JAMF HOLDING CORP., 10-Q filed on 5/6/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
Apr. 23, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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 900  
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, $0.001 par value per share  
Trading Symbol JAMF  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   131,864,700
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001721947  
Amendment Flag false  
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 222,353 $ 224,680
Trade accounts receivable, net of allowances of $475 and $577 at March 31, 2025 and December 31, 2024, respectively 138,416 138,791
Deferred contract costs 28,513 27,958
Prepaid expenses 23,121 12,679
Other current assets 19,179 20,549
Total current assets 431,582 424,657
Equipment and leasehold improvements, net 20,711 19,321
Goodwill 891,050 882,593
Other intangible assets, net 139,446 147,823
Deferred contract costs, non-current 59,061 59,663
Other assets 46,782 46,172
Total assets 1,588,632 1,580,229
Current liabilities:    
Accounts payable 20,273 18,405
Accrued liabilities 51,661 68,363
Income taxes payable 119 1,014
Deferred revenue 327,009 333,573
Total current liabilities 399,062 421,355
Deferred revenue, non-current 52,085 52,136
Deferred tax liability, net 5,132 5,180
Convertible senior notes, net 370,146 369,514
Other liabilities 14,985 16,061
Total liabilities 841,410 864,246
Commitments and contingencies (Note 7)
Stockholders’ equity:    
Preferred stock, $0.001 par value, 50,000,000 shares authorized at March 31, 2025 and December 31, 2024; no shares issued and outstanding at March 31, 2025 and December 31, 2024 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized at March 31, 2025 and December 31, 2024; 131,756,239 and 129,376,245 shares issued at March 31, 2025 and December 31, 2024, respectively; 131,756,239 and 129,332,030 shares outstanding at March 31, 2025 and December 31, 2024, respectively 125 125
Treasury stock, at cost; 0 and 44,215 shares at March 31, 2025 and December 31, 2024, respectively 0 (741)
Additional paid-in capital 1,292,918 1,269,264
Accumulated other comprehensive loss (23,745) (30,060)
Accumulated deficit (522,076) (522,605)
Total stockholders’ equity 747,222 715,983
Total liabilities and stockholders’ equity $ 1,588,632 $ 1,580,229
v3.25.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Allowance $ 475 $ 577
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) 131,756,239 129,376,245
Common stock outstanding (in shares) 131,756,239 129,332,030
Treasury stock, at cost (in shares) 0 44,215
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenue:    
Total revenue $ 167,621 $ 152,123
Cost of revenue:    
Amortization expense 2,851 3,312
Total cost of revenue 37,102 35,092
Gross profit 130,519 117,031
Operating expenses:    
Sales and marketing 59,712 64,782
Research and development 35,457 34,262
General and administrative 32,668 32,198
Amortization expense 6,838 6,898
Total operating expenses 134,675 138,140
Loss from operations (4,156) (21,109)
Interest income, net 1,328 2,040
Foreign currency transaction gain (loss) 3,181 (412)
Income (loss) before income tax benefit (provision) 353 (19,481)
Income tax benefit (provision) 176 (1,043)
Net income (loss) $ 529 $ (20,524)
Net income (loss) per share, basic (in dollars per share) $ 0.00 $ (0.16)
Net income (loss) per share, diluted (in dollars per share) $ 0.00 $ (0.16)
Weighted‑average shares used to compute net income (loss) per share, basic (in shares) 129,845,214 127,292,097
Weighted‑average shares used to compute net income (loss) per share, diluted (in shares) 140,073,323 127,292,097
Subscription    
Revenue:    
Total revenue $ 164,224 $ 148,353
Cost of revenue:    
Cost of revenue 30,702 28,010
Services    
Revenue:    
Total revenue 3,397 3,706
Cost of revenue:    
Cost of revenue 3,549 3,770
License    
Revenue:    
Total revenue $ 0 $ 64
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 529 $ (20,524)
Other comprehensive income (loss):    
Foreign currency translation adjustments 6,315 (1,812)
Total other comprehensive income (loss) 6,315 (1,812)
Comprehensive income (loss) $ 6,844 $ (22,336)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Loss
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2023   126,938,102        
Beginning balance at Dec. 31, 2023 $ 717,547 $ 126 $ 0 $ 1,162,993 $ (26,777) $ (418,795)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Exercise of stock options (in shares)   47,583        
Exercise of stock options 280     280    
Vesting of restricted stock units (in shares)   1,347,681        
Stock-based compensation 20,579     20,579    
Foreign currency translation adjustments (1,812)       (1,812)  
Net income (loss) (20,524)         (20,524)
Ending balance (in shares) at Mar. 31, 2024   128,333,366        
Ending balance at Mar. 31, 2024 716,070 $ 126 0 1,183,852 (28,589) (439,319)
Beginning balance (in shares) at Dec. 31, 2024   129,332,030        
Beginning balance at Dec. 31, 2024 715,983 $ 125 (741) 1,269,264 (30,060) (522,605)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Vesting of restricted stock units (in shares)   2,424,209        
Vesting of restricted stock units 0   741 (741)    
Stock-based compensation 24,395     24,395    
Foreign currency translation adjustments 6,315       6,315  
Net income (loss) 529         529
Ending balance (in shares) at Mar. 31, 2025   131,756,239        
Ending balance at Mar. 31, 2025 $ 747,222 $ 125 $ 0 $ 1,292,918 $ (23,745) $ (522,076)
v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income (loss) $ 529 $ (20,524)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation and amortization expense 11,494 11,990
Amortization of deferred contract costs 7,403 6,325
Amortization of capitalized CCA implementation costs 1,605 0
Amortization of debt issuance costs 725 689
Non-cash lease expense 984 1,450
Provision for credit losses and returns 141 (24)
Stock-based compensation 24,395 20,579
Deferred income tax expense (benefit) 67 (267)
Other (4,000) (26)
Changes in operating assets and liabilities:    
Trade accounts receivable 442 12,696
Prepaid expenses and other assets (12,919) (15,472)
Deferred contract costs (7,135) (8,334)
Accounts payable 1,625 (5,677)
Accrued liabilities (14,148) (10,602)
Income taxes payable (859) 119
Deferred revenue (6,283) (8,885)
Other liabilities 0 59
Net cash provided by (used in) operating activities 4,066 (15,904)
Investing activities    
Purchases of equipment and leasehold improvements (3,049) (1,755)
Purchase of investments (3,000) (1,500)
Other 10 25
Net cash used in investing activities (6,039) (3,230)
Financing activities    
Payment of acquisition-related holdback (3,600) 0
Proceeds from the exercise of stock options 0 280
Net cash (used in) provided by financing activities (3,600) 280
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (269) (184)
Net decrease in cash, cash equivalents, and restricted cash (5,842) (19,038)
Cash, cash equivalents, and restricted cash, beginning of period 228,344 250,809
Cash, cash equivalents, and restricted cash, end of period 222,502 231,771
Cash paid for:    
Interest 349 314
Income taxes, net of refunds 1,190 1,141
Non-cash activities:    
Operating lease assets obtained in exchange for operating lease liabilities 0 1,767
Purchases of equipment and leasehold improvements accrued but not paid 1,020 121
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 222,353 224,497
Restricted cash included in other current assets 149 7,274
Total cash, cash equivalents, and restricted cash $ 222,502 $ 231,771
v3.25.1
Basis of presentation and description of business
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation and description of business 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 the powerful and intended Apple experience. With Jamf’s solution, 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, 2025, the condensed consolidated statements of operations, of comprehensive income (loss), of stockholders’ equity, and of cash flows for the three months ended March 31, 2025 and 2024, and the related notes are unaudited. The condensed consolidated balance sheet as of December 31, 2024 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, 2024, which was filed with the SEC on February 27, 2025. 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, 2024.
