jamf-20220630
--12-312022Q20001721947falsehttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#OtherAssetsNoncurrenthttp://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#AccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2022#OtherLiabilitiesNoncurrent00017219472022-01-012022-06-3000017219472022-07-27xbrli:shares00017219472022-06-30iso4217:USD00017219472021-12-31iso4217:USDxbrli:shares0001721947us-gaap:SubscriptionAndCirculationMember2022-04-012022-06-300001721947us-gaap:SubscriptionAndCirculationMember2021-04-012021-06-300001721947us-gaap:SubscriptionAndCirculationMember2022-01-012022-06-300001721947us-gaap:SubscriptionAndCirculationMember2021-01-012021-06-300001721947us-gaap:TechnologyServiceMember2022-04-012022-06-300001721947us-gaap:TechnologyServiceMember2021-04-012021-06-300001721947us-gaap:TechnologyServiceMember2022-01-012022-06-300001721947us-gaap:TechnologyServiceMember2021-01-012021-06-300001721947us-gaap:LicenseMember2022-04-012022-06-300001721947us-gaap:LicenseMember2021-04-012021-06-300001721947us-gaap:LicenseMember2022-01-012022-06-300001721947us-gaap:LicenseMember2021-01-012021-06-3000017219472022-04-012022-06-3000017219472021-04-012021-06-3000017219472021-01-012021-06-300001721947us-gaap:CommonStockMember2022-03-310001721947us-gaap:AdditionalPaidInCapitalMember2022-03-310001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001721947us-gaap:RetainedEarningsMember2022-03-3100017219472022-03-310001721947us-gaap:CommonStockMember2022-04-012022-06-300001721947us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001721947us-gaap:RetainedEarningsMember2022-04-012022-06-300001721947us-gaap:CommonStockMember2022-06-300001721947us-gaap:AdditionalPaidInCapitalMember2022-06-300001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001721947us-gaap:RetainedEarningsMember2022-06-300001721947us-gaap:CommonStockMember2021-03-310001721947us-gaap:AdditionalPaidInCapitalMember2021-03-310001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001721947us-gaap:RetainedEarningsMember2021-03-3100017219472021-03-310001721947us-gaap:CommonStockMember2021-04-012021-06-300001721947us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001721947us-gaap:RetainedEarningsMember2021-04-012021-06-300001721947us-gaap:CommonStockMember2021-06-300001721947us-gaap:AdditionalPaidInCapitalMember2021-06-300001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001721947us-gaap:RetainedEarningsMember2021-06-3000017219472021-06-300001721947us-gaap:CommonStockMember2021-12-310001721947us-gaap:AdditionalPaidInCapitalMember2021-12-310001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001721947us-gaap:RetainedEarningsMember2021-12-310001721947us-gaap:CommonStockMember2022-01-012022-06-300001721947us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001721947us-gaap:RetainedEarningsMember2022-01-012022-06-300001721947us-gaap:CommonStockMember2020-12-310001721947us-gaap:AdditionalPaidInCapitalMember2020-12-310001721947us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001721947us-gaap:RetainedEarningsMember2020-12-3100017219472020-12-310001721947us-gaap:CommonStockMember2021-01-012021-06-300001721947us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001721947us-gaap:RetainedEarningsMember2021-01-012021-06-30jamf:segment0001721947srt:AmericasMember2022-04-012022-06-300001721947srt:AmericasMember2021-04-012021-06-300001721947srt:AmericasMember2022-01-012022-06-300001721947srt:AmericasMember2021-01-012021-06-300001721947jamf:EuropeMiddleEastIndiaAndAfricaMember2022-04-012022-06-300001721947jamf:EuropeMiddleEastIndiaAndAfricaMember2021-04-012021-06-300001721947jamf:EuropeMiddleEastIndiaAndAfricaMember2022-01-012022-06-300001721947jamf:EuropeMiddleEastIndiaAndAfricaMember2021-01-012021-06-300001721947srt:AsiaPacificMember2022-04-012022-06-300001721947srt:AsiaPacificMember2021-04-012021-06-300001721947srt:AsiaPacificMember2022-01-012022-06-300001721947srt:AsiaPacificMember2021-01-012021-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:SubscriptionAndSupportAndMaintenanceMember2022-04-012022-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:SubscriptionAndSupportAndMaintenanceMember2021-04-012021-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:SubscriptionAndSupportAndMaintenanceMember2022-01-012022-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:SubscriptionAndSupportAndMaintenanceMember2021-01-012021-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:OnPremiseSubscriptionMember2022-04-012022-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:OnPremiseSubscriptionMember2021-04-012021-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:OnPremiseSubscriptionMember2022-01-012022-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberjamf:OnPremiseSubscriptionMember2021-01-012021-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberus-gaap:SubscriptionAndCirculationMember2022-04-012022-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberus-gaap:SubscriptionAndCirculationMember2021-04-012021-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberus-gaap:SubscriptionAndCirculationMember2022-01-012022-06-300001721947jamf:RecurringContractualRevenueGeneratingArrangementsMemberus-gaap:SubscriptionAndCirculationMember2021-01-012021-06-300001721947us-gaap:TechnologyServiceMemberjamf:NonRecurringRevenueGeneratingArrangementsMember2022-04-012022-06-300001721947us-gaap:TechnologyServiceMemberjamf:NonRecurringRevenueGeneratingArrangementsMember2021-04-012021-06-300001721947us-gaap:TechnologyServiceMemberjamf:NonRecurringRevenueGeneratingArrangementsMember2022-01-012022-06-300001721947us-gaap:TechnologyServiceMemberjamf:NonRecurringRevenueGeneratingArrangementsMember2021-01-012021-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberus-gaap:LicenseMember2022-04-012022-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberus-gaap:LicenseMember2021-04-012021-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberus-gaap:LicenseMember2022-01-012022-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberus-gaap:LicenseMember2021-01-012021-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberjamf:NonSubscriptionPerpetualLicensesMember2022-04-012022-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberjamf:NonSubscriptionPerpetualLicensesMember2021-04-012021-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberjamf:NonSubscriptionPerpetualLicensesMember2022-01-012022-06-300001721947jamf:NonRecurringRevenueGeneratingArrangementsMemberjamf:NonSubscriptionPerpetualLicensesMember2021-01-012021-06-3000017219472022-07-012022-06-30xbrli:pure00017219472023-07-012022-06-300001721947us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2022-06-300001721947us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMember2022-06-300001721947us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMember2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2022-06-300001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMember2022-06-300001721947us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel2Member2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel3Member2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MoneyMarketFundsMember2021-12-310001721947us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMember2021-12-310001721947us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMember2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310001721947us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMember2021-12-310001721947us-gaap:OtherLiabilitiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001721947us-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310001721947us-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310001721947us-gaap:OtherLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-06-300001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2022-06-300001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Memberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Member2021-09-170001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Member2022-06-300001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Member2021-12-310001721947us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-01-012022-03-31jamf:acquistion0001721947us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:DevelopedTechnologyRightsMember2022-03-310001721947us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMemberus-gaap:DevelopedTechnologyRightsMember2022-01-012022-03-310001721947us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-03-310001721947us-gaap:SeriesOfIndividuallyImmaterialBusinessAcquisitionsMember2022-01-012022-06-300001721947jamf:WanderaIncMember2021-07-010001721947jamf:WanderaIncMember2021-07-012021-12-150001721947jamf:WanderaIncMember2021-07-012021-07-010001721947jamf:WanderaIncMember2021-10-012021-12-150001721947jamf:WanderaIncMember2021-10-012021-10-010001721947jamf:WanderaIncMember2021-12-152021-12-150001721947jamf:WanderaIncMember2021-10-012021-12-310001721947jamf:WanderaIncMember2022-06-300001721947jamf:WanderaIncMemberus-gaap:DevelopedTechnologyRightsMember2021-07-012021-07-010001721947jamf:WanderaIncMemberus-gaap:CustomerRelationshipsMember2021-07-012021-07-010001721947jamf:WanderaIncMemberus-gaap:OrderOrProductionBacklogMember2021-07-012021-07-010001721947jamf:WanderaIncMemberus-gaap:NoncompeteAgreementsMember2021-07-012021-07-010001721947jamf:WanderaIncMemberus-gaap:TrademarksMember2021-07-012021-07-010001721947jamf:CmdReporterMember2021-02-262021-02-260001721947jamf:CmdReporterMember2021-02-260001721947jamf:CmdReporterMemberus-gaap:DevelopedTechnologyRightsMember2021-02-260001721947jamf:CmdReporterMemberus-gaap:DevelopedTechnologyRightsMember2021-02-262021-02-260001721947jamf:CmdReporterMember2022-01-012022-03-310001721947jamf:DigitaSecurityLlcMember2019-12-310001721947jamf:DigitaSecurityLlcMember2022-01-012022-03-310001721947jamf:DigitaSecurityLlcMember2021-04-012021-06-300001721947jamf:DigitaSecurityLlcMember2022-06-300001721947srt:MinimumMemberus-gaap:TrademarksMember2022-01-012022-06-300001721947srt:MaximumMemberus-gaap:TrademarksMember2022-01-012022-06-300001721947us-gaap:TrademarksMember2022-06-300001721947us-gaap:TrademarksMember2022-01-012022-06-300001721947srt:MinimumMemberus-gaap:CustomerRelationshipsMember2022-01-012022-06-300001721947srt:MaximumMemberus-gaap:CustomerRelationshipsMember2022-01-012022-06-300001721947us-gaap:CustomerRelationshipsMember2022-06-300001721947us-gaap:CustomerRelationshipsMember2022-01-012022-06-300001721947srt:MinimumMemberus-gaap:DevelopedTechnologyRightsMember2022-01-012022-06-300001721947srt:MaximumMemberus-gaap:DevelopedTechnologyRightsMember2022-01-012022-06-300001721947us-gaap:DevelopedTechnologyRightsMember2022-06-300001721947us-gaap:DevelopedTechnologyRightsMember2022-01-012022-06-300001721947srt:MinimumMemberus-gaap:NoncompeteAgreementsMember2022-01-012022-06-300001721947srt:MaximumMemberus-gaap:NoncompeteAgreementsMember2022-01-012022-06-300001721947us-gaap:NoncompeteAgreementsMember2022-06-300001721947us-gaap:NoncompeteAgreementsMember2022-01-012022-06-300001721947us-gaap:OrderOrProductionBacklogMember2022-01-012022-06-300001721947us-gaap:OrderOrProductionBacklogMember2022-06-300001721947srt:MinimumMemberus-gaap:TrademarksMember2021-01-012021-12-310001721947srt:MaximumMemberus-gaap:TrademarksMember2021-01-012021-12-310001721947us-gaap:TrademarksMember2021-12-310001721947us-gaap:TrademarksMember2021-01-012021-12-310001721947srt:MinimumMemberus-gaap:CustomerRelationshipsMember2021-01-012021-12-310001721947srt:MaximumMemberus-gaap:CustomerRelationshipsMember2021-01-012021-12-310001721947us-gaap:CustomerRelationshipsMember2021-12-310001721947us-gaap:CustomerRelationshipsMember2021-01-012021-12-310001721947srt:MinimumMemberus-gaap:DevelopedTechnologyRightsMember2021-01-012021-12-310001721947srt:MaximumMemberus-gaap:DevelopedTechnologyRightsMember2021-01-012021-12-310001721947us-gaap:DevelopedTechnologyRightsMember2021-12-310001721947us-gaap:DevelopedTechnologyRightsMember2021-01-012021-12-310001721947srt:MinimumMemberus-gaap:NoncompeteAgreementsMember2021-01-012021-12-310001721947srt:MaximumMemberus-gaap:NoncompeteAgreementsMember2021-01-012021-12-310001721947us-gaap:NoncompeteAgreementsMember2021-12-310001721947us-gaap:NoncompeteAgreementsMember2021-01-012021-12-310001721947us