- ARR grew 30% year-over-year to $201.6 million
- Revenue grew 8% year-over-year to $47.7 million
- SaaS as a percentage of ARR from new customers was 53% in
Q2
ForgeRock (NYSE: FORG), a global leader in digital identity,
today announced financial results for its second quarter ended June
30, 2022.
“Identity remains a top priority for every modern organization
in today’s shifting threat landscape and macroeconomic environment,
and we continue to see strong customer demand for our
enterprise-grade identity platform,” said Fran Rosch, CEO of
ForgeRock. “At the same time, this uncertain macro environment has
presented us with challenges such as longer deal cycles and FX
headwinds. We are confident we have the right platform and market
fit for our identity solutions and can drive robust and durable
long-term growth as we capitalize on our $71 billion addressable
market.”
“We were pleased to deliver revenue, non-GAAP operating loss and
non-GAAP EPS results above our guided ranges in the second quarter,
while our ARR results were impacted primarily by unexpected
lengthening of sales cycles for our larger enterprise deals,” said
John Fernandez, CFO of ForgeRock. “We continued to see strong
adoption of our SaaS offering, which represented 53% of ARR from
new customers in the quarter and tracks well towards our goal of
finishing the year with 22% to 27% of ARR from SaaS. We remain
focused on making measured investments to drive robust and durable
long-term growth as we march toward achieving non-GAAP operating
margin profitability sometime in the back half of 2023.”
Second Quarter 2022 Financial Highlights:
- ARR: Annualized Recurring Revenue was $201.6 million, an
increase of 30% year-over-year, marking the 6th consecutive quarter
of ARR year-over-year growth of 30% or greater.
- Revenue: Total revenue was $47.7 million, an increase of
8% year-over-year. Subscription SaaS, support & maintenance
revenue grew 46% year-over-year in Q2, up sequentially from 43%
year-over-year growth in Q1.
- Operating Loss: GAAP operating loss was $22.3 million,
or 47% of total revenue, compared to $4.6 million, or 11% of total
revenue, in the second quarter of 2021. Non-GAAP operating loss was
$14.3 million, or 30% of total revenue, compared to $2.9 million,
or 7% of total revenue, in the second quarter of 2021.
- Net Loss: GAAP net loss was $22.4 million, compared to
$10.1 million in the second quarter of 2021. GAAP net loss per
share was $0.26 compared to $0.40 in the second quarter of 2021.
Non-GAAP net loss was $14.5 million, compared to $8.3 million in
the second quarter of 2021. Non-GAAP net loss per share was $0.17,
compared to $0.33 in the second quarter of 2021. Weighted average
shares outstanding used to calculate non-GAAP net loss per share in
Q2 2022 and Q2 2021 was 84.4 million and 25.2 million,
respectively.
- Cash Flow: Net cash used in operations was $20.3 million
compared to $22.2 million in the second quarter of 2021. Free cash
flow was $(20.7) million, or (44)% of total revenue, compared to
$(22.4) million, or (51)% of total revenue, in the second quarter
of 2021.
- Cash, cash equivalents and short-term investments were
$347.2 million as of June 30, 2022.
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.
Financial Outlook:
For the third quarter of 2022, ForgeRock expects:
- Total ARR of $208.0 million to $211.0 million, representing 28%
year-over-year growth at the midpoint. Our Q3 and annual guidance
is inclusive of estimated FX impact;
- Total revenue of $49.0 million to $52.0 million, representing
14% year-over-year growth at the midpoint;
- Non-GAAP operating loss of $12.0 million to $10.0 million,
representing an operating margin range of negative 24% to negative
19%; and
- Non-GAAP net loss per share of $0.17 to $0.13, assuming
weighted-average shares outstanding of approximately 84.7
million.
For the full year 2022, ForgeRock now expects:
- Total ARR of $225.0 million to $232.0 million, representing 25%
year-over-year growth at the midpoint;
- Total revenue of $206.0 million to $212.0 million, representing
18% year-over-year growth at the midpoint;
- Non-GAAP operating loss of $35.0 million to $33.0 million,
representing an operating margin range of negative 17% to negative
16%; and
- Non-GAAP net loss per share of $0.49 to $0.44, assuming
weighted-average shares outstanding of approximately 84.5
million.
