• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • AI Executive AssistantNEW
  • Settings
  • RSS Feeds
PublishGo to AppAI Helper
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees for your businessNEW
    Legal
    Terms of usePrivacy policyCookie policy

    ForgeRock Announces First Quarter 2023 Financial Results

    5/8/23 4:05:00 PM ET
    $FORG
    Computer Software: Prepackaged Software
    Technology
    Get the next $FORG alert in real time by email
    • ARR was $238 million for Q1 2023, growing 23% year-over-year
    • Total revenue was $63.1 million in Q1 2023, growing 31% year-over-year
    • Subscription SaaS, support & maintenance revenue was $34.1 million Q1 2023, growing 30% year-over-year

    ForgeRock, Inc. (NYSE:FORG), a global leader in digital identity, today announced financial results for its first quarter ended March 31, 2023.

    "We ended Q1 with $238 million of ARR, representing another solid quarter of growth for ForgeRock," said Fran Rosch, CEO of ForgeRock. "Adoption of the ForgeRock Identity Cloud continued to be strong, with these new SaaS customers representing the majority of our new ARR and new logos in the quarter. The introduction of Enterprise Connect Passwordless is another major step forward in enabling our customers to deliver digital experiences that simply and safely help people access the connected world. ForgeRock's unique platform offers a full spectrum of passwordless capabilities designed for all users, including workforce, consumer, and partners."

    "Our revenue grew 31% year-over-year in Q1 and our gross margin continues to be robust and consistent at 81% on a GAAP basis and 83% on a non-GAAP basis," said John Fernandez, CFO of ForgeRock. "We remain laser focused on balancing innovation and new business growth with cost management and profitability. Our GAAP operating margin was (40)% in Q1 and includes the impact of acquisition-related costs, and (32)% in Q1 of the prior year. Our non-GAAP operating margin in Q1 of (13)% was a significant improvement over the (19)% we experienced in Q1 of the prior year."

    First Quarter 2023 Financial Highlights:

    • ARR: Annualized Recurring Revenue was $238 million, an increase of 23% year-over-year.
    • Revenue: Total revenue was $63.1 million, an increase of 31% year-over-year.
    • Operating Loss: GAAP operating loss was $25.1 million, or 40% of total revenue, compared to $15.6 million, or 32% of total revenue, in the first quarter of 2022. Non-GAAP operating loss was $8.0 million, or 13% of total revenue, compared to $9.2 million, or 19% of total revenue, in the first quarter of 2022.
    • Net Loss: GAAP net loss was $25.4 million, compared to $16.5 million in the first quarter of 2022. GAAP net loss per share was $0.29, compared to $0.20 in the first quarter of 2022. Non-GAAP net loss was $8.2 million, compared to $9.9 million in the first quarter of 2022. Non-GAAP net loss per share was $0.09, compared to $0.12 in the first quarter of 2022.
    • Cash Flow: Net cash used in operations was $4.3 million, compared to $4.5 million in the first quarter of 2022. Free cash flow was $(4.6) million, or (7)% of total revenue, compared to $(5.0) million, or (10)% of total revenue, in the first quarter of 2022.
    • Cash, cash equivalents and short-term investments were $335.7 million as of March 31, 2023.

    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"). In February 2023, 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 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.

    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, including new offerings and the capabilities of our platform, 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 Annual Report on Form 10-K filed with the SEC on March 1, 2023 and in our Quarterly Report on Form 10-Q that will be filed with the SEC on or about May 9, 2023.

    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

    (UNAUDITED)

    (In thousands, except per share amounts)

     

     

    Three months ended March 31,

     

     

    2023

     

     

     

    2022

     

    Revenue:

     

     

     

    Subscription term licenses

    $

    25,557

     

     

    $

    19,659

     

    Subscription SaaS, support & maintenance

     

    34,101

     

     

     

    26,185

     

    Perpetual licenses

     

    65

     

     

     

    86

     

    Total subscriptions and perpetual licenses

     

    59,723

     

     

     

    45,930

     

    Professional services

     

    3,420

     

     

     

    2,163

     

    Total revenue

     

    63,143

     

     

     

    48,093

     

    Cost of revenue:

     

     

     

    Subscriptions and perpetual licenses

     