-gaap:OrderOrProductionBacklogMember2021-01-012021-12-310001721947us-gaap:OrderOrProductionBacklogMember2021-12-310001721947us-gaap:InProcessResearchAndDevelopmentMember2021-12-3100017219472021-01-012021-12-310001721947jamf:UnrelatedPartyMember2022-06-300001721947jamf:UnrelatedPartyMember2022-04-012022-06-300001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Member2022-04-012022-06-300001721947us-gaap:ConvertibleDebtMemberjamf:ConvertibleSeniorNotesDue2026Member2022-01-012022-06-300001721947us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-06-300001721947us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2022-06-300001721947us-gaap:LineOfCreditMemberus-gaap:ForeignLineOfCreditMember2022-06-300001721947jamf:TermLoanMembersrt:MinimumMemberus-gaap:LineOfCreditMember2022-06-300001721947us-gaap:LetterOfCreditMemberus-gaap:LineOfCreditMember2021-12-310001721947us-gaap:LineOfCreditMember2022-06-300001721947us-gaap:LineOfCreditMember2021-12-310001721947jamf:ThreeHundredSixtyFourDayFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-07-012021-07-010001721947jamf:ThreeHundredSixtyFourDayFacilityMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2021-07-010001721947us-gaap:CostOfSalesMemberus-gaap:SubscriptionAndCirculationMember2022-04-012022-06-300001721947us-gaap:CostOfSalesMemberus-gaap:SubscriptionAndCirculationMember2021-04-012021-06-300001721947us-gaap:CostOfSalesMemberus-gaap:SubscriptionAndCirculationMember2022-01-012022-06-300001721947us-gaap:CostOfSalesMemberus-gaap:SubscriptionAndCirculationMember2021-01-012021-06-300001721947us-gaap:TechnologyServiceMemberus-gaap:CostOfSalesMember2022-04-012022-06-300001721947us-gaap:TechnologyServiceMemberus-gaap:CostOfSalesMember2021-04-012021-06-300001721947us-gaap:TechnologyServiceMemberus-gaap:CostOfSalesMember2022-01-012022-06-300001721947us-gaap:TechnologyServiceMemberus-gaap:CostOfSalesMember2021-01-012021-06-300001721947us-gaap:SellingAndMarketingExpenseMember2022-04-012022-06-300001721947us-gaap:SellingAndMarketingExpenseMember2021-04-012021-06-300001721947us-gaap:SellingAndMarketingExpenseMember2022-01-012022-06-300001721947us-gaap:SellingAndMarketingExpenseMember2021-01-012021-06-300001721947us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001721947us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001721947us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001721947us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001721947us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001721947us-gaap:GeneralAndAdministrativeExpenseMember2021-04-012021-06-300001721947us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001721947us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-06-300001721947jamf:OmnibusIncentivePlan2020Member2022-01-010001721947jamf:OmnibusIncentivePlan2020Member2022-06-300001721947jamf:StockOptionPlan2017Member2022-06-300001721947jamf:StockOptionPlan2017Member2022-01-012022-06-300001721947jamf:EmployeeStockOptionTargetBasedMember2021-12-310001721947jamf:EmployeeStockOptionTargetBasedMember2021-01-012021-12-310001721947jamf:EmployeeStockOptionTargetBasedMember2022-01-012022-06-300001721947jamf:EmployeeStockOptionTargetBasedMember2022-06-300001721947jamf:EmployeeStockOptionTargetBasedMember2022-04-012022-06-300001721947jamf:EmployeeStockOptionServiceBasedMember2021-12-310001721947jamf:EmployeeStockOptionServiceBasedMember2021-01-012021-12-310001721947jamf:EmployeeStockOptionServiceBasedMember2022-01-012022-06-300001721947jamf:EmployeeStockOptionServiceBasedMember2022-06-300001721947jamf:EmployeeStockOptionServiceBasedMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-01-012022-06-300001721947jamf:EmployeeStockOptionServiceBasedMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMember2022-01-012022-06-300001721947jamf:ShareBasedPaymentArrangementTrancheFourMemberjamf:EmployeeStockOptionServiceBasedMember2022-01-012022-06-300001721947jamf:EmployeeStockOptionServiceBasedMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-01-012022-06-300001721947us-gaap:RestrictedStockUnitsRSUMember2021-12-310001721947us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001721947us-gaap:RestrictedStockUnitsRSUMember2022-06-300001721947jamf:OmnibusIncentivePlan2020Memberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001721947us-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001721947us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-07-012021-09-300001721947us-gaap:RestrictedStockUnitsRSUMember2021-07-012021-09-300001721947us-gaap:EmployeeStockMember2022-06-300001721947us-gaap:EmployeeStockMember2022-01-012022-06-300001721947us-gaap:EmployeeStockMember2022-05-012022-05-010001721947us-gaap:EmployeeStockMember2022-04-012022-06-300001721947us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001721947us-gaap:EmployeeStockOptionMember2021-01-012021-06-300001721947us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300001721947us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001721947us-gaap:ConvertibleDebtSecuritiesMember2022-01-012022-06-300001721947us-gaap:ConvertibleDebtSecuritiesMember2021-01-012021-06-300001721947us-gaap:EmployeeStockMember2022-01-012022-06-300001721947us-gaap:EmployeeStockMember2021-01-012021-06-300001721947srt:AffiliatedEntityMemberjamf:JamfNationGlobalFoundationMember2022-06-300001721947srt:AffiliatedEntityMemberjamf:JamfNationGlobalFoundationMember2021-12-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________
FORM 10-Q
_________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                 to
Commission File Number: 001-39399
https://cdn.kscope.io/595b7ca23aef2256dae018b772f9647e-jamf-20220630_g1.jpg
JAMF HOLDING CORP.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
82-3031543
(I.R.S. Employer
Identification No.)
100 Washington Ave S, Suite 1100
Minneapolis, MN 55401
(Address of principal executive offices)
(612605-6625
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common Stock, $0.001 par value per share
JAMF
The NASDAQ Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No
On July 27, 2022, the registrant had 120,689,645 shares of common stock, $0.001 par value, outstanding.