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, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 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 revenue 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, the expected period of benefit for deferred contract costs, 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.
v3.25.1
Summary of significant accounting policies
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Summary of significant accounting policies 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, 2024. There have been no significant changes to these policies during the three months ended March 31, 2025. The following describes the impact of certain policies.
Revenue recognition
The Company applies ASC 606 and follows the five-step model to determine the appropriate amount of revenue to be recognized.
Disaggregation of Revenue
The Company separates revenue into subscription and non-subscription categories to disaggregate the revenue that is term-based and renewable from the revenue that is one-time in nature. Revenue from subscription and non-subscription contractual arrangements were as follows:
Three Months Ended March 31,
20252024
(in thousands)
SaaS subscription and support and maintenance$155,628 $142,406 
On-premise subscription
8,596 5,947 
Subscription revenue164,224 148,353 
Professional services3,397 3,706 
Perpetual licenses— 64 
Non-subscription revenue
3,397 3,770 
Total revenue$167,621 $152,123 
Contract Balances
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,
20252024
(in thousands)
Balance, beginning of the period$385,709 $373,432 
Revenue earned(135,468)(125,166)
Deferral of revenue130,185 118,771 
Other (1)
(1,332)(2,534)
Balance, end of the period$379,094 $364,503 
(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, 2025 and 2024 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 non-cancelable amounts to be invoiced. As of March 31, 2025, the Company
had $552.2 million of remaining performance obligations, with 69% 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 $7.4 million and $6.3 million for the three months ended March 31, 2025 and 2024, 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, 2025 or 2024.
Cloud computing arrangements
Capitalized costs associated with the implementation of CCAs were as follows:
Balance Sheet Classification
March 31, 2025December 31, 2024
(in thousands)
Other current assets
$6,420 $6,418 
Other assets
19,220 19,216 
Capitalized cloud computing implementation costs, gross
25,640 25,634 
Less: accumulated amortization
(4,274)(2,669)
Capitalized cloud computing implementation costs, net
$21,366 $22,965 
Amortization expense related to capitalized CCA implementation costs was $1.6 million for the three months ended March 31, 2025.
Strategic investments
The Company’s strategic investments consist of non-marketable equity and debt instruments in privately held companies. The investments are recorded at cost, less any impairment, and included in other assets on the condensed consolidated balance sheets. As of March 31, 2025 and December 31, 2024, the balance of strategic investments was $8.5 million and $5.4 million, respectively. The Company evaluates its strategic investments quarterly for impairment. During the three months ended March 31, 2025 and 2024, there were no changes in the carrying value of the Company’s strategic investments.
Recently issued accounting pronouncements not yet adopted
In December 2024, the FASB issued ASU No. 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires companies to disclose additional information about certain expenses in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after
December 15, 2027 and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the effect the standard will have on disclosures within its condensed consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires companies to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. This update also requires disclosure of disaggregated information related to income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the guidance retrospectively. The Company is currently evaluating the effect the standard will have on disclosures within its condensed consolidated financial statements.
v3.25.1
Financial instruments fair value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Financial instruments fair value 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.
The fair value of these financial instruments were as follows:
March 31, 2025
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$27,447 $— $— $27,447 
Total cash equivalents$27,447 $— $— $27,447 
December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$133,523 $— $— $133,523 
Total cash equivalents$133,523 $— $— $133,523 
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.
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, 2025December 31, 2024
Net Carrying ValueEstimated Fair ValueNet Carrying ValueEstimated Fair Value
(in thousands)
2026 Notes
$370,146 $350,858 $369,514 $341,981 
As of March 31, 2025 and December 31, 2024, 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 $3.6 million and $4.2 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.
v3.25.1
Acquisitions
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
dataJAR
On July 13, 2023, the Company completed its acquisition of dataJAR, a UK-based leading MSP focused on providing powerful Apple and Jamf services for businesses and educational organizations, for total purchase consideration of £19.3 million (or approximately $25.1 million using the exchange rate on July 13, 2023). In connection therewith, £2.5 million (or approximately $3.2 million using the exchange rate on July 13, 2023) in cash was held back as partial security for post-closing indemnification claims. The amount held back as partial security for post-closing indemnification claims was released in the third quarter of 2024.
In addition, the terms of the dataJAR Purchase Agreement provided for additional future payments to the sellers in the amount of up to £6.5 million (or approximately $8.4 million using the exchange rate on July 13, 2023) if certain key employees continued their employment with the Company through July 13, 2024. This expense was recognized on a straight-line basis over the requisite service period in general and administrative expenses in the condensed consolidated statement of operations. The Company recognized expense of $2.1 million related to this agreement during the three months ended March 31, 2024. The Company paid £6.5 million (or approximately $8.4 million using the exchange rate on the date of payment) in deferred consideration related to this agreement to the sellers in the third quarter of 2024.
ZecOps
On November 16, 2022, the Company completed its acquisition of ZecOps, a leader in mobile detection and response, for total purchase consideration of $44.5 million. In connection therewith, $7.2 million of cash consideration was held back in an escrow fund as partial security for post-closing indemnification claims. The Company released $3.6 million of the escrowed amount in the second quarter of 2024 and the remaining escrowed amount of $3.6 million in the first quarter of 2025.
v3.25.1
Goodwill and other intangible assets
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and other intangible assets Goodwill and other intangible assets
The change in the carrying amount of goodwill was as follows:
Three Months Ended March 31,
20252024
(in thousands)
Goodwill, beginning of period$882,593 $887,121 
Foreign currency translation adjustment8,457 (2,080)
Goodwill, end of period$891,050 $885,041 
The gross carrying amount and accumulated amortization of intangible assets other than goodwill were as follows:
March 31, 2025
Useful Life
Gross Carrying Value
Accumulated
Amortization		Foreign Currency TranslationNet Carrying
Value
Weighted-Average
Remaining
Useful Life
(in thousands)
Trademarks
8 years
$34,300 $31,656 $— $2,644 0.6 years
Customer relationships
5 - 12 years
257,308 147,815 (1,429)108,064 5.0 years
Developed technology
5 - 6.5 years
75,487 42,902 (4,335)28,250 2.7 years
Non-competes
3 years
1,349 1,079 — 270 0.6 years
Intellectual property
5 years
270 52 — 218 4.0 years
Total intangible assets$368,714 $223,504 $(5,764)$139,446 
December 31, 2024
Useful Life
Gross Carrying Value
Accumulated
Amortization		Foreign Currency TranslationNet Carrying
Value
Weighted-Average
Remaining
Useful Life
(in thousands)
Trademarks
8 years
$34,300 $30,584 $— $3,716 0.8 years
Customer relationships
5 - 12 years
257,308 142,131 (1,993)113,184 5.3 years
Developed technology
5 - 6.5 years
75,487 39,826 (5,352)30,309 3.0 years
Non-competes
3 years
1,349 967 — 382 0.8 years
Intellectual property
5 years
270 38 — 232 4.3 years
Total intangible assets$368,714 $213,546 $(7,345)$147,823 
Amortization expense was $9.7 million and $10.2 million for the three months ended March 31, 2025 and 2024, respectively.