    8,322

     

     

     

    5,853

     

    Professional services

     

    3,478

     

     

     

    2,850

     

    Total cost of revenue

     

    11,800

     

     

     

    8,703

     

    Gross profit

     

    51,343

     

     

     

    39,390

     

    Operating expenses:

     

     

     

    Research and development

     

    17,203

     

     

     

    14,479

     

    Sales and marketing

     

    36,451

     

     

     

    26,978

     

    General and administrative

     

    15,868

     

     

     

    13,545

     

    Acquisition-related costs

     

    6,947

     

     

     

    —

     

    Total operating expenses

     

    76,469

     

     

     

    55,002

     

    Operating loss

     

    (25,126

    )

     

     

    (15,612

    )

    Foreign currency gain (loss)

     

    (542

    )

     

     

    435

     

    Interest expense

     

    (1,135

    )

     

     

    (899

    )

    Other income, net

     

    1,836

     

     

     

    68

     

    Interest and other income (expense), net

     

    159

     

     

     

    (396

    )

    Loss before income taxes

     

    (24,967

    )

     

     

    (16,008

    )

    Provision for income taxes

     

    469

     

     

     

    462

     

    Net loss

    $

    (25,436

    )

     

    $

    (16,470

    )

    Net loss per share attributable to common stockholders:

     

     

     

    Basic and diluted

    $

    (0.29

    )

     

    $

    (0.20

    )

    Weighted-average shares used in computing net loss per share attributable to common stockholders:

     

     

     

    Basic and diluted

     

    87,463

     

     

     

    83,766

     

    (1) Includes stock-based compensation as follows (in thousands):

     

     

     

     

    Three months ended March 31,

     

     

    2023

     

     

    2022

     

     

     

     

    Cost of revenue

    $

    1,005

     

    $

    517

    Research and development

     

    2,010

     

     

    1,400

    Sales and marketing

     

    3,940

     

     

    2,258

    General and administrative

     

    3,228

     

     

    2,285

    Total stock-based compensation expense

    $

    10,183

     

    $

    6,460

     

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (UNAUDITED)

    (In thousands, except par value)

     

     

    March 31,

    2023

     

    December 31,

    2022

    Assets

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    143,971

     

     

    $

    128,803

     

    Short-term investments

     

    191,743

     

     

     

    207,248

     

    Accounts receivable, net of allowance for credit losses of $664 and $444, respectively

     

    47,097

     

     

     

    71,439

     

    Contract assets

     

    27,203

     

     

     

    25,117

     

    Deferred commissions

     

    9,480

     

     

     

    9,936

     

    Prepaid expenses and other assets

     

    15,891

     

     

     

    14,810

     

    Total current assets

     

    435,385

     

     

     

    457,353

     

    Deferred commissions

     

    20,740

     

     

     

    20,379

     

    Property and equipment, net

     

    2,922

     

     

     

    2,850

     

    Operating lease right-of-use assets

     

    9,816

     

     

     

    10,190

     

    Contract and other assets

     

    3,784

     

     

     

    3,408

     

    Total assets

    $

    472,647

     

     

    $

    494,180

     

    Liabilities and stockholders' equity

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    8,564

     

     

    $

    4,587

     

    Accrued compensation

     

    15,735

     

     

     

    24,836

     

    Accrued expenses

     

    8,649

     

     

     

    9,475

     

    Current portion of operating lease liability

     

    1,941

     

     

     

    1,902

     

    Deferred revenue

     

    78,315

     

     

     

    82,036

     

    Other liabilities

     

    2,526

     

     

     

    2,927

     

    Total current liabilities

     

    115,730

     

     

     

    125,763

     

    Long-term debt

     

    39,643

     

     

     

    39,611

     

    Long-term operating lease liability

     

    8,790

     

     

     

    9,207

     

    Deferred revenue

     

    920

     

     

     

    1,283

     

    Other liabilities

     

    2,585

     

     

     

    2,150

     

    Total liabilities

     

    167,669

     

     

     

    178,014

     

    Stockholders' equity

     

     

     

    Common stock

     

    88

     

     

     

    87

     

    Additional paid-in capital

     

    654,600

     

     

     

    641,983

     

    Accumulated other comprehensive income

     

