74,202		5.2 years
Non‑competes	2 - 2.5 years	1,796		264		1,532		2.3 years
Order backlog	2.5 years	3,744		379		3,365		2.3 years
IPR&D	Indefinite	400		—		400
Balance, September 30, 2021		$	406,271	$	129,521	$	276,750

Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill

The gross carrying amount and accumulated amortization of intangible assets other than goodwill are as follows:


	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	8 years	$	34,320	$	13,454	$	20,866	4.8 years
Customer relationships	2 ‑ 12 years	214,428		55,810		158,618		8.7 years
Developed technology	5 years	54,563		31,173		23,390		2.3 years
Non‑competes	2 years	90		86		4		0.1 years
Balance, December 31, 2020		$	303,401	$	100,523	$	202,878

Trademarks	3 - 8 years	$	34,690	$	16,683	$	18,007	4.1 years
Customer relationships	2 ‑ 12 years	249,483		70,239		179,244		8.5 years
Developed technology	5 - 6.5 years	116,158		41,956		74,202		5.2 years
Non‑competes	2 - 2.5 years	1,796		264		1,532		2.3 years
Order backlog	2.5 years	3,744		379		3,365		2.3 years
IPR&D	Indefinite	400		—		400
Balance, September 30, 2021		$	406,271	$	129,521	$	276,750

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The expected future amortization expense as of September 30, 2021 for intangible assets acquired in connection with the Wandera acquisition is as follows:


Years ending December 31:
2021 (remaining three months)	$	3,725
2022	14,897
2023	14,897
2024	12,611
2025	12,544
Thereafter	39,652
Total amortization expense	$	98,326

Leases - (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Supplemental Balance Sheet Information

Supplemental balance sheet information related to the Company’s operating leases is as follows:

Leases

Balance Sheet Classification

September 30, 2021

(in thousands)

Assets

Operating lease assets

Other assets

22,892

Liabilities

Operating lease liabilities - current

Accrued liabilities

5,367

Operating lease liabilities - non-current

Other liabilities

21,442

Total operating lease liabilities

26,809

Components of Lease Expense

The components of lease expense were as follows:


	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
	(in thousands)
Operating lease cost	$	1,541	$	4,424
Short-term lease cost	83		187
Variable lease cost	508		1,388
Total lease expense	$	2,132	$	5,999

Schedule of Operating Lease Liability

Maturities of the Company’s operating lease liabilities as of September 30, 2021 were as follows:


	Operating Leases
	(in thousands)
Years ending December 31:
2021 (remaining three months)	$	1,599
2022	6,077
2023	5,681
2024	4,605
2025	2,519
Thereafter	9,482
Total lease payments	29,963
Less: imputed interest	3,154
Total present value of lease liabilities	$	26,809

Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Schedule of Interest Expense

The following table sets forth the interest expense related to the 2026 Notes:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Contractual interest expense	$	18	$	—	$	18	$	—
Amortization of issuance costs	95		—		95		—

Net loss per share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted 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,
	2021		2020 (1)		2021		2020 (1)
			(As Revised)				(As Revised)
	(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(30,383)	$	(5,388)	$	(51,439)	$	(15,718)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	118,640,565		113,203,074		117,983,463		106,333,836
Basic and diluted net loss per share	$	(0.26)	$	(0.05)	$	(0.44)	$	(0.15)

(1) Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Weighted-Average Shares Outstanding


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021	2020	2021	2020
Stock options outstanding	5,707,634	7,727,158	5,707,634	7,727,158
Unvested restricted stock units	3,427,190	1,291,056	3,427,190	1,291,056
Shares related to the 2026 Notes	7,475,897	—	7,475,897	—
Total potentially dilutive securities	16,610,721	9,018,214	16,610,721	9,018,214

Share-based compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Summary of Stock-Option Activity

The table below summarizes return target options activity for the nine months ended September 30, 2021:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2020	3,687,664	$	6.75	7.8	$	85,444
Granted	—	—			—
Exercised	—	—			—
Forfeitures	—	—			—
Outstanding, September 30, 2021	3,687,664	$	6.75	7.0	$	117,158
Options exercisable at September 30, 2021	—	$	—	—	$	—
Vested or expected to vest at September 30, 2021	—	$	—	—	$	—

The table below summarizes the service-based option activity for the nine months ended September 30, 2021:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2020	3,546,826	$	5.65	7.1	$	86,098
Granted	—	—			—
Exercised	(1,526,856)	5.61			44,082
Forfeitures	—	—			—
Outstanding, September 30, 2021	2,019,970	$	5.67	6.3	$	66,355
Options exercisable at September 30, 2021	1,533,479	$	5.50	6.2	$	50,633
Vested or expected to vest at September 30, 2021	2,019,970	$	5.67	6.3	$	66,355

