Good day, ladies and gentlemen. Welcome to ForgeRock's Q1 earnings conference call. As a reminder, this call is being recorded. I would now like to turn the call over to Mark Kang, ForgeRock's Head of Investor Relations. Please go ahead. Hello, everyone. Welcome to ForgeRock's Q1 2022 earnings conference call. On the call with me today are Fran Rosch, CEO of ForgeRock, and John Fernandez, our Chief Financial Officer and EVP of Global Operations. Before we begin, I'd like to remind you that our discussion today includes forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include statements related to our expected results for Q2 and full year 2022, our future offerings and enhancements to our current offerings, the market for our offerings, customer demand for our offerings, and other matters. Actual results could differ materially from those indicated by these forward-looking statements. We encourage you to review the risk factors that we included in our SEC filings, including our annual report on Form 10-K filed with the SEC on March 9th, 2022, for some of the factors that could cause actual results to differ from those indicated by the forward-looking statements. All non-GAAP numbers referenced in today's call are reconciled in our press release and in slides available on our investor relations website. With that, I'll hand the call over to Fran. Thanks, Mark, and thanks to everyone for joining us to discuss our Q1 2022 results. We had a fantastic start to 2022, and once again outperformed our guidance across all metrics, highlighted by ARR growth of 35% year-over-year for the second consecutive quarter. Our ARR growth accelerated year-over-year by 5 percentage points, and we delivered $10.1 million in sequential net new ARR in Q1 versus $7.2 million in the same quarter last year, representing a 41% growth year-over-year. We continue to see strong demand across our portfolio, particularly for our SaaS offering, which continues to beat our expectations. The strength of our customer demand gives us confidence to raise our full-year 2022 guidance for ARR and our expected SaaS adoption. John will discuss this further in his remarks. Recent cybersecurity events have reminded us again that identity is critical to both securing the enterprise and enhancing customer experience. The threat landscape remains as challenging as ever, and security spending in general, which includes identity, remains a top priority for CIOs and CISOs. It's not just about security. Digital transformation initiatives are driving enterprises to enhance customer and employee experience and modernize their IT infrastructure. Therefore, heightening demand for both our CIAM and workforce solutions. We differentiate ourselves by approaching the market with an integrated platform across identity, access, and governance for CIAM, workforce, and IoT use cases that supports all identity types. We empower our customers to choose how they want to deploy our software in their heterogeneous environments, such as self-managed public and private cloud environments through our SaaS offering, the ForgeRock Identity Cloud or hybrid deployments. Adoption of our SaaS offering among our customers is strengthening, representing 65% of ARR from new customers in Q1, a new record for us. In the past, you've heard us talk about our multi-tenant SaaS architecture with tenant isolation, which is unique in the identity market. Our differentiated SaaS architecture has a few distinct advantages. First, we believe our performance is unmatched. It's important to note that we designed our SaaS offering from the ground up to support the largest enterprises during their busiest times, like Black Friday or Cyber Monday. Unlike a typical multi-tenant approach, our tenant isolation means we don't throttle traffic to guard against noisy neighbor issues, which is a de facto approach among other identity providers. ForgeRock has delivered an average of four nines of availability since the inception of our SaaS offering. We are now committing to this level of service in our agreements. not everyone delivers four nines the same way, and four nines doesn't matter if it comes with heavy throttling caveats, which are so common in the industry. Often, SaaS architectures put a large number of enterprise customers in a single shared pod, meaning that if one enterprise has a massive scale event, all other enterprises in the pod may get throttled to ensure the resilience of shared resources. Technically, that's still considered four nines, but it doesn't feel like it because the throttling activity causes service disruptions, creates latency, and hinders the experience of their end users. Second, we provide our SaaS customers with data isolation that meets their regulatory requirements. We enable our customers to choose where their data resides in the cloud. For example, for some customers, it's critical for their data to reside on a server located in their country or region. We don't share endpoints, something that's very important from a security and availability standpoint. Third, we believe we have the most modern SaaS platform among major identity providers today. We leverage technologies such as Kubernetes and elasticity that wasn't available 10 years ago to build our tenant isolation approach. Our approach enables us to offer our customers massive scale without the typical noisy neighbor or throttling issues, and it's also cost effective for us. We believe we are extremely well-positioned for the road ahead due to our SaaS offering, which has been purpose-built for the enterprise market. We continue to evolve our platform with cutting-edge technologies. Our market opportunity is massive and continues to expand, driven by our culture of product innovation and the passion of our ForgeRock identity experts. Today, we are excited to announce ForgeRock