ForgeRock (FORG) 10-Q8 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40787
Entity Registrant Name	ForgeRock, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-1223363
Entity Address, Address Line One	201 Mission Street
Entity Address, Address Line Two	Suite 2900
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	599-1100
Title of 12(b) Security	Class A common stock
Trading Symbol	FORG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001543916
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		52,852,722
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		36,297,481

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 288,994	$ 128,803
Short-term investments	32,716	207,248
Accounts receivable, net of allowance for credit losses of $667 and $444, respectively	50,904	71,439
Contract assets	25,596	25,117
Deferred commissions	9,877	9,936
Prepaid expenses and other assets	13,058	14,810
Total current assets	421,146	457,353
Deferred commissions	21,589	20,379
Property and equipment, net	2,720	2,850
Operating lease right-of-use assets	9,377	10,190
Contract and other assets	3,888	3,408
Total assets	458,720	494,180
Current liabilities:
Accounts payable	6,154	4,587
Accrued compensation	17,029	24,836
Accrued expenses	7,924	9,475
Current portion of operating lease liability	1,927	1,902
Deferred revenue	82,016	82,036
Other liabilities	1,502	2,927
Total current liabilities	116,552	125,763
Long-term debt	39,675	39,611
Long-term operating lease liability	8,352	9,207
Deferred revenue	2,389	1,283
Other liabilities	2,838	2,150
Total liabilities	169,806	178,014
Commitments and contingencies (Note 8)
Stockholders’ equity
Additional paid-in capital	667,230	641,983
Accumulated other comprehensive income	5,909	4,193
Accumulated deficit	(384,314)	(330,097)
Total stockholders’ equity	288,914	316,166
Total liabilities and stockholders’ equity	458,720	494,180
Class A common stock
Stockholders’ equity
Common stock	53	50
Class B common stock
Stockholders’ equity
Common stock	$ 36	$ 37

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for credit losses	$ 667	$ 444
Class A common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	52,798,000	49,872,000
Common stock, shares outstanding (in shares)	52,798,000	49,872,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	36,297,000	37,195,000
Common stock, shares outstanding (in shares)	36,297,000	37,195,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue:
Total revenue	$ 58,284	$ 47,677	$ 121,427	$ 95,769
Cost of revenue:
Total cost of revenue	13,121	9,327	24,921	18,031
Gross profit	45,163	38,350	96,506	77,738
Operating expenses:
Research and development	17,515	15,666	34,718	30,144
Sales and marketing	37,616	30,050	74,067	57,028
General and administrative	16,259	14,935	32,127	28,479
Acquisition-related costs	3,851	0	10,798	0
Total operating expenses	75,241	60,651	151,710	115,651
Operating loss	(30,078)	(22,301)	(55,204)	(37,913)
Foreign currency gain (loss)	(657)	1,026	(1,199)	1,461
Interest expense	(875)	(881)	(2,010)	(1,780)
Other income, net	3,198	275	5,034	343
Interest and other income (expense), net	1,666	420	1,825	24
Loss before income taxes	(28,412)	(21,881)	(53,379)	(37,889)
Provision for income taxes	369	489	838	951
Net loss	$ (28,781)	$ (22,370)	$ (54,217)	$ (38,840)
Net loss per share attributable to stockholders:
Basic (in dollars per share)	$ (0.32)	$ (0.26)	$ (0.62)	$ (0.46)
Diluted (in dollars per share)	$ (0.32)	$ (0.26)	$ (0.62)	$ (0.46)
Weighted-average shares used in computing net loss per share attributable to stockholders:
Basic (in shares)	88,757	84,445	88,114	84,107
Diluted (in shares)	88,757	84,445	88,114	84,107
Total subscriptions and perpetual licenses
Revenue:
Total revenue	$ 54,692	$ 45,108	$ 114,415	$ 91,038
Cost of revenue:
Total cost of revenue	9,527	6,415	17,849	12,268
Subscription term licenses
Revenue:
Total revenue	16,488	15,527	42,045	35,185
Subscription SaaS, support & maintenance
Revenue:
Total revenue	38,110	29,562	72,211	55,748
Perpetual licenses
Revenue:
Total revenue	94	19	159	105
Professional services
Revenue:
Total revenue	3,592	2,569	7,012	4,731
Cost of revenue:
Total cost of revenue	$ 3,594	$ 2,912	$ 7,072	$ 5,763

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (28,781)	$ (22,370)	$ (54,217)	$ (38,840)
Other comprehensive income (loss), net of tax:
Net unrealized gain (loss) on available-for-sale securities	197	(481)	1,788	(2,167)
Net foreign currency translation gain (loss)	(111)	(1,153)	(72)	(1,445)
Total comprehensive loss	$ (28,695)	$ (24,004)	$ (52,501)	$ (42,452)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Class A and Class B common stock and Common stock	Additional paid-in capital	Accumulated other comprehensive income	Accumulated deficit
Beginning balance (in shares) at Dec. 31, 2021		82,648,825
Beginning balance at Dec. 31, 2021	$ 336,126	$ 83	$ 593,196	$ 6,672	$ (263,825)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	14,431		14,431
Issuance of common stock for stock plans, net (in shares)		2,056,994
Issuance of common stock for stock plans, net	3,322	$ 2	3,320
Issuance of common stock under employee stock purchase plan (in shares)		292,531
Issuance of common stock under employee stock purchase plan	4,374		4,374
Unrealized gain (loss) on available-for-sale securities	(2,167)			(2,167)
Foreign currency translation adjustment	(1,445)			(1,445)
Net loss	(38,840)				(38,840)
Ending balance (in shares) at Jun. 30, 2022		84,998,350
Ending balance at Jun. 30, 2022	315,801	$ 85	615,321	3,060	(302,665)
Beginning balance (in shares) at Mar. 31, 2022		84,251,552
Beginning balance at Mar. 31, 2022	326,317	$ 84	601,834	4,694	(280,295)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	7,971		7,971
Issuance of common stock for stock plans, net (in shares)		454,267
Issuance of common stock for stock plans, net	1,143	$ 1	1,142
Issuance of common stock under employee stock purchase plan (in shares)		292,531
Issuance of common stock under employee stock purchase plan	4,374		4,374
Unrealized gain (loss) on available-for-sale securities	(481)			(481)
Foreign currency translation adjustment	(1,153)			(1,153)
Net loss	(22,370)				(22,370)
Ending balance (in shares) at Jun. 30, 2022		84,998,350
Ending balance at Jun. 30, 2022	315,801	$ 85	615,321	3,060	(302,665)
Beginning balance (in shares) at Dec. 31, 2022		86,977,070
Beginning balance at Dec. 31, 2022	316,166	$ 87	641,983	4,193	(330,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	21,762		21,762
Issuance of common stock for stock plans, net (in shares)		1,247,535
Issuance of common stock for stock plans, net	9,782	$ 2	9,780
Releases of restricted stock, net of tax withholding (in shares)		870,872
Releases of restricted stock, net of tax withholding	(6,295)		(6,295)
Unrealized gain (loss) on available-for-sale securities	1,788			1,788
Foreign currency translation adjustment	(72)			(72)
Net loss	(54,217)				(54,217)
Ending balance (in shares) at Jun. 30, 2023		89,095,477
Ending balance at Jun. 30, 2023	288,914	$ 89	667,230	5,909	(384,314)
Beginning balance (in shares) at Mar. 31, 2023		88,229,000
Beginning balance at Mar. 31, 2023	304,978	$ 88	654,600	5,823	(355,533)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	11,579		11,579
Issuance of common stock for stock plans, net (in shares)		481,342
Issuance of common stock for stock plans, net	3,444	$ 1	3,443
Releases of restricted stock, net of tax withholding (in shares)		385,135
Releases of restricted stock, net of tax withholding	(2,392)		(2,392)
Unrealized gain (loss) on available-for-sale securities	197			197
Foreign currency translation adjustment	(111)			(111)
Net loss	(28,781)				(28,781)
Ending balance (in shares) at Jun. 30, 2023		89,095,477
Ending balance at Jun. 30, 2023	$ 288,914	$ 89	$ 667,230	$ 5,909	$ (384,314)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net loss	$ (54,217)	$ (38,840)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	503	549
Noncash operating lease expense	1,229	1,147
Stock-based compensation expense	21,762	14,431
Amortization of deferred commissions	7,749	7,202
Foreign currency remeasurement loss (gain)	1,093	(1,539)
Amortization of premium / discount on short-term investments	(1,117)	1,247
Other	688	50
Changes in operating assets and liabilities:
Deferred commissions	(8,900)	(7,928)
Accounts receivable	21,531	7,709
Contract and other non-current assets	(890)	2,458
Prepaid expenses and other current assets	2,090	(893)
Operating lease liabilities	(1,282)	(884)
Accounts payable	1,529	(45)
Accrued expenses and other liabilities	(10,781)	(4,265)
Deferred revenue	(190)	(5,130)
Net cash used in operating activities	(19,203)	(24,731)
Investing activities:
Purchases of property and equipment	(322)	(974)
Purchases of short-term investments	(18,974)	(64,971)
Maturities of short-term investments	54,763	43,048
Sales of short-term investments	141,053	11,792
Net cash provided by (used in) investing activities	176,520	(11,105)
Financing activities:
Proceeds from exercises of employee stock options	9,782	3,329
Payment of offering costs	0	(141)
Employee payroll taxes paid for net shares settlement of restricted stock units	(6,295)	0
Proceeds from issuance of common stock under employee stock purchase plan	0	4,374
Net cash provided by financing activities	3,487	7,562
Effect of exchange rates on cash and cash equivalents and restricted cash	(541)	(1,036)
Net increase (decrease) in cash, cash equivalents and restricted cash	160,263	(29,310)
Cash, cash equivalents and restricted cash, beginning of year	131,324	128,437
Cash, cash equivalents and restricted cash, end of period	291,587	99,127
Supplementary cash flow disclosure:
Short-term investments, end of period	32,716	248,128
Cash paid for interest	(1,609)	(1,333)
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	288,994	99,083
Restricted cash included in prepaids and other current assets	2,593	44
Total cash and cash equivalents and restricted cash	$ 291,587	$ 99,127

