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ForgeRock Announces Third Quarter 2022 Financial Results

  • ARR grew 30% year-over-year to $212.8 million
  • Revenue grew 32% year-over-year to $58.2 million
  • SaaS as a percentage of ARR from new customers was 74% in Q3

ForgeRock (NYSE: FORG), a global leader in digital identity, today announced financial results for its third quarter ended September 30, 2022.

“Our ARR grew 30% year-over-year in Q3, marking the 7th consecutive quarter of ARR growth of 30% or greater,” said Fran Rosch, CEO of ForgeRock. “The ForgeRock team executed well to address the strong customer demand for our enterprise-grade identity platform, and in particular, for our SaaS offering.”

“We outperformed our guidance across all metrics,” said John Fernandez, CFO of ForgeRock. “Our revenue growth rebounded significantly in Q3 to 32% year-over-year compared to the 8% year-over-year growth we saw in Q2. In Q3, we achieved a gross margin of 84%, non-GAAP gross margin of 85%, operating margin of (22)% and a non-GAAP operating margin of (5)% – a significant improvement on a sequential and year-over-year basis.”

Third Quarter 2022 Financial Highlights:

  • ARR: Annualized Recurring Revenue was $212.8 million, an increase of 30% year-over-year, marking the 7th consecutive quarter of ARR year-over-year growth of 30% or greater.
  • Revenue: Total revenue was $58.2 million, an increase of 32% year-over-year. Subscription SaaS, support & maintenance revenue grew 36% year-over-year in Q3.
  • Operating Loss: GAAP operating loss was $12.8 million, or 22% of total revenue, compared to $8.8 million, or 20% of total revenue, in the third quarter of 2021. Non-GAAP operating loss was $2.7 million, or 5% of total revenue, compared to $5.7 million, or 13% of total revenue, in the third quarter of 2021.
  • Net Loss: GAAP net loss was $10.9 million, compared to $15.3 million in the third quarter of 2021. GAAP net loss per share was $0.13 compared to $0.44 in the third quarter of 2021. Non-GAAP net loss was $0.9 million, compared to $12.2 million in the third quarter of 2021. Non-GAAP net loss per share was $0.01, compared to $0.35 in the third quarter of 2021. Weighted average shares outstanding used to calculate non-GAAP net loss per share in Q3 2022 and Q3 2021 was 85.1 million and 34.7 million, respectively.
  • Cash Flow: Net cash used in operations was $4.6 million compared to $2.0 million in the third quarter of 2021. Free cash flow was $(5.1) million, or (9)% of total revenue, compared to $(2.2) million, or 0% of total revenue, in the third quarter of 2021.
  • Cash, cash equivalents and short-term investments were $342.5 million as of September 30, 2022.

ForgeRock uses certain non-GAAP financial measures, which are described further below and reconciled to the most comparable GAAP financial measure after the presentation of our GAAP financial statements.

Transaction with Thoma Bravo

Due to the Company's pending acquisition by Thoma Bravo that was announced on October 11, 2022, there will not be a conference call or live webcast to discuss these financial results. In addition, the Company will not be providing financial guidance for the fourth quarter of fiscal year 2022 and is suspending its financial guidance for the full fiscal year 2022 as a result of the pending transaction.

Supplemental Financial and Other Information:

Supplemental financial and other information can be accessed through ForgeRock's investor relations website at investors.forgerock.com.

As of September 30, 2022, we had 11,666,544 options outstanding (vested and unvested) with a weighted-average exercise price of $5.69 and 4,237,523 RSUs outstanding. As of October 31, 2022, there were 47,666,366 shares of the registrant's Class A common stock outstanding and 37,692,159 shares of the registrant's Class B common stock outstanding. For more information, please refer to our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022.

