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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________
FORM 10-Q
_________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 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/31a1eb70fa511535535ca81089436c4a-jamf-20220930_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 October 28, 2022, the registrant had 121,387,337 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 321
ASC Topic 321, Investments - Equity Securities
ASC 606
ASC Topic 606, Revenue from Contracts with Customers
ASC 805
ASC Topic 805, Business Combinations
ASC 850
ASC Topic 850, Related Party Disclosures
ASUAccounting Standards Update
Capped CallsPrivately negotiated capped call transactions with third-party banks that were entered into in the third quarter of 2021
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
EUREuro
Exchange ActThe Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
GAAPU.S. generally accepted accounting principles
GBPBritish pound sterling
IPR&DIn-process research and development
JNGFJamf Nation Global Foundation
JNUCJamf Nation User Conference
LTIPLong-term incentive plan
Prior Period ARRARR from the cohort of all customers as of 12 months prior to period end
RSURestricted stock unit
SAFESimple agreement for future equity
SECSecurities and Exchange Commission
SwiftConnect, Inc.SwiftConnect
UKUnited Kingdom
VistaVista Equity Partners, LLC and its affiliates
WanderaWandera, Inc.
Wandera Merger Agreement
Agreement and Plan of Merger, dated as of May 5, 2021 in connection with the acquisition of Wandera
ZecOpsZecOps, 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)
September 30, 2022December 31, 2021
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$225,480 $177,150 
Trade accounts receivable, net of allowances of $462 and $391 at September 30, 2022 and December 31, 2021, respectively
92,882 79,143 
Income taxes receivable406 608 
Deferred contract costs16,472 12,904 
Prepaid expenses16,186 17,581 
Other current assets6,224 4,212 
Total current assets357,650 291,598 
Equipment and leasehold improvements, net19,116 18,045 
Goodwill800,524 845,734 
Other intangible assets, net215,064 264,593 
Deferred contract costs, non-current36,960 29,842 
Other assets38,128 30,608 
Total assets$1,467,442 $1,480,420 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$16,870 $9,306 
Accrued liabilities57,351 54,022 
Income taxes payable752 167 
Deferred revenues271,721 223,031 
Total current liabilities346,694 286,526 
Deferred revenues, non-current69,509 59,097 
Deferred tax liability, net5,418 8,700 
Convertible senior notes, net363,885 362,031 
Other liabilities22,173 25,640 
Total liabilities807,679 741,994 
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized at September 30, 2022 and December 31, 2021; no shares issued and outstanding at September 30, 2022 and December 31, 2021
  
Common stock, $0.001 par value, 500,000,000 shares authorized at September 30, 2022 and December 31, 2021; 121,340,085 and 119,426,064 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
120 119 
Additional paid‑in capital1,011,205 913,581 
Accumulated other comprehensive loss(64,084)(7,866)
Accumulated deficit(287,478)(167,408)
Total stockholders’ equity659,763 738,426 
Total liabilities and stockholders’ equity$1,467,442 $1,480,420 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue:
Subscription$118,524 $90,700 $330,132 $245,900 
Services5,216 4,083 14,187 12,015 
License817 838 4,134 4,671 
Total revenue124,557 95,621 348,453 262,586 
Cost of revenue:
Cost of subscription (exclusive of amortization expense shown below)22,334 18,317 62,870 44,206 
Cost of services (exclusive of amortization expense shown below)3,584 2,955 10,184 8,027 
Amortization expense5,277 5,198 15,760 10,835 
Total cost of revenue31,195 26,470 88,814 63,068 
Gross profit93,362 69,151 259,639 199,518 
Operating expenses:
Sales and marketing54,096 40,856 159,171 103,640 
Research and development30,799 25,608 89,584 58,437 
General and administrative30,061 25,536 103,994 69,288 
Amortization expense7,040 7,025 21,103 18,275 
Total operating expenses121,996 99,025 373,852 249,640 
Loss from operations(28,634)(29,874)(114,213)(50,122)
Interest income (expense), net45 (1,386)(1,455)(1,608)
Loss on extinguishment of debt (449) (449)
Foreign currency transaction loss(2,624)(269)(4,081)(795)
Loss before income tax (provision) benefit (31,213)(31,978)(119,749)(52,974)
Income tax (provision) benefit(89)1,595 (321)1,535 
Net loss$(31,302)$(30,383)$(120,070)$(51,439)
Net loss per share, basic and diluted$(0.26)$(0.26)$(1.00)$(0.44)
Weighted‑average shares used to compute net loss per share, basic and diluted121,014,325 118,640,565 120,188,587 117,983,463 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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Table of Contents
JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net loss$(31,302)$(30,383)$(120,070)$(51,439)
Other comprehensive loss:
Foreign currency translation adjustments(26,510)(8,120)(56,218)(8,120)
Total other comprehensive loss(26,510)(8,120)(56,218)(8,120)
Comprehensive loss$(57,812)$(38,503)$(176,288)$(59,559)
The accompanying notes are an integral part of these condensed consolidated financial statements.