Summary of Restricted Stock Units Stock Option Activity

Restricted stock unit (“RSU”) activity for the nine months ended September 30, 2021 is as follows:


	Units	Per Unit Fair Value
Outstanding, December 31, 2020	1,293,107	$	26.34
Granted	2,725,991	34.86
Vested	(507,776)	30.32
Forfeited	(84,132)	27.64
Outstanding, September 30, 2021	3,427,190	$	32.49

Schedule of Stock Based Compensation

The Company recognized stock-based compensation expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(in thousands)
Cost of revenue:
Subscription	$	1,716	$	314	$	2,384	$	390
Services	229		62		381		62
Sales and marketing	4,833		675		6,763		897
Research and development	5,145		523		7,076		821
General and administrative	3,913		754		6,170		1,733
	$	15,836	$	2,328	$	22,774	$	3,903

Basis of presentation and description of business - IPO (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Jul. 24, 2020

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Proceeds from initial public offering, net of underwriting discounts and commissions

$ 0

$ 326,316

^[1]

Offering costs

$ 543

6,601

^[1]

Common stock, shares authorized (in shares)

500,000,000

Common stock, par value (in dollars per share)

$ 0.001

Preferred stock authorized (in shares)

50,000,000

Preferred stock, par value (in dollars per share)

$ 0.001

Repayment of debt

$ 205,000

205,000

Accrued interest paid

3,400

Prepayment penalty

2,000

Write-off of debt issuance cost

$ 3,200

Loss on debt extinguishment

$ 449

$ 5,213

^[2]

$ 449

5,213

^[2]

IPO

Offering price (in dollars per share)

13,500,000

$ 26.00

Proceeds from initial public offering, net of underwriting discounts and commissions

$ 319,000

Underwriting discount and commissions

24,700

Offering costs

$ 7,300

^[2]

318,993

Private placement

85,880

$ 2,200

$ 2,233

^[2]

$ 2,233

^[2]

[1]	Certain prior period amounts have 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.

Basis of presentation and description of business - Basis of Presentation and Revision Narrative (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2021

Mar. 31, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

$ 95,621

$ 70,548

^[1]

$ 262,586

$ 192,865

^[1]

40,856

23,773

^[1]

103,640

67,558

^[1]

Adjustments | Error in Commissions Capitalized

$ 90,700

65,634

^[1]

$ 245,900

178,438

^[1]

$ 800

$ 2,500

$ 2,000

$ 1,800

Adjustments | Subscription | Classification of on Premise Subscription Revenue

$ (800)

$ (2,500)

$ (2,000)

$ (1,800)

$ 7,800

$ 18,200

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Basis of presentation and description of business - Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands

Sep. 30, 2021

Jun. 30, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Dec. 31, 2019

$ 227,148

$ 194,868

$ 177,457

^[1]

69,486

69,056

652

632

11,673

8,284

18,677

13,283

3,592

1,113

331,228

287,236

17,529

15,130

846,057

$ 541,850

541,480

539,818

$ 539,818

276,750

202,878

27,830

22,202

30,685

5,359

1,530,079

1,074,285

12,717

6,967

98,598

31,916

Income taxes payable

730

713

Deferred revenues

211,029

160,002

323,074

199,598

59,338

45,507

11,455

5,087

27,969

13,079

783,310

263,271

119

117

898,428

903,116

(143,658)

(92,219)

^[2]

746,769

$ 803,959

811,014

810,318

492,070

500,722

$ 1,530,079

1,074,285

194,868

69,056

632

9,959

13,283

1,113

288,911

12,755

541,480

202,878

26,770

5,359

1,078,153

6,967

31,574

713

160,443

199,697

45,507

6,422

11,046

262,672

117

903,116

(87,752)

815,481

815,386

496,843

503,878

1,078,153

(1,675)

(1,675)

(4,568)

(6,243)

(1,535)

(1,535)

(4,708)

(4,708)

(4,122)

(3,753)

(2,830)

(6,243)

2,375

2,375

342

(441)

(99)

200

2,033

2,134

241

241

$ (946)

$ (1,020)

$ (326)

$ 2,375

[1]	Certain prior period amounts have 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.

