0001628280-23-015751 | 10-Q | XBRL Viewer

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 200,340	$ 224,338
Trade accounts receivable, net of allowances of $427 and $445 at March 31, 2023 and December 31, 2022, respectively	84,392	88,163
Income taxes receivable	806	465
Deferred contract costs	18,780	17,652
Prepaid expenses	22,903	14,331
Other current assets	6,535	6,097
Total current assets	333,756	351,046
Equipment and leasehold improvements, net	18,615	19,421
Goodwill	862,747	856,925
Other intangible assets, net	209,509	218,744
Deferred contract costs, non-current	41,933	39,643
Other assets	42,409	43,763
Total assets	1,508,969	1,529,542
Current liabilities:
Accounts payable	14,982	15,393
Accrued liabilities	48,993	67,051
Income taxes payable	547	486
Deferred revenues	278,407	278,038
Total current liabilities	342,929	360,968
Deferred revenues, non-current	62,435	68,112
Deferred tax liability, net	5,539	5,505
Convertible senior notes, net	365,127	364,505
Other liabilities	27,480	29,114
Total liabilities	803,510	828,204
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized at March 31, 2023 and December 31, 2022; no shares issued and outstanding at March 31, 2023 and December 31, 2022	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized at March 31, 2023 and December 31, 2022; 123,907,489 and 123,170,172 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	124	123
Additional paid‑in capital	1,072,148	1,049,875
Accumulated other comprehensive loss	(33,904)	(39,951)
Accumulated deficit	(332,909)	(308,709)
Total stockholders’ equity	705,459	701,338
Total liabilities and stockholders’ equity	$ 1,508,969	$ 1,529,542

Commitment and contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Payments Under Contractual Agreements

The below table reflects the minimum payments under these agreements as of March 31, 2023:


	Unrelated
	(in thousands)
Years ending December 31:
2023 (remaining nine months)	$	31,373
2024	38,590
2025	20,243
2026	1,126
2027	1,126
Thereafter	—
	$	92,458

Summary of significant accounting policies - Contract Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract With Customer, Liability [Roll Forward]
Balance, beginning of the period	$ 346,150	$ 282,128
Revenue earned	(107,595)	(85,337)
Deferral of revenue	103,895	95,708
Other	(1,608)	0
Balance, end of the period	$ 340,842	$ 292,499

Financial instruments fair value - Narrative (Details) - Convertible Senior Notes Due 2026 - Convertible Debt - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Sep. 17, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Principal amount			$ 373.8
Debt issuances costs capitalized	$ 8.6	$ 9.2

Financial instruments fair value - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - 2026 Notes - Convertible Debt - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Net Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 365,127	$ 364,505
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of debt	$ 307,671	$ 308,504

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39399
Entity Registrant Name	JAMF HOLDING CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-3031543
Entity Address, Address Line One	100 Washington Ave S
Entity Address, Address Line Two	Suite 1100
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55401
City Area Code	612
Local Phone Number	605-6625
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	JAMF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		123,987,014
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001721947
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Total revenue	$ 132,212	$ 108,258
Cost of revenue:
Amortization expense	3,296	5,218
Total cost of revenue	29,747	28,227
Gross profit	102,465	80,031
Operating expenses:
Sales and marketing	60,208	46,325
Research and development	32,072	24,802
General and administrative	28,436	25,612
Amortization expense	7,241	7,029
Total operating expenses	127,957	103,768
Loss from operations	(25,492)	(23,737)
Interest income (expense), net	1,285	(859)
Foreign currency transaction gain (loss)	604	(781)
Loss before income tax provision	(23,603)	(25,377)
Income tax provision	(597)	(252)
Net loss	$ (24,200)	$ (25,629)
Net loss per share, basic (in dollars per share)	$ (0.20)	$ (0.21)
Net loss per share, diluted (in dollars per share)	$ (0.20)	$ (0.21)
Weighted‑average shares used to compute net loss per share, basic (in shares)	123,422,066	119,594,341
Weighted‑average shares used to compute loss per share, diluted (in shares)	123,422,066	119,594,341
Subscription
Revenue:
Total revenue	$ 127,230	$ 102,201
Cost of revenue:
Cost of revenue	23,159	19,902
Services
Revenue:
Total revenue	4,384	3,944
Cost of revenue:
Cost of revenue	3,292	3,107
License
Revenue:
Total revenue	$ 598	$ 2,113

Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remaining nine months)	$ 5,580
2024	6,407
2025	4,775
2026	4,781
2027	2,726
Thereafter	5,341
Total lease payments	29,610
Less: imputed interest	2,851
Total present value of lease liabilities	$ 26,759	$ 28,434

Net loss per share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss	$ (24,200)	$ (25,629)
Denominator:
Weighted‑average shares used to compute net loss per share, basic (in shares)	123,422,066	119,594,341
Weighted‑average shares used to compute net loss per share, diluted (in shares)	123,422,066	119,594,341
Basic net loss per share (in dollars per share)	$ (0.20)	$ (0.21)
Diluted net loss per share (in dollars per share)	$ (0.20)	$ (0.21)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Balances and Availability of 2026 Notes and 2020 Revolving Credit Facility

The following table summarizes the balances and availability of our 2026 Notes and 2020 Revolving Credit Facility:


	Outstanding (1)				Unutilized Amount				Interest Rate				Maturity Date
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
	(in thousands)
2026 Notes	$	365,127	$	364,505	N/A		N/A		0.125%		0.125%		Sept. 1, 2026
2020 Revolving Credit Facility	1,037		1,037		$	148,963	$	148,963	1.25%	(2)	1.25%	(2)	July 27, 2025

(1) Represents the net carrying amount of our 2026 Notes and outstanding letters of credit under the 2020 Revolving Credit Facility.

(2) Represents the rate on the outstanding letters of credit under the 2020 Revolving Credit Facility. See further discussion on the interest rate applicable to borrowings under the 2020 Revolving Credit Facility below.

Schedule of Interest Expense

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


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Contractual interest expense	$	117	$	117
Amortization of issuance costs	622		617

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Goodwill and other intangible assets - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Cumulative foreign currency translation adjustment	$ (9,200,000)		$ (11,000,000.0)
Accumulated amortization, cumulative foreign currency translation adjustment	(500,000)		$ (1,000,000.0)
Amortization expense	10,500,000	$ 12,200,000
Impairment of goodwill	0	0
Impairment of intangible assets	$ 0	$ 0

Summary of significant accounting policies - Strategic Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Investments [Line Items]
Payments to acquire investments	$ 750	$ 0
Investment at cost	2,000		$ 2,000
Convertible Promissory Note \| SwiftConnect
Schedule of Investments [Line Items]
Payments to acquire investments	$ 2,000

Share-based compensation - Service Based Options Activity (Details) - Service-based stock option - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options
Outstanding, beginning of period (in shares)	1,215,822
Granted (in shares)	0
Exercised (in shares)	(19,937)
Forfeitures (in shares)	0
Outstanding, end of period (in shares)	1,195,885	1,215,822
Options exercisable (in shares)	1,156,009
Vested or expected to vest (in shares)	1,195,885
Weighted‑ Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 5.70
Granted (in dollars per share)	0
Exercised (in dollars per share)	8.21
Forfeitures (in dollars per share)	0
Outstanding, end of period (in dollars per share)	5.66	$ 5.70
Options exercisable (in dollars per share)	5.57
Vested or expected to vest (in dollars per share)	$ 5.66
Weighted‑ Average Remaining Contractual Term (Years)
Remaining term, options outstanding	4 years	5 years 1 month 6 days
Remaining term, options exercisable	3 years 10 months 24 days
Remaining term, options vested or expected to vest	4 years
Aggregate Intrinsic Value (in thousands)
Outstanding	$ 16,459	$ 18,968
Options exercisable	16,012
Vested or expected to vest	$ 16,459

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

The following table summarizes the balances and availability of our 2026 Notes and 2020 Revolving Credit Facility:


	Outstanding (1)				Unutilized Amount				Interest Rate				Maturity Date
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
	(in thousands)
2026 Notes	$	365,127	$	364,505	N/A		N/A		0.125%		0.125%		Sept. 1, 2026
2020 Revolving Credit Facility	1,037		1,037		$	148,963	$	148,963	1.25%	(2)	1.25%	(2)	July 27, 2025

(1) Represents the net carrying amount of our 2026 Notes and outstanding letters of credit under the 2020 Revolving Credit Facility.

