- ARR was $229.6 million for Q4 2022, growing 25%
year-over-year
- Total revenue was $217.5 million in 2022, growing 23%
year-over-year
- Subscription SaaS, Support & Maintenance revenue was $119.0
million in 2022, growing 39% year-over-year
ForgeRock, Inc. (NYSE: FORG), a global leader in digital
identity, today announced financial results for its fourth quarter
and fiscal year ended December 31, 2022.
“We ended 2022 with $230 million of ARR, representing another
solid year of growth for ForgeRock,” said Fran Rosch, CEO of
ForgeRock. “Our net retention rate increased in Q4 to 113% as more
of our customers migrated to the ForgeRock Identity Cloud, our SaaS
offering, and also expanded with us through more identities, use
cases, and product modules. In 2022, we continued to innovate,
introducing new products as well as infusing AI across our entire
enterprise-grade platform to further strengthen our market position
in the digital identity space. We are excited about our new product
capabilities like Autonomous Access, as well as our roadmap ahead
for 2023.”
“Our revenue grew 33% in Q4 2022 and we saw our gross margin and
non-GAAP gross margin expand to 82% and 83%, respectively, in
2022,” said John Fernandez, CFO of ForgeRock. “Our Subscription
SaaS, Support & Maintenance revenue represented 55% of total
revenue in 2022 compared to 48% in 2021, which was driven by the
robust growth in the ForgeRock Identity Cloud, our SaaS offering.
Our GAAP operating margin was (25)% in Q4 2022 and includes the
impact of acquisition-related costs, and (22)% in Q4 2021. Our
non-GAAP operating margin in Q4 2022 of (2)% was a significant
improvement over the (13)% we experienced in Q4 2021 and our
business continues to be on track to achieve non-GAAP operating
margin profitability sometime in the back half of 2023.”
Fourth Quarter 2022 Financial Highlights:
- ARR: Annualized Recurring Revenue was $229.6 million, an
increase of 25% year-over-year.
- Revenue: Total revenue was $63.5 million, an increase of
33% year-over-year.
- Operating Loss: GAAP operating loss was $15.9 million,
or (25)% of total revenue, compared to $10.4 million, or (22)% of
total revenue, in the fourth quarter of 2021. Non-GAAP operating
loss was $1.4 million, or (2)% of total revenue, compared to $6.1
million, or (13)% of total revenue, in the fourth quarter of
2021.
- Net Loss: GAAP net loss was $16.5 million, compared to
$12.4 million in the fourth quarter of 2021. GAAP net loss per
share was $0.19, compared to $0.15 in the fourth quarter of 2021.
Non-GAAP net loss was $2.0 million, compared to $8.1 million in the
fourth quarter of 2021. Non-GAAP net loss per share was $0.02,
compared to $0.10 in the fourth quarter of 2021.
- Cash Flow: Net cash used in operations was $14.0
million, compared to $5.4 million in the fourth quarter of 2021.
Free cash flow was $(14.1) million, or (22)% of total revenue,
compared to $(6.1) million, or (13)% of total revenue, in the
fourth quarter of 2021.
- Cash, cash equivalents and short-term investments were
$336.1 million as of December 31, 2022.
Full Year 2022 Financial Highlights:
- Revenue: Total revenue was $217.5 million, an increase
of 23% year-over-year.
- Operating Loss: GAAP operating loss was $66.6 million,
or (31)% of total revenue, compared to $28.4 million, or (16)% of
total revenue, in 2021. Non-GAAP operating loss was $27.6 million,
or (13)% of total revenue, compared to $17.8 million or (10)% of
total revenue in 2021.
- Net Loss: GAAP net loss was $66.3 million compared to
$47.8 million in 2021. GAAP net loss per share was $0.78 compared
to $1.14 in 2021. Non-GAAP net loss was $27.0 million, compared to
$37.0 million in 2021. Non-GAAP net loss per share was $0.32,
compared to $0.89 in 2021.
- Cash Flow: Net cash used in operations was $45.0
million, compared to $36.8 million in 2021. Free cash flow was
$(46.6) million, or (21)% of total revenue, compared to $(37.9)
million, or (21)% of total revenue in 2021.
ForgeRock uses certain non-GAAP financial measures, which are
described further below and reconciled to the most comparable GAAP
financial measure after the presentation of our GAAP financial
statements.