Autonomous Access, another AI-driven solution that helps organizations prevent cyberattacks and fraud in real time. Many of us have had our identity stolen, or worse, we've had cybercriminals actually accessing our accounts. Attacks involving usernames and passwords increased a staggering 450% in the last year, translating into more than 1 billion compromised records in the U.S. alone. As companies digitally transform and expand their online presence, their attack surface also increases, and bad actors will attempt to take advantage of it. Autonomous Access is a new threat protection solution that helps enterprises eliminate account takeovers and prevent fraud in real time using a powerful combination of artificial intelligence, machine learning, and advanced pattern recognition. It continuously evaluates access behavior and assigns risk scores to prevent known attacks and detect new threats. With today's announcement, ForgeRock continues to deliver on its AI strategy with a new solution that enables smarter access decisions, delivering better protection along with seamless experiences for trusted users. Delivered from the ForgeRock Identity Cloud, Autonomous Access empowers teams to create any number of personalized user access journeys with a simple drag and drop, no-code interface. Autonomous Access is applicable to both CIAM and workforce use cases, and our sales team will begin selling the solution by the end of this month. We have a great pipeline of product innovation, and we will share updates with you in future quarters. The momentum we are seeing across our business is being driven by broader adoption of our platform across both CIAM and workforce use cases for self-managed SaaS or hybrid deployments. We continue to see a diverse mix of customer wins across industry verticals. I'd like to take a few minutes to highlight five customer wins from the Q1. All five of these wins are with the ForgeRock Identity Cloud, and three of them are Fortune 100 companies. Our first customer win example is an Asia-based multinational insurance and finance corporation with over 30 million customers. This customer is revamping their customer loyalty platform in Australia and selected the ForgeRock Identity Cloud because, unlike ForgeRock, their existing identity provider could not provide full data residency in Australia. ForgeRock was also selected because of our ability to easily integrate with a large number of existing applications, and we can deliver customizable MFA through our identity trees. Our next customer win is a Fortune 100 leader in shipping. This customer is migrating 40 million users from CA SiteMinder to the ForgeRock Identity Cloud to streamline the login and authentication process. ForgeRock was selected because of our ability to deliver more than a dozen ways to improve the customer experience while also reducing cost and fraud for the company. Moving on. We had another Fortune 100 customer win, but in the energy sector. This customer has numerous brands and wants to ensure a consistent user experience across brands globally. To meet these requirements on a global scale, the customer is implementing the ForgeRock Identity Cloud to support multiple brands and languages on one platform, an important differentiator for us. For our next Fortune 100 win, like many global investment banks and financial institutions, this customer has numerous IAM systems throughout the world. They are consolidating many of these systems in order to better understand customers and improve the user experience. They selected ForgeRock Identity Cloud to achieve its customer goals, as well as realize potentially hundreds of millions in cost savings. For our final customer win example, we have an existing customer who expanded on their existing ForgeRock Identity Cloud deployment. This global manufacturing conglomerate experienced rapid success with our SaaS offering for one of its leading brands and is expanding to support another mass consumer application. They are expanding with the ForgeRock Identity Cloud because our identity trees enable numerous authentication journeys such as social media logins, and they're also looking to strengthen security and reduce costs. Our demand continues to be strong across both CIAM and Workforce. We tend to land on the CIAM side, and as of the end of Q1, 43% of our customers use us for both CIAM and Workforce, 37% for CIAM only, and 20% for Workforce only. Our customers expand with us through more identities, more use cases, more product modules, and more deployments. This has resulted in our ability to drive sales productivity by double-digit increases year-over-year, grow ARR by 35% in 2021, but our non-GAAP sales and marketing expense grew only 15% in 2021, and deepen relationships and increase sales leverage with our alliances and partners. Before I conclude, I'm very excited about our upcoming user conference, IDLive. It kicks off on May 23rd in Austin before heading to London and Melbourne this summer. I love this event because it's a chance to exchange ideas with our customers and partners. We will welcome hundreds of attendees from a variety of industries. They will get a sneak peek at our new products and learn from identity leaders, from customers like US Bank, Toyota, Humana, Navy Federal Credit Union, and alliance partners Accenture, PwC, and Deloitte. Finally, we remain deeply concerned about the war in Ukraine. While ForgeRock doesn't operate in Ukraine or Russia and our business is unaffected, it is a terrible situation, and we are hoping for a peaceful resolution soon. With that, I'll turn the call over to John to walk through our financial results in more detail. John? Thank you, Fran. I am pleased to announce our Q1 results exceeded our guidance across all metrics. As we look back over the past nine quarters, the first seven were consistent