Non-GAAP Financial Measures and Key Metrics:

Besides financial results prepared in accordance with generally accepted accounting principles (“GAAP”), ForgeRock believes that evaluating its ongoing operating results may be difficult if limited to reviewing only GAAP financial measures. Accordingly, ForgeRock uses non-GAAP financial measures to evaluate its operations. We use non-GAAP financial measures to understand and evaluate our core operating performance and trends, to prepare our annual budget, to monitor and assess our liquidity, and to develop short-term and long-term operating plans. We believe that the non-GAAP financial measures we review are each a useful measure to us and to our investors because they provide consistency and comparability with our past performance and between periods, as these metrics generally eliminate the effects of the variability of certain charges and expenses that may not reflect our overall operating performance and liquidity. We believe that non-GAAP financial measures, when taken collectively with GAAP financial information, can be helpful to us and to investors because it provides consistency and comparability with past performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results.

ForgeRock presents non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP operating loss, non-GAAP operating margin and non-GAAP net loss per share, all of which exclude acquisition-related costs, stock-based compensation expense, and certain of which exclude the tax effect on the provision for (benefit from) income taxes related to such excluded items. ForgeRock excludes acquisition-related costs because they are unrelated to our current operations and are neither comparable to the prior period nor indicative of future results. We also exclude stock-based compensation expense as it can vary significantly from period to period based on share price and the timing, size and nature of equity awards. As such, ForgeRock and many investors and analysts exclude stock-based compensation expense to better evaluate its operating performance and cash spending levels relative to its industry sector and competitors.

ForgeRock presents adjusted EBITDA, which is also a non-GAAP financial measure. We define adjusted EBITDA as GAAP operating loss, adjusted for depreciation, acquisition-related costs and stock-based compensation expense. ForgeRock excludes certain items that it believes are not good indicators of ForgeRock’s current or future operating performance. These items are depreciation, acquisition-related costs and stock-based compensation. ForgeRock excludes depreciation given its standard exclusion in EBITDA and adjusted EBITDA results. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of the transactions.

ForgeRock also presents free cash flow, which is a non-GAAP financial measure. We define free cash flow as net cash used in operating activities less cash used for purchases of property and equipment. ForgeRock provides free cash flow as it is a commonly used non-GAAP financial measure to indicate the amount of cash needed to fund its operations and capital expenditures.

The non-GAAP financial information is presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP and may be different from similarly-titled non-GAAP measures used by other companies. The principal limitation of these non-GAAP financial measures is that they exclude expenses that are required by GAAP to be recorded in our consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by our management about which expenses are excluded or included in determining these non-GAAP financial measures. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures.

ForgeRock also uses the key metric Annualized Recurring Revenue (“ARR”), to evaluate its operations. We believe that ARR is a key metric because it is driven by our ability to acquire new customers and to maintain and expand our relationship with existing customers. We define ARR as the annualized value of all contractual subscription agreements as of the end of the period. To the extent that we are negotiating a renewal with a customer after the expiration of the subscription, we continue to include that revenue in ARR if we are actively in discussion with such an organization for a new subscription or renewal, or until such organization notifies us that it is not renewing its subscription. We perform this calculation on an individual customer basis by dividing the total dollar amount of the customer’s contract by the total contract term stated in months and multiplying this amount by 12 to annualize. Calculated ARR for each individual customer is then aggregated to arrive at total ARR.

ARR does not have a standardized meaning and therefore may not be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue, deferred revenue and remaining performance obligations computed and/or disclosed in accordance with GAAP and is not intended to be combined with or to replace any of those items. Specifically, ARR, as calculated under the definition herein, has the effect of normalizing the impact of revenue recognition for term-based subscription license agreements. ARR is calculated based upon annualized contract value and not actual GAAP revenue. Under ASC 606, for term-based subscription license agreements, we recognize approximately half of the total contract value upfront as license revenue, with the remainder attributable to maintenance and support that is recognized ratably over the license term. Annualizing actual GAAP revenue for any particular period could result in a meaningful difference from our ARR calculation, particularly when we are experiencing increases or decreases in the mix of multi-year term licenses. ARR is not a forecast and the active contracts at the date used in calculating ARR may or may not be extended by our customers.