Transaction with Thoma Bravo
As previously reported, the U.S. Department of Justice (the
“DOJ”) has issued a Second Request in connection with its review of
the proposed acquisition of ForgeRock by Thoma Bravo pursuant to
the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR
Act”). Recently, ForgeRock and entities affiliated with Thoma Bravo
entered into an agreement (the “Timing Agreement”) with the DOJ in
connection with the proposed acquisition and the Second Request.
Under the Timing Agreement, ForgeRock and Thoma Bravo have agreed
that they will certify compliance with the Second Request no
earlier than May 1, 2023, and will not consummate the proposed
acquisition less than 75 days after compliance with the Second
Request. The Timing Agreement does not prevent ForgeRock and Thoma
Bravo from consummating the proposed acquisition sooner if the DOJ
closes its investigation of the proposed acquisition before that
date. The expiration or termination of the waiting period
applicable to the proposed acquisition pursuant to the HSR Act (and
the absence of any agreement with any governmental authority not to
consummate the proposed acquisition) is the only remaining approval
or regulatory condition required to consummate the closing of the
proposed acquisition.
Due to the Company's pending acquisition by Thoma Bravo that was
announced on October 11, 2022, there will not be a conference call
or live webcast to discuss these financial results. In addition,
the Company has suspended its financial guidance as a result of the
pending transaction.
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed
through ForgeRock's investor relations website at
investors.forgerock.com.
Non-GAAP Financial Measures and Key Metrics:
Besides financial results prepared in accordance with U.S.
generally accepted accounting principles (“GAAP”), ForgeRock
believes that evaluating its ongoing operating results may be
difficult if limited to reviewing only GAAP financial measures.
Accordingly, ForgeRock uses non-GAAP financial measures to evaluate
its operations. We use non-GAAP financial measures to understand
and evaluate our core operating performance and trends, to prepare
our annual budget, to monitor and assess our liquidity, and to
develop short-term and long-term operating plans. We believe that
the non-GAAP financial measures we review are each a useful measure
to us and to our investors because they provide consistency and
comparability with our past performance and between periods, as
these metrics generally eliminate the effects of the variability of
certain charges and expenses that may not reflect our overall
operating performance and liquidity. We believe that non-GAAP
financial measures, when taken collectively with GAAP financial
information, can be helpful to us and to investors because it
provides consistency and comparability with past performance and
assists in comparisons with other companies, some of which use
similar non-GAAP financial information to supplement their GAAP
results.
ForgeRock presents non-GAAP gross profit, non-GAAP gross margin,
non-GAAP research and development, non-GAAP sales and marketing,
non-GAAP general and administrative, non-GAAP operating loss,
non-GAAP operating margin and non-GAAP net loss per share, all of
which exclude acquisition-related costs, stock-based compensation
expense, and certain of which exclude the tax effect on the
provision for (benefit from) income taxes related to such excluded
items. ForgeRock excludes acquisition-related costs because they
are unrelated to our current operations and are neither comparable
to the prior period nor indicative of future results. We also
exclude stock-based compensation expense as it can vary
significantly from period to period based on share price and the
timing, size and nature of equity awards. As such, ForgeRock and
many investors and analysts exclude stock-based compensation
expense to better evaluate its operating performance and cash
spending levels relative to its industry sector and
competitors.
ForgeRock presents adjusted EBITDA, which is also a non-GAAP
financial measure. We define adjusted EBITDA as GAAP operating
loss, adjusted for depreciation, acquisition-related costs and
stock-based compensation expense. ForgeRock excludes certain items
that it believes are not good indicators of ForgeRock’s current or
future operating performance. These items are depreciation,
acquisition-related costs and stock-based compensation. ForgeRock
excludes depreciation given its standard exclusion in EBITDA and
adjusted EBITDA results. In addition, the frequency and amount of
such charges can vary significantly based on the size and timing of
the transactions.
ForgeRock also presents free cash flow, which is a non-GAAP
financial measure. We define free cash flow as net cash used in
operating activities less cash used for purchases of property and
equipment. ForgeRock provides free cash flow as it is a commonly
used non-GAAP financial measure to indicate the amount of cash
needed to fund its operations and capital expenditures.