There were no impairments to goodwill or intangible assets during the three months ended March 31, 2025 and 2024.
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
Supplemental balance sheet information related to the Company’s operating leases is as follows:
LeasesBalance Sheet ClassificationMarch 31, 2025December 31, 2024
(in thousands)
Assets
Operating lease assetsOther assets$16,054 $16,990 
Liabilities
Operating lease liabilities – currentAccrued liabilities$5,307 $5,079 
Operating lease liabilities – non-currentOther liabilities14,926 16,006 
Total operating lease liabilities$20,233 $21,085 
v3.25.1
Commitments and contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
Contingencies
From time to time, the Company is 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 claims. The Company had no material liabilities for contingencies as of March 31, 2025 or December 31, 2024. The results of any current or future litigation, proceedings, investigations, or inquiries cannot be predicted with certainty, and regardless of the outcome, litigation, proceedings, investigations, or inquiries can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.
v3.25.1
Debt
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the balances and availability of our 2026 Notes and 2024 Revolving Credit Facility:
Outstanding (1)
Unutilized AmountInterest RateMaturity Date
March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
(in thousands)
2026 Notes$370,146 $369,514 N/AN/A0.125%0.125%Sept. 1, 2026
2024 Revolving Credit Facility
1,143 1,143 $173,857 $173,857 1.50%
(2)
1.50%
(2)
May 3, 2029
(1) Represents the net carrying amount of our 2026 Notes and outstanding letters of credit under the 2024 Revolving Credit Facility.
(2) Represents the rate on the outstanding letters of credit under the 2024 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, 2025, 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,
20252024
(in thousands)
Contractual interest expense$117 $117 
Amortization of issuance costs632 627 
The effective interest rate on the 2026 Notes was 0.81% for both the three months ended March 31, 2025 and 2024. See Note 3 for additional information on the Company’s 2026 Notes.
Credit Agreement
On May 3, 2024, the Company entered into the 2024 Credit Agreement to refinance the Company’s 2020 Revolving Credit Facility. The 2024 Credit Agreement provides for the 2024 Revolving Credit Facility of $175.0 million, which may be increased or decreased under specific circumstances, with a $40.0 million letter of credit sublimit and a $50.0 million alternative currency sublimit. In addition, the 2024 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 2024 Credit Agreement is subject to a springing maturity date on or after June 2, 2026 in the event of certain conditions as described in the 2024 Credit Agreement. The 2024 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, 2025 and December 31, 2024. As of March 31, 2025 and December 31, 2024, debt issuance costs related to the 2024 Credit Agreement of $1.5 million and $1.6 million, respectively, were included in other assets in the condensed consolidated balance sheets.
v3.25.1
Stock-based compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based compensation Stock-based compensation
The Company recognized stock-based compensation expense for all equity arrangements as follows:
Three Months Ended March 31,
20252024
(in thousands)
Cost of revenue:
Subscription
$3,061 $2,628 
Services
390 412 
Sales and marketing7,174 6,389 
Research and development6,331 5,431 
General and administrative7,439 5,719 
$24,395 $20,579 
Equity Incentive Plans
Return Target Options
The table below summarizes return target option activity for the three months ended March 31, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20242,265,275 $6.66 3.7$16,740 
Exercised— — — 
Outstanding, March 31, 20252,265,275 $6.66 3.5$12,436 
Options exercisable at March 31, 20252,265,275 $6.66 3.5$12,436 
Vested or expected to vest at March 31, 20252,265,275 $6.66 3.5$12,436 
Service-Based Options
The table below summarizes the service-based option activity for the three months ended March 31, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2024757,343 $5.52 3.0$6,464 
Exercised
— — — 
Outstanding, March 31, 2025757,343 $5.52 2.7$5,025 
Options exercisable at March 31, 2025757,343 $5.52 2.7$5,025 
Vested or expected to vest at March 31, 2025757,343 $5.52 2.7$5,025 
Restricted Stock Units
RSU activity for the three months ended March 31, 2025 was as follows:
Units
Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 202411,737,145 $20.73 
Granted6,668,999 13.20 
Vested(2,424,209)20.38 
Forfeited(211,955)20.87 
Outstanding, March 31, 202515,769,980 $17.59 
RSUs under the 2020 Plan generally vest ratably on an annual basis over four years. There was $236.8 million of unrecognized compensation expense related to unvested RSUs that is expected to be recognized over a weighted-average period of 3.0 years as of March 31, 2025. The total fair value of RSUs vested during the three months ended March 31, 2025 was $49.4 million.
v3.25.1
Net income (loss) per share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Net income (loss) per share Net income (loss) per share
The following table sets forth the computation of basic and diluted net income (loss) per share:
Three Months Ended March 31,
20252024
(in thousands, except share and per share amounts)
Numerator:
Net income (loss)
$529 $(20,524)
Denominator:
Weighted-average shares used to compute net income (loss) per share, basic
129,845,214 127,292,097 
Weighted-average effect of potentially dilutive securities
10,228,109 — 
Weighted-average shares used to compute net income (loss) per share, diluted
140,073,323 127,292,097 
Net income (loss) per share, basic
$0.00 $(0.16)
Net income (loss) per share, diluted
$0.00 $(0.16)
Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period without consideration for potentially dilutive securities. Because we have reported a net loss for the three months ended March 31, 2024, 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 for this period given that the potentially dilutive shares would have been anti-dilutive if included in the calculation.
The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an anti-dilutive impact:
As of March 31,
20252024
Stock options outstanding— 3,595,924 
Unvested restricted stock units2,329,086 13,409,972 
Shares related to the 2026 Notes— 7,475,897 
Shares committed under the 2021 ESPP— 217,453 
Total potentially dilutive securities2,329,086 24,699,246 
v3.25.1
Income taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
The Company calculated the year-to-date income tax benefit (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. The following table presents benefit (provision) for income taxes:
Three Months Ended March 31,
20252024
(in thousands, except percentages)
Income (loss) before income tax benefit (provision)
$353 $(19,481)
Income tax benefit (provision)
176 (1,043)
Effective tax rate(49.9)%(5.4)%
The difference between the statutory rate and the Company’s effective tax rate for the three months ended March 31, 2025 was primarily due to the BEAT and valuation allowances on U.S. and UK tax assets. The Tax Cuts and Jobs Act of 2017 introduced the BEAT, which is essentially a minimum tax on certain otherwise deductible payments made by U.S. entities to non-U.S. affiliates. Prior to the first quarter of 2025, the Company was not subject to the BEAT. The difference between the statutory rate and the Company’s effective tax rate for the three months ended March 31, 2024 was primarily due to valuation allowances on U.S. and UK tax assets. The effective tax rate for both periods were also impacted by state taxes and earnings realized in foreign jurisdictions.