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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 September 30, 2022:
Balance, June 30, 2022
120,310,047 $120 $987,576 $(37,574)$(256,176)$693,946 
Exercise of stock options476,637 — 3,139 — — 3,139 
Vesting of restricted stock units553,401 — — — — — 
Share‑based compensation— — 20,490 — — 20,490 
Foreign currency translation adjustments— — — (26,510)— (26,510)
Net loss— — — — (31,302)(31,302)
Balance, September 30, 2022
121,340,085 $120 $1,011,205 $(64,084)$(287,478)$659,763 
Three Months Ended September 30, 2021:
Balance, June 30, 2021
118,249,912 $118 $917,116 $ $(113,275)$803,959 
Exercise of stock options269,416 1 1,506 — — 1,507 
Vesting of restricted stock units507,776 — — — — — 
Share‑based compensation— — 15,836 — — 15,836 
Purchase of capped calls— — (36,030)— — (36,030)
Foreign currency translation adjustments— — — (8,120)— (8,120)
Net loss— — — — (30,383)(30,383)
Balance, September 30, 2021
119,027,104 $119 $898,428 $(8,120)$(143,658)$746,769 
The accompanying notes are an integral part of these condensed consolidated financial statements.

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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (continued)
(in thousands, except share amounts)
(unaudited)
Stock ClassAdditional Paid‑In
Capital
Accumulated Other Comprehensive LossAccumulated
Deficit
Stockholders’
Equity
Common
SharesAmount
Nine Months Ended September 30, 2022:
Balance, December 31, 2021
119,426,064 $119 $913,581 $(7,866)$(167,408)$738,426 
Exercise of stock options747,410 1 4,681 — — 4,682 
Vesting of restricted stock units1,036,161 — — — — — 
Issuance of common stock under the employee stock purchase plan130,450 — 3,419 — — 3,419 
Share‑based compensation— — 89,524 — — 89,524 
Foreign currency translation adjustments— — — (56,218)— (56,218)
Net loss— — — — (120,070)(120,070)
Balance, September 30, 2022
121,340,085 $120 $1,011,205 $(64,084)$(287,478)$659,763 
Nine Months Ended September 30, 2021:
Balance, December 31, 2020
116,992,472 $117 $903,116 $ $(92,219)$811,014 
Exercise of stock options1,526,856 2 8,568 — — 8,570 
Vesting of restricted stock units507,776 — — — — — 
Share‑based compensation— — 22,774 — — 22,774 
Purchase of capped calls— — (36,030)— — (36,030)
Foreign currency translation adjustments— — — (8,120)— (8,120)
Net loss— — — — (51,439)(51,439)
Balance, September 30, 2021
119,027,104 $119 $898,428 $(8,120)$(143,658)$746,769 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Nine Months Ended September 30,
20222021
Operating activities
Net loss$(120,070)$(51,439)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization expense41,738 33,249 
Amortization of deferred contract costs12,091 9,034 
Amortization of debt issuance costs2,040 573 
Non-cash lease expense4,373 3,705 
Provision for credit losses and returns310 (7)
Loss on extinguishment of debt 449 
Share‑based compensation89,524 22,774 
Deferred tax benefit(2,019)(2,568)
Adjustment to contingent consideration388 4,837 
Other4,603 1,144 
Changes in operating assets and liabilities:
Trade accounts receivable(15,125)3,184 
Income tax receivable/payable688 (107)
Prepaid expenses and other assets(3,351)(8,129)
Deferred contract costs(22,919)(18,052)
Accounts payable7,766 5,020 
Accrued liabilities2,872 1,644 
Deferred revenue59,922 59,464 