Convertible Senior Notes

On September 17, 2021, the Company issued $373.8 million aggregate principal amount of 0.125% 2026 Notes in a private offering. The initial conversion rate for the 2026 Notes is 20.0024 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $49.99 per share of common stock. As of March 31, 2023, the conditions allowing holders of the 2026 Notes to convert were not met.

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


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Contractual interest expense	$	117	$	117
Amortization of issuance costs	622		617

The effective interest rate on the 2026 Notes was 0.81% for both the three months ended March 31, 2023 and 2022. See Note 3 for additional information on the Company’s 2026 Notes.

Credit Agreement

The 2020 Credit Agreement provides for the 2020 Revolving Credit Facility of $150.0 million, which may be increased or decreased under specific circumstances, with a $25.0 million letter of credit sublimit and a $50.0 million alternative currency sublimit. In addition, the 2020 Credit Agreement provides for the ability of the Company to request incremental term loan facilities, in a minimum amount of $5.0 million for each facility. The 2020 Credit Agreement contains customary representations and warranties, affirmative covenants, reporting obligations, negative covenants, and events of default. We were in compliance with such covenants as of both March 31, 2023 and December 31, 2022.

Effective April 7, 2023, we entered into the Credit Agreement Amendment, which amends certain provisions of the 2020 Credit Agreement. The Credit Agreement Amendment updates the benchmark interest rate provisions to replace the LIBO Rate with the Adjusted Term SOFR for purposes of calculating interest for U.S. dollar-denominated borrowings under the terms of the 2020 Credit Agreement. Except as amended by the Credit Agreement Amendment, the remaining terms of the 2020 Credit Agreement remain in full force and effect. The interest rates applicable to revolving borrowings under the 2020 Credit Agreement are, at the Company’s option, either (i) a base rate, which is equal to the greater of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus 0.50%, and (c) the Adjusted Term SOFR Rate (subject to a floor) for a one month interest period (each term as defined in the 2020 Credit Agreement) plus 1.00%, (ii) the Adjusted Term SOFR Rate (subject to a floor) equal to the Term SOFR Rate for the applicable interest period plus 0.10%, or (iii) the Adjusted LIBO Rate (subject to a floor) equal to the LIBO Rate for the applicable interest period multiplied by the Statutory Reserve Rate, plus in the case of each of clauses (i), (ii), and (iii), the Applicable Rate (each term as defined in the 2020 Credit Agreement). The Applicable Rate (i) for

base rate loans range from 0.25% to 1.00% per annum and (ii) for LIBO Rate and Term SOFR Rate loans range from 1.25% to 2.00% per annum, in each case, based on the Senior Secured Net Leverage Ratio (each term as defined in the 2020 Credit Agreement). Base rate borrowings may only be made in dollars. The Company pays a commitment fee during the term of the 2020 Credit Agreement ranging from 0.20% to 0.35% per annum of the average daily undrawn portion of the revolving commitments based on the Senior Secured Net Leverage Ratio.

As of March 31, 2023 and December 31, 2022, debt issuance costs related to the 2020 Credit Agreement of $0.6 million and $0.7 million, respectively, are included in other assets in the condensed consolidated balance sheets.

- Definition

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

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Amortization of issuance costs	$ 684	$ 679
Convertible Debt \| Convertible Senior Notes Due 2026
Debt Instrument [Line Items]
Contractual interest expense	117	117
Amortization of issuance costs	$ 622	$ 617

Share-based compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Units
Outstanding, beginning of period (in shares) \| shares	8,417,357
Granted (in shares) \| shares	4,593,134
Vested (in shares) \| shares	(370,146)
Forfeited (in shares) \| shares	(353,645)
Outstanding, end of period (in shares) \| shares	12,286,700
Weighted-Average Grant Date Fair Value (per share)
Outstanding, beginning of period (in dollars per share) \| $ / shares	$ 29.61
Granted (in dollars per share) \| $ / shares	20.02
Vested (in dollars per share) \| $ / shares	31.75
Forfeited (in dollars per share) \| $ / shares	29.95
Outstanding, end of period (in dollars per share) \| $ / shares	$ 25.99

Financial instruments fair value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments

The fair value of these financial instruments were as follows:


	March 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	114,808	$	—	$	—	$	114,808
Total cash equivalents	$	114,808	$	—	$	—	$	114,808


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	132,306	$	—	$	—	$	132,306
Total cash equivalents	$	132,306	$	—	$	—	$	132,306

Liabilities
Contingent consideration:
Accrued liabilities	$	—	$	—	$	6,206	$	6,206
Total contingent consideration	$	—	$	—	$	6,206	$	6,206

Schedule of Changes in Contingent Consideration

The following table provides a summary of the changes in contingent consideration, which is classified as Level 3:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Balance, beginning of period	$	6,206	$	10,100
Total (gains) losses included in:
Net loss	—		88
Payments	(6,206)		(4,588)
Balance, end of period	$	—	$	5,600

Schedule of Carrying Values and Estimated Fair Values of Debt 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:


	March 31, 2023				December 31, 2022
	Net Carrying Value		Estimated Fair Value		Net Carrying Value		Estimated Fair Value
	(in thousands)
2026 Notes	$	365,127	$	307,671	$	364,505	$	308,504

Summary of significant accounting policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Allowance for Credit Losses for Trade Accounts Receivable

Activity related to our allowance for credit losses for trade accounts receivable was as follows:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Balance, beginning of period	$	445	$	391
Provision	14		122
Write-offs	(55)		(27)
Recoveries of amounts previously written off	23		6
Balance, end of period	$	427	$	492

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2023		2022
	(in thousands)
SaaS subscription and support and maintenance	$	120,762	$	96,350
On‑premise subscription	6,468		5,851
Subscription revenue	127,230		102,201
Professional services	4,384		3,944
Perpetual licenses	598		2,113
Non‑subscription revenue	4,982		6,057
Total revenue	$	132,212	$	108,258

Schedule of Contract with Customer Asset and Liability

The opening and closing balances of contract assets were as follows:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Balance, beginning of the period	$	817	$	1,792
Balance, end of the period	636		1,885
Change	$	(181)	$	93

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 March 31,
	2023		2022
	(in thousands)
Balance, beginning of the period	$	346,150	$	282,128
Revenue earned	(107,595)		(85,337)
Deferral of revenue	103,895		95,708
Other (1)	(1,608)		—
Balance, end of the period	$	340,842	$	292,499

(1) Includes contract assets netted against contract liabilities on a contract-by-contract basis.

Financial instruments fair value - Schedule of Changes in Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period	$ 6,206	$ 10,100
Net loss	0	88
Payments	(6,206)	(4,588)
Balance, end of period	$ 0	$ 5,600

Commitments and contingencies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Variable obligation	$ 17,500,000
Variable obligation period	3 years
Liabilities for contingencies	$ 0	$ 0

Net loss per share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net loss per share

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2023		2022
	(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(24,200)	$	(25,629)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	123,422,066		119,594,341
Basic and diluted net loss per share	$	(0.20)	$	(0.21)

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. Because we have reported a net loss for the three months ended March 31, 2023 and 2022, the number of shares used to calculate diluted net loss per common share is the same as the number of shares used to calculate basic net loss per common share given that the potentially dilutive shares would have been antidilutive if included in this calculation.

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


	As of March 31,
	2023	2022
Stock options outstanding	4,121,571	5,119,730
Unvested restricted stock units	12,286,700	8,219,810
Shares related to the 2026 Notes	7,475,897	7,475,897
Shares committed under the 2021 ESPP	208,013	117,705
Total potentially dilutive securities	24,092,181	20,933,142

Share-based compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based compensation

The Company’s equity incentive plans provide for granting various share-based awards to eligible employees, non-employee directors, and consultants of the Company. In addition, the Company offers an employee stock purchase plan to eligible employees.