These statements are forward-looking and actual results may
differ materially. Refer to the Forward-Looking Statements safe
harbor below for information on the factors that could cause our
actual results to differ materially from these forward-looking
statements.
ForgeRock does not provide forward-looking guidance for certain
financial data, such as depreciation, stock-based compensation,
income (loss) from operations and net income (loss), and as a
result, is not able to provide a reconciliation of GAAP to non-GAAP
financial measures for forward-looking data without unreasonable
effort. The impact of such adjustments could be significant.
Conference Call Information:
ForgeRock will host a conference call and webcast at 2:00 p.m.
Pacific Time (5:00 p.m. Eastern Time) on Thursday, August 11, 2022
to discuss its financial results and business highlights. To access
this conference call, dial 1-800-437-2398 or 1-323-289-6576 and use
the conference ID 9878662. The live webcast and a webcast replay of
the conference call can be accessed from the investor relations
page of ForgeRock's website at investors.forgerock.com.
Supplemental Financial and Other Information:
Supplemental financial and other information can be accessed
through ForgeRock's investor relations website at
investors.forgerock.com.
As of June 30, 2022, we had 11,968,482 options outstanding
(vested and unvested) with a weighted-average exercise price of
$5.65 and 3,898,053 RSUs outstanding. As of July 31, 2022, there
were 37,845,089 shares of the registrant's Class A common stock
outstanding and 47,184,236 shares of the registrant's Class B
common stock outstanding. For more information, please refer to our
Quarterly Report on Form 10-Q for the quarter ended June 30,
2022.
Non-GAAP Financial Measures and Key Metrics:
Besides financial results prepared in accordance with 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 stock-based compensation expense and certain of which
exclude the tax effect on the provision for (benefit from) income
taxes. ForgeRock excludes 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 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 and stock-based
compensation (as discussed above). 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, the section titled
“Financial Outlook,” and statements regarding our strategy and the
market for our products and services. 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 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, including the impact of COVID-19, and other
risks detailed in our filings with the Securities and Exchange
Commission ("SEC"), including our Annual Report on Form 10-K filed
with the SEC on March 9, 2022 and in our Quarterly Report on Form
10-Q that will be filed with the SEC on or about August 12,
2022.
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenue:
Subscription term licenses
$
15,527
$
22,504
$
35,185
$
43,585
Subscription SaaS, support &
maintenance
29,562
20,239
55,748
38,603
Perpetual licenses
19
147
105
702
Total subscriptions and perpetual
licenses
45,108
42,890
91,038
82,890
Professional services
2,569
1,063
4,731
1,913
Total revenue
47,677
43,953
95,769
84,803
Cost of revenue(1):
Subscriptions and perpetual licenses
6,415
4,149
12,268
7,796
Professional services
2,912
3,792
5,763
6,681
Total cost of revenue
9,327
7,941
18,031
14,477
Gross profit
38,350
36,012
77,738
70,326
Operating expenses(1):
Research and development
15,666
9,952
30,144
20,387
Sales and marketing
30,050
22,044
57,028
42,286
General and administrative
14,935
8,656
28,479
16,903
Total operating expenses
60,651
40,652
115,651
79,576
Operating loss
(22,301
)
(4,640
)
(37,913
)
(9,250
)
Foreign currency gain (loss)
1,026
33
1,461
(319
)
Fair value adjustment on warrants and
preferred stock tranche option
—
(3,761
)
—
(7,339
)
Interest expense
(881
)
(1,197
)
(1,780
)
(2,377
)
Other, net
275
(207
)
343
(403
)
Interest and other expense, net