Overview and Basis of Presentat

Overview and Basis of Presentation	6 Months Ended
Overview and Basis of Presentation	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Basis of Presentation	Overview and Basis of Presentation Company and Background ForgeRock, Inc. (“ForgeRock”, the “Company”, “we” or “us”) is a modern digital identity platform transforming the way enterprises secure, manage, and govern the identities of customers, employees and partners, APIs, microservices, devices, and Internet of Things (“IoT”). Organizations adopt the ForgeRock Identity Platform as their digital identity system of record to enhance data security and sovereignty as well as improve performance. ForgeRock’s identity platform provides a full suite of identity management, access management, identity governance, and artificial intelligence (“AI”)-powered autonomous identity solutions. The Company is headquartered in San Francisco, California and has operations in Canada and the United States of America (collectively referred to as Americas), France, Germany, Norway and the United Kingdom (collectively referred to as EMEA), Australia, New Zealand and Singapore (collectively referred to as APAC). The Company was formed in Norway in 2009 and incorporated in Delaware in February 2012. Pending Merger On October 10, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Project Fortress Parent, LLC (“Parent”) and Project Fortress Merger Sub, Inc. (“Merger Sub”), pursuant to which Merger Sub will merge with and into ForgeRock (the “Merger”) and ForgeRock will continue as the surviving corporation in the Merger, as a wholly owned subsidiary of Parent. Parent and Merger Sub are entities affiliated with Thoma Bravo. Under the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of the Company’s Class A common stock and Class B common stock (except for certain shares specified in the Merger Agreement) will be canceled and automatically converted into the right to receive cash in an amount equal to $23.25 per share, without interest. On December 22, 2022, ForgeRock and Parent each received a request for additional information and documentary material (together, the “Second Request”) from the Department of Justice (the “DOJ”) in connection with the DOJ’s review of the Merger. In February 2023, ForgeRock and Parent 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 Parent agreed not to consummate the proposed acquisition less than 75 days after compliance with the Second Request. ForgeRock continues to cooperate with the DOJ in connection with its review of the proposed acquisition. Either ForgeRock or Parent may terminate the Merger Agreement under certain circumstances, including if (1) the effective time has not occurred by October 10, 2023 (the “Termination Date”), which may be extended to January 10, 2024 if certain closing conditions related to the receipt of required regulatory approvals have not been satisfied at such time, unless ForgeRock delivers written notice to Parent prior to 11:59 p.m., Pacific time, on October 10, 2023 specifying that the Termination Date shall not be so extended or (2) a governmental authority of competent jurisdiction has issued a final non-appealable governmental order preventing the Merger. Upon consummation of the Merger, ForgeRock will cease to be a publicly traded company and its Class A common stock will be delisted from the New York Stock Exchange. Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The accompanying interim condensed consolidated financial statements include the accounts of ForgeRock and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Unaudited Interim Condensed Consolidated Financial Information The accompanying interim condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and the interim condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 and the related footnote disclosures are unaudited. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K on file with the SEC (“Annual Report”). The interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the SEC and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) that are necessary to state fairly the consolidated financial position of the Company as of June 30, 2023, the results of operations for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future period. Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). These accounting principles require us to make certain estimates and assumptions. The significant estimates and assumptions include but are not limited to (i) standalone selling price (“SSP”) in revenue recognition, (ii) valuation allowance on deferred taxes, (iii) valuation of stock-based compensation and (iv) valuation of the Company’s common stock prior to the Company’s initial public offering of common stock (IPO) in September 2021. Management evaluates these estimates and assumptions on an ongoing basis and makes estimates based on historical experience and various other assumptions that are believed to be reasonable. However, because future events and their effects cannot be determined with certainty, actual results may differ from these assumptions and estimates, and such differences could be material.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes from the significant accounting policies disclosed in “Note 2 — Summary of Significant Accounting Policies” to the consolidated financial statements included in Part II, Item 8 of the Annual Report. Cash and Cash Equivalents Cash consists primarily of cash on deposit with banks. Cash equivalents include highly liquid investments purchased with an original maturity date of 90 days or less from the date of purchase. The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts. Short-term Investments Short-term investments consist primarily of money market funds, U.S. treasury bonds, commercial paper, corporate debt and asset-backed securities. The Company’s policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. The Company classifies its short-term investments as available-for-sale securities at the time of purchase and reevaluates such classification at each balance sheet date. The Company has classified its investments as current based on the nature of the investments and their availability for use in current operations. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses on these investments are reported as a separate component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets until realized. Unrealized gains and losses for any short-term investments that management intends to sell or it is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in other income (expense), net. The Company segments its portfolio based on the underlying risk profiles of the securities and has a zero-loss expectation for U.S. treasury and U.S. government agency securities. The Company regularly reviews the securities in an unrealized loss position and evaluates the current expected credit loss by considering factors such as credit ratings, issuer-specific factors, current economic conditions, and reasonable and supportable forecasts. The Company did not record any material credit losses during the three and six months ended June 30, 2023. As of June 30, 2023 and December 31, 2022, no allowance for credit losses in short-term investments was recorded. Interest income is reported within Interest and other income (expense), net in the condensed consolidated statements of operations. Realized gains and losses are determined based on the specific identification method and are reported in Interest and other income (expense), net in the consolidated statements of operations. Accounts Receivable, Contract Assets and Allowances Accounts receivable are recorded at the invoiced amount, net of allowances for expected credit losses. Effective January 1, 2022, the Company reports accounts receivable and contract assets net of an allowance for expected credit losses in accordance with Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses (“ASC 326”). These allowances are based on the Company’s assessment of the collectability of accounts by considering the age of each outstanding invoice, the collection history of each customer, and an evaluation of current expected risk of credit loss based on current conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. We assess collectability by reviewing accounts receivable on an aggregated basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. Amounts deemed uncollectible are recorded as an allowance for expected credit losses in the condensed consolidated balance sheets with an offsetting decrease in deferred revenue or a charge to sales and marketing expense in the condensed consolidated statements of operations. Third Party Hosted Services The Company relies on the technology, infrastructure, and software applications, including software-as-a-service offerings, of third parties in order to host or operate certain key products and functions of its business. Our customers rely on these third-party hosted services retaining a high level of uptime. Through June 30, 2023 , the Company has not incurred any significant service level credits to its customers. Collaborative Arrangements The Company has entered into collaborative arrangements with three partners in order to develop future versions of and enhance the features and functionality of its identity software and SaaS services. These arrangements have been determined to be within the scope of ASC 808, Collaborative Arrangements