The Company recognized stock-based compensation expense for all equity arrangements as follows:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Cost of revenue:
Subscription	$	2,267	$	1,955
Services	309		304
Sales and marketing	7,499		5,859
Research and development	5,033		3,859
General and administrative	4,442		4,033
	$	19,550	$	16,010

Equity Incentive Plans

The maximum number of shares of common stock available for issuance under the 2020 Plan was 29,183,546 shares as of January 1, 2023. As of March 31, 2023, 14,101,048 shares of common stock were reserved for additional grants under the 2020 Plan and 128,928 shares of common stock were reserved for additional grants under the 2017 Option Plan. All stock options previously granted by the Company were at an exercise price at or above the estimated fair market value of the Company’s common stock as of the grant date.

Return Target Options

The table below summarizes return target option activity for the three months ended March 31, 2023:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022	3,272,920	$	6.75	5.8	$	47,623
Granted	—	—
Exercised	(347,234)	7.37
Forfeitures	—	—
Outstanding, March 31, 2023	2,925,686	$	6.68	5.2	$	37,287
Options exercisable at March 31, 2023	2,925,686	$	6.68	5.2	$	37,287
Vested or expected to vest at March 31, 2023	2,925,686	$	6.68	5.2	$	37,287

The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the optionholders had all optionholders exercised their options on the last day of the period. The return target options outstanding on June 27, 2022 were modified such that these options were deemed fully vested as of June 30, 2022. During the three months ended June 30, 2022, with the filing of a Form S-3 “shelf” registration statement, the market condition and the implied performance obligation were deemed to be satisfied and the Company recognized $33.0 million of stock-based compensation expense. There is no remaining unrecognized compensation expense related to these return target options as of March 31, 2023. The aggregate intrinsic value of the options exercised, which represents the difference between the fair market value of the Company’s common stock on the date of exercise and the exercise price of each option, was $4.7 million for the three months ended March 31, 2023. The Company issues new shares when return target options are exercised.

Service-Based Options

The table below summarizes the service-based option activity for the three months ended March 31, 2023:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022	1,215,822	$	5.70	5.1	$	18,968
Granted	—	—
Exercised	(19,937)	8.21
Forfeitures	—	—
Outstanding, March 31, 2023	1,195,885	$	5.66	4.0	$	16,459
Options exercisable at March 31, 2023	1,156,009	$	5.57	3.9	$	16,012
Vested or expected to vest at March 31, 2023	1,195,885	$	5.66	4.0	$	16,459

The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the optionholders had all optionholders exercised their options on the last date of the period. Service-based options vest over four years with 25% vesting one year after grant and the remainder vesting ratably on a quarterly basis thereafter. The Company issues new shares when service-based options are exercised. All service-based options outstanding under the Company’s option plans have exercise prices equal to the fair value of the Company’s stock on the grant date. All awards expire after 10 years.

The aggregate intrinsic value of the options exercised, which represents the difference between the fair market value of the Company’s common stock on the date of exercise and the exercise price of each option, was $0.2 million for the three months ended March 31, 2023. The total fair value of service-based options vested during the three months ended March 31, 2023 was $0.1 million. There was $0.2 million of unrecognized compensation expense related to service-based options that is expected to be recognized over a weighted-average period of 0.6 years as of March 31, 2023.

Restricted Stock Units

RSU activity for the three months ended March 31, 2023 was as follows:


	Units	Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 2022	8,417,357	$	29.61
Granted	4,593,134	20.02
Vested	(370,146)	31.75
Forfeited	(353,645)	29.95
Outstanding, March 31, 2023	12,286,700	$	25.99

RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $279.0 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period

of 3.1 years as of March 31, 2023. The total fair value of RSUs vested during the three months ended March 31, 2023 was $11.8 million.

Employee Stock Purchase Plan

As of March 31, 2023 and December 31, 2022, the Company withheld, at the employees’ request, $2.7 million and $1.1 million, respectively, of eligible employee compensation, which is included in accrued liabilities in the condensed consolidated balance sheets, for purchases of common stock under the 2021 ESPP.

As of March 31, 2023, 5,130,772 shares of common stock were reserved for future issuance under the 2021 ESPP. No shares of common stock were issued under the 2021 ESPP during the three months ended March 31, 2023. There was $0.3 million of unrecognized compensation expense related to the 2021 ESPP that is expected to be recognized over a period of one month as of March 31, 2023.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (24,200)	$ (25,629)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization expense	12,424	13,893
Amortization of deferred contract costs	4,774	3,755
Amortization of debt issuance costs	684	679
Non-cash lease expense	1,493	1,291
Provision for credit losses and returns	14	128
Share‑based compensation	19,550	16,010
Deferred tax benefit	(27)	(468)
Adjustment to contingent consideration	0	88
Other	(677)	725
Changes in operating assets and liabilities:
Trade accounts receivable	3,915	(2,190)
Income tax receivable/payable	(273)	533
Prepaid expenses and other assets	(8,598)	(3,668)
Deferred contract costs	(8,145)	(6,952)
Accounts payable	(575)	(413)
Accrued liabilities	(19,765)	(11,250)
Deferred revenue	(5,394)	10,478
Net cash used in operating activities	(24,800)	(2,990)
Investing activities
Acquisitions, net of cash acquired	0	(4,023)
Purchases of equipment and leasehold improvements	(1,121)	(1,964)
Purchase of investments	(750)	0
Other	14	8
Net cash used in investing activities	(1,857)	(5,979)
Financing activities
Debt issuance costs	0	(50)
Cash paid for contingent consideration	(206)	(4,588)
Proceeds from the exercise of stock options	2,723	1,197
Net cash provided by (used in) financing activities	2,517	(3,441)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	42	(145)
Net decrease in cash, cash equivalents, and restricted cash	(24,098)	(12,555)
Cash, cash equivalents, and restricted cash, beginning of period	231,921	177,150
Cash, cash equivalents, and restricted cash, end of period	207,823	164,595
Cash paid for:
Interest	313	293
Income taxes, net of refunds	894	192
Non-cash activities:
Operating lease assets obtained in exchange for operating lease liabilities	0	8,314
Purchases of equipment and leasehold improvements accrued but not paid	83	0
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	200,340	164,595
Restricted cash included in other current assets	283	0
Restricted cash included in other assets	7,200	0
Total cash, cash equivalents, and restricted cash	$ 207,823	$ 164,595

Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Based Compensation

The Company recognized stock-based compensation expense for all equity arrangements as follows:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Cost of revenue:
Subscription	$	2,267	$	1,955
Services	309		304
Sales and marketing	7,499		5,859
Research and development	5,033		3,859
General and administrative	4,442		4,033
	$	19,550	$	16,010

Schedule of Stock-Option Activity

The table below summarizes return target option activity for the three months ended March 31, 2023:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022	3,272,920	$	6.75	5.8	$	47,623
Granted	—	—
Exercised	(347,234)	7.37
Forfeitures	—	—
Outstanding, March 31, 2023	2,925,686	$	6.68	5.2	$	37,287
Options exercisable at March 31, 2023	2,925,686	$	6.68	5.2	$	37,287
Vested or expected to vest at March 31, 2023	2,925,686	$	6.68	5.2	$	37,287

The table below summarizes the service-based option activity for the three months ended March 31, 2023:


	Options	Weighted‑ Average Exercise Price		Weighted‑ Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding, December 31, 2022	1,215,822	$	5.70	5.1	$	18,968
Granted	—	—
Exercised	(19,937)	8.21
Forfeitures	—	—
Outstanding, March 31, 2023	1,195,885	$	5.66	4.0	$	16,459
Options exercisable at March 31, 2023	1,156,009	$	5.57	3.9	$	16,012
Vested or expected to vest at March 31, 2023	1,195,885	$	5.66	4.0	$	16,459

Schedule of Restricted Stock Units Stock Option Activity

RSU activity for the three months ended March 31, 2023 was as follows:


	Units	Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 2022	8,417,357	$	29.61
Granted	4,593,134	20.02
Vested	(370,146)	31.75
Forfeited	(353,645)	29.95
Outstanding, March 31, 2023	12,286,700	$	25.99