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

Table of Contents
GLOSSARY
We use acronyms, abbreviations, and other defined terms throughout this quarterly report on Form 10-Q. These terms are defined below. Jamf Holding Corp. and its wholly owned subsidiaries, collectively, are referred to as the “Company,” “we,” “us,” or “our.”
TermDefinition
2017 Option Plan2017 Stock Option Plan
2020 Credit AgreementCredit agreement dated July 27, 2020, as amended, supplemented, or modified
2020 PlanJamf Holding Corp. Omnibus Incentive Plan
2020 Revolving Credit FacilityRevolving credit facility available under the 2020 Credit Agreement
2021 ESPPJamf Holding Corp. 2021 Employee Stock Purchase Plan
2021 Term Loan Facility364-day term loan facility incurred under the Credit Agreement Amendment
2026 NotesConvertible Senior Notes due 2026
ARRAnnual Recurring Revenue
AWSAmazon Web Services
ASC 606
ASC Topic 606, Revenue from Contracts with Customers
ASC 805
ASC Topic 805, Business Combinations
ASC 820
ASC Topic 820, Fair Value Measurement
ASC 850
ASC Topic 850, Related Party Disclosures
ASUAccounting Standards Update
cmdSecuritycmdSecurity Inc.
CODMChief operating decision maker
Credit Agreement Amendment
Incremental Facility Amendment No. 1 to the 2020 Credit Agreement, dated July 1, 2021
Current Period ARRARR from the same cohort of customers used to calculate Prior Period ARR as of the current period end
DigitaDigita Security LLC
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPU.S. generally accepted accounting principles
IPR&DIn-process research and development
JNGFJamf Nation Global Foundation
LTIPLong-term incentive plan
Merger Agreement
Agreement and Plan of Merger, dated as of May 5, 2021 in connection with the acquisition of Wandera
Prior Period ARRARR from the cohort of all customers as of 12 months prior to period end
RSURestricted stock unit
SECSecurities and Exchange Commission
UKUnited Kingdom
VistaVista Equity Partners, LLC and its affiliates
WanderaWandera, Inc.
ZTNAZero Trust Network Access
3