420
(5,132
)
24
(10,438
)
Loss before income taxes
(21,881
)
(9,772
)
(37,889
)
(19,688
)
Provision for income taxes
489
286
951
456
Net loss
$
(22,370
)
$
(10,058
)
$
(38,840
)
$
(20,144
)
Net loss per share attributable to common
stockholders:
Basic and diluted
$
(0.26
)
$
(0.40
)
$
(0.46
)
$
(0.81
)
Weighted-average shares used in computing
net loss per share attributable to common stockholders:
Basic and diluted
84,445
25,161
84,107
24,792
¹ Includes stock-based compensation as
follows (in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Cost of revenue
$
615
$
94
$
1,132
$
167
Research and development
1,653
224
3,053
493
Sales and marketing
2,803
547
5,061
968
General and administrative
2,900
898
5,185
1,659
Total stock-based compensation expense
$
7,971
$
1,763
$
14,431
$
3,287
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share
data)
(Unaudited)
June 30, 2022
December 31,
2021
Assets
Cash and cash equivalents
$
99,083
$
128,381
Short-term investments
248,128
241,411
Accounts receivable, net of allowance for
credit losses of $192 and $34, respectively
45,899
55,999
Contract assets
15,673
19,670
Deferred commissions
8,343
8,457
Prepaid expenses and other assets
10,362
9,787
Total current assets
427,488
463,705
Deferred commissions
16,441
15,601
Property and equipment, net
2,751
2,463
Operating lease right-of-use assets
10,785
12,626
Contract and other assets
3,091
2,783
Total assets
$
460,556
$
497,178
Liabilities and stockholders’
equity
Accounts payable
$
1,930
$
2,039
Accrued compensation
16,017
22,359
Accrued expenses
5,924
5,016
Current portion of operating lease
liability
1,263
1,820
Deferred revenue
64,261
67,222
Other liabilities
1,858
2,258
Total current liabilities
91,253
100,714
Long-term debt
39,547
39,483
Long-term operating lease liability
10,008
11,037
Deferred revenue
2,136
8,172
Other liabilities
1,811
1,646
Total liabilities
144,755
161,052
Stockholders’ equity:
Common stock
85
83
Additional paid-in capital
615,321
593,196
Accumulated other comprehensive income
3,060
6,672
Accumulated deficit
(302,665
)
(263,825
)
Total stockholders’ equity
315,801
336,126
Total liabilities and stockholders’
equity
$
460,556
$
497,178
As of July 31, 2022, there were 37,845,089
shares of the registrant's Class A common stock outstanding and
47,184,236 shares of the registrant's Class B common stock
outstanding.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June
30,
2022
2021
Operating activities:
Net loss
$
(38,840
)
$
(20,144
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation
549
536
Noncash operating lease expense
1,147
937
Stock-based compensation expense
14,431
3,287
Amortization of deferred commissions
7,202
7,233
Foreign currency remeasurement gain
(1,539
)
(668
)
Change in fair value of redeemable
convertible preferred stock warrant liability
—
4,157
Change in fair value of preferred stock
tranche option liability
—
3,182
Amortization of premium / discount on
short-term investments
1,247
371
Other non-cash
50
142
Changes in operating assets and
liabilities:
Deferred commissions
(7,928
)
(9,577
)
Accounts receivable
7,709
(3,213
)
Contract and other non-current assets
2,458
(9,176
)
Prepaid expenses and other current
assets
(893
)
(6,776
)
Operating lease liabilities
(884
)
(1,200
)
Accounts payable
(45
)
(411
)
Accrued expenses and other liabilities
(4,265
)
1,907
Deferred revenue
(5,130
)
93
Net cash used in operating
activities
(24,731
)
(29,320
)
Investing activities:
Purchases of property and equipment
(974
)
(341
)
Purchases of short-term investments
(64,971
)
(63,283
)
Maturities of short-term investments
43,048
—
Sales of short-term investments
11,792
4,260
Net cash used in investing
activities
(11,105
)
(59,364
)
Financing activities:
Payment of offering costs
(141
)
—
Proceeds from exercises of employee stock
options
3,329
2,470
Proceeds from issuance of common stock
under employee stock purchase plan
4,374
—