Share-based compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 19,550	$ 16,010
Cost of revenues \| Subscription
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,267	1,955
Cost of revenues \| Services
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	309	304
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	7,499	5,859
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	5,033	3,859
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,442	$ 4,033

Summary of significant accounting policies - Schedule of Allowance for Credit Losses for Trade Accounts Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance, beginning of period	$ 445	$ 391
Provision	14	122
Write-offs	(55)	(27)
Recoveries of amounts previously written off	23	6
Balance, end of period	$ 427	$ 492

Net loss per share - Schedule of Potentially Dilutive Securities Excluded from the Computation of Diluted Weighted-Average Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	24,092,181	20,933,142
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	4,121,571	5,119,730
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	12,286,700	8,219,810
Shares related to the 2026 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	7,475,897	7,475,897
Shares committed under the 2021 ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive securities (in shares)	208,013	117,705

Income taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provisions	$ 597	$ 252
Pretax losses	$ 23,603	$ 25,377
Effective income tax rate	(2.50%)	(1.00%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Summary of significant accounting policies - Contract Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Balance, beginning of the period	$ 817	$ 1,792
Balance, end of the period	636	1,885
Change	$ (181)	$ 93

Financial instruments fair value

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial instruments fair value

Assets and liabilities measured at fair value on a recurring basis

The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy.

In addition, the contingent consideration associated with the Digita acquisition was measured and recorded at fair value on a recurring basis. The estimated fair value of the contingent payments associated with the Digita acquisition was determined using a Monte Carlo simulation model, which 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 Company made the final payment related to the contingent consideration in the first quarter of 2023. See Note 4 for more information.

The fair value of these financial instruments were as follows:


	March 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	114,808	$	—	$	—	$	114,808
Total cash equivalents	$	114,808	$	—	$	—	$	114,808


	December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	132,306	$	—	$	—	$	132,306
Total cash equivalents	$	132,306	$	—	$	—	$	132,306

Liabilities
Contingent consideration:
Accrued liabilities	$	—	$	—	$	6,206	$	6,206
Total contingent consideration	$	—	$	—	$	6,206	$	6,206

The carrying value of accounts receivable and accounts payable approximate their fair value due to their short maturities and are excluded from the tables above.

The following table provides a summary of the changes in contingent consideration, which is classified as Level 3:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Balance, beginning of period	$	6,206	$	10,100
Total (gains) losses included in:
Net loss	—		88
Payments	(6,206)		(4,588)
Balance, end of period	$	—	$	5,600

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 months ended March 31, 2022 primarily reflected updated assumptions about the probability of growth of subscription services.

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:


	March 31, 2023				December 31, 2022
	Net Carrying Value		Estimated Fair Value		Net Carrying Value		Estimated Fair Value
	(in thousands)
2026 Notes	$	365,127	$	307,671	$	364,505	$	308,504

As of March 31, 2023 and December 31, 2022, the difference between the net carrying value of the 2026 Notes and the principal amount of $373.8 million represents the unamortized debt issuance costs of $8.6 million and $9.2 million, respectively. See Note 8 for more information. The estimated fair value of the 2026 Notes, which is classified as Level 2, was determined based on quoted bid prices of the 2026 Notes in an over-the-counter market on the last trading day of the reporting period.

- Definition

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

+ References + Details

Goodwill and other intangible assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 856,925	$ 845,734
Goodwill acquired	0	3,014
Measurement period adjustments	339	0
Foreign currency translation adjustment	5,483	(6,764)
Goodwill, end of period	$ 862,747	$ 841,984

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Commitment and contingencies - Schedule of Minimum Payments Under Contractual Agreements (Details) - Unrelated Party $ in Thousands	Mar. 31, 2023 USD ($)
Purchase Commitment, Excluding Long-Term Commitment [Line Items]
2023 (remaining nine months)	$ 31,373
2024	38,590
2025	20,243
2026	1,126
2027	1,126
Thereafter	0
Contractual obligation for hosting services	$ 92,458

Acquisitions - Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination (Details) - ZecOps $ in Thousands	Nov. 16, 2022 USD ($)
Acquisition
Useful Life	4 years 8 months 12 days
Gross Value	$ 9,500
Developed technology
Acquisition
Useful Life	5 years
Gross Value	$ 5,900
Customer relationships
Acquisition
Useful Life	5 years
Gross Value	$ 2,300
Non-competes
Acquisition
Useful Life	3 years
Gross Value	$ 1,300

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (24,200)	$ (25,629)
Other comprehensive income (loss):
Foreign currency translation adjustments	6,047	(8,083)
Total other comprehensive income (loss)	6,047	(8,083)
Comprehensive loss	$ (18,153)	$ (33,712)

- Definition

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

+ References

+ Details

Summary of significant accounting policies (Policies)	3 Months Ended
Summary of significant accounting policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation and principles of consolidationThe 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.
Principles of consolidation	All intercompany accounts and transactions have been eliminated.
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.
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.
Trade accounts receivable, net	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.
Revenue recognition	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.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.Contract liabilities consist of customer billings in advance of revenue being recognized. The Company invoices its customers for subscription, support and maintenance, and services in advance.Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and noncancellable amounts to be invoiced.Sales commissions, as well as associated payroll taxes and retirement plan contributions (together, contract costs), that are incremental to the acquisition of customer contracts are capitalized using a portfolio approach as deferred contract costs in the condensed consolidated balance sheets when the period of benefit is determined to be greater than one year.
Financial instruments fair value	Assets and liabilities measured at fair value on a recurring basis The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy. In addition, the contingent consideration associated with the Digita acquisition was measured and recorded at fair value on a recurring basis. The estimated fair value of the contingent payments associated with the Digita acquisition was determined using a Monte Carlo simulation model, which uses Level 3 inputs, including assumptions about the probability of growth of subscription services and the related pricing of the services offered.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 20
-Subparagraph (d)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

+ Details

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

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


Leases	Balance Sheet Classification	March 31, 2023		December 31, 2022
		(in thousands)
Assets
Operating lease assets	Other assets	$	22,343	$	23,828

Liabilities
Operating lease liabilities - current	Accrued liabilities	$	6,494	$	6,539
Operating lease liabilities - non-current	Other liabilities	20,265		21,895
Total operating lease liabilities		$	26,759	$	28,434

Maturities of the Company’s operating lease liabilities as of March 31, 2023 were as follows:


	Operating Leases
	(in thousands)
Years ending December 31:
2023 (remaining nine months)	$	5,580
2024	6,407
2025	4,775
2026	4,781
2027	2,726
Thereafter	5,341
Total lease payments	29,610
Less: imputed interest	2,851
Total present value of lease liabilities	$	26,759

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Acquisitions

The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed (in thousands):


Assets acquired:
Cash and cash equivalents	$	820
Trade accounts receivable, net	448
Prepaid expenses	39
Other current assets	2,104
Intangible assets acquired	9,500
Operating lease assets	104
Liabilities assumed:
Accounts payable	(73)
Accrued liabilities	(2,260)
Income taxes payable	(48)
Deferred revenue	(1,014)
Operating lease liabilities	(85)
Deferred tax liability	(529)
Goodwill	35,458
Total purchase consideration	$	44,464

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

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


	Useful Life	Gross Value
		(in thousands)
Developed technology	5.0 years	$	5,900
Customer relationships	5.0 years	2,300
Non-competes	3.0 years	1,300
Total identifiable intangible assets		$	9,500

Acquisitions - Other (Details)	3 Months Ended
Acquisitions - Other (Details)	Mar. 31, 2022 USD ($) acquistion	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Acquisition
Goodwill	$ 841,984,000	$ 862,747,000	$ 856,925,000	$ 845,734,000
Series of Individually Immaterial Business Acquisitions
Acquisition
Number of businesses acquired \| acquistion	2
Purchase price of business acquisition	$ 4,000,000
Other current assets	100,000
Goodwill	3,000,000
Goodwill deductible for income tax purposes	0
Acquisition-related expenses	400,000
Series of Individually Immaterial Business Acquisitions \| Developed technology
Acquisition
Developed technology	$ 900,000
Weighted-average economic life of intangible assets acquired	5 years