Table of Contents
PART I.    FINANCIAL INFORMATION
Item 1.     Financial Statements
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
June 30, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$182,349 $177,150 
Trade accounts receivable, net of allowances of $479 and $391 at June 30, 2022 and December 31, 2021, respectively
96,450 79,143 
Income taxes receivable450 608 
Deferred contract costs15,460 12,904 
Prepaid expenses17,513 17,581 
Other current assets4,953 4,212 
Total current assets317,175 291,598 
Equipment and leasehold improvements, net17,334 18,045 
Goodwill823,671 845,734 
Other intangible assets, net233,557 264,593 
Deferred contract costs, non-current34,823 29,842 
Other assets39,530 30,608 
Total assets$1,466,090 $1,480,420 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$9,506 $9,306 
Accrued liabilities50,761 54,022 
Income taxes payable203 167 
Deferred revenues249,374 223,031 
Total current liabilities309,844 286,526 
Deferred revenues, non-current67,578 59,097 
Deferred tax liability, net7,596 8,700 
Convertible senior notes, net363,265 362,031 
Other liabilities23,861 25,640 
Total liabilities772,144 741,994 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized at June 30, 2022 and December 31, 2021; no shares issued and outstanding at June 30, 2022 and December 31, 2021
  
Common stock, $0.001 par value, 500,000,000 shares authorized at June 30, 2022 and December 31, 2021; 120,310,047 and 119,426,064 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
120 119 
Additional paid‑in capital987,576 913,581 
Accumulated other comprehensive loss(37,574)(7,866)
Accumulated deficit(256,176)(167,408)
Total stockholders’ equity693,946 738,426 
Total liabilities and stockholders’ equity$1,466,090 $1,480,420 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Table of Contents
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenue:
Subscription$109,407 $80,718 $211,608 $155,200 
Services5,027 3,929 8,971 7,932 
License1,204 1,591 3,317 3,833 
Total revenue115,638 86,238 223,896 166,965 
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)20,634 13,875 40,536 25,889 
Cost of services (exclusive of amortization expense shown below)3,493 2,607 6,600 5,072 
Amortization expense5,265 2,860 10,483 5,637 
Total cost of revenue29,392 19,342 57,619 36,598 
Gross profit86,246 66,896 166,277 130,367 
Operating expenses:
Sales and marketing58,750 32,617 105,075 62,784 
Research and development33,983 17,203 58,785 32,829 
General and administrative48,321 27,508 73,933 43,752 
Amortization expense7,034 5,623 14,063 11,250 
Total operating expenses148,088 82,951 251,856 150,615 
Loss from operations(61,842)(16,055)(85,579)(20,248)
Interest expense, net(641)(167)(1,500)(222)
Foreign currency transaction loss(676)(308)(1,457)(526)
Loss before income tax benefit (provision) (63,159)(16,530)(88,536)(20,996)
Income tax benefit (provision)20 63 (232)(60)
Net loss$(63,139)$(16,467)$(88,768)$(21,056)
Net loss per share, basic and diluted$(0.53)$(0.14)$(0.74)$(0.18)
Weighted‑average shares used to compute net loss per share, basic and diluted119,941,482 117,909,720 119,768,871 117,649,467 
The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net loss$(63,139)$(16,467)$(88,768)$(21,056)
Other comprehensive loss:
Foreign currency translation adjustments(21,625) (29,708) 
Total other comprehensive loss(21,625) (29,708) 
Comprehensive loss$(84,764)$(16,467)$(118,476)$(21,056)
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Table of Contents
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts)
(unaudited)
Stock ClassAdditional Paid‑In
Capital
Accumulated Other Comprehensive LossAccumulated
Deficit
Stockholders’
Equity
Common
SharesAmount
Three Months Ended June 30, 2022:
Balance, March 31, 2022119,659,455 $119 $930,788 $(15,949)$(193,037)$721,921 
Exercise of stock options59,573 1 345 — — 346 
Vesting of restricted stock units460,569 — — — — — 
Issuance of common stock under the employee stock purchase plan130,450 — 3,419 — — 3,419 
Share‑based compensation— — 53,024 — — 53,024 
Foreign currency translation adjustments— — — (21,625)— (21,625)
Net loss— — — — (63,139)(63,139)
Balance, June 30, 2022
120,310,047 $120 $987,576 $(37,574)$(256,176)$693,946 
Three Months Ended June 30, 2021:
Balance, March 31, 2021117,705,895 $118 $909,966 $ $(96,808)$813,276 
Exercise of stock options544,017 — 3,044 — — 3,044 
Share‑based compensation— — 4,106 — — 4,106 
Net loss— — — — (16,467)(16,467)
Balance, June 30, 2021
118,249,912 $118 $917,116 $ $(113,275)$803,959 
The accompanying notes are an integral part of these condensed consolidated financial statements.