    5,823

     

     

     

    4,193

     

    Accumulated deficit

     

    (355,533

    )

     

     

    (330,097

    )

    Total stockholders' equity

     

    304,978

     

     

     

    316,166

     

    Total liabilities and stockholders' equity

    $

    472,647

     

     

    $

    494,180

     

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (UNAUDITED)

    (In thousands)

     

     

    Three months ended March 31,

     

     

    2023

     

     

     

    2022

     

    Operating activities:

     

     

     

    Net loss

    $

    (25,436

    )

     

    $

    (16,470

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

    Depreciation

     

    256

     

     

     

    280

     

    Noncash operating lease expense

     

    613

     

     

     

    535

     

    Stock-based compensation expense

     

    10,183

     

     

     

    6,460

     

    Amortization of deferred commissions

     

    3,916

     

     

     

    3,991

     

    Foreign currency remeasurement loss (gain)

     

    552

     

     

     

    (620

    )

    Amortization of premium / discount on short-term investments

     

    (867

    )

     

     

    646

     

    Other

     

    421

     

     

     

    102

     

    Changes in operating assets and liabilities:

     

     

     

    Deferred commissions

     

    (3,822

    )

     

     

    (4,085

    )

    Accounts receivable

     

    25,158

     

     

     

    17,321

     

    Contract and other non-current assets

     

    (2,275

    )

     

     

    (122

    )

    Prepaid expenses and other current assets

     

    (913

    )

     

     

    (893

    )

    Operating lease liabilities

     

    (634

    )

     

     

    (499

    )

    Accounts payable

     

    3,957

     

     

     

    (436

    )

    Accrued expenses and other liabilities

     

    (10,382

    )

     

     

    (4,640

    )

    Deferred revenue

     

    (5,034

    )

     

     

    (6,040

    )

    Net cash used in operating activities

     

    (4,307

    )

     

     

    (4,470

    )

    Investing activities:

     

     

     

    Purchases of property and equipment

     

    (285

    )

     

     

    (488

    )

    Purchases of short-term investments

     

    (18,974

    )

     

     

    (52,994

    )

    Maturities of short-term investments

     

    35,763

     

     

     

    14,452

     

    Sales of short-term investments

     

    579

     

     

     

    4,836

     

    Net cash provided by (used in) investing activities

     

    17,083

     

     

     

    (34,194

    )

    Financing activities:

     

     

     

    Proceeds from exercises of employee stock options

     

    6,338

     

     

     

    2,179

     

    Payment of offering costs

     

    —

     

     

     

    (141

    )

    Employee payroll taxes paid for net shares settlement of restricted stock units

     

    (3,903

    )

     

     

    —

     

    Net cash provided by financing activities

     

    2,435

     

     

     

    2,038

     

    Effect of exchange rates on cash and cash equivalents and restricted cash

     

    (50

    )

     

     

    (200

    )

    Net increase (decrease) in cash, cash equivalents and restricted cash

     

    15,161

     

     

     

    (36,826

    )

    Cash, cash equivalents and restricted cash, beginning of year

     

    131,324

     

     

     

    128,437

     

    Cash, cash equivalents and restricted cash, end of period

    $

    146,485

     

     

    $

    91,611

     

     

     

     

     

    Reconciliation of cash and cash equivalents and restricted cash:

     

     

     

    Cash and cash equivalents

    $

    143,971

     

     

    $

    91,580

     

    Restricted cash included in prepaids and other current assets

     

    2,514

     

     

     

    31

     

    Total cash and cash equivalents and restricted cash

    $

    146,485

     

     

    $

    91,611

     

    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 March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    Gross profit

    $

    51,343

     

     

    $

    39,390

     

    Add: Stock-based compensation

     

    1,005

     

     

     

    517

     

    Non-GAAP gross profit

    $

    52,348

     

     

    $

    39,907

     

     

     

     

     

    Gross margin

     

    81

    %

     

     

    82

    %

    Non-GAAP gross margin

     

    83

    %

     

     

    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 March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    Research and development

    $

    17,203

     

     

    $

    14,479

     

    Less: Stock-based compensation

     

    2,010

     

     

     

    1,400

     

    Non-GAAP research and development

    $

    15,193

     