The non-GAAP financial information is presented for supplemental
informational purposes only and should not be considered a
substitute for financial information presented in accordance with
GAAP and may be different from similarly-titled non-GAAP measures
used by other companies. The principal limitation of these non-GAAP
financial measures is that they exclude expenses that are required
by GAAP to be recorded in our consolidated financial statements. In
addition, they are subject to inherent limitations as they reflect
the exercise of judgment by our management about which expenses are
excluded or included in determining these non-GAAP financial
measures. A reconciliation is provided below for each non-GAAP
financial measure to the most directly comparable financial measure
stated in accordance with GAAP. Investors are encouraged to review
the related GAAP financial measures and the reconciliation of these
non-GAAP financial measures to their most directly comparable GAAP
financial measures.
ForgeRock also uses the key metric Annualized Recurring Revenue
(“ARR”), to evaluate its operations. We believe that ARR is a key
metric because it is driven by our ability to acquire new customers
and to maintain and expand our relationship with existing
customers. We define ARR as the annualized value of all contractual
subscription agreements as of the end of the period. To the extent
that we are negotiating a renewal with a customer after the
expiration of the subscription, we continue to include that revenue
in ARR if we are actively in discussion with such an organization
for a new subscription or renewal, or until such organization
notifies us that it is not renewing its subscription. We perform
this calculation on an individual customer basis by dividing the
total dollar amount of the customer’s contract by the total
contract term stated in months and multiplying this amount by 12 to
annualize. Calculated ARR for each individual customer is then
aggregated to arrive at total ARR.
ARR does not have a standardized meaning and therefore may not
be comparable to similarly titled measures presented by other
companies. ARR should be viewed independently of revenue, deferred
revenue and remaining performance obligations computed and/or
disclosed in accordance with GAAP and is not intended to be
combined with or to replace any of those items. Specifically, ARR,
as calculated under the definition herein, has the effect of
normalizing the impact of revenue recognition for term-based
subscription license agreements. ARR is calculated based upon
annualized contract value and not actual GAAP revenue. Under ASC
606, for term-based subscription license agreements, we recognize
approximately half of the total contract value upfront as license
revenue, with the remainder attributable to maintenance and support
that is recognized ratably over the license term. Annualizing
actual GAAP revenue for any particular period could result in a
meaningful difference from our ARR calculation, particularly when
we are experiencing increases or decreases in the mix of multi-year
term licenses. ARR is not a forecast and the active contracts at
the date used in calculating ARR may or may not be extended by our
customers.
Forward-Looking Statements:
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements generally relate to future events or ForgeRock’s future
financial or operating performance. In some cases, you can identify
forward-looking statements because they contain words such as
"may," "will," "should," "expects," "plans," "anticipates,” “going
to,” "could," "intends," "target," "projects," "contemplates,"
"believes," "estimates," "predicts," "potential," "continue" or the
negative of these words or other similar terms or expressions that
concern ForgeRock’s expectations, strategy, priorities, plans or
intentions. Forward-looking statements in this release include, but
are not limited to the quotations of management, statements
regarding the proposed acquisition by entities affiliated with
Thoma Bravo, our strategy, products and financial condition.
Forward-looking statements are subject to a number of risks and
uncertainties, many of which involve factors or circumstances that
are beyond our control. Our actual results could differ materially
from those stated or implied in forward-looking statements due to a
number of factors, including but not limited to the pendency of the
proposed acquisition by entities affiliated with Thoma Bravo or the
failure to complete such transaction, our ability to attract new
customers and retain and sell additional functionality and services
to our existing customers, our ability to sustain and manage our
growth, our ability to successfully add new features and
functionality to our platform, our ability to compete effectively
in an increasingly competitive market, and general market,
political, economic, and business conditions, and other risks
detailed in our filings with the Securities and Exchange Commission
("SEC"), including our Quarterly Report on Form 10-Q filed with the
SEC on November 10, 2022 and in our Annual Report on Form 10-K for
the fiscal year ended December 31, 2022, which will be filed with
the SEC.