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid‑In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		119,426,064
Beginning balance at Dec. 31, 2021	$ 738,426	$ 119	$ 913,581	$ (7,866)	$ (167,408)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		211,200
Exercise of stock options	1,197		1,197
Vesting of restricted stock units (in shares)		22,191
Share‑based compensation	16,010		16,010
Foreign currency translation adjustments	(8,083)			(8,083)
Net loss	(25,629)				(25,629)
Ending balance (in shares) at Mar. 31, 2022		119,659,455
Ending balance at Mar. 31, 2022	721,921	$ 119	930,788	(15,949)	(193,037)
Beginning balance (in shares) at Dec. 31, 2022		123,170,172
Beginning balance at Dec. 31, 2022	701,338	$ 123	1,049,875	(39,951)	(308,709)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		367,171
Exercise of stock options	2,723		2,723
Vesting of restricted stock units (in shares)		370,146
Vesting of restricted stock units	1	$ 1
Share‑based compensation	19,550		19,550
Foreign currency translation adjustments	6,047			6,047
Net loss	(24,200)				(24,200)
Ending balance (in shares) at Mar. 31, 2023		123,907,489
Ending balance at Mar. 31, 2023	$ 705,459	$ 124	$ 1,072,148	$ (33,904)	$ (332,909)

Acquisitions - Digita (Details) - USD ($) $ in Thousands	3 Months Ended
Acquisitions - Digita (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2021	Dec. 31, 2019
Acquisition
Cash payments for contingent consideration	$ 206	$ 4,588
Digita
Acquisition
Maximum contingent consideration				$ 15,000
Cash payments for contingent consideration	$ 6,200	$ 4,600	$ 4,200

Basis of presentation and description of business

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of presentation and description of business

Description of business

We are the standard in managing and securing Apple at work, and we are the only company in the world that provides a complete management and security solution for an Apple-first environment that is designed to be enterprise secure, consumer simple, and protective of personal privacy. We help IT and security teams confidently protect the devices, data, and applications used by their workforce, while providing employees with consumer-simple, privacy-protecting technology. With Jamf’s software, devices can be deployed to employees brand new in the shrink-wrapped box, set up automatically and personalized at first power-on and administered continuously throughout the lifecycle of the device. Our customers are located throughout the world.

Basis of presentation and principles of consolidation

The accompanying condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in accordance with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. All intercompany accounts and transactions have been eliminated.

Unaudited interim condensed consolidated financial information

The interim condensed consolidated balance sheet as of March 31, 2023, the condensed consolidated statements of operations, of comprehensive loss, of stockholders’ equity, and of cash flows for the three months ended March 31, 2023 and 2022, and the related notes are unaudited. The condensed consolidated balance sheet as of December 31, 2022 was derived from our audited consolidated financial statements that were included in our Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 1, 2023. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in management’s opinion, include all adjustments necessary for the fair presentation of the consolidated financial position, results of operations, and cash flows of the Company. All adjustments made were of a normal recurring nature. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future period.

Use of estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the reporting date, and the reported amounts of 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.

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 March 31,
	2023		2022
	(in thousands)
The Americas (1)	$	89,811	$	75,149
Europe, the Middle East, India, and Africa	32,351		25,997
Asia Pacific	10,050		7,112
	$	132,212	$	108,258

(1) The vast majority of our Americas revenues comes from the United States.

Commitments and contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Hosting Services and Other Support Software Agreements

The Company has various contractual agreements for hosting services and other support software. The below table reflects the minimum payments under these agreements as of March 31, 2023:


	Unrelated
	(in thousands)
Years ending December 31:
2023 (remaining nine months)	$	31,373
2024	38,590
2025	20,243
2026	1,126
2027	1,126
Thereafter	—
	$	92,458

As of March 31, 2023, the Company also has a variable obligation of $17.5 million over the term of a three-year contract for third-party hosting services. The Company entered into this contract in May 2022. The variable obligation is not reflected in the table above.

Contingencies

From time to time, the Company may be subject to various claims, charges, and litigation. The Company records a liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company maintains insurance to cover certain actions and believes that resolution of such claims, charges, or litigation will not have a material impact on the Company’s financial position, results of operations, or liquidity. The Company had no liabilities for contingencies as of March 31, 2023 or December 31, 2022.

Share-based compensation - Return Target Options Activity (Details) - Target-based stock options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options
Outstanding, beginning of period (in shares)	3,272,920
Granted (in shares)	0
Exercised (in shares)	(347,234)
Forfeitures (in shares)	0
Outstanding, end of period (in shares)	2,925,686	3,272,920
Options exercisable (in shares)	2,925,686
Vested or expected to vest (in shares)	2,925,686
Weighted‑ Average Exercise Price
Outstanding, beginning of period (in dollars per share)	$ 6.75
Granted (in dollars per share)	0
Exercised (in dollars per share)	7.37
Forfeitures (in dollars per share)	0
Outstanding, end of period (in dollars per share)	6.68	$ 6.75
Options exercisable (in dollars per share)	6.68
Vested or expected to vest (in dollars per share)	$ 6.68
Weighted‑ Average Remaining Contractual Term (Years)
Remaining term, options outstanding	5 years 2 months 12 days	5 years 9 months 18 days
Remaining term, options exercisable	5 years 2 months 12 days
Remaining term, options vested or expected to vest	5 years 2 months 12 days
Aggregate Intrinsic Value (in thousands)
Outstanding	$ 37,287	$ 47,623
Options exercisable	37,287
Vested or expected to vest	$ 37,287

Income taxes	3 Months Ended
Income taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income taxes	Income taxesThe Company calculated the year-to-date income tax provision by applying the estimated annual effective tax rate to the year-to-date pre-tax income for each applicable jurisdiction and adjusted for discrete tax items in the period. For the three months ended March 31, 2023 and 2022, the Company had tax provisions of $0.6 million and $0.3 million on pretax losses of $23.6 million and $25.4 million, respectively. The effective tax rates for the three months ended March 31, 2023 and 2022 were approximately (2.5)% and (1.0)%, respectively. For the periods presented, the difference between the statutory rate and the Company’s effective tax rate was primarily due to the valuation allowances on its U.S. and UK tax assets. The effective tax rate is also impacted by earnings realized in foreign jurisdictions. The Tax Cuts and Jobs Act enacted on December 22, 2017 amended Internal Revenue Code Section 174 to require that specific R&E expenditures be capitalized and amortized over five years (U.S. R&E) or fifteen years (non-U.S. R&E) beginning in 2022. Although Congress has considered legislation that would defer, modify, or repeal the capitalization and amortization requirement, there is no assurance that the provision will be deferred, repealed, or otherwise modified. If the requirement is not modified, the Company may be required to utilize some of its federal and state tax attributes.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Allowance	$ 427	$ 445
Stockholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	50,000,000	50,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	123,907,489	123,170,172
Common stock outstanding (in shares)	123,907,489	123,170,172

Basis of presentation and description of business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Number of operating segment \| segment	1
Number of reportable segment \| segment	1
Revenue	$ 132,212	$ 108,258
The Americas
Disaggregation of Revenue [Line Items]
Revenue	89,811	75,149
Europe, the Middle East, India, and Africa
Disaggregation of Revenue [Line Items]
Revenue	32,351	25,997
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenue	$ 10,050	$ 7,112

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial instruments fair value - Schedule of Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Total cash equivalents	$ 114,808	$ 132,306
Liabilities
Total contingent consideration		6,206
Accrued liabilities
Liabilities
Total contingent consideration		6,206
Money market funds
Assets
Total cash equivalents	114,808	132,306
Level 1
Assets
Total cash equivalents	114,808	132,306
Liabilities
Total contingent consideration		0
Level 1 \| Accrued liabilities
Liabilities
Total contingent consideration		0
Level 1 \| Money market funds
Assets
Total cash equivalents	114,808	132,306
Level 2
Assets
Total cash equivalents	0	0
Liabilities
Total contingent consideration		0
Level 2 \| Accrued liabilities
Liabilities
Total contingent consideration		0
Level 2 \| Money market funds
Assets
Total cash equivalents	0	0
Level 3
Assets
Total cash equivalents	0	0
Liabilities
Total contingent consideration		6,206
Level 3 \| Accrued liabilities
Liabilities
Total contingent consideration		6,206
Level 3 \| Money market funds
Assets
Total cash equivalents	$ 0	$ 0