Basis of presentation and description of business - Consolidated Statements of Operations (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Revenue:

$ 95,621

$ 70,548

^[1]

$ 262,586

$ 192,865

^[1]

5,198

2,679

^[1]

10,835

8,034

^[1]

26,470

15,158

^[1]

63,068

43,801

^[1]

69,151

55,390

^[1]

199,518

149,064

^[1]

40,856

23,773

^[1]

103,640

67,558

^[1]

25,608

12,757

^[1]

58,437

37,344

^[1]

25,536

13,845

^[1]

69,288

31,588

^[1]

7,025

5,633

^[1]

18,275

16,941

^[1]

99,025

56,008

^[1]

249,640

153,431

^[1]

(29,874)

(618)

^[1]

(50,122)

(4,367)

^[1]

(1,386)

(1,207)

^[1]

(1,608)

(10,675)

^[1]

(449)

(5,213)

^[1]

(449)

(5,213)

^[1]

(269)

(154)

^[1]

(795)

(471)

^[1]

^[1]

(31,978)

(7,192)

^[1]

(52,974)

(20,635)

^[1]

1,595

1,804

^[1]

1,535

4,917

^[1]

Net loss per share, basic (in dollars per share)

^[1]

$ (30,383)

$ (5,388)

$ (51,439)

$ (15,718)

$ (0.26)

$ (0.05)

^[1]

$ (0.44)

$ (0.15)

^[1]

Net loss per share, diluted (in dollars per share)

$ (0.26)

$ (0.05)

^[1]

$ (0.44)

$ (0.15)

^[1]

Weighted-average shares used to compute net loss per share, basic (in shares)

118,640,565

113,203,074

^[1]

117,983,463

106,333,836

^[1]

Weighted-average shares used to compute net loss per share, diluted (in shares)

118,640,565

113,203,074

^[1]

117,983,463

106,333,836

^[1]

Revenue:

$ 90,700

$ 65,634

^[1]

$ 245,900

$ 178,438

^[1]

18,317

10,032

^[1]

44,206

28,020

^[1]

Services

Revenue:

4,083

3,897

^[1]

12,015

10,616

^[1]

2,955

2,447

^[1]

8,027

7,747

^[1]

License

Revenue:

$ 838

1,017

^[1]

$ 4,671

3,811

^[1]

Revenue:

70,404

193,025

2,679

8,034

15,239

43,897

55,165

149,128

23,251

65,735

12,736

37,282

13,921

31,813

5,633

16,941

55,541

151,771

(376)

(2,643)

(1,207)

(10,675)

(5,213)

(154)

(471)

(6,950)

(18,911)

1,857

5,105

Net loss per share, basic (in dollars per share)

$ (5,093)

$ (13,806)

$ (0.04)

$ (0.13)

Net loss per share, diluted (in dollars per share)

$ (0.04)

$ (0.13)

Weighted-average shares used to compute net loss per share, basic (in shares)

113,203,074

106,333,836

Weighted-average shares used to compute net loss per share, diluted (in shares)

113,203,074

106,333,836

As Previously Reported | Subscription

Revenue:

$ 65,782

$ 179,148

As Previously Reported | Services

10,117

28,127

Revenue:

3,605

10,066

As Previously Reported | License

2,443

7,736

Revenue:

1,017

3,811

Revenue:

488

1,722

488

1,722

(488)

(1,722)

(488)

(1,722)

119

430

Adjustments | Commissions | Subscription

(369)

(1,292)

Revenue:

Adjustments | Commissions | Services

Revenue:

Adjustments | Commissions | License

Revenue:

Revenue:

144

(160)

(81)

(96)

225

(64)

101

(76)

(225)

(21)

(62)

246

(2)

246

(2)

(172)

(618)

Adjustments | Other | Subscription

(620)

Revenue:

(148)

(710)

Adjustments | Other | Services

(85)

(107)

Revenue:

292

550

Adjustments | Other | License

Revenue:

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 0

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Basis of presentation and description of business - Consolidated Statements of Stockholders' Equity (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jul. 24, 2020

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

^[1]

$ 803,959

$ 492,070

$ 811,014

$ 500,722

^[1]

1,507

8,570

185

^[1]

15,836

2,328

22,774

3,903

^[1]

(30,383)

(5,388)

(51,439)

(15,718)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

^[1]

$ 746,769

810,318

$ 746,769

810,318

IPO

13,500,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

^[1]

318,993

Private placement

85,880

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 2,200

$ 2,233

^[1]

$ 2,233

^[1]

Common Stock

118,249,912

102,862,404

116,992,472

102,843,612

$ 118

$ 103

$ 117

$ 103

269,416

15,000

1,526,856

33,792

$ 1

$ 2

119,027,104

116,463,284

119,027,104

116,463,284

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 119

$ 117

$ 119

$ 117

Common Stock | IPO

13,500,000

Common Stock | Private placement

$ 14

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Additional Paid‑In Capital

85,880

Increase (Decrease) in Stockholders' Equity [Roll Forward]