About ForgeRock

ForgeRock®, a global leader in digital identity, delivers modern identity and access management solutions for consumers, employees and things to simply and safely access the connected world. Using ForgeRock, more than 1,300 organizations around the world orchestrate, manage, and secure the complete lifecycle of identities from dynamic access controls, governance, APIs, and storing authoritative data – consumable in cloud or hybrid environments.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue:

 

 

 

 

Subscription term licenses

$

23,904

 

$

19,364

 

$

59,089

 

$

62,949

 

Subscription SaaS, support & maintenance

 

31,282

 

 

22,940

 

 

87,029

 

 

61,543

 

Perpetual licenses

 

91

 

 

183

 

 

197

 

 

885

 

Total subscriptions and perpetual licenses

 

55,277

 

 

42,487

 

 

146,315

 

 

125,377

 

Professional services

 

2,943

 

 

1,739

 

 

7,674

 

 

3,652

 

Total revenue

 

58,220

 

 

44,226

 

 

153,989

 

 

129,029

 

Cost of revenue(1):

 

 

 

 

Subscriptions and perpetual licenses

 

6,635

 

 

4,517

 

 

18,903

 

 

12,312

 

Professional services

 

2,929

 

 

3,977

 

 

8,692

 

 

10,658

 

Total cost of revenue

 

9,564

 

 

8,494

 

 

27,595

 

 

22,970

 

Gross profit

 

48,656

 

 

35,732

 

 

126,394

 

 

106,059

 

Operating expenses(1):

 

 

 

 

Research and development

 

15,554

 

 

10,827

 

 

45,699

 

 

31,214

 

Sales and marketing

 

28,973

 

 

22,509

 

 

86,001

 

 

64,795

 

General and administrative

 

14,551

 

 

11,188

 

 

43,030

 

 

28,091

 

Acquisition-related costs

 

2,364

 

 

 

 

2,364

 

 

 

Total operating expenses

 

61,442

 

 

44,524

 

 

177,094

 

 

124,100

 

Operating loss

 

(12,786

)

 

(8,792

)

 

(50,700

)

 

(18,041

)

Foreign currency gain (loss)

 

2,173

 

 

(2,684

)

 

3,634

 

 

(3,003

)

Fair value adjustment on warrants and preferred stock tranche option

 

 

 

(2,729

)

 

 

 

(10,068

)

Interest expense

 

(894

)

 

(1,195

)

 

(2,674

)

 

(3,572

)

Other income (expense), net

 

721

 

 

339

 

 

1,065

 

 

(66

)

Interest and other expense, net

 

2,000

 

 

(6,269

)

 

2,025

 

 

(16,709

)

Loss before income taxes

 

(10,786

)

 

(15,061

)

 

(48,675

)

 

(34,750

)

Provision for income taxes

 

152

 

 

205

 

 

1,103

 

 

660

 

Net loss

$

(10,938

)

$

(15,266

)

$

(49,778

)

$

(35,410

)

 

 

 

 

 

Net loss per share attributable to common stockholders:

Basic and diluted

$

(0.13

)

$

(0.44

)

$

(0.59

)

$

(1.26

)

 

 

 

 

 

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

Basic and diluted

 

85,085

 

 

34,680

 

 

84,488

 

 

28,124

 

 

 

 

 

 

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

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

Cost of revenue

$

657

 

$

26

 

$

1,789

 

$

193

 

Research and development

 

1,632

 

 

564

 

 

4,685

 

 

1,058

 

Sales and marketing

 

2,798

 

 

1,078

 

 

7,859

 

 

2,046

 

General and administrative

 

2,638

 

 

1,441

 

 

7,822

 

 

3,099

 

Total stock-based compensation expense

$

7,725

 

$

3,109

 

$

22,155

 

$

6,396

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

 

 

 

 

September 30,

2022

 

December 31,

2021

Assets

 

 

Cash and cash equivalents

$

138,542

 