Acquisitions - ZecOps (Details) - ZecOps - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended
	Nov. 16, 2022	Dec. 31, 2022
Acquisition
Voting interest	100.00%
Business combination, consideration transferred	$ 44,500
Payments to acquire businesses, gross	28,400
Shares issued (in shares)	15,100
Business acquisition repayment of investment	1,000
Business acquisition escrow fund as Partial security for post closing true up adjustments	300
Business acquisition escrow fund as partial security for post closing true up adjustments indemnification claims	$ 7,200
Business acquisition existing escrow amount percentage	50.00%
Business acquisition existing escrow amount period	18 months
Business acquisition, equity interest issued or issuable, number of shares	711,111	710,691
Business acquisition, equity interest issued or issuable, value assigned	$ 19,200
Stock price (in dollars per share)	$ 27.00
Business a acquisition equity interest issued or issuable number of shares reserved		420
Goodwill deductible for income tax purposes	$ 0

Goodwill and other intangible assets (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

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


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Goodwill, beginning of period	$	856,925	$	845,734
Goodwill acquired	—		3,014
Measurement period adjustments	339		—
Foreign currency translation adjustment	5,483		(6,764)
Goodwill, end of period	$	862,747	$	841,984

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

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


	March 31, 2023
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,657	$	23,309	$	11,348	2.6 years
Customer relationships	2 ‑ 12 years	250,094		102,518		147,576		7.0 years
Developed technology	5 - 6.5 years	118,157		70,029		48,128		4.5 years
Non‑competes	2 - 3 years	2,901		1,381		1,520		2.1 years
Order backlog	2.5 years	3,564		2,627		937		0.8 years
Total intangible assets		$	409,373	$	199,864	$	209,509


	December 31, 2022
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,649	$	22,200	$	12,449	2.8 years
Customer relationships	2 ‑ 12 years	249,659		96,973		152,686		7.2 years
Developed technology	5 - 6.5 years	116,881		66,373		50,508		4.7 years
Non‑competes	2 - 3 years	2,864		1,066		1,798		2.3 years
Order backlog	2.5 years	3,518		2,215		1,303		1.0 year
Total intangible assets		$	407,571	$	188,827	$	218,744

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

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


	March 31, 2023
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,657	$	23,309	$	11,348	2.6 years
Customer relationships	2 ‑ 12 years	250,094		102,518		147,576		7.0 years
Developed technology	5 - 6.5 years	118,157		70,029		48,128		4.5 years
Non‑competes	2 - 3 years	2,901		1,381		1,520		2.1 years
Order backlog	2.5 years	3,564		2,627		937		0.8 years
Total intangible assets		$	409,373	$	199,864	$	209,509


	December 31, 2022
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,649	$	22,200	$	12,449	2.8 years
Customer relationships	2 ‑ 12 years	249,659		96,973		152,686		7.2 years
Developed technology	5 - 6.5 years	116,881		66,373		50,508		4.7 years
Non‑competes	2 - 3 years	2,864		1,066		1,798		2.3 years
Order backlog	2.5 years	3,518		2,215		1,303		1.0 year
Total intangible assets		$	407,571	$	188,827	$	218,744

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Debt - Narrative (Details)	Apr. 07, 2023	Sep. 17, 2021 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022	Jul. 27, 2020 USD ($)
Minimum \| Subsequent Event
Debt Instrument [Line Items]
Commitment fee, as a percent	0.20%
Maximum \| Subsequent Event
Debt Instrument [Line Items]
Commitment fee, as a percent	0.35%
Federal Funds Effective Rate \| Subsequent Event
Debt Instrument [Line Items]
Interest margin, as a percent	0.50%
Adjusted Term SOFR \| Subsequent Event
Debt Instrument [Line Items]
Interest margin, as a percent	1.00%
SOFR \| Subsequent Event
Debt Instrument [Line Items]
Interest margin, as a percent	0.10%
SOFR \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Applicable rate, as a percent	1.25%
SOFR \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Applicable rate, as a percent	2.00%
Base Rate \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Applicable rate, as a percent	0.25%
Base Rate \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Applicable rate, as a percent	1.00%
LIBOR \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Applicable rate, as a percent	1.25%
LIBOR \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Applicable rate, as a percent	2.00%
Line of Credit
Debt Instrument [Line Items]
Debt issuance costs in other assets			$ 600,000	$ 700,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 150,000,000
Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						25,000,000
Line of Credit \| Foreign Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity						50,000,000
Line of Credit \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity per incremental loan						$ 5,000,000
Convertible Senior Notes Due 2026 \| Convertible Debt
Debt Instrument [Line Items]
Principal amount		$ 373,800,000
Interest rate		0.125%	0.125%	0.125%
Conversion ratio		20.0024
Conversion price (in dollars per share) \| $ / shares		$ 49.99
Effective interest rate			0.81%		0.81%

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 2023
Related Party Transactions [Abstract]
Related party transactions	Related party transactions As of March 31, 2023 and December 31, 2022, the Company accrued $1.5 million and $1.3 million, respectively, related to JNGF pledges, which are included in accrued liabilities in the condensed consolidated balance sheets. The Company may engage in transactions in the ordinary course of business with significant shareholders or other companies whose directors or officers may also serve as directors or officers for the Company. The Company carries out these transactions on customary terms. Vista is a U.S.-based investment firm that controls the funds which previously owned a majority of the Company. In 2021, Vista sold a portion of its investment in the Company such that its funds no longer owned a majority of the Company as of March 31, 2023. However, Vista is deemed a related party in accordance with ASC 850 as it continues to be a principal owner of the Company. There were no material transactions with Vista or its affiliates during the three months ended March 31, 2023 and 2022.

Acquisitions

3 Months Ended

Mar. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

ZecOps

On November 16, 2022, the Company completed its acquisition of ZecOps, a leader in mobile detection and response, pursuant to the terms of the ZecOps Merger Agreement. This acquisition uniquely positioned Jamf to help IT and security teams strengthen their organization’s mobile security posture.

Under the terms of the ZecOps Merger Agreement, the Company acquired 100% of the equity interest in ZecOps for total purchase consideration of $44.5 million. The total purchase consideration included cash consideration of $28.4 million, equity consideration of $15.1 million (based on the closing price of the Company’s common stock on November 16, 2022), and repayment of the $1.0 million SAFE investment in ZecOps the Company entered into in the third quarter of 2022. The cash consideration included (i) $0.3 million in cash held back in an escrow fund as partial security for post-closing true-up adjustments and (ii) $7.2 million in cash held back in an escrow fund as partial security for post-closing indemnification claims with (A) 50% of the then existing escrowed amount to be released 18 months following the closing date and (B) the remaining escrowed amount to be released on March 1, 2025. The cash consideration was funded by the Company’s cash on hand. The equity consideration consisted of up to 711,111 shares of the Company’s common stock, based on (i) the deemed total equity consideration value under the ZecOps Merger Agreement of $19.2 million divided by (ii) the agreed upon floor of the Company’s stock price of $27.00 per share. On the closing date, 710,691 shares of the equity consideration were issued to applicable ZecOps equityholders, and 420 shares were issued into a reserve account, subject to the completion of customary shareholder certifications. The reserved shares were subsequently released in January 2023. In the first quarter of 2023, the Company recorded an immaterial measurement period adjustment.