Other liabilities 52 
Net cash provided by operating activities62,831 64,827 
Investing activities
Acquisitions, net of cash acquired(4,023)(352,711)
Purchases of equipment and leasehold improvements(5,645)(7,261)
Purchase of investments(3,100) 
Other(151)35 
Net cash used in investing activities(12,919)(359,937)
Financing activities
Proceeds from convertible senior notes 373,750 
Proceeds from bank borrowings 250,000 
Payment of bank borrowings (250,000)
Payment for purchase of capped calls (36,030)
Debt issuance costs(50)(12,636)
Cash paid for offering costs(104)(543)
Cash paid for contingent consideration(4,588)(4,206)
Payment of acquisition-related holdback(200) 
Proceeds from the exercise of stock options4,682 8,570 
Net cash (used in) provided by financing activities(260)328,905 
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(1,322)(865)
Net increase in cash, cash equivalents, and restricted cash48,330 32,930 
Cash, cash equivalents, and restricted cash, beginning of period177,150 194,868 
Cash, cash equivalents, and restricted cash, end of period$225,480 $227,798 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(in thousands)
(unaudited)
Nine Months Ended September 30,
20222021
Supplemental disclosures of cash flow information:
Cash paid for:
Interest$683 $944 
Income taxes, net of refunds1,630 1,047 
Non-cash activities:
Employee stock purchase plan3,419  
Deferred consideration accrued but not paid 50,000 
Debt issuance costs accrued but not paid 489 
Offering costs accrued but not paid    17  
Operating lease assets obtained in exchange for operating lease liabilities7,320 1,469 
Purchases of equipment and leasehold improvements accrued but not paid311  
Reconciliation of cash, cash equivalents, and restricted cash within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows above:     
Cash and cash equivalents$225,480 $227,148 
Restricted cash included in other current assets 650 
Total cash, cash equivalents, and restricted cash$225,480 $227,798 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

Note 1. Basis of presentation and description of business
Description of business
We are the standard in 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 September 30, 2022, the condensed consolidated statements of operations, of comprehensive loss, and of stockholders’ equity for the three and nine months ended September 30, 2022 and 2021, the condensed consolidated statements of cash flows for the nine months ended September 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 nine months ended September 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.
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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 September 30,Nine Months Ended September 30,
2022
2021 (1)
2022
2021 (1)
(in thousands)
The Americas (2)
$86,687 $67,330 $241,816 $188,594 
Europe, the Middle East, India, and Africa28,622 21,815 82,136 55,745 
Asia Pacific9,248 6,476 24,501 18,247 
$124,557 $95,621 $348,453 $262,586 
(1) Previously reported revenues by geographic region for the three and nine months ended September 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 nine months ended September 30, 2022. The following describes the impact of certain policies.
Trade accounts receivable, net
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.