Past performance is not necessarily indicative of future
results. The forward-looking statements included in this press
release represent our views as of the date of this press release.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release. We anticipate that subsequent events and
developments could cause our views to change. We undertake no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
About ForgeRock
ForgeRock®, a global leader in digital identity, delivers modern
identity and access management solutions for consumers, employees
and things to simply and safely access the connected world. Using
ForgeRock, more than 1,300 organizations around the world
orchestrate, manage, and secure the complete lifecycle of
identities from dynamic access controls, governance, APIs, and
storing authoritative data – consumable in cloud or hybrid
environments.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per
share amounts)
(Unaudited)
Three months ended
December 31,
Year ended December
31,
2022
2021
2022
2021
Revenue:
Subscription term licenses
$
28,203
$
21,662
$
87,292
$
84,611
Subscription SaaS, support &
maintenance
31,974
23,891
119,003
85,434
Perpetual licenses
318
810
515
1,695
Total subscriptions and perpetual
licenses
60,495
46,363
206,810
171,740
Professional services
3,028
1,541
10,702
5,193
Total revenue
63,523
47,904
217,512
176,933
Cost of revenue:
Subscriptions and perpetual licenses
8,865
5,223
27,768
17,535
Professional services
3,080
4,735
11,772
15,393
Total cost of revenue(1)
11,945
9,958
39,540
32,928
Gross profit
51,578
37,946
177,972
144,005
Operating expenses:
Research and development(1)
16,138
12,283
61,837
43,497
Sales and marketing(1)
32,793
23,825
118,794
88,620
General and administrative(1)
14,694
12,237
57,724
40,329
Acquisition-related costs
3,809
—
6,173
—
Total operating expenses
67,434
48,345
244,528
172,446
Operating loss
(15,856
)
(10,399
)
(66,556
)
(28,441
)
Foreign currency gain (loss)
(1,066
)
(816
)
2,568
(3,819
)
Fair value adjustment on warrants and
preferred stock tranche option
—
—
—
(10,068
)
Interest expense
(903
)
(945
)
(3,577
)
(4,516
)
Other income (expense), net
1,906
24
2,971
(40
)
Interest and other expense, net
(63
)
(1,738
)
1,962
(18,443
)
Loss before income taxes
(15,919
)
(12,138
)
(64,594
)
(46,884
)
Provision for income taxes
575
223
1,678
884
Net loss
$
(16,494
)
$
(12,361
)
$
(66,272
)
$
(47,768
)
Net loss per share attributable to common
stockholders:
Basic and diluted
$
(0.19
)
$
(0.15
)
$
(0.78
)
$
(1.14
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders:
Basic and diluted
86,124
81,979
84,885
41,742
(1) Includes stock-based compensation as
follows (in thousands):
Three months ended
December 31,
Year ended December
31,
2022
2021
2022
2021
Cost of revenue
$
1,062
$
424
$
2,852
$
617
Research and development
2,053
867
6,738
1,924
Sales and marketing
4,186
1,449
12,044
3,495
General and administrative
3,303
1,530
11,126
4,630
Total stock-based compensation expense
$
10,604
$
4,270
$
32,760
$
10,666
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands)
(Unaudited)
December 31,
2022
2021
Assets
Cash and cash equivalents
$
128,803
$
128,381
Short-term investments
207,248
241,411
Accounts receivable, net of allowance for
credit losses of $444 and $34, respectively
71,439
55,999
Contract assets
25,117
19,670
Deferred commissions
9,936
8,457
Prepaid expenses and other assets
14,810
9,787
Total current assets
457,353
463,705
Deferred commissions
20,379
15,601
Property and equipment, net
2,850
2,463
Operating lease right-of-use assets
10,190
12,626
Contract and other assets
3,408
2,783
Total assets
$
494,180
$
497,178
Liabilities and stockholders’
equity
Accounts payable
$
4,587
$
2,039
Accrued expenses
34,311
27,375
Current portion of operating lease
liability
1,902
1,820
Deferred revenue
82,036
67,222
Other liabilities
2,927
2,258
Total current liabilities
125,763
100,714
Long-term debt
39,611
39,483
Long-term operating lease liability
9,207
11,037
Deferred revenue
1,283
8,172
Other liabilities
2,150
1,646
Total liabilities
178,014
161,052
Stockholders’ equity
Common stock
87
83
Additional paid-in capital
641,983
593,196
Accumulated other comprehensive income