917,116

$ 570,434

903,116

$ 568,756

1,506

8,568

185

15,836

2,328

22,774

3,903

Additional Paid‑In Capital | IPO

898,428

894,056

898,428

894,056

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Additional Paid‑In Capital | Private placement

318,979

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

2,233

Accumulated Deficit

^[1]

(113,275)

(78,467)

(92,219)

(68,137)

^[1]

(30,383)

(5,388)

(51,439)

(15,718)

^[1]

$ (143,658)

(83,855)

(143,658)

(83,855)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

496,843

815,481

503,878

185

2,328

3,903

(5,093)

(13,806)

As Previously Reported | IPO

815,386

Increase (Decrease) in Stockholders' Equity [Roll Forward]

As Previously Reported | Private placement

318,993

Increase (Decrease) in Stockholders' Equity [Roll Forward]

As Previously Reported | Common Stock

$ 2,233

Increase (Decrease) in Stockholders' Equity [Roll Forward]

102,862,404

102,843,612

$ 103

15,000

33,792

116,463,284

As Previously Reported | Common Stock | IPO

$ 117

Increase (Decrease) in Stockholders' Equity [Roll Forward]

13,500,000

As Previously Reported | Common Stock | Private placement

$ 14

Increase (Decrease) in Stockholders' Equity [Roll Forward]

As Previously Reported | Additional Paid‑In Capital

85,880

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 570,434

$ 568,756

185

2,328

3,903

As Previously Reported | Additional Paid‑In Capital | IPO

894,056

Increase (Decrease) in Stockholders' Equity [Roll Forward]

As Previously Reported | Additional Paid‑In Capital | Private placement

318,979

Increase (Decrease) in Stockholders' Equity [Roll Forward]

As Previously Reported | Accumulated Deficit

2,233

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(73,694)

(64,981)

(5,093)

(13,806)

(78,787)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(3,753)

(4,708)

(2,830)

(369)

(1,292)

Adjustments | Commissions | IPO

(4,122)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Adjustments | Commissions | Private placement

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(1,020)

$ 241

(326)

(620)

Adjustments | Other | IPO

(946)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Adjustments | Other | Private placement

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Adjustments | Common Stock | Commissions

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 0

Adjustments | Common Stock | Other

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

$ 0

Adjustments | Additional Paid‑In Capital | Commissions

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Adjustments | Additional Paid‑In Capital | Other

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Adjustments | Accumulated Deficit | Commissions

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(3,753)

(2,830)

(369)

(1,292)

Adjustments | Accumulated Deficit | Other

(4,122)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(1,020)

(326)

(620)

$ (946)

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Basis of presentation and description of business - Consolidated Statement of Cash Flows (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Jul. 24, 2020

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Adjustments to reconcile net loss to cash provided by operating activities:

^[1]

$ (30,383)

$ (5,388)

$ (51,439)

$ (15,718)

33,249

28,632

^[2]

9,034

5,518

^[2]

573

700

^[2]

Non-cash lease expense

3,705

^[2]

Gain on disposal of equipment and leasehold improvements

(7)

894

^[2]

449

5,213

^[1]

449

5,213

^[1]

22,774

3,903

^[2]

(2,568)

(5,169)

^[2]

4,837

(3,100)

^[2]

1,144

(277)

^[2]

3,184

(18,274)

^[2]

(107)

(183)

^[2]

(8,129)

(4,200)

^[2]

(18,052)

(13,970)

^[2]

5,020

2,987

^[2]

1,644

(4,207)

^[2]

Deferred revenue

59,464

47,189

^[2]

3,161

^[2]

64,827

33,099

^[2]

Acquisition, net of cash acquired

(352,711)

^[2]

Proceeds from sale of equipment and leasehold improvements

(7,261)

(1,836)

^[2]

^[2]

(359,937)

(1,836)

^[2]

$ (205,000)

(205,000)

(12,636)

(1,264)

^[2]

Proceeds from initial public offering, net of underwriting discounts and commissions

(2,050)

^[2]

326,316

^[2]

(543)

(6,601)

^[2]

2,233

^[2]

8,570

185

^[2]

Effect of exchange rate changes on cash, cash equivalents and restricted cash

328,905

113,819

^[2]

(865)

^[2]

Net increase in cash, cash equivalents and restricted cash

32,930

145,082

^[2]

Cash, cash equivalents and restricted cash, beginning of period

194,868

32,375

^[2]

Cash, cash equivalents and restricted cash, end of period

$ 227,798

177,457

^[2]

227,798

177,457

^[2]

Supplemental disclosures of cash flow information:

944

12,647

^[2]

$ 1,047

703

^[2]

Adjustments to reconcile net loss to cash provided by operating activities:

(5,093)

(13,806)

28,378

6,705

700

Gain on disposal of equipment and leasehold improvements

894

(23)

5,213

3,903

(5,357)

(3,100)

(18,332)

(183)

(4,699)

(16,879)

3,145

(4,207)

47,528

3,161

33,041

(1,836)

(1,836)

(205,000)

(1,264)

Proceeds from initial public offering, net of underwriting discounts and commissions

(2,050)

326,316

(6,601)

2,233

185

Net increase in cash, cash equivalents and restricted cash

113,819

145,024

Cash, cash equivalents and restricted cash, beginning of period

32,433

Cash, cash equivalents and restricted cash, end of period

177,457

Supplemental disclosures of cash flow information:

12,647

703

Adjustments to reconcile net loss to cash provided by operating activities:

(369)

(1,292)

(1,187)

Gain on disposal of equipment and leasehold improvements

(430)

2,909

Proceeds from initial public offering, net of underwriting discounts and commissions

Net increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash, beginning of period

Cash, cash equivalents and restricted cash, end of period

Supplemental disclosures of cash flow information:

Adjustments to reconcile net loss to cash provided by operating activities:

(620)

254

Gain on disposal of equipment and leasehold improvements

618

(277)

499

(158)

(339)

Proceeds from initial public offering, net of underwriting discounts and commissions

Net increase in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash, beginning of period

(58)

Cash, cash equivalents and restricted cash, end of period

$ 0

Supplemental disclosures of cash flow information:

$ 0

[1]	Certain prior period amounts have 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.

Basis of presentation and description of business - Segment and Geographic Information (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

USD ($)

Sep. 30, 2020

USD ($)

Sep. 30, 2021

USD ($)

segment

Sep. 30, 2020

USD ($)

Number of operating segment | segment

Number of reportable segment | segment

$ 95,621

$ 70,548

^[1]

$ 262,586

$ 192,865

^[1]

The Americas

Europe, the Middle East, India, and Africa

69,865

54,707

195,408

149,723

19,543

11,786

49,721

32,347

Asia Pacific

$ 6,213

$ 4,055

$ 17,457

$ 10,795

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Summary of significant accounting policies - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

$ 95,621

$ 70,548

^[1]

$ 262,586

$ 192,865

^[1]

SaaS subscription and support and maintenance

90,700

65,634

^[1]

245,900

178,438

^[1]

83,775

57,785

222,672

160,279

On‑premise subscription

6,925

7,849

23,228

18,159

Non‑subscription revenue

4,921

4,914

16,686

14,427

Professional services

4,083

3,897

^[1]

12,015

10,616

^[1]

Perpetual licenses

$ 838

$ 1,017

^[1]

$ 4,671

$ 3,811

^[1]

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Summary of significant accounting policies - Contract Balances (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Contract with customer, asset	$ 1,700		$ 1,700		$ 900
Contract With Customer, Liability [Roll Forward]
Balance, beginning of the period	238,457	$ 157,282	205,509	$ 140,449
Acquisitions	5,200	0	5,200	0
Revenue earned	(71,574)	(49,823)	(144,038)	(115,784)
Deferral of revenue	98,284	80,179	203,696	162,973
Balance, end of the period	$ 270,367	$ 187,638	$ 270,367	$ 187,638

Summary of significant accounting policies - Remaining Performance Obligations (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 310.3	$ 224.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	81.00%
Remaining performance obligation, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent		80.00%
Remaining performance obligation, period		3 years

Summary of significant accounting policies - Deferred Contract Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Concentration Risk [Line Items]
Total amortization of contract costs	$ 3,100,000	$ 2,000,000	$ 9,000,000	$ 5,500,000
Impairment losses	0	$ 0	0	$ 0
Trade accounts receivable, net of allowances	69,486,000		69,486,000		$ 69,056,000
Accounts Receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Trade accounts receivable, net of allowances	$ 10,800,000		$ 10,800,000
Accounts Receivable \| Credit Concentration Risk \| Two Distributors
Concentration Risk [Line Items]
Trade accounts receivable, net of allowances					$ 19,800,000

Summary of significant accounting policies - Recent Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jan. 01, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 22,892
Operating lease liabilities - non-current	$ 21,442
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets		$ 25,000
Operating lease liabilities - non-current		$ 28,600

Financial instruments fair value (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	$ 153,026	$ 125,000
Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	153,026	100,000
U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents		25,000
Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	153,026	125,000
Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	153,026	100,000
Level 1 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents		25,000
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
Level 2 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
Level 2 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents		0
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	0	0
Level 3 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents	$ 0	0
Level 3 \| U.S. Treasuries
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total cash equivalents		$ 0

Acquisitions - Wandera (Details) - USD ($)
$ in Thousands

2 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

Dec. 15, 2021

Oct. 01, 2021

Jul. 01, 2021

Dec. 15, 2021

Sep. 30, 2021

Dec. 15, 2021

Sep. 30, 2021

Sep. 30, 2020

^[1]

Restricted cash included in other current assets

$ 650

$ 0

Wandera Inc.