The final purchase accounting allocations for the ZecOps acquisition will be determined within one year from the acquisition date and depend on a number of factors, including the final valuation of our intangible assets acquired and finalization of income tax effects of the opening balance sheet. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed (in thousands):


Assets acquired:
Cash and cash equivalents	$	820
Trade accounts receivable, net	448
Prepaid expenses	39
Other current assets	2,104
Intangible assets acquired	9,500
Operating lease assets	104
Liabilities assumed:
Accounts payable	(73)
Accrued liabilities	(2,260)
Income taxes payable	(48)
Deferred revenue	(1,014)
Operating lease liabilities	(85)
Deferred tax liability	(529)
Goodwill	35,458
Total purchase consideration	$	44,464

The Company accounted for the acquisition by applying the acquisition method of accounting for business combinations in accordance with ASC 805. The allocation of the purchase price required management to make significant estimates in determining the fair value of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates included, but were not limited to:

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

•time to recreate customer relationships and anticipated growth in revenue;

•research and development costs;

•obsolescence curves and other useful life assumptions, such as the period of time and intended use of acquired intangible assets in the Company’s product offerings;

•discount rates; and

•tax-related valuation allowances.

The goodwill represents the excess of the purchase consideration over the fair value of the underlying net identifiable assets. The goodwill recognized in this acquisition is primarily attributable to expected synergies in sales opportunities across complementary products, customers, and geographies and cross-selling opportunities. The goodwill is not deductible for income tax purposes.

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


	Useful Life	Gross Value
		(in thousands)
Developed technology	5.0 years	$	5,900
Customer relationships	5.0 years	2,300
Non-competes	3.0 years	1,300
Total identifiable intangible assets		$	9,500

The weighted-average useful life of the intangible assets acquired was 4.7 years.

Developed technology represents the estimated fair value of the features underlying the ZecOps products as well as the platform supporting ZecOps customers and was valued using an excess earnings income approach. Customer relationships represent the estimated fair value of the underlying relationships with ZecOps customers and were valued using a replacement cost method, which estimates the cost to recreate the asset. Non-competes represent the estimated fair value of non-compete agreements acquired from ZecOps and were valued using a with-and-without income approach.

Pro forma results of operations for this acquisition were not presented as the effects were not material to our financial results.

Other

During the first quarter of 2022, the Company completed two acquisitions to expand our products and services offerings. These acquisitions were not significant individually or in the aggregate to our condensed consolidated financial statements. The combined purchase price for these acquisitions was $4.0 million, which was paid with cash on hand. The purchase price was allocated to the assets acquired based on their estimated fair values as of the date of each acquisition. The allocation included $0.9 million to developed technology with an estimated useful life of 5.0 years and $0.1 million to other assets, with the remaining $3.0 million allocated to goodwill. The goodwill is not deductible for income tax purposes. Acquisition-related expenses of $0.4 million were expensed as incurred. These expenses were recognized as acquisition costs in general and administrative expenses in the condensed consolidated statement of operations.

Digita

In 2019, the Company recorded contingent consideration in connection with its purchase of the outstanding membership interests of Digita. The maximum contingent consideration was $15.0 million if the acquired business achieved certain revenue milestones by December 31, 2022. The acquired business achieved the minimum revenue milestones, which resulted in the Company making cash payments of $6.2 million, $4.6 million, and $4.2 million in the first quarter of 2023, the first quarter of 2022, and the second quarter of 2021, respectively, to the former owners of the acquired business. See Note 3 for more information on the fair value of the contingent consideration.

Debt - Schedule of Balances and Availability of 2026 Notes and 2020 Revolving Credit Facility (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Sep. 17, 2021
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding	$ 1,037	$ 1,037
Unutilized Amount	$ 148,963	$ 148,963
Interest Rate	1.25%	1.25%
Convertible Senior Notes Due 2026 \| Convertible Debt
Debt Instrument [Line Items]
Outstanding	$ 365,127	$ 364,505
Interest Rate	0.125%	0.125%	0.125%

Basis of presentation and description of business (Tables)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue by Geographic Location

Revenues by geographic region as determined based on the location where the sale originated were as follows:


	Three Months Ended March 31,
	2023		2022
	(in thousands)
The Americas (1)	$	89,811	$	75,149
Europe, the Middle East, India, and Africa	32,351		25,997
Asia Pacific	10,050		7,112
	$	132,212	$	108,258

(1) The vast majority of our Americas revenues comes from the United States.

Net loss per share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:


	Three Months Ended March 31,
	2023		2022
	(in thousands, except share and per share amounts)
Numerator:
Net loss	$	(24,200)	$	(25,629)
Denominator:
Weighted-average shares used to compute net loss per share, basic and diluted	123,422,066		119,594,341
Basic and diluted net loss per share	$	(0.20)	$	(0.21)

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


	As of March 31,
	2023	2022
Stock options outstanding	4,121,571	5,119,730
Unvested restricted stock units	12,286,700	8,219,810
Shares related to the 2026 Notes	7,475,897	7,475,897
Shares committed under the 2021 ESPP	208,013	117,705
Total potentially dilutive securities	24,092,181	20,933,142

Summary of significant accounting policies - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 132,212	$ 108,258
Subscription
Disaggregation of Revenue [Line Items]
Total revenue	127,230	102,201
Subscription \| Subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	127,230	102,201
SaaS subscription and support and maintenance \| Subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	120,762	96,350
On‑premise subscription \| Subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	6,468	5,851
Non‑subscription revenue \| Non‑subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	4,982	6,057
Professional services
Disaggregation of Revenue [Line Items]
Total revenue	4,384	3,944
Professional services \| Non‑subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	4,384	3,944
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenue	598	2,113
Perpetual licenses \| Non‑subscription revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 598	$ 2,113

Goodwill and other intangible assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 409,373	$ 407,571
Accumulated Amortization	199,864	188,827
Net Carrying Value	209,509	218,744
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Value	34,657	34,649
Accumulated Amortization	23,309	22,200
Net Carrying Value	$ 11,348	$ 12,449
Weighted‑ Average Remaining Useful Life	2 years 7 months 6 days	2 years 9 months 18 days
Trademarks \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years	3 years
Trademarks \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	8 years	8 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 250,094	$ 249,659
Accumulated Amortization	102,518	96,973
Net Carrying Value	$ 147,576	$ 152,686
Weighted‑ Average Remaining Useful Life	7 years	7 years 2 months 12 days
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years	2 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	12 years	12 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 118,157	$ 116,881
Accumulated Amortization	70,029	66,373
Net Carrying Value	$ 48,128	$ 50,508
Weighted‑ Average Remaining Useful Life	4 years 6 months	4 years 8 months 12 days
Developed technology \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years	5 years
Developed technology \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	6 years 6 months	6 years 6 months
Non‑competes
Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 2,901	$ 2,864
Accumulated Amortization	1,381	1,066
Net Carrying Value	$ 1,520	$ 1,798
Weighted‑ Average Remaining Useful Life	2 years 1 month 6 days	2 years 3 months 18 days
Non‑competes \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years	2 years
Non‑competes \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years	3 years
Order backlog
Finite-Lived Intangible Assets [Line Items]
Useful Life	2 years 6 months	2 years 6 months
Gross Value	$ 3,564	$ 3,518
Accumulated Amortization	2,627	2,215
Net Carrying Value	$ 937	$ 1,303
Weighted‑ Average Remaining Useful Life	9 months 18 days	1 year

Summary of significant accounting policies - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 424.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	72.00%
Remaining performance obligation, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, period	3 years

Goodwill and other intangible assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and other intangible assets

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


	Three Months Ended March 31,
	2023		2022
	(in thousands)
Goodwill, beginning of period	$	856,925	$	845,734
Goodwill acquired	—		3,014
Measurement period adjustments	339		—
Foreign currency translation adjustment	5,483		(6,764)
Goodwill, end of period	$	862,747	$	841,984

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


	March 31, 2023
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,657	$	23,309	$	11,348	2.6 years
Customer relationships	2 ‑ 12 years	250,094		102,518		147,576		7.0 years
Developed technology	5 - 6.5 years	118,157		70,029		48,128		4.5 years
Non‑competes	2 - 3 years	2,901		1,381		1,520		2.1 years
Order backlog	2.5 years	3,564		2,627		937		0.8 years
Total intangible assets		$	409,373	$	199,864	$	209,509


	December 31, 2022
	Useful Life	Gross Value		Accumulated Amortization		Net Carrying Value		Weighted‑ Average Remaining Useful Life
	(in thousands)
Trademarks	3 - 8 years	$	34,649	$	22,200	$	12,449	2.8 years
Customer relationships	2 ‑ 12 years	249,659		96,973		152,686		7.2 years
Developed technology	5 - 6.5 years	116,881		66,373		50,508		4.7 years
Non‑competes	2 - 3 years	2,864		1,066		1,798		2.3 years
Order backlog	2.5 years	3,518		2,215		1,303		1.0 year
Total intangible assets		$	407,571	$	188,827	$	218,744

The gross value in the tables above includes a cumulative foreign currency translation adjustment of $(9.2) million and $(11.0) million as of March 31, 2023 and December 31, 2022, respectively. The accumulated amortization in the tables above includes a cumulative foreign currency translation adjustment of $(0.5) million and $(1.0) million as of March 31, 2023 and December 31, 2022, respectively.