Segment and Revenue Disclosures

Segment and Revenue Disclosures	6 Months Ended
Segment and Revenue Disclosures	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Segment and Revenue Disclosures	Segment and Revenue Disclosures Segment Reporting: The Company operates in a single operating segment. An operating segment is defined as a component of an enterprise for which discrete financial information is available and is regularly reviewed by the chief operating decision maker (CODM). The Company’s CODM is its Chief Executive Officer as he is responsible for making decisions regarding resource allocation and assessing the Company’s performance. Revenue by geographic region is based on the delivery address of the customer and is summarized in the below table (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Americas $ 34,720 $ 26,118 $ 68,831 $ 50,868 EMEA 18,713 16,687 42,885 33,789 APAC 4,851 4,872 9,711 11,112 Total revenue $ 58,284 $ 47,677 $ 121,427 $ 95,769 The Company’s revenue from the United States was $32.0 million and $62.3 million for the three and six months ended June 30, 2023, respectively. The Company’s revenue from the United States was $23.1 million and $45.6 million for the three and six months ended June 30, 2022, respectively. The Company’s revenue from the United Kingdom was $6.2 million and $13.5 million for the three and six months ended June 30, 2023, respectively. The Company’s revenue from the United Kingdom was $5.3 million and $10.1 million for the three and six months ended June 30, 2022, respectively. No other individual country exceeded 10% of the Company’s total revenue during the periods presented. Disaggregation of Revenue The principal category the Company uses to disaggregate revenues is the nature of the Company’s products and services as presented in the condensed consolidated statements of operations, the total of which is reconciled to the condensed consolidated revenue from the Company’s single reportable segment. In the following table, revenue is presented by software license and service categories (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue: Multi-year term licenses $ 10,439 $ 9,329 $ 25,703 $ 17,515 1-year term licenses 6,049 6,198 16,342 17,670 Total subscription term licenses 16,488 15,527 42,045 35,185 Subscription SaaS, support & maintenance 38,110 29,562 72,211 55,748 Perpetual licenses 94 19 159 105 Total subscriptions and perpetual licenses 54,692 45,108 114,415 91,038 Professional services 3,592 2,569 7,012 4,731 Total revenue $ 58,284 $ 47,677 $ 121,427 $ 95,769 Contract Assets and Deferred Revenue Contract assets and deferred revenue from contracts with customers were as follows (in thousands): June 30, December 31, Contract assets $ 25,779 $ 25,242 Deferred revenue 84,405 83,319 Generally, the Company invoices its customers at the time a customer enters into a binding contract. However, the Company may offer invoicing and payment installments for certain multi-year arrangements. In these instances, timing of revenue recognition may differ from the timing of invoicing to customers. Contract assets are recorded when revenue is recognized prior to invoicing. Contract assets are transferred to accounts receivable upon customer invoicing. Beginning of the period contract asset amounts transferred to accounts receivable during the period were $10.8 million and $9.5 million for the three months ended June 30, 2023 and 2022, respectively and $15.5 million and $14.7 million for the six months ended June 30, 2023 and 2022, respectively. Deferred revenue is recorded when invoicing occurs before revenue is recognized. Revenue recognized that was included in the deferred revenue balance at the beginning of the period was $32.7 million and $25.7 million for the three months ended June 30, 2023 and 2022, respectively and $58.1 million and $46.3 million for the six months ended June 30, 2023 and 2022, respectively. Remaining Performance Obligations Remaining performance obligations (“RPO”) represents transaction price allocated to still unsatisfied or partially satisfied performance obligations. Those obligations are recorded as deferred revenue or contractually stated or committed orders under multi-year billing plans for subscription and perpetual licenses, Software as a Service (“SaaS”) and support & maintenance contracts for which the associated deferred revenue has not yet been recorded. As of June 30, 2023, total remaining non-cancellable performance obligations under the Company’s subscriptions and perpetual license contracts with customers was approximatel y $238.8 million. Of this amount, the Company expects to recognize revenue of approximately $136.6 million, or 57%, over the next 12 months, with the balance to be recognized as revenue thereafter. The Company excludes the transaction price allocated to RPOs that have original expected durations of one year or less such as professional services and training. Contract Costs The following table summarizes the account activity of deferred commissions for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning balance $ 30,220 $ 24,152 $ 30,315 $ 24,058 Additions to deferred commissions 5,079 3,843 8,900 7,928 Amortization of deferred commissions (3,833) (3,211) (7,749) (7,202) Ending balance $ 31,466 $ 24,784 $ 31,466 $ 24,784 June 30, December 31, Deferred commissions, current $ 9,877 $ 9,936 Deferred commissions, non-current 21,589 20,379 Total deferred commissions $ 31,466 $ 30,315 Concentrations of Credit Risk, Significant Customers and Third Party Hosted Services Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. Cash and cash equivalents and short-term investments are primarily held in two financial institutions and, at times, may exceed federally insured limits. Major Customers As of June 30, 2023 and December 31, 2022 no single customer represented greater than 10% of accounts receivable. The Company does not require collateral to secure trade receivable balances.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsASC 820, Fair Value Measurements (“ASC 820”), defines fair value, establishes a framework for measuring fair value and enhances disclosures about fair value measurements. Fair value is defined under ASC 820 as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on the following three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last unobservable: Level 1 – Quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The following table represents the fair value hierarchy for the Company’s financial assets and liabilities held by value on a recurring basis (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 207,400 $ — $ — $ 207,400 Total cash equivalents 207,400 — — 207,400 U.S. treasury bonds — 32,725 — 32,725 Total short-term investments — 32,725 — 32,725 Total cash equivalents and short-term investments $ 207,400 $ 32,725 $ — $ 240,125 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 91,376 $ — $ — $ 91,376 Total cash equivalents 91,376 — — 91,376 Commercial paper — 47,840 — 47,840 Asset-backed securities — 17,198 — 17,198 Corporate debt securities — 98,798 — 98,798 U.S. treasury bonds — 43,412 — 43,412 Total short-term investments — 207,248 — 207,248 Total cash equivalents and short-term investments $ 91,376 $ 207,248 $ — $ 298,624 All of the Company’s money market funds are classified as Level 1 in the fair value hierarchy as the valuation is based on observable inputs that reflect quoted prices for identical assets or liabilities in active markets. For certain of the Company’s financial instruments, including cash held in banks, accounts receivable, accounts payable and accrued expense, the carrying amounts approximate fair value due to their short maturities, and are, therefore, excluded from the fair value tables above.

Cash Equivalents and Short-term

Cash Equivalents and Short-term Investments	6 Months Ended
Cash Equivalents and Short-term Investments	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Cash Equivalents and Short-term Investments	Cash Equivalents and Short-term Investments The amortized cost, unrealized loss and estimated fair value of the Company’s cash equivalents and short-term investments as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 207,400 $ — $ — $ 207,400 Total cash equivalents 207,400 — — 207,400 Short-term investments U.S. Treasury bonds 32,896 — (171) 32,725 Short-term investments 32,896 — (171) 32,725 Total $ 240,296 $ — $ (171) $ 240,125 December 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 91,376 $ — $ — $ 91,376 Total cash equivalents 91,376 — — 91,376 Short-term investments Commercial paper 47,840 — — 47,840 Asset-backed securities 17,623 — (425) 17,198 Corporate debt securities 99,599 1 (802) 98,798 U.S. treasury bonds 44,154 — (742) 43,412 Short-term investments 209,216 1 (1,969) 207,248 Total $ 300,592 $ 1 $ (1,969) $ 298,624 All short-term investments were designated as available-for-sale securities as of June 30, 2023 and December 31, 2022. The following table presents the contractual maturities of the Company’s short-term investments as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Cost Estimated Fair Value Due within one year $ 32,896 $ 32,725 Due between one to five years — — Total $ 32,896 $ 32,725 December 31, 2022 Amortized Cost Estimated Fair Value Due within one year $ 209,216 $ 207,248 Due between one to five years — — Total $ 209,216 $ 207,248 As of June 30, 2023, the Company did not have any unsettled purchases or unsettled maturities of short-term investments. The following table presents the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of June 30, 2023. June 30, 2023 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Cash equivalents: Money market funds $ 207,400 $ — $ — $ — $ 207,400 $ — Total cash equivalents 207,400 — — — 207,400 — Short-term investments U.S. Treasury bonds 12,866 (34) 19,859 (137) 32,725 (171) Short-term investments 12,866 (34) 19,859 (137) 32,725 (171) Total $ 220,266 $ (34) $ 19,859 $ (137) $ 240,125 $ (171) The Company had short-term investments with a market value of $32.7 million in unrealized loss positions as of June 30, 2023. Gross unrealized losses from available-for-sale securities were $0.2 million as of June 30, 2023. For available-for-sale debt securities that have unrealized losses, the Company evaluates whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit related factors.