v3.25.1
Segment and geographic information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment and geographic information Segment and geographic information
Segment Information
Our CODM is our CEO, 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. The following table provides significant expenses included in segment operating income regularly provided to our CODM:
Three Months Ended March 31,
20252024
(in thousands)
Revenue$167,621 $152,123 
Less:
Adjusted cost of revenue (1)
30,427 28,458 
Adjusted sales and marketing expense (2)
51,363 52,211 
Adjusted research and development expense (3)
28,339 27,612 
Adjusted general and administrative expense (4)
19,850 21,710 
Segment operating income37,642 22,132 
Adjustments and reconciling items:
Amortization expense9,689 10,210 
Stock-based compensation24,395 20,579 
Acquisition-related expense2,054 2,388 
Payroll taxes related to stock-based compensation1,875 1,288 
System transformation costs3,229 1,869 
Restructuring and other cost optimization charges
556 7,104 
Extraordinary legal settlements and non-recurring litigation costs
— (197)
Consolidated operating loss$(4,156)$(21,109)
(1) Adjusted cost of revenue includes cost of revenue in accordance with GAAP adjusted for amortization expense, stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, and restructuring and other cost optimization charges.
(2) Adjusted sales and marketing expense includes sales and marketing expense in accordance with GAAP adjusted for stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, and restructuring and other cost optimization charges.
(3) Adjusted research and development expense includes research and development expense in accordance with GAAP adjusted for stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, and restructuring and other cost optimization charges.
(4) Adjusted general and administrative expense includes general and administrative expense in accordance with GAAP adjusted for stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, restructuring and other cost optimization charges, and extraordinary legal settlements and non-recurring litigation costs.
Our CODM does not review segment asset information for purposes of making operating decisions, assessing financial performance, or allocating resources.
Geographic Information
Revenue by geographic region as determined based on the location where the sale originated were as follows:
Three Months Ended March 31,
20252024
(in thousands)
The Americas (1)
$109,256 $101,616 
Europe, the Middle East, India, and Africa43,446 39,013 
Asia Pacific14,919 11,494 
$167,621 $152,123 
(1) The vast majority of our Americas revenue comes from the U.S.
v3.25.1
Restructuring activities
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Restructuring activities Restructuring activities
On January 25, 2024, the Company announced a workforce reduction plan intended to reduce operating costs, improve operating margins, and continue advancing the Company’s ongoing commitment to profitable growth. The workforce reduction plan impacted approximately 6% of the Company’s full-time employees. The workforce reduction plan was substantially complete by the end of the second quarter of 2024.
The following table summarizes restructuring charges incurred for the periods indicated:
Three Months Ended March 31,Total Restructuring Charges Incurred to Date
20252024
(in thousands)
Cost of revenue:
Subscription$— $10 $7 
Sales and marketing9 5,571 7,313 
Research and development— 734 709 
General and administrative58 748 1,445 
$67 $7,063 $9,474 
The table above does not include immaterial amounts related to leases recorded to restructuring charges.
The following table summarizes our restructuring liability included in accrued liabilities in the condensed consolidated balance sheet (in thousands):
Balance, December 31, 2024$1,229 
Restructuring charges67 
Cash payments(1,190)
Balance, March 31, 2025
$106 
v3.25.1
Subsequent events
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent events Subsequent events
On April 1, 2025, the Company completed its previously announced acquisition of Identity Automation. Identity Automation is a dynamic identity and access management platform for industries that are defined by frequent role adjustments,
such as education and healthcare. With Identity Automation, Jamf will combine identity with device access in one unique solution, helping ensure secure devices and application access.
Under the terms of the Identity Automation Purchase Agreement, Jamf acquired 100% of the equity interest in Identity Automation for total purchase consideration of $216.1 million, which included $176.1 million paid upon closing and deferred consideration of $40.0 million to be paid on October 1, 2025. The cash consideration paid upon closing was funded with the Company’s cash on hand.
The initial accounting for the business combination is incomplete at the time of this filing due to the limited amount of time between the acquisition date and the date these financial statements were issued.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net income (loss) $ 529 $ (20,524)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Michelle Bucaria [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 17, 2025, Michelle Bucaria, the Company’s Chief People Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Ms. Bucaria’s trading plan provides for the potential sale of up to 61,010 shares of common stock, including upon the vesting of RSUs, subject to certain conditions, from on or about June 16, 2025 through the earlier of the date all of the shares under the plan are sold and March 31, 2026.
Name Michelle Bucaria
Title Chief People Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 17, 2025
Expiration Date March 31, 2026
Arrangement Duration 288 days
Aggregate Available 61,010
John Strosahl [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On January 3, 2025, John Strosahl, the Company’s Chief Executive Officer and one of the Company’s directors, terminated his trading plan intended to satisfy the requirements of Rule 10b5-1(c), originally adopted on September 30, 2024 for the sale of up 678,940 shares of the Company's common stock. The plan was originally scheduled to terminate on November 15, 2025.
Name John Strosahl
Title Chief Executive Officer
Rule 10b5-1 Arrangement Terminated true
Termination Date January 3, 2025
Aggregate Available 678,940
v3.25.1
Summary of significant accounting policies (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of presentation 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.
Principles of consolidation All intercompany accounts and transactions have been eliminated.
Use of estimates
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 revenue 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, the expected period of benefit for deferred contract costs, 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.
Revenue recognition
Revenue recognition
The Company applies ASC 606 and follows the five-step model to determine the appropriate amount of revenue to be recognized.
Disaggregation of Revenue
The Company separates revenue into subscription and non-subscription categories to disaggregate the revenue that is term-based and renewable from the revenue that is one-time in nature.
Contract Balances
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.
Remaining Performance Obligations
Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes deferred revenue and non-cancelable amounts to be invoiced.
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.
Recently issued accounting pronouncements not yet adopted
Recently issued accounting pronouncements not yet adopted
In December 2024, the FASB issued ASU No. 2024-04, Debt – Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments to clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The standard is effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the effect the standard will have on its condensed consolidated financial statements.
In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This update requires companies to disclose additional information about certain expenses in the notes to the financial statements. The standard is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after
December 15, 2027 and can be applied either prospectively or retrospectively. Early adoption is permitted. The Company is currently evaluating the effect the standard will have on disclosures within its condensed consolidated financial statements.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This update requires companies to disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. This update also requires disclosure of disaggregated information related to income taxes paid. This standard is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied on a prospective basis with the option to apply the guidance retrospectively. The Company is currently evaluating the effect the standard will have on disclosures within its condensed consolidated financial statements.
Assets and liabilities measured at fair value on a recurring basis
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.
Segment and geographic information
Segment Information
Our CODM is our CEO, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources.
v3.25.1
Summary of significant accounting policies (Tables)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Schedule of Revenue from Subscription and Non-Subscription Contractual Arrangements Revenue from subscription and non-subscription contractual arrangements were as follows:
Three Months Ended March 31,
20252024
(in thousands)
SaaS subscription and support and maintenance$155,628 $142,406 
On-premise subscription
8,596 5,947 
Subscription revenue164,224 148,353 
Professional services3,397 3,706 
Perpetual licenses— 64 
Non-subscription revenue
3,397 3,770 
Total revenue$167,621 $152,123 
Schedule of Changes in Contract Liabilities 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,
20252024
(in thousands)
Balance, beginning of the period$385,709 $373,432 
Revenue earned(135,468)(125,166)
Deferral of revenue130,185 118,771 
Other (1)
(1,332)(2,534)
Balance, end of the period$379,094 $364,503 
(1) Includes contract assets netted against contract liabilities on a contract-by-contract basis.