Amortization expense was $10.5 million and $12.2 million for the three months ended March 31, 2023 and 2022, respectively.

There were no impairments to goodwill or intangible assets during the three months ended March 31, 2023 and 2022.

Summary of significant accounting policies - Deferred Contract Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounting Policies [Abstract]
Total amortization of contract costs	$ 4,800,000	$ 3,800,000
Impairment losses	$ 0	$ 0

Summary of significant accounting policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of significant accounting policies

The Company’s significant accounting policies are discussed in Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the three months ended March 31, 2023. 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 March 31,
	2023		2022
	(in thousands)
Balance, beginning of period	$	445	$	391
Provision	14		122
Write-offs	(55)		(27)
Recoveries of amounts previously written off	23		6
Balance, end of period	$	427	$	492

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 March 31,
	2023		2022
	(in thousands)
SaaS subscription and support and maintenance	$	120,762	$	96,350
On‑premise subscription	6,468		5,851
Subscription revenue	127,230		102,201
Professional services	4,384		3,944
Perpetual licenses	598		2,113
Non‑subscription revenue	4,982		6,057
Total revenue	$	132,212	$	108,258

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 March 31,
	2023		2022
	(in thousands)
Balance, beginning of the period	$	817	$	1,792
Balance, end of the period	636		1,885
Change	$	(181)	$	93

For the three months ended March 31, 2023 and 2022, 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 March 31,
	2023		2022
	(in thousands)
Balance, beginning of the period	$	346,150	$	282,128
Revenue earned	(107,595)		(85,337)
Deferral of revenue	103,895		95,708
Other (1)	(1,608)		—
Balance, end of the period	$	340,842	$	292,499

(1) Includes contract assets netted against contract liabilities on a contract-by-contract basis.

There were no significant changes to our contract assets and liabilities during the three months ended March 31, 2023 and 2022 outside of our sales activities.

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and noncancellable amounts to be invoiced. As of March 31, 2023, the Company had $424.5 million of remaining performance obligations, with 72% expected to be recognized as revenue over the succeeding 12 months, and the remainder generally expected to be recognized over the three years thereafter.

Deferred Contract Costs

Sales commissions, as well as associated payroll taxes and retirement plan contributions (together, contract costs), that are incremental to the acquisition of customer contracts are capitalized using a portfolio approach as deferred contract costs in the condensed consolidated balance sheets when the period of benefit is determined to be greater than one year.

Total amortization of contract costs was $4.8 million and $3.8 million for the three months ended March 31, 2023 and 2022, respectively.

The Company periodically reviews these deferred contract costs to determine whether events or changes in circumstances have occurred that could affect the period of benefit of these deferred contract costs. There were no impairment losses recorded during the three months ended March 31, 2023 and 2022.

Strategic investments

In the third quarter of 2022, the Company 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 sheets. As of both March 31, 2023 and December 31, 2022, the balance of the investment was $2.0 million. The Company evaluates its strategic investments quarterly for impairment. During the period ended March 31, 2023, 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.

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Supplemental Balance Sheet Information

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


Leases	Balance Sheet Classification	March 31, 2023		December 31, 2022
		(in thousands)
Assets
Operating lease assets	Other assets	$	22,343	$	23,828

Liabilities
Operating lease liabilities - current	Accrued liabilities	$	6,494	$	6,539
Operating lease liabilities - non-current	Other liabilities	20,265		21,895
Total operating lease liabilities		$	26,759	$	28,434

Schedule of Operating Lease Liability

Maturities of the Company’s operating lease liabilities as of March 31, 2023 were as follows:


	Operating Leases
	(in thousands)
Years ending December 31:
2023 (remaining nine months)	$	5,580
2024	6,407
2025	4,775
2026	4,781
2027	2,726
Thereafter	5,341
Total lease payments	29,610
Less: imputed interest	2,851
Total present value of lease liabilities	$	26,759

Acquisitions - Schedule of Acquisitions (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Nov. 16, 2022	Mar. 31, 2022	Dec. 31, 2021
Liabilities assumed:
Goodwill	$ 862,747	$ 856,925		$ 841,984	$ 845,734
ZecOps
Assets acquired:
Cash and cash equivalents			$ 820
Trade accounts receivable, net			448
Prepaid expenses			39
Other current assets			2,104
Intangible assets acquired			9,500
Operating lease assets			104
Liabilities assumed:
Accounts payable			(73)
Accrued liabilities			(2,260)
Income taxes payable			(48)
Deferred revenue			(1,014)
Operating lease liabilities			(85)
Deferred tax liability			(529)
Goodwill			35,458
Total purchase consideration			$ 44,464

Related party transactions (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Affiliated Entity \| JAMF Nation Global Foundation
Related Party Transaction [Line Items]
Accrued expenses to JAMF Nation Global Foundation	$ 1.5	$ 1.3

- Definition

Carrying amount as of the balance sheet date of obligations due all related parties.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03.17)
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.15(3),(4))
-URI https://asc.fasb.org/extlink&oid=126897435&loc=d3e534808-122878

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

+ Details

Subsequent events	3 Months Ended
Subsequent events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent events	Subsequent eventsOn May 4, 2023, the Company announced that Dean Hager has decided to retire from his position as Chief Executive Officer (Principal Executive Officer) of the Company, effective September 1, 2023. In connection with Mr. Hager’s resignation, on May 2, 2023, the Company’s Board of Directors approved the leadership transition plan and appointed John Strosahl, the Company’s Chief Operating Officer and President, to succeed Mr. Hager. Mr. Hager will remain a member of the Company’s Board of Directors following his retirement as Chief Executive Officer. Mr. Strosahl will also join the Company’s Board of Directors concurrently with his appointment to Chief Executive Officer.

Share-based compensation - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Jun. 24, 2022	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 19,550	$ 16,010
Target-based stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 33,000
Unrecognized compensation expense		0
Exercised		4,700
Service-based stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		200
Exercised		$ 200
Vesting period		4 years
Anniversary period		10 years
Total fair value, options vested in period		$ 100
Weighted average period over which unrecognized compensation expense would be recognized		7 months 6 days
Service-based stock option \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Percentage of RSUs that vest		25.00%
Service-based stock option \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Percentage of RSUs that vest		25.00%
Service-based stock option \| Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Percentage of RSUs that vest		25.00%
Service-based stock option \| Tranche four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Percentage of RSUs that vest		25.00%
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period over which unrecognized compensation expense would be recognized		3 years 1 month 6 days
Unrecognized compensation expense		$ 279,000
Fair value of units vested		11,800
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 300
Weighted average period over which unrecognized compensation expense would be recognized		1 month
Eligible employee compensation		$ 2,700			$ 1,100
Common stock reserved for future issuance (in shares)		5,130,772
Common stock issued (in shares)		0
Omnibus Incentive Plan 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares of common stock to be issued (in shares)				29,183,546
Common stock reserved for additional grants under the plan (in shares)		14,101,048
Omnibus Incentive Plan 2020 Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Stock Option Plan 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for additional grants under the plan (in shares)		128,928

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 22,343	$ 23,828
Liabilities
Operating lease liabilities - current	6,494	6,539
Operating lease liabilities - non-current	20,265	21,895
Total operating lease liabilities	$ 26,759	$ 28,434
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets
Operating lease, liability, current, statement of financial position	Accrued liabilities	Accrued liabilities
Operating lease, liability, noncurrent, statement of financial position	Other liabilities	Other liabilities