7

Table of Contents
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(in thousands, except share amounts)
(unaudited)
Stock ClassAdditional Paid‑In
Capital
Accumulated Other Comprehensive LossAccumulated
Deficit
Stockholders’
Equity
Common
SharesAmount
Six Months Ended June 30, 2022:
Balance, December 31, 2021119,426,064 $119 $913,581 $(7,866)$(167,408)$738,426 
Exercise of stock options270,773 1 1,542 — — 1,543 
Vesting of restricted stock units482,760 — — — — — 
Issuance of common stock under the employee stock purchase plan130,450 — 3,419 — — 3,419 
Share‑based compensation— — 69,034 — — 69,034 
Foreign currency translation adjustments— — — (29,708)— (29,708)
Net loss— — — — (88,768)(88,768)
Balance, June 30, 2022
120,310,047 $120 $987,576 $(37,574)$(256,176)$693,946 
Six Months Ended June 30, 2021:
Balance, December 31, 2020116,992,472 $117 $903,116 $ $(92,219)$811,014 
Exercise of stock options1,257,440 1 7,062 — — 7,063 
Share‑based compensation— — 6,938 — — 6,938 
Net loss— — — — (21,056)(21,056)
Balance, June 30, 2021
118,249,912 $118 $917,116 $ $(113,275)$803,959 
The accompanying notes are an integral part of these condensed consolidated financial statements.
8

Table of Contents
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Six Months Ended June 30,
20222021
Cash flows from operating activities
Net loss$(88,768)$(21,056)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense27,784 19,538 
Amortization of deferred contract costs7,859 5,861 
Amortization of debt issuance costs1,358 249 
Non-cash lease expense2,943 2,398 
Provision for credit losses and returns274 (41)
Share‑based compensation69,034 6,938 
Deferred tax benefit(1,199)(669)
Adjustment to contingent consideration188 4,237 
Other1,438 454 
Changes in operating assets and liabilities:
Trade accounts receivable(17,870)2,249 
Income tax receivable/payable165 (238)
Prepaid expenses and other assets(3,851)(2,986)
Deferred contract costs(15,438)(11,848)
Accounts payable292 2,284 
Accrued liabilities(3,100)(1,889)
Deferred revenue35,233 32,627 
Other liabilities (86)
Net cash provided by operating activities16,342 38,022 
Cash flows from investing activities
Acquisitions, net of cash acquired(4,023)(3,041)
Purchases of equipment and leasehold improvements(2,876)(5,211)
Other(79)22 
Net cash used in investing activities(6,978)(8,230)
Cash flows from financing activities
Debt issuance costs(50)(530)
Cash paid for offering costs(80)(243)
Cash paid for contingent consideration(4,588)(4,206)
Payment of acquisition-related holdback(200) 
Proceeds from the exercise of stock options1,543 7,063 
Net cash (used in) provided by financing activities(3,375)2,084 
Effect of exchange rate changes on cash and cash equivalents(790)(259)
Net increase in cash and cash equivalents5,199 31,617 
Cash and cash equivalents, beginning of period177,150 194,868 
Cash and cash equivalents, end of period$182,349 $226,485 
Supplemental disclosures of cash flow information:
Cash paid for:
Interest$371 $6 
Income taxes, net of refunds751 832 
Non-cash activities:
Employee stock purchase plan3,419  
Offering costs accrued but not paid44 300 
Operating lease assets obtained in exchange for operating lease liabilities8,497 (19)
The accompanying notes are an integral part of these condensed consolidated financial statements.
9

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1. Basis of presentation and description of business
Description of business
We are the standard in 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 IT and security teams confidently protect the devices, data, and applications used by their workforce, while providing employees with consumer-simple, privacy-protecting technology. With Jamf’s software, devices can be deployed to employees brand new in the shrink-wrapped box, set up automatically and personalized at first power-on, and administered continuously throughout the lifecycle of the device. Our customers are located throughout the world.
Basis of presentation and principles of consolidation
The accompanying condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. All intercompany accounts and transactions have been eliminated.
Unaudited interim condensed consolidated financial information
The interim condensed consolidated balance sheet as of June 30, 2022, the condensed consolidated statements of operations, of comprehensive loss, and of stockholders’ equity for the three and six months ended June 30, 2022 and 2021, the condensed consolidated statements of cash flows for the six months ended June 30, 2022 and 2021, and the related notes are unaudited. The condensed consolidated balance sheet as of December 31, 2021 was derived from our audited consolidated financial statements that were included in our Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 1, 2022. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary for the fair presentation of the consolidated financial position, results of operations, and cash flows of the Company. All adjustments made were of a normal recurring nature. The results for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any future period.
Use of estimates
The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of 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, recoverability of long-lived assets, the value of right-of-use assets and lease liabilities, allowance for expected credit losses, commitments and contingencies, and accounting for income taxes and related valuation allowances against deferred tax assets. Actual results could differ from those estimates.
10