Leases

Leases	6 Months Ended
Leases	Jun. 30, 2023
Leases [Abstract]
Leases	Leases The Company primarily has operating leases for office space. The leases expire on various dates between 2023 and 2029, some of which could include options to extend the lease. Options to extend the lease term are included in the lease term when it is reasonably certain that ForgeRock will exercise the extension option. Leases with a term of one year or less are not recognized on the Company’s condensed consolidated balance sheets, while the associated lease payments are recorded in the condensed consolidated statements of operations on a straight-line basis over the lease term. The Company’s leases do not contain material variable rent payments, residual value guarantees, covenants or other restrictions. The following table summarizes the components of lease expense, which are included in operating expenses in the Company’s condensed statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Operating lease expense $ 650 $ 1,357 Variable lease expense 207 395 Total lease expense $ 857 $ 1,752 Variable lease payments include amounts relating to common area maintenance, real estate taxes and insurance and are recognized in the condensed consolidated statements of operations and comprehensive loss as incurred. The following table summarizes supplemental information related to leases: Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 1,270 Weighted-average remaining lease term (years) Operating leases 5.9 Weighted-average discount rate Operating leases 5.4 % The following table summarizes the maturities of lease liabilities as of June 30, 2023 (in thousands): 2023 (6 months remaining) $ 1,268 2024 2,157 2025 1,930 2026 1,763 2027 1,779 Thereafter 3,070 Total future minimum lease payments 11,967 Less: Imputed interest (1,688) Present value of future minimum lease payments 10,279 Less: Current portion of operating lease liability 1,927 Non-current portion of operating lease liability $ 8,352

Debt

Debt	6 Months Ended
Debt	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table presents total debt outstanding (in thousands, except interest rates): June 30, 2023 December 31, 2022 Amount Interest Rate Amount Interest Rate $10.0 million March 2019 $ 10,000 8.00 % $ 10,000 8.00 % $10.0 million September 2019 10,000 8.00 % 10,000 8.00 % $10.0 million December 2019 10,000 8.00 % 10,000 8.00 % $10.0 million March 2020 10,000 8.00 % 10,000 8.00 % Less: debt discount (325) (389) Total debt, net of debt discount 39,675 39,611 Less: current portion — — Total long-term debt $ 39,675 $ 39,611 In September 2021, the Company executed an amendment to the Amended Restated Plain English Growth Capital Loan and Security Agreement with TriplePoint Venture Growth BDC Corp. (“TriplePoint”) and TriplePoint Capital LLC (the “A&R Loan Agreement”), which amends and restates the Loan and Security Agreement entered into in March 2016 with TriplePoint. The payments on all cash advances are interest only. The A&R Loan Agreement became effective once the registration statement in connection with the initial public offering was declared effective on September 16, 2021. The key provisions of the amendment include: (1) a covenant requiring the maintenance of a $20.0 million cash balance when an event of default exits, (2) change in the interest rate for outstanding term loan to be eight percent (8.00%) per annum on the existing loans, (3) extension of the maturity dates by twenty-four months, (4) change in the prepayment penalties and (5) and a change in the end-of-term interest payments. The principal will be due at the end of the term of the respective advance. The A&R Loan Agreement is secured by substantially all the Company’s assets, excluding its intellectual property, which was subject to a negative pledge. The A&R Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to the Company, including, among other things, restrictions on indebtedness, liens, investments, dividends and other distributions. The A&R Loan Agreement was accounted for as a modification and not an extinguishment as the terms of the Company’s outstanding debt were not substantially different from the original terms. The Company amortizes the debt issuance costs as interest expense using the effective interest method over the remaining term of the loan. As of June 30, 2023 and December 31, 2022, accrued interest for the end-of term payments was $2.5 million and $2.0 million, respectively. The annualized effective interest rate on debt was 9.70% and 8.70% for the six months ended June 30, 2023 and year ended December 31, 2022, respectively. As of June 30, 2023, the Company was in compliance with the covenants set forth in the A&R Loan Agreement. Future principal payments on outstanding borrowings as of June 30, 2023 are as follows: Years ending: 2023 (6 months remaining) $ — 2024 — 2025 30,000 2026 10,000 Total $ 40,000

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letters of Credit As of June 30, 2023 and December 31, 2022, the Company had outstanding letters of credit under an office lease agreement that totaled $0.6 million, which primarily guaranteed early termination fees in the event of default. The letters of credit are not collateralized. Purchase Commitments In the ordinary course of business, the Company enters into various purchase commitments primarily related to third-party cloud hosting and data services, information technology operations and marketing events. Total noncancellable purchase commitments as of June 30, 2023 were approximately $37.7 million as follows: 2023 $ 12,729 2024 25,000 $ 37,729 Acquisition-Related Costs and Contingencies The completion of the Merger with entities affiliated with Thoma Bravo remains subject to customary closing conditions. As part of the Merger, the Company has incurred $17.0 million in Merger-related expenses through June 30, 2023 and expects to incur additional costs through the closing of the transaction, including approximately $28.8 million that are primarily contingent on the consummation of the Merger. These liabilities include banker fees, legal fees and other third-party professional fees. Employee Benefit Plans The Company has a 401(k) Savings Plan (“the 401(k) Plan”) which qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. The 401(k) Plan and other pension plans that the Company provides or is mandated to provide are all defined contribution plans. During the three months ended June 30, 2023 and 2022, the Company’s 401(k) and other pension plan contributions were $1.2 million and $1.1 million, respectively. During the six months ended June 30, 2023 and 2022, the Company’s 401(k) and other pension plan contributions were $2.6 million and $2.2 million, respectively. Warranties and Guarantees The Company’s software and software-as-a-service (“SaaS”) offerings are generally warrantied to perform materially in accordance with the Company’s documentation under normal use and circumstances. To date, the Company has not incurred significant costs and has not accrued a liability in the accompanying condensed consolidated financial statements as a result of these obligations. The Company has entered into service-level agreements with a majority of its customers defining levels of support response times and SaaS uptimes, as applicable. In a very small percentage of the Company's arrangements, the Company allows customers to terminate their agreements if the Company fails to meet those levels. In such instances, the customer would be entitled to a refund of prepaid unused subscription or support & maintenance fees. To date, the Company has not experienced any significant failures to meet defined support response times or SaaS uptimes pursuant to those agreements and has not accrued any liabilities related to these agreements in the condensed consolidated financial statements. The Company has not been obligated to make any payments for contingent indemnification obligations in respect to third-party claims, and no liabilities have been recorded for these obligations as of June 30, 2023 and December 31, 2022. Legal Matters From time to time, the Company may be a party to various legal proceedings and claims that arise in the ordinary course of business. The Company makes a provision for a liability relating to legal matters when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company maintains insurance to cover certain actions and believes that resolution of such claims, charges, or litigation will not have a material impact on the Company’s financial position, results of operations, or liquidity.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesFor the three months ended June 30, 2023 and 2022, the Company recorded a tax provision of $0.4 million and $0.5 million, respectively. For the six months ended June 30, 2023 and 2022, the Company recorded a tax provision of $0.8 million and $1.0 million, respectively. The effective tax rate differs from the U.S. federal statutory income tax rate of 21% primarily as a result of not recognizing deferred tax assets for domestic and certain foreign jurisdictions due to a full valuation allowance against deferred tax assets.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
Stock-based Compensation	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation A summary of the Company’s stock-based compensation expense as recognized on the condensed consolidated statements of operations is presented below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 1,015 $ 615 $ 2,020 $ 1,132 Research and development 2,216 1,653 4,226 3,053 Sales and marketing 4,383 2,803 8,323 5,061 General and administrative 3,965 2,900 7,193 5,185 Total stock-based compensation expense $ 11,579 $ 7,971 $ 21,762 $ 14,431 2021 Equity Incentive Plan In September 2021, the Company’s board of directors adopted the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) as a successor to the 2012 Equity Incentive Plan (the “2012 Plan”) with the purpose of granting stock-based awards to employees, directors, officers and consultants such as stock options, restricted stock awards and restricted stock units (RSUs). The Company’s compensation committee administers the 2021 Plan. A total of 7,276,000 shares of Class A common stock were initially available for issuance under the 2021 Plan. In addition, the shares reserved for issuance under the 2021 Plan will also include a number of shares of Class A common stock equal to the number of shares of Class B common stock subject to awards granted under the 2012 Plan that, on or after the termination of the 2012 Plan, expire or otherwise terminate without having been exercised in full or are forfeited to or repurchased by the Company (provided that the maximum number of shares that may be added to the 2021 Plan pursuant to this sentence is 14,913,309 shares). The number of shares of the Company’s Class A common stock available for issuance under the 2021 Plan is subject to an annual increase on the first day of each fiscal year beginning on January 1, 2022, equal to the lesser of: (i) 8,085,000 shares; (ii) 5% of the outstanding shares of all classes of the Company’s common stock as of the last day of the immediately preceding year; or (iii) such other amount as the Company’s board of directors may determine. As of June 30, 2023, there were 7,182,983 stock-based awards issued and outstanding and 8,234,118 shares available for issuance under the 2021 Plan. 2012 Equity Incentive Plan The 2012 Plan, which was amended in March 2021, was terminated in September 2021, in connection with the adoption of the 2021 Plan, and stock-based awards are no longer granted under the 2012 Plan. However, the 2012 Plan will continue to govern the terms and conditions of the outstanding awards previously granted thereunder. As of June 30, 2023, the Company has not issued any stock appreciation rights. 2021 Employee Stock Purchase Plan In September 2021, the Company’s board of directors adopted and the stockholders approved the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which became effective concurrent with the completion of the IPO, and established an initial reserve of 1,617,000 shares of common stock. The 2021 ESPP provides for annual increases in the number of shares available for issuance on the first day of each fiscal year beginning on January 1, 2022, equal to the lesser of: (i) 1,617,000 shares; (ii) 1% of the outstanding shares of all classes of the Company’s common stock as of the last day of the immediately preceding year; or (iii) such other amount determined by the plan administrator. No shares were purchased in the six months ended June 30, 2023 and 292,531 shares were purchased in the six months ended June 30, 2022 under the 2021 ESPP. Except for the initial offering period, the ESPP provides for a 12-month offering period beginning November 15 and May 15 of each year, and each offering period will consist of two six-month purchase periods. The initial offering period began on October 1, 2021 and ended on November 15, 2022. On each purchase date, eligible employees will purchase the shares at a price per share equal to 85% of the lesser of (1) the fair market value of the Company’s common stock on the offering date, or (2) the fair market value of its common stock on the purchase date. If such fair market value decreases from the offering date to the applicable purchase date, the offering period will terminate after the purchase of shares and all participants will be automatically enrolled in the next offering period (a “rollover event”). The first purchase period of the initial offering period began on October 1, 2021 and ended on May 15, 2022 after the first purchase was completed as a result of a rollover event. As per the Merger Agreement, the last purchase under the 2021 ESPP occurred on November 15, 2022. Restricted Stock Units The Company grants RSUs that generally vest over one The total grant-date fair value of RSUs granted was $33.8 million and $34.0 million during the six months ended June 30, 2023 and 2022, respectively. A summary of the Company’s unvested RSUs and activity for the six months ended June 30, 2023 is as follows: Shares Weighted Average Grant Date Fair Value Balance at December 31, 2022 6,100,343 $ 20.16 Granted 1,656,307 20.42 Vested (870,872) 17.33 Canceled (170,348) 20.33 Balance at June 30, 2023 6,715,430 20.58 As of June 30, 2023, there was $125.0 million of total unrecognized compensation, which will be recognized over the remaining weighted-average vesting period of 3.2 years using the straight-line method. Stock Options A summary of the Company’s stock option activity and related information for the six months ended June 30, 2023 is as follows: Number of Weighted- Weighted Aggregate Balance at December 31, 2022 10,194,694 $ 5.81 6.2 $ 173,953 Exercised (1,126,854) 3.12 Forfeited (55,753) 10.82 Balance at June 30, 2023 9,012,087 6.11 6.0 132,089 As of June 30, 2023: Vested and exercisable 7,464,269 5.08 5.7 116,318 As of June 30, 2023, there was $10.1 million of unrecognized compensation expense related to non-vested stock options granted under the Plan. That expense is expected to be recognized over a weighted-average period of 1.5 years. No stock options were granted during the six months ended June 30, 2023.