     

    $

    13,079

     

     

     

     

     

    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 March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    Sales and marketing

    $

    36,451

     

     

    $

    26,978

     

    Less: Stock-based compensation

     

    3,940

     

     

     

    2,258

     

    Non-GAAP sales and marketing

    $

    32,511

     

     

    $

    24,720

     

     

     

     

     

    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 March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    General and administrative

    $

    15,868

     

     

    $

    13,545

     

    Less: Stock-based compensation

     

    3,228

     

     

     

    2,285

     

    Non-GAAP general and administrative

    $

    12,640

     

     

    $

    11,260

     

     

     

     

     

    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 March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    Operating loss

    $

    (25,126

    )

     

    $

    (15,612

    )

    Add: Stock-based compensation

     

    10,183

     

     

     

    6,460

     

    Add: Acquisition-related costs

     

    6,947

     

     

     

    —

     

    Non-GAAP operating loss

    $

    (7,996

    )

     

    $

    (9,152

    )

     

     

     

     

    Operating margin

     

    (40

    ) %

     

     

    (32

    ) %

    Non-GAAP operating margin

     

    (13

    ) %

     

     

    (19

    ) %

     

     

     

     

    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 March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    Operating loss

    $

    (25,126

    )

     

    $

    (15,612

    )

    Add: Depreciation

     

    256

     

     

     

    280

     

    Add; Stock-based compensation

     

    10,183

     

     

     

    6,460

     

    Add: Acquisition-related costs

     

    6,947

     

     

     

    —

     

    Adjusted EBITDA

    $

    (7,740

    )

     

    $

    (8,872

    )

     

     

     

     

    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 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 the dilutive effect of employee equity awards, excluding the impact of unrecognized stock-based compensation expense, unless these adjustments are anti-dilutive.

     

     

     

     

     

    Three months ended March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    Net loss

    $

    (25,436

    )

     

    $

    (16,470

    )

    Add: Stock-based compensation

     

    10,183

     

     

     

    6,460

     

    Add: Acquisition-related costs

     

    6,947

     

     

     

    —

     

    Tax effect on the provision for income taxes

     

    114

     

     

     

    62

     

    Non-GAAP net loss

    $

    (8,192

    )

     

    $

    (9,948

    )

     

     

     

     

    Non-GAAP net loss per share, basic and diluted

    $

    (0.09

    )

     

    $

    (0.12

    )

     

     

     

     

    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 March 31,

     

     

    2023

     

     

     

    2022

     

     

     

     

     

    Net cash used in operating activities

    $

    (4,307

    )

     

    $

    (4,470

    )

    Purchases of property and equipment

     

    (285

    )

     

     

    (488

    )

    Free cash flow

    $

    (4,592

    )

     

    $

    (4,958

    )

     

     

     

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20230508005596/en/

    Get the next $FORG alert in real time by email

    Crush Q3 2025 with the Best AI Executive Assistant

    Stay ahead of the competition with Tailforce.ai - your AI-powered business intelligence partner.

    AI-Powered Inbox
    Context-aware email replies
    Strategic Decision Support
    Get Started with Tailforce.ai

    Recent Analyst Ratings for
    $FORG

    DatePrice TargetRatingAnalyst
    9/30/2022$20.00Buy
    Canaccord Genuity
    4/5/2022Sector Weight
    KeyBanc Capital Markets
    3/2/2022$41.00 → $36.00Overweight
    JP Morgan
    3/2/2022$27.00 → $22.00Equal-Weight
    Morgan Stanley
    3/2/2022$14.00 → $16.00Hold
    Deutsche Bank
    2/28/2022$31.00 → $14.00Hold
    Deutsche Bank
    1/18/2022$35.00 → $27.00Equal-Weight
    Morgan Stanley
    10/11/2021$41.00Overweight
    JP Morgan
    More analyst ratings

    $FORG
    SEC Filings

    See more
    • SEC Form 15-12G filed by ForgeRock Inc.

      15-12G - ForgeRock, Inc. (0001543916) (Filer)

      9/5/23 5:25:51 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • SEC Form 25-NSE filed by ForgeRock Inc.