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Segment and geographic information
Our 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.
Revenues by geographic region as determined based on the location where the sale originated were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022
2021 (1)
2022
2021 (1)
(in thousands)
The Americas (2)
$79,980 $62,419 $155,129 $121,264 
Europe, the Middle East, India, and Africa27,517 17,701 53,514 33,930 
Asia Pacific8,141 6,118 15,253 11,771 
$115,638 $86,238 $223,896 $166,965 
(1) Previously reported revenues by geographic region for the three and six months ended June 30, 2021 have been revised to correct an immaterial error in the disclosure. There was no impact to total revenues.
(2) The vast majority of our Americas revenues comes from the United States.
Note 2. Summary of significant accounting policies
The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to these policies during the three and six months ended June 30, 2022. The following describes the impact of certain policies.
Trade accounts receivable, net
Credit is extended to customers in the normal course of business, generally with 30-day payment terms. Trade accounts receivable are recorded at the invoiced amount, net of allowances.
The allowance for credit losses is based on an expected loss model that estimates losses over the expected life of the trade accounts receivable. The Company estimates expected credit losses based on the Company’s historical loss information, current and future economic and market conditions, and ongoing review of customers’ account balances.
The Company writes-off a receivable against the allowance when a determination is made that the balance is uncollectible and collection of the receivable is no longer being actively pursued. This determination is based on the delinquency of the account, the financial condition of the customer, and the Company’s collection experience.
Activity related to our allowance for credit losses for trade accounts receivable was as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in thousands)
Balance, beginning of period$492 $603 $391 $530 
Provision140 (100)262 56 
Write-offs(155)(45)(182)(172)
Recoveries of amounts previously written off2 22 8 66 
Balance, end of period$479 $480 $479 $480 
11

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Revenue recognition
The Company applies ASC 606 and follows a five-step model to determine the appropriate amount of revenue to be recognized in accordance with ASC 606.
Disaggregation of Revenue
The Company separates revenue into subscription and non-subscription categories to disaggregate those revenues that are term-based and renewable from those that are one-time in nature. Revenue from subscription and non-subscription contractual arrangements were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in thousands)
SaaS subscription and support and maintenance$104,291 $72,121 $200,641 $138,897 
On‑premise subscription5,116 8,597 10,967 16,303 
Subscription revenue109,407 80,718 211,608 155,200 
Professional services5,027 3,929 8,971 7,932 
Perpetual licenses1,204 1,591 3,317 3,833 
Non‑subscription revenue6,231 5,520 12,288 11,765 
Total revenue$115,638 $86,238 $223,896 $166,965 
Contract Balances
If revenue is recognized in advance of the right to invoice, a contract asset is recorded in other current assets on the condensed consolidated balance sheets. The opening and closing balances of contract assets were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in thousands)
Balance, beginning of the period$1,885 $1,186 $1,792 $947 
Balance, end of the period1,840 1,596 1,840 1,596 
Change$(45)$410 $48 $649 
For the three and six months ended June 30, 2022 and 2021, the allowance for expected credit losses associated with contract assets was not material.
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 June 30,Six Months Ended June 30,
2022202120222021
(in thousands)
Balance, beginning of the period$292,499 $221,579 $282,128 $205,509 
Revenue earned(93,199)(66,967)(154,473)(111,398)
Deferral of revenue117,652 83,845 189,297 144,346 
Balance, end of the period$316,952 $238,457 $316,952 $238,457 
12

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
There were no significant changes to our contract assets and liabilities during the three and six months ended June 30, 2022 and 2021 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 June 30, 2022, the Company had $372.0 million of remaining performance obligations, with 71% expected to be recognized as revenue over the succeeding 12 months, and the remainder generally expected to be recognized over the three years thereafter.
Deferred Contract Costs
Sales commissions, as well as associated payroll taxes and retirement plan contributions (together, contract costs), that are incremental to the acquisition of customer contracts are capitalized using a portfolio approach as deferred contract costs in the condensed consolidated balance sheets when the period of benefit is determined to be greater than one year.
Total amortization of contract costs for the three months ended June 30, 2022 and 2021 was $4.1 million and $3.2 million, respectively. Total amortization of contract costs for the six months ended June 30, 2022 and 2021 was $7.9 million and $5.9 million, respectively.
The Company periodically reviews these deferred contract costs to determine whether events or changes in circumstances have occurred that could affect the period of benefit of these deferred contract costs. There were no impairment losses recorded during the three and six months ended June 30, 2022 and 2021.
Adoption of new accounting pronouncements
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 early adopted the new standard on January 1, 2022. The adoption of the standard did not have any impact on the Company’s condensed consolidated financial statements. We will apply the new guidance to future acquisitions.
Note 3. 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 condensed consolidated financial statements on a recurring basis in accordance with 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.
13

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
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.
Assets and liabilities measured at fair value on a recurring basis
The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.
In addition, the contingent consideration associated with the Digita and cmdReporter acquisitions are measured and recorded at fair value on a recurring basis. The estimated fair value of the contingent payments associated with the Digita acquisition is determined using a Monte Carlo simulation model, which uses Level 3 inputs, including assumptions about the probability of growth of subscription services and the related pricing of the services offered. Significant increases (decreases) in the probability of growth of subscription services as well as the related pricing of the services offered would have resulted in a higher (lower) fair value measurement. The estimated fair value of the contingent payments associated with the cmdReporter acquisition was determined using projected contract wins, which used Level 3 inputs, including assumptions about the probability of closing contracts based on their current stage in the sales process. See Note 4 for more information.
14