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
Stockholders’ Equity	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Preferred Stock In connection with the IPO, the Company amended and restated its certificate of incorporation, which became effective immediately prior to the closing of the Company’s offering and authorized 100,000,000 shares of undesignated preferred stock, with a par value of $0.001. As of June 30, 2023, there were 100,000,000 shares of preferred stock authorized and zero shares of preferred stock outstanding. Common Stock The Company has two classes of common stock: Class A common stock and Class B common stock. In connection with the IPO, the Company amended and restated its certificate of incorporation and authorized 1,000,000,000 shares of Class A common stock and 500,000,000 shares of Class B common stock. The shares of Class A common stock and Class B common stock are identical, except with respect to voting rights. Each share of Class A common stock is entitled to one vote. Each share of Class B common stock is entitled to ten votes. Class A and Class B common stock have a par value of $0.001 per share, and are referred to collectively as the Company’s common stock throughout the notes to the condensed consolidated financial statements, unless otherwise noted. Holders of common stock are entitled to receive any dividends as may be declared from time to time by the board of directors. Shares of Class B common stock may be converted to Class A common stock at any time at the option of the stockholder. Shares of Class B common stock automatically convert to Class A common stock at the earlier of (i) the 7th anniversary of the filing and effectiveness of the Company’s amended and restated certificate of incorporation in connection with the IPO, (ii) when the outstanding shares of the Company’s Class B common stock represent less than 5% of the combined voting power of the Company’s Class A common stock and Class B common stock, and (iii) the affirmative vote of the holders of 66 2/3% of the voting power of the Company’s outstanding Class B common stock. Immediately prior to the completion of the IPO, all shares of common stock then outstanding were reclassified into Class B common stock.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
Net Loss Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Since the Company was in a loss position for the periods presented, basic net loss per share is the same as diluted net loss per share, as the inclusion of all potential common shares outstanding would have been anti-dilutive. The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary stockholders for the periods presented, as their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Stock options 6,159 8,284 6,515 8,347 Restricted stock units 818 654 971 387 Total anti-dilutive shares 6,977 8,938 7,486 8,734

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsKKR & Co. Inc. (“KKR”) is a U.S.-based investment firm. Funds controlled by KKR held approximately 5.0% and 5.3% of the Company’s capital stock as of June 30, 2023 and June 30, 2022, respectively. KKR has representation on the Company’s board of directors. During the three and six months ended June 30, 2023, the Company recognized revenue of $1.1 million and $1.8 million with KKR affiliates, respectively. During the three and six months ended June 30, 2022, the Company recognized revenue of $1.2 million and $1.8 million with KKR affiliates, respectively. The Company had $0.7 million and $0.3 million in aggregate accounts receivable recorded related to these agreements at June 30, 2023 and June 30, 2022, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (28,781)	$ (22,370)	$ (54,217)	$ (38,840)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting.
Unaudited Interim Condensed Consolidated Financial Information	Unaudited Interim Condensed Consolidated Financial Information The accompanying interim condensed consolidated balance sheet as of June 30, 2023, the condensed consolidated statements of operations, comprehensive loss, and stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and the interim condensed consolidated statements of cash flows for the six months ended June 30, 2023 and 2022 and the related footnote disclosures are unaudited. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K on file with the SEC (“Annual Report”). The interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the SEC and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. The condensed consolidated balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and include all adjustments (consisting only of normal recurring adjustments) that are necessary to state fairly the consolidated financial position of the Company as of June 30, 2023, the results of operations for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any future period.
Use of Estimates	Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”). These accounting principles require us to make certain estimates and assumptions. The significant estimates and assumptions include but are not limited to (i) standalone selling price (“SSP”) in revenue recognition, (ii) valuation allowance on deferred taxes, (iii) valuation of stock-based compensation and (iv) valuation of the Company’s common stock prior to the Company’s initial public offering of common stock (IPO) in September 2021. Management evaluates these estimates and assumptions on an ongoing basis and makes estimates based on historical experience and various other assumptions that are believed to be reasonable. However, because future events and their effects cannot be determined with certainty, actual results may differ from these assumptions and estimates, and such differences could be material.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash consists primarily of cash on deposit with banks. Cash equivalents include highly liquid investments purchased with an original maturity date of 90 days or less from the date of purchase. The Company monitors its credit risk by considering factors such as historical experience, credit ratings, current economic conditions, and reasonable and supportable forecasts.
Short-term Investments	Short-term Investments Short-term investments consist primarily of money market funds, U.S. treasury bonds, commercial paper, corporate debt and asset-backed securities. The Company’s policy generally requires investments to be investment grade, with the primary objective of minimizing the potential risk of principal loss. The Company classifies its short-term investments as available-for-sale securities at the time of purchase and reevaluates such classification at each balance sheet date. The Company has classified its investments as current based on the nature of the investments and their availability for use in current operations. Available-for-sale debt securities are recorded at fair value each reporting period. Unrealized gains and losses on these investments are reported as a separate component of accumulated other comprehensive income (loss) in the condensed consolidated balance sheets until realized. Unrealized gains and losses for any short-term investments that management intends to sell or it is more likely than not that management will be required to sell prior to their anticipated recovery are recorded in other income (expense), net. The Company segments its portfolio based on the underlying risk profiles of the securities and has a zero-loss expectation for U.S. treasury and U.S. government agency securities. The Company regularly reviews the securities
Accounts Receivable, Contract Assets and Allowances	Accounts Receivable, Contract Assets and Allowances Accounts receivable are recorded at the invoiced amount, net of allowances for expected credit losses. Effective January 1, 2022, the Company reports accounts receivable and contract assets net of an allowance for expected credit losses in accordance with Accounting Standards Codification Topic 326, Financial Instruments – Credit Losses (“ASC 326”). These allowances are based on the Company’s assessment of the collectability of accounts by considering the age of each outstanding invoice, the collection history of each customer, and an evaluation of current expected risk of credit loss based on current conditions and reasonable and supportable forecasts of future economic conditions over the life of the receivable. We assess collectability by reviewing accounts receivable on an aggregated basis where similar characteristics exist and on an individual basis when we identify specific customers with known disputes or collectability issues. Amounts deemed uncollectible are recorded as an allowance for expected credit losses in the condensed consolidated balance sheets with an offsetting decrease in deferred revenue or a charge to sales and marketing expense in the condensed consolidated statements of operations.
Third Party Hosted Services	Third Party Hosted Services The Company relies on the technology, infrastructure, and software applications, including software-as-a-service offerings, of third parties in order to host or operate certain key products and functions of its business. Our customers rely on these third-party hosted services retaining a high level of uptime. Through June 30, 2023 , the Company has not incurred any significant service level credits to its customers.
Collaborative Arrangements	Collaborative Arrangements The Company has entered into collaborative arrangements with three partners in order to develop future versions of and enhance the features and functionality of its identity software and SaaS services. These arrangements have been determined to be within the scope of ASC 808, Collaborative Arrangements