      25-NSE - ForgeRock, Inc. (0001543916) (Subject)

      8/23/23 9:53:02 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • SEC Form S-8 POS filed by ForgeRock Inc.

      S-8 POS - ForgeRock, Inc. (0001543916) (Filer)

      8/23/23 8:59:09 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology

    $FORG
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Canaccord Genuity initiated coverage on ForgeRock with a new price target

      Canaccord Genuity initiated coverage of ForgeRock with a rating of Buy and set a new price target of $20.00

      9/30/22 7:19:44 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • KeyBanc Capital Markets initiated coverage on ForgeRock

      KeyBanc Capital Markets initiated coverage of ForgeRock with a rating of Sector Weight

      4/5/22 7:47:59 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • JP Morgan reiterated coverage on ForgeRock with a new price target

      JP Morgan reiterated coverage of ForgeRock with a rating of Overweight and set a new price target of $36.00 from $41.00 previously

      3/2/22 10:28:52 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology

    $FORG
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • SEC Form 4: Parks Jeffrey T returned $106,468,097 worth of shares to the company (4,579,273 units at $23.25)

      4 - ForgeRock, Inc. (0001543916) (Issuer)

      8/25/23 9:10:46 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • SEC Form 4: Fleischmann Samuel J returned $2,833,059 worth of shares to the company (121,852 units at $23.25), closing all direct ownership in the company

      4 - ForgeRock, Inc. (0001543916) (Issuer)

      8/25/23 4:36:15 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • SEC Form 4: Angstadt Peter K Jr. returned $6,046,325 worth of shares to the company (260,057 units at $23.25), closing all direct ownership in the company

      4 - ForgeRock, Inc. (0001543916) (Issuer)

      8/25/23 4:33:47 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology

    $FORG
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • ForgeRock Named an Overall Leader in 2023 KuppingerCole Access Management Compass Report

      ForgeRock Recognized Again as a Leader in Product, Innovation, Market and Overall Categories for 4th Consecutive Report. ForgeRock®, a global digital identity leader, announced today it earned an "Overall Leadership" position in the 2023 KuppingerCole Access Management Leadership Compass analyst report for the 4th consecutive publication. ForgeRock was also recognized as a leader in product, innovation and market leadership, and for its strengths in fraud detection, API security, orchestration capabilities, partner ecosystem support and strong federation capabilities. "We are thrilled to be recognized by KuppingerCole as a leader for our Identity and Access Management (IAM) capabilities

      8/17/23 7:50:00 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • ForgeRock Announces Second Quarter 2023 Financial Results

      ARR was $251.3 million for Q2 2023, with growth accelerating to 25% year-over-year Total revenue was $58.3 million for Q2 2023, growing 22% year-over-year Subscription SaaS, support & maintenance revenue was $38.1 million for Q2 2023, growing 29% year-over-year ForgeRock, Inc. (NYSE:FORG), a global leader in digital identity, today announced financial results for its second quarter ended June 30, 2023. "Q2 was a very strong quarter and our ARR growth accelerated sequentially to 25% year-over-year, ending at $251 million," said Fran Rosch, CEO of ForgeRock. "Our net new ARR growth of $14 million in the quarter was 63% higher than the same period last year and our growth year to d

      8/7/23 4:05:00 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • Stolen Identities Remains Top Cybersecurity Threat in ForgeRock Identity Breach Report

      Fraud Caused by AI-Based Attacks and Stolen Identities Are on the Rise. One Compromised Identity Puts an Entire Organization at Risk. ForgeRock® (NYSE:FORG), a global digital identity leader, today announced findings from its 2023 ForgeRock Identity Breach Report, which revealed that stolen identities continue to cause massive breaches, exposing 1.5 billion user records and costing businesses an average of $9.4 million per breach in 2022. As more identities are stolen each year, AI-driven fraud attacks are creating a larger threat landscape for consumers and enterprises alike. Through the use of new technologies like generative AI, tactics such as phishing emails, malicious code an