Schedule of Capitalized Costs Associated with Implementation of Cloud Computing Arrangements
Capitalized costs associated with the implementation of CCAs were as follows:
Balance Sheet Classification
March 31, 2025December 31, 2024
(in thousands)
Other current assets
$6,420 $6,418 
Other assets
19,220 19,216 
Capitalized cloud computing implementation costs, gross
25,640 25,634 
Less: accumulated amortization
(4,274)(2,669)
Capitalized cloud computing implementation costs, net
$21,366 $22,965 
v3.25.1
Financial instruments fair value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments
The fair value of these financial instruments were as follows:
March 31, 2025
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$27,447 $— $— $27,447 
Total cash equivalents$27,447 $— $— $27,447 
December 31, 2024
Level 1Level 2Level 3Total
(in thousands)
Assets
Cash equivalents:
Money market funds$133,523 $— $— $133,523 
Total cash equivalents$133,523 $— $— $133,523 
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, 2025December 31, 2024
Net Carrying ValueEstimated Fair ValueNet Carrying ValueEstimated Fair Value
(in thousands)
2026 Notes
$370,146 $350,858 $369,514 $341,981 
v3.25.1
Goodwill and other intangible assets (Tables)
 3 Months Ended
Mar. 31, 2025
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,
20252024
(in thousands)
Goodwill, beginning of period$882,593 $887,121 
Foreign currency translation adjustment8,457 (2,080)
Goodwill, end of period$891,050 $885,041 
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, 2025
Useful Life
Gross Carrying Value
Accumulated
Amortization		Foreign Currency TranslationNet Carrying
Value
Weighted-Average
Remaining
Useful Life
(in thousands)
Trademarks
8 years
$34,300 $31,656 $— $2,644 0.6 years
Customer relationships
5 - 12 years
257,308 147,815 (1,429)108,064 5.0 years
Developed technology
5 - 6.5 years
75,487 42,902 (4,335)28,250 2.7 years
Non-competes
3 years
1,349 1,079 — 270 0.6 years
Intellectual property
5 years
270 52 — 218 4.0 years
Total intangible assets$368,714 $223,504 $(5,764)$139,446 
December 31, 2024
Useful Life
Gross Carrying Value
Accumulated
Amortization		Foreign Currency TranslationNet Carrying
Value
Weighted-Average
Remaining
Useful Life
(in thousands)
Trademarks
8 years
$34,300 $30,584 $— $3,716 0.8 years
Customer relationships
5 - 12 years
257,308 142,131 (1,993)113,184 5.3 years
Developed technology
5 - 6.5 years
75,487 39,826 (5,352)30,309 3.0 years
Non-competes
3 years
1,349 967 — 382 0.8 years
Intellectual property
5 years
270 38 — 232 4.3 years
Total intangible assets$368,714 $213,546 $(7,345)$147,823 
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, 2025
Useful Life
Gross Carrying Value
Accumulated
Amortization		Foreign Currency TranslationNet Carrying
Value
Weighted-Average
Remaining
Useful Life
(in thousands)
Trademarks
8 years
$34,300 $31,656 $— $2,644 0.6 years
Customer relationships
5 - 12 years
257,308 147,815 (1,429)108,064 5.0 years
Developed technology
5 - 6.5 years
75,487 42,902 (4,335)28,250 2.7 years
Non-competes
3 years
1,349 1,079 — 270 0.6 years
Intellectual property
5 years
270 52 — 218 4.0 years
Total intangible assets$368,714 $223,504 $(5,764)$139,446 
December 31, 2024
Useful Life
Gross Carrying Value
Accumulated
Amortization		Foreign Currency TranslationNet Carrying
Value
Weighted-Average
Remaining
Useful Life
(in thousands)
Trademarks
8 years
$34,300 $30,584 $— $3,716 0.8 years
Customer relationships
5 - 12 years
257,308 142,131 (1,993)113,184 5.3 years
Developed technology
5 - 6.5 years
75,487 39,826 (5,352)30,309 3.0 years
Non-competes
3 years
1,349 967 — 382 0.8 years
Intellectual property
5 years
270 38 — 232 4.3 years
Total intangible assets$368,714 $213,546 $(7,345)$147,823 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Operating Leases
Supplemental balance sheet information related to the Company’s operating leases is as follows:
LeasesBalance Sheet ClassificationMarch 31, 2025December 31, 2024
(in thousands)
Assets
Operating lease assetsOther assets$16,054 $16,990 
Liabilities
Operating lease liabilities – currentAccrued liabilities$5,307 $5,079 
Operating lease liabilities – non-currentOther liabilities14,926 16,006 
Total operating lease liabilities$20,233 $21,085 
v3.25.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2025
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 2024 Revolving Credit Facility:
Outstanding (1)
Unutilized AmountInterest RateMaturity Date
March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
(in thousands)
2026 Notes$370,146 $369,514 N/AN/A0.125%0.125%Sept. 1, 2026
2024 Revolving Credit Facility
1,143 1,143 $173,857 $173,857 1.50%
(2)
1.50%
(2)
May 3, 2029
(1) Represents the net carrying amount of our 2026 Notes and outstanding letters of credit under the 2024 Revolving Credit Facility.
(2) Represents the rate on the outstanding letters of credit under the 2024 Revolving Credit Facility.