Segment and Revenue Disclosur_2

Segment and Revenue Disclosures (Tables)	6 Months Ended
Segment and Revenue Disclosures (Tables)	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of Revenue by Geographic Region	Revenue by geographic region is based on the delivery address of the customer and is summarized in the below table (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Americas $ 34,720 $ 26,118 $ 68,831 $ 50,868 EMEA 18,713 16,687 42,885 33,789 APAC 4,851 4,872 9,711 11,112 Total revenue $ 58,284 $ 47,677 $ 121,427 $ 95,769
Summary of Disaggregation of Revenue	In the following table, revenue is presented by software license and service categories (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue: Multi-year term licenses $ 10,439 $ 9,329 $ 25,703 $ 17,515 1-year term licenses 6,049 6,198 16,342 17,670 Total subscription term licenses 16,488 15,527 42,045 35,185 Subscription SaaS, support & maintenance 38,110 29,562 72,211 55,748 Perpetual licenses 94 19 159 105 Total subscriptions and perpetual licenses 54,692 45,108 114,415 91,038 Professional services 3,592 2,569 7,012 4,731 Total revenue $ 58,284 $ 47,677 $ 121,427 $ 95,769
Summary of Contract Assets and Deferred Revenue	Contract assets and deferred revenue from contracts with customers were as follows (in thousands): June 30, December 31, Contract assets $ 25,779 $ 25,242 Deferred revenue 84,405 83,319
Summary of Deferred Commissions	The following table summarizes the account activity of deferred commissions for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning balance $ 30,220 $ 24,152 $ 30,315 $ 24,058 Additions to deferred commissions 5,079 3,843 8,900 7,928 Amortization of deferred commissions (3,833) (3,211) (7,749) (7,202) Ending balance $ 31,466 $ 24,784 $ 31,466 $ 24,784 June 30, December 31, Deferred commissions, current $ 9,877 $ 9,936 Deferred commissions, non-current 21,589 20,379 Total deferred commissions $ 31,466 $ 30,315

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis	The following table represents the fair value hierarchy for the Company’s financial assets and liabilities held by value on a recurring basis (in thousands): June 30, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 207,400 $ — $ — $ 207,400 Total cash equivalents 207,400 — — 207,400 U.S. treasury bonds — 32,725 — 32,725 Total short-term investments — 32,725 — 32,725 Total cash equivalents and short-term investments $ 207,400 $ 32,725 $ — $ 240,125 December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 91,376 $ — $ — $ 91,376 Total cash equivalents 91,376 — — 91,376 Commercial paper — 47,840 — 47,840 Asset-backed securities — 17,198 — 17,198 Corporate debt securities — 98,798 — 98,798 U.S. treasury bonds — 43,412 — 43,412 Total short-term investments — 207,248 — 207,248 Total cash equivalents and short-term investments $ 91,376 $ 207,248 $ — $ 298,624

Cash Equivalents and Short-te_2

Cash Equivalents and Short-term Investments (Tables)	6 Months Ended
Cash Equivalents and Short-term Investments (Tables)	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Short-Term Investments	The amortized cost, unrealized loss and estimated fair value of the Company’s cash equivalents and short-term investments as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 207,400 $ — $ — $ 207,400 Total cash equivalents 207,400 — — 207,400 Short-term investments U.S. Treasury bonds 32,896 — (171) 32,725 Short-term investments 32,896 — (171) 32,725 Total $ 240,296 $ — $ (171) $ 240,125 December 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 91,376 $ — $ — $ 91,376 Total cash equivalents 91,376 — — 91,376 Short-term investments Commercial paper 47,840 — — 47,840 Asset-backed securities 17,623 — (425) 17,198 Corporate debt securities 99,599 1 (802) 98,798 U.S. treasury bonds 44,154 — (742) 43,412 Short-term investments 209,216 1 (1,969) 207,248 Total $ 300,592 $ 1 $ (1,969) $ 298,624
Schedule of Cash Equivalents	The amortized cost, unrealized loss and estimated fair value of the Company’s cash equivalents and short-term investments as of June 30, 2023 and December 31, 2022 were as follows (in thousands): June 30, 2023 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 207,400 $ — $ — $ 207,400 Total cash equivalents 207,400 — — 207,400 Short-term investments U.S. Treasury bonds 32,896 — (171) 32,725 Short-term investments 32,896 — (171) 32,725 Total $ 240,296 $ — $ (171) $ 240,125 December 31, 2022 Amortized Cost Unrealized Gain Unrealized Loss Estimated Fair Value Cash equivalents: Money market funds $ 91,376 $ — $ — $ 91,376 Total cash equivalents 91,376 — — 91,376 Short-term investments Commercial paper 47,840 — — 47,840 Asset-backed securities 17,623 — (425) 17,198 Corporate debt securities 99,599 1 (802) 98,798 U.S. treasury bonds 44,154 — (742) 43,412 Short-term investments 209,216 1 (1,969) 207,248 Total $ 300,592 $ 1 $ (1,969) $ 298,624
Schedule of Contractual Maturities	The following table presents the contractual maturities of the Company’s short-term investments as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Amortized Cost Estimated Fair Value Due within one year $ 32,896 $ 32,725 Due between one to five years — — Total $ 32,896 $ 32,725 December 31, 2022 Amortized Cost Estimated Fair Value Due within one year $ 209,216 $ 207,248 Due between one to five years — — Total $ 209,216 $ 207,248
Schedule of Unrealized Loss Position	The following table presents the breakdown of the short-term investments that have been in a continuous unrealized loss position aggregated by investment category, as of June 30, 2023. June 30, 2023 Less than 12 months More than 12 months Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Cash equivalents: Money market funds $ 207,400 $ — $ — $ — $ 207,400 $ — Total cash equivalents 207,400 — — — 207,400 — Short-term investments U.S. Treasury bonds 12,866 (34) 19,859 (137) 32,725 (171) Short-term investments 12,866 (34) 19,859 (137) 32,725 (171) Total $ 220,266 $ (34) $ 19,859 $ (137) $ 240,125 $ (171)

Leases (Tables)

Leases (Tables)	6 Months Ended
Leases (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of Lease Expense and Supplemental Information	The following table summarizes the components of lease expense, which are included in operating expenses in the Company’s condensed statements of operations and comprehensive loss (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Operating lease expense $ 650 $ 1,357 Variable lease expense 207 395 Total lease expense $ 857 $ 1,752 The following table summarizes supplemental information related to leases: Six Months Ended June 30, 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases (in thousands) $ 1,270 Weighted-average remaining lease term (years) Operating leases 5.9 Weighted-average discount rate Operating leases 5.4 %
Schedule of Lease Liability Maturities	The following table summarizes the maturities of lease liabilities as of June 30, 2023 (in thousands): 2023 (6 months remaining) $ 1,268 2024 2,157 2025 1,930 2026 1,763 2027 1,779 Thereafter 3,070 Total future minimum lease payments 11,967 Less: Imputed interest (1,688) Present value of future minimum lease payments 10,279 Less: Current portion of operating lease liability 1,927 Non-current portion of operating lease liability $ 8,352

Debt (Tables)

Debt (Tables)	6 Months Ended
Debt (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table presents total debt outstanding (in thousands, except interest rates): June 30, 2023 December 31, 2022 Amount Interest Rate Amount Interest Rate $10.0 million March 2019 $ 10,000 8.00 % $ 10,000 8.00 % $10.0 million September 2019 10,000 8.00 % 10,000 8.00 % $10.0 million December 2019 10,000 8.00 % 10,000 8.00 % $10.0 million March 2020 10,000 8.00 % 10,000 8.00 % Less: debt discount (325) (389) Total debt, net of debt discount 39,675 39,611 Less: current portion — — Total long-term debt $ 39,675 $ 39,611
Schedule of Future Principal Payments	Future principal payments on outstanding borrowings as of June 30, 2023 are as follows: Years ending: 2023 (6 months remaining) $ — 2024 — 2025 30,000 2026 10,000 Total $ 40,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Noncancelable Purchase Commitments	Total noncancellable purchase commitments as of June 30, 2023 were approximately $37.7 million as follows: 2023 $ 12,729 2024 25,000 $ 37,729

