; ForgeRock, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net loss $ (66,272) $ (47,768) $ (41,794)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 1,064 1,061 1,155
Noncash operating lease expense 2,449 1,931 0
Restructuring and impairment charges 0 0 530
Stock-based compensation expense 32,760 10,666 6,184
Amortization of deferred commissions 15,235 13,964 13,423
Foreign currency remeasurement loss (gain) (2,711) 3,032 (3,079)
Change in fair value of redeemable convertible preferred stock warrant liability 0 5,871 1,218
Change in fair value of preferred stock tranche option liability 0 4,157 6,146
Amortization of premium / discount on short-term investments 1,156 1,330 0
Other (169) 266 371
Changes in operating assets and liabilities:      
Deferred commissions (21,487) (23,273) (18,005)
Accounts receivable (13,371) (20,669) (797)
Contract and other non-current assets (5,104) (10,505) (4,819)
Prepaid expenses and other current assets (2,323) (6,025) 1,390
Operating lease liabilities (1,733) (2,377) 0
Accounts payable 2,514 701 (398)
Accrued expenses and other liabilities 7,422 10,863 3,576
Deferred revenue 5,564 19,992 5,305
Net cash used in operating activities (45,006) (36,783) (29,594)
Investing activities:      
Purchases of property and equipment (1,619) (1,113) (854)
Purchases of short-term investments (166,363) (277,126) (2,992)
Maturities of short-term investments 158,615 31,860 3,000
Sales of short-term investments 39,379 1,933 0
Net cash provided by (used in) investing activities 30,012 (244,446) (846)
Financing activities:      
Proceeds from initial public offering, net of underwriting discounts and commissions 0 295,694 0
Payment of stock offering costs (145) (6,038) 0
Proceeds from exercises of employee stock options 12,237 4,902 566
Proceeds from issuance of common stock under employee stock purchase plan 6,961 0 0
Proceeds from issuance of redeemable convertible preferred stock 0 19,951 93,532
Redeemable convertible preferred stock issuance costs 0 0 (343)
Employee payroll taxes paid for net shares settlement of restricted stock units (3,154) (3,877) 0
Repurchase of common stock from employees 0 0 (2,307)
Proceeds from issuance of debt, net of issuance costs 0 0 9,914
Principal repayments on debt 0 (120) (211)
Net cash provided by financing activities 15,899 310,512 101,151
Effect of exchange rates on cash and cash equivalents and restricted cash 1,982 (888) 546
Net increase in cash, cash equivalents and restricted cash 2,887 28,395 71,257
Cash, cash equivalents and restricted cash, beginning of year 128,437 100,042 28,785
Cash, cash equivalents and restricted cash, end of period 131,324 128,437 100,042
Supplementary cash flow disclosure:      
Short-term investments, end of period 207,248 241,411 0
Cash paid for interest 3,244 3,629 3,914
Cash paid for income taxes 1,245 769 270
Deferred offering costs accrued but not yet paid 0 (145) 0
Conversion of redeemable convertible preferred stock to common stock (Note 12) 0 263,178 0
Non-cash investing and financing activities:      
Changes in the fair value of the stock warrant liability and stock tranche option liability 0 10,068 7,364
Operating lease right-of-use assets exchanged for lease liabilities 72 14,596 0
Purchases of property and equipment, accrued but not yet paid 32 125 26
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents 128,803 128,381 99,953
Restricted cash included in prepaids and other current assets 2,521 56 89
Total cash and cash equivalents and restricted cash $ 131,324 $ 128,437 $ 100,042