4,193
6,672
Accumulated deficit
(330,097
)
(263,825
)
Total stockholders’ equity
316,166
336,126
Total liabilities and stockholders’
equity
$
494,180
$
497,178
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Year ended December
31,
2022
2021
Operating activities:
Net loss
$
(66,272
)
$
(47,768
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation
1,064
1,061
Noncash operating lease expense
2,449
1,931
Stock-based compensation expense
32,760
10,666
Amortization of deferred commissions
15,235
13,964
Foreign currency remeasurement loss
(gain)
(2,711
)
3,032
Change in fair value of redeemable
convertible preferred stock warrant liability
—
5,871
Change in fair value of preferred stock
tranche option liability
—
4,157
Amortization of premium / discount on
short-term investments
1,156
1,330
Other
(169
)
266
Changes in operating assets and
liabilities:
Deferred commissions
(21,487
)
(23,273
)
Accounts receivable
(13,371
)
(20,669
)
Contract and other non-current assets
(5,104
)
(10,505
)
Prepaid expenses and other current
assets
(2,323
)
(6,025
)
Operating lease liabilities
(1,733
)
(2,377
)
Accounts payable
2,514
701
Accrued expenses and other liabilities
7,422
10,863
Deferred revenue
5,564
19,992
Net cash used in operating
activities
(45,006
)
(36,783
)
Investing activities:
Purchases of property and equipment
(1,619
)
(1,113
)
Purchases of short-term investments
(166,363
)
(277,126
)
Maturities of short-term investments
158,615
31,860
Sales of short-term investments
39,379
1,933
Net cash provided by (used in)
investing activities
30,012
(244,446
)
Financing activities:
Proceeds from initial public offering, net
of underwriting discounts and commissions
—
295,694
Payment of stock offering costs
(145
)
(6,038
)
Proceeds from exercises of employee stock
options
12,237
4,902
Proceeds from issuance of common stock
under employee stock purchase plan
6,961
—
Proceeds from issuance of redeemable
convertible preferred stock
—
19,951
Employee payroll taxes paid for net shares
settlement of restricted stock units
(3,154
)
(3,877
)
Principal repayments on debt
—
(120
)
Net cash provided by financing
activities
15,899
310,512
Effect of exchange rates on cash and cash
equivalents and restricted cash
1,982
(888
)
Net increase in cash, cash equivalents and
restricted cash
2,887
28,395
Cash, cash equivalents and restricted
cash, beginning of year
128,437
100,042
Cash, cash equivalents and restricted
cash, end of period
$
131,324
$
128,437
Supplementary cash flow
disclosure:
Short-term investments, end of period
$
207,248
$
241,411
Cash paid for interest
3,244
3,629
Cash paid for income taxes
1,245
769
Deferred offering costs accrued but not
yet paid
—
(145
)
Conversion of redeemable convertible
preferred stock to common stock
—
263,178
Reconciliation of cash and cash
equivalents and restricted cash:
Cash and cash equivalents
$
128,803
$
128,381
Restricted cash included in prepaids and
other current assets
2,521
56
Total cash and cash equivalents and
restricted cash
$
131,324
$
128,437
FORGEROCK, INC.
NON-GAAP FINANCIAL MEASURES
AND RECONCILIATIONS TO GAAP RESULTS
Non-GAAP Gross Profit and
Non-GAAP Gross Margin
Gross profit is defined as GAAP revenue
less cost of revenue and gross margin is GAAP gross profit as a
percentage of total revenue. We define non-GAAP gross profit and
non-GAAP gross margin as GAAP gross profit and GAAP gross margin
adjusted to exclude stock-based compensation expense, as presented
below (in thousands, except percentages):
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Gross Profit
$
51,578
$
37,946
$
177,972
$
144,005
Add: stock-based compensation included in
cost of revenue
1,062
424
2,852
617
Non-GAAP gross profit
$
52,640
$
38,370
$
180,824
$
144,622
Gross margin
81
%
79
%
82
%
81
%
Non-GAAP gross margin
83
%
80
%
83
%
82
%
Non-GAAP Research and
Development
We define non-GAAP research and
development as GAAP research and development adjusted to exclude
stock-based compensation expense, as presented below (in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Research and development
$
16,138
$
12,283
$
61,837
$
43,497
Less: Stock-based compensation
2,053
867
6,738
1,924