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
Stock-based Compensation (Tables)	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Stock-Based Compensation Expense	A summary of the Company’s stock-based compensation expense as recognized on the condensed consolidated statements of operations is presented below (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 1,015 $ 615 $ 2,020 $ 1,132 Research and development 2,216 1,653 4,226 3,053 Sales and marketing 4,383 2,803 8,323 5,061 General and administrative 3,965 2,900 7,193 5,185 Total stock-based compensation expense $ 11,579 $ 7,971 $ 21,762 $ 14,431
Summary of Unvested RSU Activity	A summary of the Company’s unvested RSUs and activity for the six months ended June 30, 2023 is as follows: Shares Weighted Average Grant Date Fair Value Balance at December 31, 2022 6,100,343 $ 20.16 Granted 1,656,307 20.42 Vested (870,872) 17.33 Canceled (170,348) 20.33 Balance at June 30, 2023 6,715,430 20.58
Summary of Plan Activity	A summary of the Company’s stock option activity and related information for the six months ended June 30, 2023 is as follows: Number of Weighted- Weighted Aggregate Balance at December 31, 2022 10,194,694 $ 5.81 6.2 $ 173,953 Exercised (1,126,854) 3.12 Forfeited (55,753) 10.82 Balance at June 30, 2023 9,012,087 6.11 6.0 132,089 As of June 30, 2023: Vested and exercisable 7,464,269 5.08 5.7 116,318

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
Net Loss Per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share	The following outstanding potentially dilutive ordinary shares were excluded from the computation of diluted net loss per share attributable to ordinary stockholders for the periods presented, as their effect would have been anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) (In thousands) Stock options 6,159 8,284 6,515 8,347 Restricted stock units 818 654 971 387 Total anti-dilutive shares 6,977 8,938 7,486 8,734

Overview and Basis of Present_2

Overview and Basis of Presentation (Details)	Oct. 10, 2022 $ / shares
ForgeRock, Inc. \| Project Fortress Parent, LLC
Business Acquisition [Line Items]
Business acquisition share price (in dollars per share)	$ 23.25

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended		6 Months Ended
Summary of Significant Accounting Policies (Details)	Jun. 30, 2023 USD ($) partner	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) partner	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Allowance for credit losses	$ 0		$ 0		$ 0
Number of partners \| partner	3		3
Revenue from collaborative arrangement	$ 1,300,000	$ 1,400,000	$ 3,400,000	$ 2,600,000
Collaborative Arrangement, Transaction with Party to Collaborative Arrangement
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Royalty expense	$ 400,000	$ 200,000	$ 600,000	$ 600,000

Segment and Revenue Disclosur_3

Segment and Revenue Disclosures - Revenue by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 58,284	$ 47,677	$ 121,427	$ 95,769
Americas
Disaggregation of Revenue [Line Items]
Total revenue	34,720	26,118	68,831	50,868
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	18,713	16,687	42,885	33,789
APAC
Disaggregation of Revenue [Line Items]
Total revenue	$ 4,851	$ 4,872	$ 9,711	$ 11,112

Segment and Revenue Disclosur_4

Segment and Revenue Disclosures - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 58,284	$ 47,677	$ 121,427	$ 95,769
Contract asset transferred to accounts receivable	10,800	9,500	15,500	14,700
Revenue recognized	32,700	25,700	58,100	46,300
Total subscriptions and perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenue	54,692	45,108	114,415	91,038
Remaining performance obligations	238,800		238,800
Total subscriptions and perpetual licenses \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 136,600		$ 136,600
Remaining performance obligations, percentage	57%		57%
Remaining performance obligation, period	12 months		12 months
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 32,000	23,100	$ 62,300	45,600
United Kingdom
Disaggregation of Revenue [Line Items]
Total revenue	$ 6,200	$ 5,300	$ 13,500	$ 10,100

Segment and Revenue Disclosur_5

Segment and Revenue Disclosures - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 58,284	$ 47,677	$ 121,427	$ 95,769
Total subscriptions and perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenue	54,692	45,108	114,415	91,038
Subscription term licenses
Disaggregation of Revenue [Line Items]
Total revenue	16,488	15,527	42,045	35,185
Multi-year term licenses
Disaggregation of Revenue [Line Items]
Total revenue	10,439	9,329	25,703	17,515
1-year term licenses
Disaggregation of Revenue [Line Items]
Total revenue	6,049	6,198	16,342	17,670
Subscription SaaS, support & maintenance
Disaggregation of Revenue [Line Items]
Total revenue	38,110	29,562	72,211	55,748
Perpetual licenses
Disaggregation of Revenue [Line Items]
Total revenue	94	19	159	105
Professional services
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,592	$ 2,569	$ 7,012	$ 4,731

Segment and Revenue Disclosur_6

Segment and Revenue Disclosures - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 25,779	$ 25,242
Deferred revenue	$ 84,405	$ 83,319

Segment and Revenue Disclosur_7

Segment and Revenue Disclosures - Deferred Commissions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Change In Capitalized Contract Cost [Roll Forward]
Beginning balance	$ 30,220	$ 24,152	$ 30,315	$ 24,058
Additions to deferred commissions	5,079	3,843	8,900	7,928
Amortization of deferred commissions	(3,833)	(3,211)	(7,749)	(7,202)
Ending balance	31,466	24,784	31,466	24,784
Deferred commissions, current	9,877		9,877		$ 9,936
Deferred commissions, non-current	21,589		21,589		20,379
Total deferred commissions	$ 31,466	$ 24,784	$ 31,466	$ 24,784	$ 30,315

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Total cash equivalents	$ 207,400	$ 91,376
Total short-term investments	32,725	207,248
Commercial paper
Assets:
Total short-term investments		47,840
Asset-backed securities
Assets:
Total short-term investments		17,198
Corporate debt securities
Assets:
Total short-term investments		98,798
Recurring
Assets:
Total cash equivalents	207,400	91,376
Total short-term investments	32,725	207,248
Total cash equivalents and short-term investments	240,125	298,624
Recurring \| Commercial paper
Assets:
Total short-term investments		47,840
Recurring \| Asset-backed securities
Assets:
Total short-term investments		17,198
Recurring \| Corporate debt securities
Assets:
Total short-term investments		98,798
Recurring \| U.S. treasury bonds
Assets:
Total short-term investments	32,725	43,412
Recurring \| Level 1
Assets:
Total cash equivalents	207,400	91,376
Total short-term investments	0	0
Total cash equivalents and short-term investments	207,400	91,376
Recurring \| Level 1 \| Commercial paper
Assets:
Total short-term investments		0
Recurring \| Level 1 \| Asset-backed securities
Assets:
Total short-term investments		0
Recurring \| Level 1 \| Corporate debt securities
Assets:
Total short-term investments		0
Recurring \| Level 1 \| U.S. treasury bonds
Assets:
Total short-term investments	0	0
Recurring \| Level 2
Assets:
Total cash equivalents	0	0
Total short-term investments	32,725	207,248
Total cash equivalents and short-term investments	32,725	207,248
Recurring \| Level 2 \| Commercial paper
Assets:
Total short-term investments		47,840
Recurring \| Level 2 \| Asset-backed securities
Assets:
Total short-term investments		17,198
Recurring \| Level 2 \| Corporate debt securities
Assets:
Total short-term investments		98,798
Recurring \| Level 2 \| U.S. treasury bonds
Assets:
Total short-term investments	32,725	43,412
Recurring \| Level 3
Assets:
Total cash equivalents	0	0
Total short-term investments	0	0
Total cash equivalents and short-term investments	0	0
Recurring \| Level 3 \| Commercial paper
Assets:
Total short-term investments		0
Recurring \| Level 3 \| Asset-backed securities
Assets:
Total short-term investments		0
Recurring \| Level 3 \| Corporate debt securities
Assets:
Total short-term investments		0
Recurring \| Level 3 \| U.S. treasury bonds
Assets:
Total short-term investments	0	0
Money market funds
Assets:
Total cash equivalents	207,400	91,376
Money market funds \| Recurring
Assets:
Total cash equivalents	207,400	91,376
Money market funds \| Recurring \| Level 1
Assets:
Total cash equivalents	207,400	91,376
Money market funds \| Recurring \| Level 2
Assets:
Total cash equivalents	0	0
Money market funds \| Recurring \| Level 3
Assets:
Total cash equivalents	$ 0	$ 0

Cash Equivalents and Short-te_3

Cash Equivalents and Short-term Investments - Schedule of Cash Equivalents and Short-term Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash equivalents:
Amortized Cost	$ 207,400	$ 91,376
Estimated Fair Value	207,400	91,376
Short-term investments
Amortized Cost	32,896	209,216
Unrealized Gain	0	1
Unrealized Loss	(171)	(1,969)
Estimated Fair Value	32,725	207,248
Amortized Cost	240,296	300,592
Estimated Fair Value	240,125	298,624
Commercial paper
Short-term investments
Amortized Cost		47,840
Unrealized Gain		0
Unrealized Loss		0
Estimated Fair Value		47,840
Asset-backed securities
Short-term investments
Amortized Cost		17,623
Unrealized Gain		0
Unrealized Loss		(425)
Estimated Fair Value		17,198
Corporate debt securities
Short-term investments
Amortized Cost		99,599
Unrealized Gain		1
Unrealized Loss		(802)
Estimated Fair Value		98,798
U.S. Treasury bonds
Short-term investments
Amortized Cost	32,896	44,154
Unrealized Gain	0	0
Unrealized Loss	(171)	(742)
Estimated Fair Value	32,725	43,412
Money market funds
Cash equivalents:
Amortized Cost	207,400	91,376
Estimated Fair Value	$ 207,400	$ 91,376