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The fair value of these financial instruments were as follows:
June 30, 2022
Level 1Level 2Level 3Total
(in thousands)
Cash equivalents:
Money market funds$151,172 $ $ $151,172 
Total cash equivalents$151,172 $ $ $151,172 
Contingent consideration:
Accrued liabilities$ $ $5,700 $5,700 
Total contingent consideration$ $ $5,700 $5,700 
December 31, 2021
Level 1Level 2Level 3Total
(in thousands)
Cash equivalents:
Money market funds$146,037 $ $ $146,037 
Total cash equivalents$146,037 $ $ $146,037 
Contingent consideration:
Accrued liabilities$ $ $4,588 $4,588 
Other liabilities  5,512 5,512 
Total contingent consideration$ $ $10,100 $10,100 
The carrying value of accounts receivable and accounts payable approximate their fair value due to their short maturities and are excluded from the tables above.
The following table provides a summary of the changes in contingent consideration, which is classified as Level 3:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(in thousands)
Balance, beginning of period$5,600 $8,799 $10,100 $8,200 
Additions   359 
Total (gains) losses included in:
Net loss100 3,937 188 4,237 
Payments (4,206)(4,588)(4,206)
Other (230) (290)
Balance, end of period$5,700 $8,300 $5,700 $8,300 
The change in the fair value of the contingent consideration is included in general and administrative expenses in the condensed consolidated statements of operations. The adjustment for the three and six months ended June 30, 2022 and 2021 primarily reflected updated assumptions about the probability of growth of subscription services.
15

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Fair value measurements of other financial instruments
The following table presents the net carrying value and estimated fair value of the 2026 Notes, which are not recorded at fair value in the condensed consolidated balance sheets:
June 30, 2022December 31, 2021
Net Carrying ValueEstimated Fair ValueNet Carrying ValueEstimated Fair Value
(in thousands)
2026 Notes
$363,265 $317,699 $362,031 $398,044 
As of June 30, 2022 and December 31, 2021, the difference between the net carrying value of the 2026 Notes and the principal amount of $373.8 million represents the unamortized debt issuance costs of $10.5 million and $11.7 million, respectively. See Note 8 for more information. The estimated fair value of the 2026 Notes, which is classified as Level 2, was determined based on quoted bid prices of the 2026 Notes in an over-the-counter market on the last trading day of the reporting period.
Note 4. Acquisitions
During the first quarter of 2022, the Company completed two acquisitions to expand our products and services offerings. These acquisitions were not significant individually or in the aggregate to our condensed consolidated financial statements. The combined purchase price for these acquisitions was $4.0 million, which was paid with cash on hand. The purchase price was allocated to the assets acquired based on their estimated fair values as of the date of each acquisition. The allocation included $0.9 million to developed technology with an estimated useful life of 5.0 years and $0.1 million to other assets, with the remaining $3.0 million allocated to goodwill. The goodwill is not deductible for income tax purposes. Acquisition-related expenses of $0.4 million were expensed as incurred. These expenses were recognized as acquisition costs in general and administrative expenses in the condensed consolidated statement of operations.
Wandera
On July 1, 2021, the Company completed its acquisition of Wandera. Wandera is a leader in zero trust cloud security and access for mobile devices. As an Apple-first provider of unified cloud security, Wandera expanded the Company’s security offering for the enterprise. Building on the Company’s existing capabilities, Wandera added 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 positioned 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 consisted of an initial payment of $359.3 million at close and deferred consideration of $50.0 million that was paid in $25.0 million increments on October 1, 2021 and December 15, 2021. The initial payment of $359.3 million included $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 was released in the fourth quarter of 2021. The acquisition was initially financed with cash on hand and borrowings under the 2021 Term Loan Facility.
The Company accounted for the acquisition by applying the acquisition method of accounting for business combinations in accordance with 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 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 required management to make significant estimates in determining the fair value of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates included, but were not limited to:
future expected cash flows from subscription contracts and acquired developed technologies;
16

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
historical and expected customer attrition rates and anticipated growth in revenue;
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.
During the second quarter of 2022, the Company finalized its purchase accounting for the Wandera acquisition. The following table summarizes the final allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed and reflects all measurement period adjustments (in thousands):
Assets acquired:
Cash and cash equivalents$9,605 
Trade accounts receivable, net3,882 
Prepaid expenses900 
Other current assets426 
Equipment and leasehold improvements, net58 
Intangible assets acquired102,050 
Operating lease assets1,474 
Deferred tax asset918 
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(9,374)
Goodwill310,356 
Total purchase consideration$409,275 
During the fourth quarter of 2021, the Company recorded measurement period adjustments including an increase to other current assets of $0.4 million and an increase to deferred tax assets of $0.1 million, resulting in a decrease to goodwill of $0.5 million. The adjustments related to new information obtained about facts and circumstances that existed as of the acquisition date. The increase to other current assets relates to UK refundable research and development tax credits.
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.
17

Table of Contents
JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The estimated useful lives and fair values of the identifiable intangible assets acquired were as follows:
Useful LifeGross Value
(in thousands)
Developed technology6.5 years$60,500 
Customer relationships11.0 years35,600 
Order backlog2.5 years3,800 
Non-competes2.5 years1,750 
Trademarks3.0 years400 
Total identifiable intangible assets$102,050 
The weighted-average useful life of the intangible assets acquired is 7.8 years.
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.
cmdReporter
On February 26, 2021, the Company entered into an asset purchase agreement with cmdSecurity to acquire certain cmdSecurity assets, including cmdReporter, a suite of security and compliance tools purpose-built for macOS. The final aggregate purchase price was approximately $