Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.1
Leases
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases Leases
The Company primarily has operating leases for office space. The leases expire on various dates between 2022 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 March 31, 2022
Operating lease expense $ 673 
Variable lease expense 175 
Total lease expense $ 848 

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:
Three Months Ended March 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases (in thousands) $ 609
Weighted-average remaining lease term (years)
Operating leases 6.8
Weighted-average discount rate
Operating leases 5.3  %
The following table summarizes the maturities of lease liabilities as of March 31, 2022 (in thousands):
2022 (9 months remaining)
$ 1,826 
2023 2,254 
2024 2,137 
2025 1,915 
2026 1,773 
Thereafter 4,872 
Total future minimum lease payments 14,777 
Less: Imputed interest (3,096)
Present value of future minimum lease payments 11,681 
Less: Current portion of operating lease liability (1,112)
Long-term operating lease liability $ 10,569