Schedule of Interest Expense Related to 2026 Notes
The following table sets forth the interest expense related to the 2026 Notes for the periods presented:
Three Months Ended March 31,
20252024
(in thousands)
Contractual interest expense$117 $117 
Amortization of issuance costs632 627 
v3.25.1
Stock-based compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
The Company recognized stock-based compensation expense for all equity arrangements as follows:
Three Months Ended March 31,
20252024
(in thousands)
Cost of revenue:
Subscription
$3,061 $2,628 
Services
390 412 
Sales and marketing7,174 6,389 
Research and development6,331 5,431 
General and administrative7,439 5,719 
$24,395 $20,579 
Schedule of Return Target and Service Based Options Activity
The table below summarizes return target option activity for the three months ended March 31, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 20242,265,275 $6.66 3.7$16,740 
Exercised— — — 
Outstanding, March 31, 20252,265,275 $6.66 3.5$12,436 
Options exercisable at March 31, 20252,265,275 $6.66 3.5$12,436 
Vested or expected to vest at March 31, 20252,265,275 $6.66 3.5$12,436 
The table below summarizes the service-based option activity for the three months ended March 31, 2025:
Options
Weighted-Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (Years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding, December 31, 2024757,343 $5.52 3.0$6,464 
Exercised
— — — 
Outstanding, March 31, 2025757,343 $5.52 2.7$5,025 
Options exercisable at March 31, 2025757,343 $5.52 2.7$5,025 
Vested or expected to vest at March 31, 2025757,343 $5.52 2.7$5,025 
Schedule of RSU Activity
RSU activity for the three months ended March 31, 2025 was as follows:
Units
Weighted-Average Grant Date Fair Value (per share)
Outstanding, December 31, 202411,737,145 $20.73 
Granted6,668,999 13.20 
Vested(2,424,209)20.38 
Forfeited(211,955)20.87 
Outstanding, March 31, 202515,769,980 $17.59 
v3.25.1
Net income (loss) per share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share
The following table sets forth the computation of basic and diluted net income (loss) per share:
Three Months Ended March 31,
20252024
(in thousands, except share and per share amounts)
Numerator:
Net income (loss)
$529 $(20,524)
Denominator:
Weighted-average shares used to compute net income (loss) per share, basic
129,845,214 127,292,097 
Weighted-average effect of potentially dilutive securities
10,228,109 — 
Weighted-average shares used to compute net income (loss) per share, diluted
140,073,323 127,292,097 
Net income (loss) per share, basic
$0.00 $(0.16)
Net income (loss) per share, diluted
$0.00 $(0.16)
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding
The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an anti-dilutive impact:
As of March 31,
20252024
Stock options outstanding— 3,595,924 
Unvested restricted stock units2,329,086 13,409,972 
Shares related to the 2026 Notes— 7,475,897 
Shares committed under the 2021 ESPP— 217,453 
Total potentially dilutive securities2,329,086 24,699,246 
v3.25.1
Income taxes (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Benefit (Provision) for Income Taxes The following table presents benefit (provision) for income taxes:
Three Months Ended March 31,
20252024
(in thousands, except percentages)
Income (loss) before income tax benefit (provision)
$353 $(19,481)
Income tax benefit (provision)
176 (1,043)
Effective tax rate(49.9)%(5.4)%
v3.25.1
Segment and geographic information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information The following table provides significant expenses included in segment operating income regularly provided to our CODM:
Three Months Ended March 31,
20252024
(in thousands)
Revenue$167,621 $152,123 
Less:
Adjusted cost of revenue (1)
30,427 28,458 
Adjusted sales and marketing expense (2)
51,363 52,211 
Adjusted research and development expense (3)
28,339 27,612 
Adjusted general and administrative expense (4)
19,850 21,710 
Segment operating income37,642 22,132 
Adjustments and reconciling items:
Amortization expense9,689 10,210 
Stock-based compensation24,395 20,579 
Acquisition-related expense2,054 2,388 
Payroll taxes related to stock-based compensation1,875 1,288 
System transformation costs3,229 1,869 
Restructuring and other cost optimization charges
556 7,104 
Extraordinary legal settlements and non-recurring litigation costs
— (197)
Consolidated operating loss$(4,156)$(21,109)
(1) Adjusted cost of revenue includes cost of revenue in accordance with GAAP adjusted for amortization expense, stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, and restructuring and other cost optimization charges.
(2) Adjusted sales and marketing expense includes sales and marketing expense in accordance with GAAP adjusted for stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, and restructuring and other cost optimization charges.
(3) Adjusted research and development expense includes research and development expense in accordance with GAAP adjusted for stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, and restructuring and other cost optimization charges.
(4) Adjusted general and administrative expense includes general and administrative expense in accordance with GAAP adjusted for stock-based compensation expense, acquisition-related expense, payroll taxes related to stock-based compensation, system transformation costs, restructuring and other cost optimization charges, and extraordinary legal settlements and non-recurring litigation costs.
Schedule of Revenue by Geographic Region
Revenue by geographic region as determined based on the location where the sale originated were as follows:
Three Months Ended March 31,
20252024
(in thousands)
The Americas (1)
$109,256 $101,616 
Europe, the Middle East, India, and Africa43,446 39,013 
Asia Pacific14,919 11,494 
$167,621 $152,123 
(1) The vast majority of our Americas revenue comes from the U.S.
v3.25.1
Restructuring activities (Tables)
 3 Months Ended
Mar. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges
The following table summarizes restructuring charges incurred for the periods indicated:
Three Months Ended March 31,Total Restructuring Charges Incurred to Date
20252024
(in thousands)
Cost of revenue:
Subscription$— $10 $7 
Sales and marketing9 5,571 7,313 
Research and development— 734 709 
General and administrative58 748 1,445 
$67 $7,063 $9,474 
Schedule of Restructuring Liability Included in Accrued Liabilities
The following table summarizes our restructuring liability included in accrued liabilities in the condensed consolidated balance sheet (in thousands):
Balance, December 31, 2024$1,229 
Restructuring charges67 
Cash payments(1,190)
Balance, March 31, 2025
$106 
v3.25.1
Summary of significant accounting policies - Schedule of Revenue from Subscription and Non-Subscription Contractual Arrangements (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Non-subscription revenue    
Total revenue $ 167,621 $ 152,123
SaaS subscription and support and maintenance | Recurring Revenue    
Non-subscription revenue    
Total revenue 155,628 142,406
On-premise subscription | Recurring Revenue    
Non-subscription revenue    
Total revenue 8,596 5,947
Subscription revenue    
Non-subscription revenue    
Total revenue 164,224 148,353
Subscription revenue | Recurring Revenue    
Non-subscription revenue    
Total revenue 164,224 148,353
Professional services    
Non-subscription revenue    
Total revenue 3,397 3,706
Professional services | Non-recurring Revenue    
Non-subscription revenue    
Total revenue 3,397 3,706
Perpetual licenses    
Non-subscription revenue    
Total revenue 0 64
Perpetual licenses | Non-recurring Revenue    
Non-subscription revenue    
Total revenue 0 64
Non-subscription revenue | Non-recurring Revenue    
Non-subscription revenue    
Total revenue $ 3,397 $ 3,770
v3.25.1
Summary of significant accounting policies - Schedule of Changes in Contract Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Contract With Customer, Liability [Roll Forward]    
Balance, beginning of the period $ 385,709 $ 373,432
Revenue earned (135,468) (125,166)
Deferral of revenue 130,185 118,771
Other (1,332) (2,534)
Balance, end of the period $ 379,094 $ 364,503
v3.25.1
Summary of significant accounting policies - Remaining Performance Obligations (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, amount $ 552.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, revenue recognition (as percent) 69.00%