      6/26/23 7:50:00 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology

    $FORG
    Leadership Updates

    Live Leadership Updates

    See more
    • ForgeRock Introduces New Partner Program to Accelerate Growth

      Company Appoints Chris Westfall as Vice President of Global Partner Strategy, Programs, and Operations to Lead New Partner Program ForgeRock® (NYSE:FORG), a global digital identity leader, today announced the launch of a new partner program that now provides a comprehensive set of benefits that will drive growth and help ForgeRock partners deliver remarkable customer experiences. To lead the new program, ForgeRock has hired Chris Westfall as Vice President of Global Partner Strategy, Programs and Operations, who brings expertise from over 20 years of partner ecosystem leadership across the software industry. The Identity and Access Management (IAM) market continues to experience signifi

      5/22/23 7:50:00 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • CrowdStrike Appoints Johanna Flower to Board of Directors

      CrowdStrike Holdings, Inc. (NASDAQ:CRWD), a leader in cloud-delivered protection of endpoints, cloud workloads, identity and data, today announced the appointment of Johanna Flower to the company's board of directors. A renowned cybersecurity, go-to-market and modern governance expert, Ms. Flower currently sits on the boards of cloud leaders like Freshworks (NASDAQ:FRSH) and ForgeRock (NYSE:FORG), as well as several high-growth private SaaS companies. She also has direct experience working closely with CrowdStrike's leadership team and board, having served as the company's first chief marketing officer and having played a key role in taking the company public in 2019. "Johanna's reputatio

      1/23/23 9:00:00 AM ET
      $CRWD
      $FORG
      $FRSH
      Computer Software: Prepackaged Software
      Technology

    $FORG
    Financials

    Live finance-specific insights

    See more
    • ForgeRock Announces Second Quarter 2023 Financial Results

      ARR was $251.3 million for Q2 2023, with growth accelerating to 25% year-over-year Total revenue was $58.3 million for Q2 2023, growing 22% year-over-year Subscription SaaS, support & maintenance revenue was $38.1 million for Q2 2023, growing 29% year-over-year ForgeRock, Inc. (NYSE:FORG), a global leader in digital identity, today announced financial results for its second quarter ended June 30, 2023. "Q2 was a very strong quarter and our ARR growth accelerated sequentially to 25% year-over-year, ending at $251 million," said Fran Rosch, CEO of ForgeRock. "Our net new ARR growth of $14 million in the quarter was 63% higher than the same period last year and our growth year to d

      8/7/23 4:05:00 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • ForgeRock Announces First Quarter 2023 Financial Results

      ARR was $238 million for Q1 2023, growing 23% year-over-year Total revenue was $63.1 million in Q1 2023, growing 31% year-over-year Subscription SaaS, support & maintenance revenue was $34.1 million Q1 2023, growing 30% year-over-year ForgeRock, Inc. (NYSE:FORG), a global leader in digital identity, today announced financial results for its first quarter ended March 31, 2023. "We ended Q1 with $238 million of ARR, representing another solid quarter of growth for ForgeRock," said Fran Rosch, CEO of ForgeRock. "Adoption of the ForgeRock Identity Cloud continued to be strong, with these new SaaS customers representing the majority of our new ARR and new logos in the quarter. The in

      5/8/23 4:05:00 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • ForgeRock to be Acquired by Thoma Bravo for $2.3B

      ForgeRock shareholders to receive $23.25 per share in cash ForgeRock to become a privately held company upon completion of the transaction ForgeRock® (NYSE:FORG), a global digital identity leader, announced today that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm, for $23.25 per share, in an all-cash transaction valued at approximately $2.3 billion. The offer represents a premium of approximately 53% over ForgeRock's closing share price on October 10, 2022, the last full trading day prior to the transaction announcement, and a premium of approximately 44% over the volume weighted average price of ForgeRock stock for the 30 day

      10/11/22 8:30:00 AM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology

    $FORG
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13D/A filed by ForgeRock Inc. (Amendment)

      SC 13D/A - ForgeRock, Inc. (0001543916) (Subject)

      8/25/23 12:29:18 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13D filed by ForgeRock Inc.

      SC 13D - ForgeRock, Inc. (0001543916) (Subject)

      3/20/23 3:51:34 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology
    • SEC Form SC 13G/A filed by ForgeRock Inc. (Amendment)

      SC 13G/A - ForgeRock, Inc. (0001543916) (Subject)

      2/14/23 4:06:52 PM ET
      $FORG
      Computer Software: Prepackaged Software
      Technology