Cash Equivalents and Short-te_4

Cash Equivalents and Short-term Investments - Contractual Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Amortized Cost
Due within one year	$ 32,896	$ 209,216
Due between one to five years	0	0
Amortized Cost	32,896	209,216
Estimated Fair Value
Due within one year	32,725	207,248
Due between one to five years	0	0
Estimated Fair Value	$ 32,725	$ 207,248

Cash Equivalents and Short-te_5

Cash Equivalents and Short-term Investments - Short-term Investments Unrealized Loss (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Cash equivalents:
Cash equivalents, fair value	$ 207,400	$ 91,376
Short-term investments
Fair Value, Less than 12 months	12,866
Gross Unrealized Losses, Less than 12 months	(34)
Fair Value, More than 12 months	19,859
Gross Unrealized Losses, More than 12 months	(137)
Fair Value, Total	32,725
Gross Unrealized Losses, Total	(171)
Cash equivalents and short-term investments, fair value, less than 12 months	220,266
Cash equivalents and short-term investments, fair value	240,125
U.S. Treasury bonds
Short-term investments
Fair Value, Less than 12 months	12,866
Gross Unrealized Losses, Less than 12 months	(34)
Fair Value, More than 12 months	19,859
Gross Unrealized Losses, More than 12 months	(137)
Fair Value, Total	32,725
Gross Unrealized Losses, Total	(171)
Money market funds
Cash equivalents:
Cash equivalents, fair value	$ 207,400	$ 91,376

Cash Equivalents and Short-te_6

Cash Equivalents and Short-term Investments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Market value of unrealized loss positions	$ 32,700
Unrealized Loss	$ 171	$ 1,969

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2023
Leases [Abstract]
Operating lease expense	$ 650	$ 1,357
Variable lease expense	207	395
Total lease expense	$ 857	$ 1,752

Leases - Supplemental Informati

Leases - Supplemental Information (Details) $ in Thousands	6 Months Ended
Leases - Supplemental Information (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands)	$ 1,270
Weighted-average remaining lease term (years)
Operating leases	5 years 10 months 24 days
Weighted-average discount rate
Operating leases	5.40%

Leases - Lease Maturities (Deta

Leases - Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023 (6 months remaining)	$ 1,268
2024	2,157
2025	1,930
2026	1,763
2027	1,779
Thereafter	3,070
Total future minimum lease payments	11,967
Less: Imputed interest	(1,688)
Present value of future minimum lease payments	10,279
Less: Current portion of operating lease liability	1,927	$ 1,902
Non-current portion of operating lease liability	$ 8,352	$ 9,207

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amount	$ 40,000,000
Less: debt discount	(325,000)	$ (389,000)
Total debt, net of debt discount	39,675,000	39,611,000
Less: current portion	0	0
Total long-term debt	39,675,000	39,611,000
$10.0 million March 2019
Debt Instrument [Line Items]
Principal amount	10,000,000
Amount	$ 10,000,000	$ 10,000,000
Interest Rate	8%	8%
$10.0 million September 2019
Debt Instrument [Line Items]
Principal amount	$ 10,000,000
Amount	$ 10,000,000	$ 10,000,000
Interest Rate	8%	8%
$10.0 million December 2019
Debt Instrument [Line Items]
Principal amount	$ 10,000,000
Amount	$ 10,000,000	$ 10,000,000
Interest Rate	8%	8%
$10.0 million March 2020
Debt Instrument [Line Items]
Principal amount	$ 10,000,000
Amount	$ 10,000,000	$ 10,000,000
Interest Rate	8%	8%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
Debt - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Accrued interest		$ 2.5	$ 2
Effective interest rate		9.70%	8.70%
A&R Loan Agreement
Debt Instrument [Line Items]
Covenant, cash balance	$ 20
Interest rate (minimum)	8%
Extension term	24 months

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (6 months remaining)	$ 0
2024	0
2025	30,000
2026	10,000
Total	$ 40,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Letters of credit outstanding	$ 600		$ 600		$ 600
Noncancelable purchase commitments	37,729		37,729
Acquisition-related costs	3,851	$ 0	10,798	$ 0
Pension contributions	1,200	$ 1,100	2,600	$ 2,200
Thoma Bravo \| ForgeRock, Inc.
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Acquisition-related costs			17,000
Acquisition related costs, liabilities recognized	$ 28,800		$ 28,800

Commitments and Contingencies_2

Commitments and Contingencies - Noncancelable Purchase Commitments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 12,729
2024	25,000
Noncancelable purchase commitments	$ 37,729

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 369	$ 489	$ 838	$ 951

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 11,579	$ 7,971	$ 21,762	$ 14,431
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,015	615	2,020	1,132
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2,216	1,653	4,226	3,053
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4,383	2,803	8,323	5,061
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,965	$ 2,900	$ 7,193	$ 5,185

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Millions	1 Months Ended	6 Months Ended
	Sep. 30, 2021 shares	Jun. 30, 2023 USD ($) tranch shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued and outstanding (in shares)		6,715,430		6,100,343
Shares granted (in shares)		0
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant-date fair value of RSUs granted \| $		$ 33.8	$ 34
Unrecognized compensation expense \| $		$ 125
Unrecognized compensation expense, period for recognition		3 years 2 months 12 days
Restricted stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense \| $		$ 10.1
Unrecognized compensation expense, period for recognition		1 year 6 months
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)		8,234,118
Additional shares available for authorization (in shares)	14,913,309
Annual increase (in shares)	8,085,000
Percentage of outstanding common stock	5%
Shares issued and outstanding (in shares)		7,182,983
2021 Equity Incentive Plan \| Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	7,276,000
2021 Employee Stock Purchase Plan \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)	1,617,000
Annual increase (in shares)	1,617,000
Percentage of outstanding common stock	1%
Shares purchased (in shares)		0	292,531
Offering period		12 months
Number of purchase periods \| tranch		2
Purchase period		6 months
Purchase price of common stock, percentage of fair market value		85%

Stock-based Compensation - RSU

Stock-based Compensation - RSU Activity (Details)	6 Months Ended
Stock-based Compensation - RSU Activity (Details)	Jun. 30, 2023 $ / shares shares
Shares
Beginning balance (in shares) \| shares	6,100,343
Granted (in shares) \| shares	1,656,307
Vested (in shares) \| shares	(870,872)
Canceled (in shares) \| shares	(170,348)
Ending balance (in shares) \| shares	6,715,430
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 20.16
Granted (in dollars per share) \| $ / shares	20.42
Vested (in dollars per share) \| $ / shares	17.33
Canceled (in dollars per share) \| $ / shares	20.33
Ending balance (in dollars per share) \| $ / shares	$ 20.58

Stock-based Compensation - Plan

Stock-based Compensation - Plan Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Number of Awards Outstanding
Beginning balance (in shares)	10,194,694
Options exercised (in shares)	(1,126,854)
Options forfeited (in shares)	(55,753)
Ending balance (in shares)	9,012,087	10,194,694
Vested and exercisable (in shares)	7,464,269
Weighted- Average Exercise Price
Beginning balance (in dollars per share)	$ 5.81
Options exercised (in dollars per share)	3.12
Options forfeited (in dollars per share)	10.82
Ending balance (in dollars per share)	6.11	$ 5.81
Vested and exercisable (in dollars per share)	$ 5.08
Weighted Average Remaining Contractual Term (Years)	6 years	6 years 2 months 12 days
Vested and exercisable, weighted average remaining contractual term	5 years 8 months 12 days
Options outstanding, average intrinsic value	$ 132,089	$ 173,953
Vested and exercisable, average intrinsic value	$ 116,318

Stockholders_ Equity (Details)

Stockholders’ Equity (Details)	Jun. 30, 2023 vote $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.001
Preferred stock, shares outstanding (in shares)	0
Combined voting power threshold, percentage (less than)	5%
Class B voting power percentage, threshold	66.6667%
Class A common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, number of votes per share \| vote	1
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001
Class B common stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, number of votes per share \| vote	10
Common stock, par value (in dollars per share) \| $ / shares	$ 0.001	$ 0.001

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	6,977	8,938	7,486	8,734
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	6,159	8,284	6,515	8,347
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive shares (in shares)	818	654	971	387

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Total revenue	$ 58,284	$ 47,677	$ 121,427	$ 95,769
Accounts receivable	50,904		50,904		$ 71,439
KKR
Related Party Transaction [Line Items]
Total revenue	1,100	1,200	1,800	1,800
Accounts receivable	$ 700	$ 300	$ 700	$ 300
KKR & Co. Inc \| ForgeRock, Inc.
Related Party Transaction [Line Items]
Ownership percentage	5%	5.30%	5%	5.30%