Non-GAAP research and development
$
14,085
$
11,416
$
55,099
$
41,573
Non-GAAP Sales and Marketing
We define non-GAAP sales and marketing as
GAAP sales and marketing adjusted to exclude stock-based
compensation expense, as presented below (in thousands):
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Sales and marketing
$
32,793
$
23,825
$
118,794
$
88,620
Less: Stock-based compensation
4,186
1,449
12,044
3,495
Non-GAAP sales and marketing
$
28,607
$
22,376
$
106,750
$
85,125
Non-GAAP General and
Administrative
We define non-GAAP general and
administrative as GAAP general and administrative adjusted to
exclude stock-based compensation expense, as presented below (in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
General and administrative
$
14,694
$
12,237
$
57,724
$
40,329
Less: Stock-based compensation
3,303
1,530
11,126
4,630
Non-GAAP general and administrative
$
11,391
$
10,707
$
46,598
$
35,699
Non-GAAP Operating Loss and Non-GAAP
Operating Margin
We define non-GAAP operating loss and
non-GAAP operating margin as GAAP operating loss and GAAP operating
margin adjusted to exclude stock-based compensation expense and
acquisition-related costs, as presented below (in thousands, except
percentages):
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Operating loss
$
(15,856
)
$
(10,399
)
$
(66,556
)
$
(28,441
)
Add: Stock-based compensation
10,604
4,270
32,760
10,666
Add: Acquisition-related costs
3,809
—
6,173
—
Non-GAAP operating loss
$
(1,443
)
$
(6,129
)
$
(27,623
)
$
(17,775
)
Operating margin
(25
) %
(22
) %
(31
) %
(16
) %
Non-GAAP operating margin
(2
) %
(13
) %
(13
) %
(10
) %
Adjusted EBITDA
We define adjusted EBITDA as operating
loss adjusted to exclude depreciation, stock-based compensation
expense and acquisition-related costs, as presented below (in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Operating loss
$
(15,856
)
$
(10,399
)
$
(66,556
)
$
(28,441
)
Add: Depreciation
252
266
1,064
1,061
Add: Stock-based compensation
10,604
4,270
32,760
10,666
Add: Acquisition-related costs
3,809
—
6,173
—
Adjusted EBITDA
$
(1,191
)
$
(5,863
)
$
(26,559
)
$
(16,714
)
Non-GAAP Net Income (Loss) and Non-GAAP
Net Income (Loss) per Share, Basic and Diluted
We define non-GAAP net loss as GAAP net
loss adjusted to exclude stock-based compensation expense and
acquisition-related costs, including the tax effect of stock-based
compensation expense on the provision for (benefit from) income
taxes as presented below (in thousands, except per share
amounts):
We define non-GAAP net loss per share,
basic, as non-GAAP net loss divided by GAAP weighted-average shares
used to compute net loss per share, basic.
We define non-GAAP net loss per share,
diluted, as non-GAAP net loss divided by GAAP weighted average
shares used to compute net loss per share, basic, adjusted for (i)
the dilutive effect of employee equity awards, excluding the impact
of unrecognized stock-based compensation expense and (ii) warrants;
unless these adjustments are anti-dilutive.
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net loss
$
(16,494
)
$
(12,361
)
$
(66,272
)
$
(47,768
)
Add: Stock-based compensation
10,604
4,270
32,760
10,666
Add: Acquisition-related costs
3,809
—
6,173
—
Tax effect on the provision for income
taxes
97
40
295
76
Non-GAAP net loss
$
(1,984
)
$
(8,051
)
$
(27,044
)
$
(37,026
)
Non-GAAP net loss per share, basic and
diluted
$
(0.02
)
$
(0.10
)
$
(0.32
)
$
(0.89
)
Free Cash Flow
We define free cash flow as net cash
provided by (used in) operating activities less cash used for
purchases of property and equipment as presented below (in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net cash used in operating activities
$
(14,002
)
$
(5,427
)
$
(45,006
)
$
(36,783
)
Purchases of property and equipment
(145
)
(654
)
(1,619
)
(1,113
)
Free cash flow
$
(14,147
)
$
(6,081
)
$
(46,625
)
$
(37,896
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230227005713/en/
Investor Relations: investors@forgerock.com
Media Contacts: Kristen Batch, ForgeRock
kristen.batch@forgerock.com
Grafico Azioni ForgeRock (NYSE:FORG)
Storico
Da Set 2024 a Ott 2024
Grafico Azioni ForgeRock (NYSE:FORG)
Storico
Da Ott 2023 a Ott 2024