Remaining performance obligation, revenue recognition period 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, revenue recognition period 3 years
v3.25.1
Summary of significant accounting policies - Deferred Contract Costs and Cloud Computing Arrangements (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Accounting Policies [Abstract]    
Total amortization of contract costs $ 7,400,000 $ 6,300,000
Impairment losses 0 0
Amortization expense related to capitalized CCA implementation costs $ 1,605,000 $ 0
v3.25.1
Summary of significant accounting policies - Strategic Investments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Accounting Policies [Abstract]      
Balance of strategic investments $ 8.5   $ 5.4
Changes in carrying value of strategic investments $ 0.0 $ 0.0  
v3.25.1
Summary of significant accounting policies - Schedule of Capitalized Costs Associated with Implementation of Cloud Computing Arrangements (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Capitalized cloud computing implementation costs, gross $ 25,640 $ 25,634
Less: accumulated amortization (4,274) (2,669)
Capitalized cloud computing implementation costs, net 21,366 22,965
Other current assets    
Finite-Lived Intangible Assets [Line Items]    
Capitalized cloud computing implementation costs, gross 6,420 6,418
Other assets    
Finite-Lived Intangible Assets [Line Items]    
Capitalized cloud computing implementation costs, gross $ 19,220 $ 19,216
v3.25.1
Financial instruments fair value - Schedule of Fair Value of Financial Instruments (Details) - Fair Value, Recurring - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents $ 27,447 $ 133,523
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 27,447 133,523
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Money market funds    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 27,447 133,523
Money market funds | Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 27,447 133,523
Money market funds | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents 0 0
Money market funds | Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total cash equivalents $ 0 $ 0
v3.25.1
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, 2025
Dec. 31, 2024
Net Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
2026 Notes $ 370,146 $ 369,514
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
2026 Notes $ 350,858 $ 341,981
v3.25.1
Financial instruments fair value - Narrative (Details) - Convertible Senior Notes Due 2026 - Convertible Debt - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Sep. 17, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Debt, aggregate principal amount     $ 373.8
Debt issuances costs capitalized $ 3.6 $ 4.2  
v3.25.1
Acquisitions - DataJAR (Details) - DataJAR
£ in Millions, $ in Millions
 3 Months Ended
Jul. 13, 2023
GBP (£)
Jul. 13, 2023
USD ($)
Sep. 30, 2024
GBP (£)
Sep. 30, 2024
USD ($)
Mar. 31, 2024
USD ($)
Jul. 13, 2023
USD ($)
Acquisition            
Aggregate purchase price £ 19.3 $ 25.1        
Business combination partial security for post closing indemnification claims 2.5 $ 3.2        
Contingent consideration, liability £ 6.5         $ 8.4
Recognized compensation expense         $ 2.1  
Cash payments for contingent consideration     £ 6.5 $ 8.4    
v3.25.1
Acquisitions - ZecOps (Details) - ZecOps - USD ($)
$ in Millions
 3 Months Ended
Nov. 16, 2022
Mar. 31, 2025
Jun. 30, 2024
Acquisition      
Aggregate purchase price $ 44.5    
Cash consideration for escrow fund as partial security for post-closing indemnification claims $ 7.2    
Escrow amount released   $ 3.6 $ 3.6
v3.25.1
Goodwill and other intangible assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill [Roll Forward]    
Goodwill, beginning of period $ 882,593 $ 887,121
Foreign currency translation adjustment 8,457 (2,080)
Goodwill, end of period $ 891,050 $ 885,041
v3.25.1
Goodwill and other intangible assets - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets Other Than Goodwill (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 368,714 $ 368,714
Accumulated Amortization 223,504 213,546
Foreign Currency Translation (5,764) (7,345)
Net Carrying Value $ 139,446 $ 147,823
Trademarks    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 8 years 8 years
Gross Carrying Value $ 34,300 $ 34,300
Accumulated Amortization 31,656 30,584
Foreign Currency Translation 0 0
Net Carrying Value $ 2,644 $ 3,716
Weighted-Average Remaining Useful Life 7 months 6 days 9 months 18 days
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Value $ 257,308 $ 257,308
Accumulated Amortization 147,815 142,131
Foreign Currency Translation (1,429) (1,993)
Net Carrying Value $ 108,064 $ 113,184
Weighted-Average Remaining Useful Life 5 years 5 years 3 months 18 days
Customer relationships | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 5 years 5 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 Carrying Value $ 75,487 $ 75,487
Accumulated Amortization 42,902 39,826
Foreign Currency Translation (4,335) (5,352)
Net Carrying Value $ 28,250 $ 30,309
Weighted-Average Remaining Useful Life 2 years 8 months 12 days 3 years
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]    
Useful Life 3 years 3 years
Gross Carrying Value $ 1,349 $ 1,349
Accumulated Amortization 1,079 967
Foreign Currency Translation 0 0
Net Carrying Value $ 270 $ 382
Weighted-Average Remaining Useful Life 7 months 6 days 9 months 18 days
Intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Useful Life 5 years 5 years
Gross Carrying Value $ 270 $ 270
Accumulated Amortization 52 38
Foreign Currency Translation 0 0
Net Carrying Value $ 218 $ 232
Weighted-Average Remaining Useful Life 4 years 4 years 3 months 18 days
v3.25.1
Goodwill and other intangible assets - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 9,700,000 $ 10,200,000
Impairment of goodwill 0 0
Impairment of intangible assets $ 0 $ 0
v3.25.1
Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Operating lease assets $ 16,054 $ 16,990
Operating lease, right-of-use asset, statement of financial position Other assets Other assets
Liabilities    
Operating lease liabilities – current $ 5,307 $ 5,079
Operating lease, liability, current, statement of financial position Accrued liabilities Accrued liabilities
Operating lease liabilities – non-current $ 14,926 $ 16,006
Operating lease, liability, noncurrent, statement of financial position Other liabilities Other liabilities
Total operating lease liabilities $ 20,233 $ 21,085
v3.25.1
Commitments and contingencies (Details) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Liabilities for contingencies $ 0 $ 0
v3.25.1
Debt - Schedule of Balances and Availability of 2026 Notes and 2020 Revolving Credit Facility (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Sep. 17, 2021
2026 Notes | Convertible Debt      
Debt Instrument [Line Items]      
Outstanding $ 370,146 $ 369,514  
Interest Rate 0.125% 0.125% 0.125%
2024 Credit Agreement | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Outstanding $ 1,143 $ 1,143  
Unutilized Amount $ 173,857 $ 173,857  
Interest Rate 1.50% 1.50%  
v3.25.1
Debt - Narrative (Details) - 2026 Notes - Convertible Debt
$ / shares in Units, $ in Millions
Sep. 17, 2021
USD ($)
$ / shares
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Debt Instrument [Line Items]        
Debt, aggregate principal amount | $ $ 373.8      
Interest rate (as percent) 0.125% 0.125% 0.125%  
Conversion ratio 0.0200024      
Conversion price (in dollars per share) | $ / shares $ 49.99      
Effective interest rate (as percent)   0.81%   0.81%
v3.25.1
Debt - Schedule of Interest Expense to 2026 Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Debt Instrument [Line Items]    
Amortization of issuance costs $ 725 $ 689
2026 Notes | Convertible Debt    
Debt Instrument [Line Items]    
Contractual interest expense 117 117
Amortization of issuance costs $ 632 $ 627
v3.25.1
Debt - Credit Agreement (Details) - 2024 Credit Agreement - Line of Credit - USD ($)
Mar. 31, 2025
Dec. 31, 2024
May 03, 2024
Debt Instrument [Line Items]      
Debt issuances costs capitalized $ 1,500,000 $ 1,600,000  
Revolving Credit Facility      
Debt Instrument [Line Items]      
Maximum borrowing capacity     $ 175,000,000.0
Letter of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity     40,000,000.0
Foreign Line of Credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity     50,000,000.0
Term Loan      
Debt Instrument [Line Items]      