Restricted cash included in other current assets

Voting interest

100.00%

Cash consideration

$ 359,300

$ 700

Revenues

5,100

Acquisition-related expenses

(8,300)

$ 2,459

$ 4,648

Wandera Inc. | Forecast

Cash consideration

$ 25,000

$ 50,000

$ 409,300

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Acquisitions - Acquisition-related Costs (Details) - Wandera Inc. - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition-related costs	$ 2,459	$ 4,648
Cost of revenues \| Subscription
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition-related costs	17	17
Sales and marketing
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition-related costs	34	34
Research and development
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition-related costs	549	590
General and administrative
Business Combination, Separately Recognized Transactions [Line Items]
Acquisition-related costs	$ 1,859	$ 4,007

Acquisitions - Schedule of Acquisitions (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Feb. 26, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Liabilities assumed:
Goodwill			$ 846,057	$ 541,850	$ 541,480	$ 539,818	$ 539,818	$ 539,818
Wandera Inc.
Business Acquisition [Line Items]
Cash consideration	$ 359,300
Assets acquired:
Cash and cash equivalents	9,605
Trade accounts receivable, net	3,882
Prepaid expenses	900
Equipment and leasehold improvements, net	58
Intangible assets acquired	102,050
Operating lease assets	1,474
Deferred tax asset	849
Liabilities assumed:
Accounts payable	788
Accrued liabilities	3,464
Income taxes payable	94
Deferred revenue	5,200
Operating lease liabilities	1,474
Deferred tax liability	9,356
Goodwill	310,833
Total purchase consideration	$ 409,275
cmdReporter
Business Acquisition [Line Items]
Cash consideration		$ 3,041
Deferred/contingent consideration		359
Final aggregate purchase price		3,400
Intangible assets acquired:
Developed technology		2,630
IPR&D		400
Liabilities assumed:
Goodwill		370
Total purchase consideration		$ 3,400

Acquisitions - Acquired Intangible Assets (Details) - Wandera Inc. $ in Thousands	Jul. 01, 2021 USD ($)
Business Acquisition [Line Items]
Gross Value	$ 102,050
Developed technology
Business Acquisition [Line Items]
Useful Life	6 years 6 months
Gross Value	$ 60,500
Customer relationships
Business Acquisition [Line Items]
Useful Life	11 years
Gross Value	$ 35,600
Order backlog
Business Acquisition [Line Items]
Useful Life	2 years 6 months
Gross Value	$ 3,800
Non‑competes
Business Acquisition [Line Items]
Useful Life	2 years 6 months
Gross Value	$ 1,750
Trademarks
Business Acquisition [Line Items]
Useful Life	3 years
Gross Value	$ 400

Acquisitions - Pro Forma Information (Details) - Wandera Inc. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition [Line Items]
Revenues	$ 95,621	$ 75,104	$ 274,194	$ 206,943
Net loss	$ (28,537)	$ (10,061)	$ (61,237)	$ (31,451)

Acquisitions - cmdReporter (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Feb. 26, 2021

Sep. 30, 2021

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

^[1]

Increase (decrease) in fair value of contingent consideration

$ 4,837

$ (3,100)

cmdReporter

Consideration transferred

$ 3,400

Contingent consideration, liability

$ 400

$ 0

Measurement period

90 days

Contingent consideration earned

300

Increase (decrease) in fair value of contingent consideration

$ (100)

Acquisition-related expenses

$ 0

$ 100

cmdReporter | Developed technology

Weighted-average economic life of intangible assets acquired

5 years

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Acquisitions - Digita Security LLC (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Jun. 30, 2021

Sep. 30, 2021

Sep. 30, 2020

^[1]

Dec. 31, 2020

Dec. 31, 2019

Cash payment for contingent consideration

$ 4,206

$ 0

Increase (decrease) in fair value of contingent consideration

4,837

$ (3,100)