$

128,381

 

Short-term investments

 

203,971

 

 

241,411

 

Accounts receivable, net of allowance for credit losses of $155 and $34, respectively

 

33,307

 

 

55,999

 

Contract assets

 

22,778

 

 

19,670

 

Deferred commissions

 

8,697

 

 

8,457

 

Prepaid expenses and other assets

 

12,899

 

 

9,787

 

Total current assets

 

420,194

 

 

463,705

 

Deferred commissions

 

17,891

 

 

15,601

 

Property and equipment, net

 

2,800

 

 

2,463

 

Operating lease right-of-use assets

 

10,272

 

 

12,626

 

Contract and other assets

 

3,495

 

 

2,783

 

Total assets

$

454,652

 

$

497,178

 

 

 

 

Liabilities and stockholders’ equity

 

 

Accounts payable

$

1,511

 

$

2,039

 

Accrued compensation

 

19,214

 

 

22,359

 

Accrued expenses

 

8,961

 

 

5,016

 

Current portion of operating lease liability

 

1,562

 

 

1,820

 

Deferred revenue

 

57,923

 

 

67,222

 

Other liabilities

 

1,331

 

 

2,258

 

Total current liabilities

 

90,502

 

 

100,714

 

Long-term debt

 

39,579

 

 

39,483

 

Long-term operating lease liability

 

9,519

 

 

11,037

 

Deferred revenue

 

1,377

 

 

8,172

 

Other liabilities

 

1,909

 

 

1,646

 

Total liabilities

 

142,886

 

 

161,052

 

 

 

 

Stockholders’ equity:

 

 

Common stock

 

85

 

 

83

 

Additional paid-in capital

 

623,671

 

 

593,196

 

Accumulated other comprehensive income

 

1,613

 

 

6,672

 

Accumulated deficit

 

(313,603

)

 

(263,825

)

Total stockholders’ equity

 

311,766

 

 

336,126

 

Total liabilities and stockholders’ equity

$

454,652

 

$

497,178

 

 

 

 

As of October 31, 2022, there were 47,666,366 shares of the registrant's Class A common stock outstanding and 37,692,159 shares of the registrant's Class B common stock outstanding.

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

Nine Months Ended

September 30,

 

 

 

2022

 

 

 

2021

 

Operating activities:

 

 

Net loss

$

(49,778

)

$

(35,410

)

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

 

 

Depreciation

 

812

 

 

795

 

Noncash operating lease expense

 

1,865

 

 

1,186

 

Stock-based compensation expense

 

22,155

 

 

6,396

 

Amortization of deferred commissions

 

10,652

 

 

10,436

 

Foreign currency remeasurement (loss) gain

 

(3,636

)

 

1,972

 

Change in fair value of redeemable convertible preferred stock warrant liability

 

 

 

5,871

 

Change in fair value of preferred stock tranche option liability

 

 

 

4,157

 

Amortization of premium / discount on short-term investments

 

1,690

 

 

608

 

Other

 

28

 

 

157

 

Changes in operating assets and liabilities:

 

 

Deferred commissions

 

(13,182

)

 

(14,366

)

Accounts receivable

 

22,094

 

 

(2,170

)

Contract and other non-current assets

 

(3,416

)

 

(13,500

)

Prepaid expenses and other current assets

 

(3,291

)

 

(3,696

)

Operating lease liabilities

 

(1,301

)

 

(1,614

)

Accounts payable

 

(506

)

 

272

 

Accrued expenses and other liabilities

 

509

 

 

3,244

 

Deferred revenue

 

(15,699

)

 

4,306

 

Net cash used in operating activities

 

(31,004

)

 

(31,356

)

Investing activities:

 

 

Purchases of property and equipment

 

(1,474

)

 

(459

)

Purchases of short-term investments

 

(139,149

)

 

(201,415

)

Maturities of short-term investments

 

133,615

 

 

 

Sales of short-term investments

 

39,110

 

 

19,960

 