Activity related to our allowance for credit losses for trade accounts receivable was as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in thousands)
Balance, beginning of period$479 $480 $391 $530 
Provision48 37 310 93 
Write-offs(99)(66)(281)(238)
Recoveries of amounts previously written off34 9 42 75 
Balance, end of period$462 $460 $462 $460 
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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 September 30,Nine Months Ended September 30,
2022202120222021
(in thousands)
SaaS subscription and support and maintenance$112,351 $83,775 $312,992 $222,672 
On‑premise subscription6,173 6,925 17,140 23,228 
Subscription revenue118,524 90,700 330,132 245,900 
Professional services5,216 4,083 14,187 12,015 
Perpetual licenses817 838 4,134 4,671 
Non‑subscription revenue6,033 4,921 18,321 16,686 
Total revenue$124,557 $95,621 $348,453 $262,586 
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 September 30,Nine Months Ended September 30,
2022202120222021
(in thousands)
Balance, beginning of the period$1,840 $1,596 $1,792 $947 
Balance, end of the period1,775 1,726 1,775 1,726 
Change$(65)$130 $(17)$779 
For the three and nine months ended September 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 September 30,Nine Months Ended September 30,
2022202120222021
(in thousands)
Balance, beginning of the period$316,952 $238,457 $282,128 $205,509 
Acquisitions 5,200  5,200 
Revenue earned(96,542)(71,574)(199,357)(144,038)
Deferral of revenue120,820 98,284 258,459 203,696 
Balance, end of the period$341,230 $270,367 $341,230 $270,367 
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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 nine months ended September 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 September 30, 2022, the Company had $407.3 million of remaining performance obligations, with 73% expected to be recognized as revenue over the succeeding 12 months, and the remainder generally expected to be recognized over the three years thereafter.
Deferred Contract Costs
Sales commissions, as well as associated payroll taxes and retirement plan contributions (together, contract costs), that are incremental to the acquisition of customer contracts are capitalized using a portfolio approach as deferred contract costs in the condensed consolidated balance sheets when the period of benefit is determined to be greater than one year.
Total amortization of contract costs was $4.2 million and $3.1 million for the three months ended September 30, 2022 and 2021, respectively, and $12.1 million and $9.0 million for the nine months ended September 30, 2022 and 2021, respectively.
The Company periodically reviews these deferred contract costs to determine whether events or changes in circumstances have occurred that could affect the period of benefit of these deferred contract costs. There were no impairment losses recorded during the three and nine months ended September 30, 2022 and 2021.
Strategic investments
In the third quarter of 2022, the Company made a $1.0 million investment via a SAFE in ZecOps. The SAFE contains customary terms for an instrument of its type, including repayment or conversion upon certain future liquidity events. The investment, which does not have a readily determinable fair value, is measured using the measurement alternative in accordance with ASC 321 and included in other assets on the condensed consolidated balance sheet. As of September 30, 2022, the balance of the investment was $1.0 million. In the third quarter of 2022, the Company also executed a $2.0 million convertible promissory note with SwiftConnect. The note contains customary terms for an instrument of its type, including repayment or conversion upon certain future liquidity events. The note matures on July 29, 2024, and the Company intends to hold the note until maturity, unless it is otherwise repaid or converted pursuant to its terms. The investment is recorded at cost and included in other assets on the condensed consolidated balance sheet. As of September 30, 2022, the balance of the investment was $2.0 million. The Company evaluates its strategic investments quarterly for impairment. During the period ended September 30, 2022, there were no changes in the carrying value of the Company’s strategic investments. All gains and losses on the Company’s strategic investments, whether realized or unrealized, are recognized in the condensed consolidated statements of operations.
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
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
Company’s condensed consolidated financial statements. We are applying the new guidance to acquisitions completed in 2022 and thereafter.
Note 3. Financial instruments fair value
Assets and liabilities measured at fair value on a recurring basis
The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.
In addition, the contingent consideration associated with the Digita 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.
The fair value of these financial instruments were as follows:
September 30, 2022
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$193,848 $ $ $193,848 
Total cash equivalents$193,848 $ $ $193,848 
Liabilities
Contingent consideration:
Accrued liabilities$ $ $5,900 $5,900 
Total contingent consideration$ $ $5,900 $5,900 
December 31, 2021
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$146,037 $ $ $146,037 
Total cash equivalents$146,037 $ $ $146,037 
Liabilities
Contingent consideration:
Accrued liabilities$ $ $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.
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JAMF HOLDING CORP.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
(unaudited)
The following table provides a summary of the changes in contingent consideration, which is classified as Level 3:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(in thousands)
Balance, beginning of period$5,700 $8,300 $10,100