Digita Security LLC

Maximum contingent consideration

$ 15,000

Cash payment for contingent consideration

$ 4,200

Increase (decrease) in fair value of contingent consideration

$ 600

4,900

Contingent consideration recognized

8,900

$ 8,200

Digita Security LLC | Accrued Liabilities

Contingent consideration recognized

4,500

Digita Security LLC | Other Liabilities

Contingent consideration recognized

$ 4,400

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Goodwill and other intangible assets - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 541,850	$ 539,818	$ 541,480	$ 539,818
Goodwill acquired	310,833	0	311,203	0
Foreign currency translation adjustment	(6,626)	0	(6,626)	0
Goodwill, end of period	$ 846,057	$ 539,818	$ 846,057	$ 539,818

Goodwill and other intangible assets - Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Value					$ 303,401,000
Accumulated Amortization (in thousands)	$ 129,521,000		$ 129,521,000		100,523,000
Net Carrying Value					202,878,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Value	406,271,000		406,271,000
Net Carrying Value	276,750,000		276,750,000		$ 202,878,000
Amortization expense	12,200,000	$ 8,300,000	29,100,000	$ 25,000,000
Goodwill and Intangible Asset Impairment	0	$ 0	0	$ 0
IPR&D
Indefinite-lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	400,000		400,000
Trademarks
Finite-Lived Intangible Assets [Line Items]
Useful Life					8 years
Gross Value	34,690,000		34,690,000		$ 34,320,000
Accumulated Amortization (in thousands)	16,683,000		16,683,000		13,454,000
Net Carrying Value	18,007,000		$ 18,007,000		$ 20,866,000
Weighted‑ Average Remaining Useful Life			4 years 1 month 6 days		4 years 9 months 18 days
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life			3 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life			8 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Value	249,483,000		$ 249,483,000		$ 214,428,000
Accumulated Amortization (in thousands)	70,239,000		70,239,000		55,810,000
Net Carrying Value	179,244,000		$ 179,244,000		$ 158,618,000
Weighted‑ Average Remaining Useful Life			8 years 6 months		8 years 8 months 12 days
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life			2 years		2 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life			12 years		12 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life					5 years
Gross Value	116,158,000		$ 116,158,000		$ 54,563,000
Accumulated Amortization (in thousands)	41,956,000		41,956,000		31,173,000
Net Carrying Value	74,202,000		$ 74,202,000		$ 23,390,000
Weighted‑ Average Remaining Useful Life			5 years 2 months 12 days		2 years 3 months 18 days
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life			5 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life			6 years 6 months
Non‑competes
Finite-Lived Intangible Assets [Line Items]
Useful Life					2 years
Gross Value	1,796,000		$ 1,796,000		$ 90,000
Accumulated Amortization (in thousands)	264,000		264,000		86,000
Net Carrying Value	1,532,000		$ 1,532,000		$ 4,000
Weighted‑ Average Remaining Useful Life			2 years 3 months 18 days		1 month 6 days
Non‑competes \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life			2 years
Non‑competes \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life			2 years 6 months
Order backlog
Finite-Lived Intangible Assets [Line Items]
Useful Life			2 years 6 months
Gross Value	3,744,000		$ 3,744,000
Accumulated Amortization (in thousands)	379,000		379,000
Net Carrying Value	$ 3,365,000		$ 3,365,000
Weighted‑ Average Remaining Useful Life			2 years 3 months 18 days

Goodwill and other intangible assets - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Net Carrying Value		$ 202,878
Wandera Inc.
Finite-Lived Intangible Assets [Line Items]
2021 (remaining three months)	$ 3,725
2022	14,897
2023	14,897
2024	12,611
2025	12,544
Thereafter	39,652
Net Carrying Value	$ 98,326

Leases - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Lessee, operating lease, renewal term (up to)	10 years		10 years
Lessee, finance lease, term of contract	4 years		4 years
Operating lease, weighted average remaining lease term	6 years		6 years
Operating lease, weighted average discount rate, percent	3.50%		3.50%
Operating lease cost	$ 1,541	$ 1,200	$ 4,424	$ 3,700
Operating lease, payments			4,300
Affiliated Entity
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 300	$ 300	$ 800	$ 800
Minimum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract	9 years		9 years

Leases - Supplemental Balance Sheet Information (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Assets
Operating lease assets	$ 22,892
Operating lease, right-of-use asset, statement of financial position	Other assets
Liabilities
Operating lease liabilities - current	$ 5,367
Operating lease liabilities - non-current	21,442
Total operating lease liabilities	$ 26,809
Operating lease, liability, current, statement of financial position	Accrued liabilities
Operating lease, liability, noncurrent, statement of financial position	Other liabilities

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leases [Abstract]
Operating lease cost	$ 1,541	$ 1,200	$ 4,424	$ 3,700
Short-term lease cost	83		187
Variable lease cost	508		1,388
Total lease expense	$ 2,132		$ 5,999