Net cash provided by (used in) investing activities

 

32,102

 

 

(181,914

)

Financing activities:

 

 

Proceeds from the initial public offering, net of underwriting discounts and commissions

 

 

 

295,694

 

Payment of offering costs

 

(145

)

 

(4,076

)

Proceeds from exercises of employee stock options

 

4,150

 

 

3,189

 

Proceeds from issuance of common stock under employee stock purchase plan

 

4,374

 

 

 

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

 

(188

)

 

(3,528

)

Proceeds from issuance of redeemable convertible preferred stock

 

 

 

19,951

 

Principal repayments on debt

 

 

 

(120

)

Net cash provided by financing activities

 

8,191

 

 

311,110

 

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

 

857

 

 

(638

)

Net increase in cash, cash equivalents and restricted cash

 

10,146

 

 

97,202

 

Cash, cash equivalents and restricted cash, beginning of year

 

128,437

 

 

100,042

 

Cash, cash equivalents and restricted cash, end of period

$

138,583

 

$

197,244

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

Cash and cash equivalents

$

138,542

 

$

197,221

 

Restricted cash included in prepaids and other current assets

 

41

 

 

23

 

Total cash and cash equivalents and restricted cash

$

138,583

 

$

197,244

 

 

 

 

Short-term investments, end of period

$

203,971

 

$

180,872

 

 

FORGEROCK, INC.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS TO GAAP RESULTS

 

Non-GAAP Gross Profit and Non-GAAP Gross Margin

 

 

 

 

 

Gross profit is defined as GAAP revenue less cost of revenue and gross margin is GAAP gross profit as a percentage of total revenue. We define non-GAAP gross profit and non-GAAP gross margin as GAAP gross profit and GAAP gross margin adjusted to exclude stock-based compensation expense, as presented below (in thousands, except percentages):

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

Gross Profit

$

48,656

 

$

35,732

 

$

126,394

 

$

106,059

 

Add: Stock-based compensation included in cost of revenue

 

657

 

 

26

 

 

1,789

 

 

193

 

Non-GAAP gross profit

$

49,313

 

$

35,758

 

$

128,183

 

$

106,252

 

 

 

 

 

 

Gross margin

 

84

%

 

81

%

 

82

%

 

82

%

Non-GAAP gross margin

 

85

%

 

81

%

 

83

%

 

82

%

 

 

 

 

 

Non-GAAP Research and Development

 

 

 

 

 

We define non-GAAP research and development as GAAP research and development adjusted to exclude stock-based compensation expense, as presented below (in thousands):

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

Research and development

$

15,554

 

$

10,827

 

$

45,699

 

$

31,214

 

Less: Stock-based compensation

 

1,632

 

 

564

 

 

4,685

 

 

1,058

 

Non-GAAP research and development

$

13,922

 

$

10,263

 

$

41,014

 

$

30,156

 

 

 

 

 

 

Non-GAAP Sales and Marketing

 

 

 

 

 

We define non-GAAP sales and marketing as GAAP sales and marketing adjusted to exclude stock-based compensation expense, as presented below (in thousands):

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

Sales and marketing

$

28,973

 

$

22,509

 

$

86,001

 

$

64,795

 

Less: Stock-based compensation

 

2,798

 

 

1,078

 

 

7,859

 

 

2,046

 

Non-GAAP sales and marketing

$

26,175

 

$

21,431

 

$

78,142

 

$

62,749

 

 

 

 

 

 

Non-GAAP General and Administrative

 

 

 

 

 

 

 

We define non-GAAP general and administrative as GAAP general and administrative adjusted to exclude stock-based compensation expense, as presented below (in thousands):

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

General and administrative

$

14,551

 

$

11,188

 

$

43,030

 

$

28,091

 

Less: Stock-based compensation

 

2,638

 

 

1,441

 

 

7,822

 

 

3,099

 

Non-GAAP general and administrative

$

11,913

 

$

9,747

 

$

35,208

 

$

24,992

 

 

 