Maximum borrowing capacity per incremental loan     $ 5,000,000.0
v3.25.1
Stock-based compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 24,395 $ 20,579
Sales and marketing    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 7,174 6,389
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 6,331 5,431
General and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 7,439 5,719
Subscription | Cost of revenue:    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense 3,061 2,628
Services | Cost of revenue:    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 390 $ 412
v3.25.1
Stock-based compensation - Schedule of Return Target and Service Based Options Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Target-based stock options    
Options    
Outstanding, beginning of period (in shares) 2,265,275  
Exercised (in shares) 0  
Outstanding, end of period (in shares) 2,265,275 2,265,275
Options exercisable (in shares) 2,265,275  
Vested or expected to vest (in shares) 2,265,275  
Weighted-Average Exercise Price    
Outstanding, beginning of period (in dollars per share) $ 6.66  
Exercised (in dollars per share) 0  
Outstanding, end of period (in dollars per share) 6.66 $ 6.66
Options exercisable (in dollars per share) 6.66  
Vested or expected to vest (in dollars per share) $ 6.66  
Weighted-Average Remaining Contractual Term (Years)    
Remaining term, options outstanding (in years) 3 years 6 months 3 years 8 months 12 days
Remaining term, options exercisable (in years) 3 years 6 months  
Remaining term, options vested or expected to vest (in years) 3 years 6 months  
Aggregate Intrinsic Value (in thousands)    
Outstanding $ 12,436 $ 16,740
Exercised 0  
Options exercisable 12,436  
Vested or expected to vest $ 12,436  
Service-based stock option    
Options    
Outstanding, beginning of period (in shares) 757,343  
Exercised (in shares) 0  
Outstanding, end of period (in shares) 757,343 757,343
Options exercisable (in shares) 757,343  
Vested or expected to vest (in shares) 757,343  
Weighted-Average Exercise Price    
Outstanding, beginning of period (in dollars per share) $ 5.52  
Exercised (in dollars per share) 0  
Outstanding, end of period (in dollars per share) 5.52 $ 5.52
Options exercisable (in dollars per share) 5.52  
Vested or expected to vest (in dollars per share) $ 5.52  
Weighted-Average Remaining Contractual Term (Years)    
Remaining term, options outstanding (in years) 2 years 8 months 12 days 3 years
Remaining term, options exercisable (in years) 2 years 8 months 12 days  
Remaining term, options vested or expected to vest (in years) 2 years 8 months 12 days  
Aggregate Intrinsic Value (in thousands)    
Outstanding $ 5,025 $ 6,464
Exercised 0  
Options exercisable 5,025  
Vested or expected to vest $ 5,025  
v3.25.1
Stock-based compensation - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs)
 3 Months Ended
Mar. 31, 2025
$ / shares
shares
Units  
Outstanding, beginning of period (in shares) | shares 11,737,145
Granted (in shares) | shares 6,668,999
Vested (in shares) | shares (2,424,209)
Forfeited (in shares) | shares (211,955)
Outstanding, end of period (in shares) | shares 15,769,980
Weighted-Average Grant Date Fair Value (per share)  
Outstanding, beginning of period (in dollars per share) | $ / shares $ 20.73
Granted (in dollars per share) | $ / shares 13.20
Vested (in dollars per share) | $ / shares 20.38
Forfeited (in dollars per share) | $ / shares 20.87
Outstanding, end of period (in dollars per share) | $ / shares $ 17.59
v3.25.1
Stock-based compensation - Narrative (Details) - Restricted Stock Units (RSUs)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation expense, RSUs $ 236.8
Weighted average period over which unrecognized compensation expense would be recognized (in years) 3 years
Fair value of RSUs vested $ 49.4
Omnibus Incentive Plan 2020  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 4 years
v3.25.1
Net income (loss) per share - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Numerator:    
Net income (loss) $ 529 $ (20,524)
Denominator:    
Weighted‑average shares used to compute net income (loss) per share, basic (in shares) 129,845,214 127,292,097
Weighted-average effect of potentially dilutive securities (in shares) 10,228,109 0
Weighted‑average shares used to compute net income (loss) per share, diluted (in shares) 140,073,323 127,292,097
Net income (loss) per share, basic (in dollars per share) $ 0.00 $ (0.16)
Net income (loss) per share, diluted (in dollars per share) $ 0.00 $ (0.16)
v3.25.1
Net income (loss) per share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Details) - shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in shares) 2,329,086 24,699,246
Stock options outstanding    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in shares) 0 3,595,924
Unvested restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in shares) 2,329,086 13,409,972
Shares related to the 2026 Notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total potentially dilutive securities (in shares) 0 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) 0 217,453
v3.25.1
Income taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income (loss) before income tax benefit (provision) $ 353 $ (19,481)
Income tax benefit (provision) $ 176 $ (1,043)
Effective tax rate (as percent) (49.90%) (5.40%)
v3.25.1
Segment and geographic information - Narrative (Details)
 3 Months Ended
Mar. 31, 2025
segment
Segment Reporting [Abstract]  
Number of operating segment 1
Number of reportable segment 1
v3.25.1
Segment and geographic information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue $ 167,621 $ 152,123
Less:    
Loss from operations (4,156) (21,109)
Adjustments and reconciling items:    
Stock-based compensation 24,395 20,579
Reportable Segment    
Less:    
Loss from operations (4,156) (21,109)
Operating Segments | Reportable Segment    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue 167,621 152,123
Less:    
Adjusted cost of revenue 30,427 28,458
Adjusted sales and marketing expense 51,363 52,211
Adjusted research and development expense 28,339 27,612
Adjusted general and administrative expense 19,850 21,710
Loss from operations 37,642 22,132
Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | Reportable Segment    
Adjustments and reconciling items:    
Amortization expense 9,689 10,210
Stock-based compensation 24,395 20,579
Acquisition-related expense 2,054 2,388
Payroll taxes related to stock-based compensation 1,875 1,288
System transformation costs 3,229 1,869
Restructuring and other cost optimization charges 556 7,104
Extraordinary legal settlements and non-recurring litigation costs $ 0 $ (197)
v3.25.1
Segment and geographic information - Schedule of Revenue by Geographic Region (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Non-subscription revenue    
Revenue $ 167,621 $ 152,123
The Americas    
Non-subscription revenue    
Revenue 109,256 101,616
Europe, the Middle East, India, and Africa    
Non-subscription revenue    
Revenue 43,446 39,013
Asia Pacific    
Non-subscription revenue    
Revenue $ 14,919 $ 11,494
v3.25.1
Restructuring activities - Narrative (Details)
 5 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Workforce reduction plan (as percent) 6.00%
v3.25.1
Restructuring activities - Schedule of Restructuring Charges (Details) - USD ($)
$ in Thousands
 3 Months Ended 14 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 67 $ 7,063 $ 9,474
Cost of revenue:      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 0 10 7
Sales and marketing      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 9 5,571 7,313
Research and development      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges 0 734 709
General and administrative      
Restructuring Cost and Reserve [Line Items]      
Restructuring charges $ 58 $ 748 $ 1,445
v3.25.1
Restructuring activities - Schedule of Restructuring Liability Included in Accrued Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 14 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Restructuring Reserve [Roll Forward]      
Beginning balance $ 1,229    
Restructuring charges 67 $ 7,063 $ 9,474
Cash payments (1,190)    
Ending balance $ 106   $ 106
v3.25.1
Subsequent events (Details) - Identity Automation - Subsequent Event
$ in Millions
Apr. 01, 2025
USD ($)
Subsequent Event [Line Items]  
Equity interest (as percent) 100.00%
Total purchase consideration $ 216.1
Purchase price of business acquisition 176.1
Deferred consideration $ 40.0