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021 USD ($)
Leases [Abstract]
2021 (remaining three months)	$ 1,599
2022	6,077
2023	5,681
2024	4,605
2025	2,519
Thereafter	9,482
Total lease payments	29,963
Less: imputed interest	3,154
Total present value of lease liabilities	$ 26,809

Debt - Narrative (Details)
$ / shares in Units, shares in Millions

3 Months Ended

9 Months Ended

Sep. 17, 2021

USD ($)

$ / shares

Jul. 01, 2021

USD ($)

Sep. 30, 2021

USD ($)

Sep. 30, 2021

USD ($)

Sep. 30, 2020

USD ($)

Jun. 30, 2021

USD ($)

Dec. 31, 2020

USD ($)

Jul. 27, 2020

USD ($)

Jul. 26, 2020

USD ($)

Payment for purchase of capped calls

$ 36,000,000

$ 36,030,000

$ 0

^[1]

12,636,000

1,264,000

^[1]

$ 0

2,050,000

^[1]

Call Option

Strike price (in dollars per share) | $ / shares

$ 49.99

Initial cap price (in dollars per share) | $ / shares

$ 71.42

Shares covered (in shares) | shares

7.5

Payment for capped calls

$ 36,000,000

Convertible Debt | Convertible Senior Notes Due 2026

Number of trading days | d

Principal amount

$ 373,800,000

Interest rate

0.125%

Proceeds from offering

$ 361,400,000

Number of consecutive trading days | d

Threshold percentage of stock price

130.00%

Conversion ratio

0.0200024

Conversion price (in dollars per share) | $ / shares

$ 49.99

Premium percentage of stock price

40.00%

Redemption price percentage

100.00%

Redemption threshold amount

$ 50,000,000

Fundamental change, threshold percentage

100.00%

Debt issuances costs capitalized

$ 12,400,000

Effective interest rate

0.81%

$ 12,300,000

Debt outstanding

361,500,000

Convertible Debt | Convertible Senior Notes Due 2026 | Circumstance One

Number of trading days | d

Number of consecutive trading days | d

Threshold percentage of stock price

130.00%

Convertible Debt | Convertible Senior Notes Due 2026 | Circumstance Two

Number of trading days | d

Number of consecutive trading days | d

Threshold percentage of stock price

98.00%

Convertible Debt | Convertible Senior Notes Due 2026 | Level 2

Fair value of debt

389,000,000

Line of Credit

Debt issuance costs in other assets

1,000,000

$ 1,100,000

Revolving Credit Facility | 364-Day Facility | Line of Credit

Proceeds to repay debt

$ 250,000,000

Debt term

364 days

Principal amount

$ 250,000,000

$ 400,000

Revolving Credit Facility | Line of Credit

$ 700,000

$ 150,000,000

$ 15,000,000

Letter of Credit | Line of Credit

$ 1,300,000

Foreign Line of Credit | Line of Credit

25,000,000

Debt outstanding

$ 1,000,000

Term Loan | Line of Credit

50,000,000

Minimum | Term Loan | Line of Credit

$ 205,000,000

Maximum borrowing capacity per incremental loan

$ 5,000,000

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Debt - Schedule of Interest Expense (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Amortization of issuance costs

$ 573

$ 700

^[1]

Convertible Debt | Convertible Senior Notes Due 2026

Contractual interest expense

$ 18

$ 0

Amortization of issuance costs

$ 95

$ 0

$ 95

$ 0

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

Commitments and contingencies (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Material liabilities for contingencies	$ 4,200,000	$ 0
Estimated loss	$ 2,300,000

Net loss per share - Schedule of Computation (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2021

Sep. 30, 2020

Sep. 30, 2021

Sep. 30, 2020

Numerator:

Weighted-average shares used to compute net loss per share, basic (in shares)

^[1]

$ (30,383)

$ (5,388)

$ (51,439)

$ (15,718)

Denominator:

118,640,565

113,203,074

^[1]

117,983,463

106,333,836

^[1]

Weighted-average shares used to compute net loss per share, diluted (in shares)

118,640,565

113,203,074

^[1]

117,983,463

106,333,836

^[1]

Basic net loss per share (in dollars per share)

$ (0.26)

$ (0.05)

^[1]

$ (0.44)

$ (0.15)

^[1]

Diluted net loss per share (in dollars per share)

$ (0.26)

$ (0.05)

^[1]

$ (0.44)

$ (0.15)

^[1]

[1]	Certain prior period amounts have been revised to correct immaterial errors. See Note 1 for more information.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.