 

 

 

Non-GAAP Operating Loss and Non-GAAP Operating Margin

 

 

 

 

 

We define non-GAAP operating loss and non-GAAP operating margin as GAAP operating loss and GAAP operating margin adjusted to exclude stock-based compensation expense and acquisition-related costs, as presented below (in thousands, except percentages):

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

Operating loss

$

(12,786

)

$

(8,792

)

$

(50,700

)

$

(18,041

)

Add: Stock-based compensation

 

7,725

 

 

3,109

 

 

22,155

 

 

6,396

 

Add: Acquisition-related costs

 

2,364

 

 

 

 

2,364

 

 

 

Non-GAAP operating loss

$

(2,697

)

$

(5,683

)

$

(26,181

)

$

(11,645

)

 

 

 

 

 

Operating margin

 

(22

)%

 

(20

)%

 

(33

)%

 

(14

)%

Non-GAAP operating margin

 

(5

)%

 

(13

)%

 

(17

)%

 

(9

)%

 

 

 

 

 

Adjusted EBITDA

 

 

 

 

 

 

 

We define adjusted EBITDA as operating loss adjusted to exclude depreciation, stock-based compensation expense and acquisition-related costs, as presented below (in thousands):

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

Operating loss

$

(12,786

)

$

(8,792

)

$

(50,700

)

$

(18,041

)

Add: Depreciation

 

263

 

 

259

 

 

812

 

 

795

 

Add: Stock-based compensation

 

7,725

 

 

3,109

 

 

22,155

 

 

6,396

 

Add: Acquisition-related costs

 

2,364

 

 

 

 

2,364

 

 

 

Adjusted EBITDA

$

(2,434

)

$

(5,424

)

$

(25,369

)

$

(10,850

)

 

 

 

 

 

Non-GAAP Net Loss and Non-GAAP Net Loss per Share, Basic and Diluted

 

 

 

 

 

We define non-GAAP net loss as GAAP net loss adjusted to exclude stock-based compensation expense and acquisition-related costs, including the tax effect of stock-based compensation expense on the provision for (benefit from) income taxes as presented below (in thousands, except per share amounts):

 

 

 

 

 

We define non-GAAP net loss per share, basic, as non-GAAP net loss divided by GAAP weighted-average shares used to compute net loss per share, basic.

 

 

 

 

 

We define non-GAAP net loss per share, diluted, as non-GAAP net loss divided by GAAP weighted average shares used to compute net loss per share, basic, adjusted for (i) the dilutive effect of employee equity awards, excluding the impact of unrecognized stock-based compensation expense and (ii) warrants; unless these adjustments are anti-dilutive.

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

Net loss

$

(10,938

)

$

(15,266

)

$

(49,778

)

$

(35,410

)

Add: Stock-based compensation

 

7,725

 

 

3,109

 

 

22,155

 

 

6,396

 

Add: Acquisition-related costs

 

2,364

 

 

 

 

2,364

 

 

 

Tax effect on the benefit from income taxes

 

(65

)

 

(14

)

 

(198

)

 

(37

)

Non-GAAP net loss

$

(914

)

$

(12,171

)

$

(25,457

)

$

(29,051

)

 

 

 

 

 

Non-GAAP net loss per share, basic and diluted

$

(0.01

)

$

(0.35

)

$

(0.30

)

$

(1.03

)

 

 

 

 

 

Free Cash Flow

 

 

 

 

 

 

 

We define free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment as presented below (in thousands):

 

 

 

 

 

 

Three Months Ended September 30,

Nine Months Ended September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

 

 

 

Net cash used in operating activities

$

(4,580

)

$

(2,035

)

$

(31,004

)

$

(31,356

)

Purchases of property and equipment

 

(500

)

 

(118

)

��

(1,474

)

 

(459

)

Free cash flow

$

(5,080

)

$

(2,153

)

$

(32,478

)

$

(31,815

)

 

 

 

 

 

 

 

 

 

 

 

 

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