Proceeds from issuance of redeemable
convertible preferred stock
—
19,951
Principal repayments on debt
—
(46
)
Net cash provided by financing
activities
7,562
22,375
Effect of exchange rates on cash and cash
equivalents and restricted cash
(1,036
)
(249
)
Net decrease in cash, cash equivalents and
restricted cash
(29,310
)
(66,558
)
Cash, cash equivalents and restricted
cash, beginning of year
128,437
100,042
Cash, cash equivalents and restricted
cash, end of period
$
99,127
$
33,484
Reconciliation of cash and cash
equivalents and restricted cash:
Cash and cash equivalents
$
99,083
$
33,431
Restricted cash included in prepaids and
other current assets
44
53
Total cash and cash equivalents and
restricted cash
$
99,127
$
33,484
Short-term investments, end of period
$
248,128
$
47,311
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Gross profit
$
38,350
$
36,012
$
77,738
$
70,326
Add: stock-based compensation included in
cost of revenue
615
94
1,132
167
Non-GAAP gross profit
$
38,965
$
36,106
$
78,870
$
70,493
Gross margin
80
%
82
%
81
%
83
%
Non-GAAP gross margin
82
%
82
%
82
%
83
%
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Research and development
$
15,666
$
9,952
$
30,144
$
20,387
Less: stock-based compensation
1,653
224
3,053
493
Non-GAAP research and development
$
14,013
$
9,728
$
27,091
$
19,894
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Sales and marketing
$
30,050
$
22,044
$
57,028
$
42,286
Less: stock-based compensation
2,803
547
5,061
968
Non-GAAP sales and marketing
$
27,247
$
21,497
$
51,967
$
41,318
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
General and administrative
$
14,935
$
8,656
$
28,479
$
16,903
Less: stock-based compensation
2,900
898
5,185
1,659
Non-GAAP general and administrative
$
12,035
$
7,758
$
23,294
$
15,244
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, as
presented below (in thousands, except percentages):
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Operating loss
$
(22,301
)
$
(4,640
)
$
(37,913
)
$
(9,250
)
Add: stock-based compensation
7,971
1,763
14,431
3,287
Non-GAAP operating loss
$
(14,330
)
$
(2,877
)
$
(23,482
)
$
(5,963
)
Operating margin
(47
) %
(11
) %
(40
) %
(11
) %
Non-GAAP operating margin
(30
) %
(7
) %
(25
) %
(7
) %
Adjusted EBITDA
We define adjusted EBITDA as operating
loss adjusted to exclude depreciation and stock-based compensation
expense, as presented below (in thousands):
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Operating loss
$
(22,301
)
$
(4,640
)
$
(37,913
)
$
(9,250
)
Depreciation
269
267
549
536
Add: stock-based compensation
7,971
1,763
14,431
3,287
Adjusted EBITDA
$
(14,061
)
$
(2,610
)
$
(22,933
)
$
(5,427
)
Non-GAAP Net Loss and Non-GAAP Net Loss
per Share, Basic and Diluted
We define non-GAAP net loss as GAAP net
loss adjusted to exclude stock-based compensation expense,
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net loss
$
(22,370
)
$
(10,058
)
$
(38,840
)
$
(20,144
)
Add: stock-based compensation
7,971
1,763
14,431
3,287
Tax effect on the provision for (benefit
from) income taxes
(71
)
(12
)
(133
)
(23
)
Non-GAAP net loss
$
(14,470
)
$
(8,307
)
$
(24,542
)
$
(16,880
)
Non-GAAP net loss per share, basic and
diluted
$
(0.17
)
$
(0.33
)
$
(0.29
)
$
(0.68
)
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 June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net cash used in operating activities
$
(20,261
)
$
(22,223
)
$
(24,731
)
$
(29,320
)
Less: purchases of property and
equipment
(486
)
(187
)
(974
)
(341
)
Free cash flow
$
(20,747
)
$
(22,410
)
$
(25,705
)
$
(29,661
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220811005530/en/
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Mark Kang, ForgeRock Nicole Borsje, The Blueshirt Group
investors@forgerock.com
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Edelman on behalf of ForgeRock Evgenia Sinopidou, Edelman
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