at 29%-30% growth, and we saw acceleration to 35% for the last two quarters. We ended Q1 ARR at $193.2 million. We continue to see strong demand across our regions globally. As it pertains to seasonality, Q2 and Q4 were our strongest quarters last year for net new ARR, and we currently expect Q2 and Q4 of this year to experience similar seasonality. Q1 was a record SaaS quarter for us. 47% of our new customers in Q1 purchased our SaaS offering, and 65% of ARR from new customers was SaaS ARR. As a reminder, 25% and 40% of our new customers purchased SaaS in Q3 and Q4 of last year, respectively, and our SaaS ARR represented 50% and 38% of ARR from new customers in those respective periods. Average SaaS ARR from new customers who purchased SaaS in Q1 was greater than $350,000. Moving on to customers. We are extremely proud of the customer base we have built that includes many of the world's leading brands. We continue to experience very high retention and are seeing great results from our investments in customer success. We ended Q1 with 404 large customers, defined as customers with $100K of ARR or greater. Our large customer base grew 20% year-over-year, and they represented 91% of our ARR as of the end of Q1. Our net retention rate for Q1 was 111%. Over the last few quarters, the majority of our ARR acceleration has been driven by new logos. While we expect new product uptake from solutions such as Autonomous Access and existing customers adopting SaaS to increase our net retention rate over time, we believe it will stay in the 110%-112% range for the remainder of this year. Moving to revenue. Revenue recognition for self-managed deals is significantly different than ratable revenue recognition for SaaS deals under ASC 606. This is best explained through an example. Let's take a three-year, $200,000 ARR self-managed deal, so that's $600,000 of total contract value. If the start date was on the last day of the quarter, we would recognize approximately $297,000 in that quarter. If we take the same three-year, 200,000 ARR deal SaaS, we would recognize approximately $550 in the quarter or 1/365th of the ARR. This example shows why ARR best reflects our growth, while GAAP revenue is reflecting a temporary deceleration due to SaaS increasing as a percentage of the new ARR mix over time. Total revenue for Q1 was $48.1 million, an increase of 18% year-over-year. We ran a like-for-like comparison, and if we did the same dollars of new SaaS ARR in Q1 2022 that we did in Q1 2021, with the difference made up with self-managed ARR, we estimate our total revenue growth would have been approximately 30% year-over-year or approximately $5 million of impact. Professional services revenue grew from $850,000 in Q1 2021 to $2.2 million in Q1 of this year. Before turning to profitability and expense items, I'd like to point out that I will only be discussing non-GAAP results going forward. Non-GAAP results exclude stock-based compensation for all periods discussed. Our press release contains our GAAP results and reconciliations to our non-GAAP results. Q1 gross profit was $39.9 million, and gross margin was 83%. We continue to scale our SaaS offering, we expect to see increasing investment in cloud infrastructure and incur higher hosting costs. Our professional services margin significantly improved year-over-year, driven by higher utilization and higher professional services revenue. Turning now to operating expenses. We remain focused on investing strategically for growth while achieving our operating margin goals and our path to profitability. Sales and marketing expense for Q1 was $24.7 million compared to $19.8 million in Q1 last year. This represents 51% of total revenue for Q1 compared to 49% in Q1 of last year. R&D expense in Q1 was $13.1 million compared to $10.2 million in Q1 last year. This represents 27% of total revenue for Q1 versus 25% in Q1 of last year. G&A expense in Q1 was $11.3 million compared to $7.5 million in Q1 last year. G&A was 23% of revenue versus 18% of revenue last year. Operating loss was $9.2 million versus a loss of $3.1 million in Q1 last year, representing an operating margin of -19% versus -8% a year ago. It's important to note that the biggest impact to our operating margin year-over-year is our rapidly growing SaaS business and the resulting impact to revenue under ASC 606. Using the same analysis that I described earlier, if we did the same dollars of new SaaS ARR in Q1 2022 that we did in Q1 2021, with the difference made up with self-managed ARR, we estimate the impact to revenue would be approximately a positive $5 million delta, resulting in an operating margin that would have been approximately -8%. Please refer to the Q1 2022 investor presentation on our investor relations website for more information. Turning to the balance sheet. We ended the quarter with $364 million in cash equivalents, and marketable securities. We have a rock-solid balance sheet that is many multiples of what we need until we achieve a sustained positive non-GAAP operating margin. Before we turn to guidance, I'd like to provide some comments that should provide additional context for the remainder of this year. First, we continue to see strong demand from our pipeline, and we are raising our annual ARR guidance. SaaS is significantly exceeding our expectations, and this is hugely positive for the future growth trajectory of our company. Accordingly, we are raising our expected ending SaaS ARR range from 20%-25% to 22%-27% of total ARR for this year. Because SaaS revenue is ratable and upfront revenue recognition for self-managed deals is materially different per the example I previously gave, and thus contributes significantly less revenue in the near term, we are maintaining our full-year revenue guidance and revising our operating income slightly. Our full-year revenue guidance now has less upside due to our rapid SaaS adoption, and our P&L also contains some additional expenses with that higher SaaS adoption. Therefore, as you have heard us say previously, we run our business and focus its growth on ARR. It's the best metric by which to measure our business performance, especially as our SaaS offering experiences rapid growth. We expect Q2 to be the trough in terms of revenue growth in 2022. We expect revenue growth to begin meaningful re-acceleration in Q3, with Q4 being our strongest seasonal quarter for growth. We remain confident in our ability to achieve non-GAAP operating margin profitability in the H2 of 2023, though our progress between now and then may not be linear, primarily due to seasonality. Lastly, we've considered FX impact to ARR and revenue. Using April's FX rates, the impact is relatively small, and we have factored it into our quarterly and annual guidance. Now turning to guidance. For the Q2 of 2022, we expect total ARR of $203 million-$204 million, representing 31% year-over-year growth at the midpoint. Total revenue of $46.5 million-$47.5 million. Non-GAAP operating loss of $17.5 million-$16.5 million. Non-GAAP net loss per share of $0.23-$0.21, assuming weighted average shares outstanding of approximately $ 84.3 million. For the full year 2022, we expect total ARR of $240 million-$243 million, representing 32% year-over-year growth at the midpoint. Total revenue of $212 million-$215 million, representing 21% year-over-year growth at the midpoint. Non-GAAP operating loss of $32 million-$28 million, representing an operating margin range of -15% to -13%. Non-GAAP net loss per share of $0.45-$0.41, assuming weighted average shares outstanding of approximately $ 84.8 million. Q1 was a great start to the year, and I'll turn the call back to Fran for closing remarks. Fran? Thank you, John. Before we open for questions, I'd like to close with the fact that our business is firing on all cylinders. We have confidence in our ability to execute to our plan and to meet our growth targets. Our SaaS offering continues to exceed our expectations. We continue to deliver world-class innovation to the market, highlighted by today's announcement of Autonomous Access. We continue to help the world's largest enterprises with their most strategic identity initiatives, and we had a fantastic Q1, and we look forward to reporting on our continued success. Thanks to all the ForgeRockers who helped us deliver a fantastic quarter, and we look forward to welcoming new ForgeRockers into the family to help us keep the momentum going. Operator, you may now open the call for questions. Thank you. Ladies and gentlemen, if you'd like to ask a question, you may do so by pressing star one on your telephone keypad. Star one for questions. Please make sure the mute function on your phone is turned off so the signal can be read by our equipment. Star one for questions. We'll pause a moment to assemble the phone queue. We'll take our first question from Rob Owens with Piper Sandler. Please go ahead. Great. Good afternoon. Thanks for taking my questions. Just one for me today. If you were to decompose the strength you saw in ARR this quarter between CIAM and Workforce, can you give us a sense of how much of the base is CIAM in the aggregate ARR? In the net new ARR, what kind of trends are you seeing? Thanks. Hey, Rob. Yes. We saw really strong demand for both CIAM and Workforce, as evidenced by that we continue to have 43% of our customers leverage the platform for both consumer and workforce, 30% consumer only, and 20% for Workforce. We see strong demand across both. Now, we do continue to land with CIAM most often. We think that CIAM is the largest part of the identity market, the kind of the most exciting one, the one that's growing the fastest. Again, this quarter, most of our lands, most of our new customers came in with CIAM, and we have now our opportunity to cross-sell the Workforce portfolio into those customers. Now, of course, we still have some good workforce lands, but generally, we're seeing the strongest market demand in the CIAM space, but with good general market demand for all of it. Relative to competition and pricing, anything changing on that front as you look between the two discrete markets? Yeah, no, I think we haven't seen any big, dramatic changes in competition. We continue to hold pricing and don't see a lot of pricing pressure at this time. You know, when we really think about this market demand, whether it's driven by, you know, increasing, you know, cyber threats and everything that's going on in the world or the continued digital transformation, with more and more companies looking to develop better identity relationships. Even in these challenging times, digital identity is really going to the top of the queue for investments in these companies. From a competitive position between the investments that we've made, especially in that cloud product, the ForgeRock Identity Cloud, you know, that's really continuing to help us, you know, improve our traction and accelerate that growth in the market. I mean, 65% of that new ARR from new logos came in on SaaS. That's a new record for us. That's really helping us to improve our competitive position in the market. I think the new innovation we launched today with Autonomous Access will contribute to that. No big changes in dynamics, no big changes in pricing, just responding to really strong market demand. Great. Thanks for the color. We'll take our next question from Hamza Fodderwala with Morgan Stanley. Please go ahead. Hey, guys. Thank you for taking my question. I will try to keep it to one question too. John, so I wanted to ask about the mechanics around the revenue acceleration later this year. You're obviously seeing a higher mix of SaaS, which is what you want, and I believe that's a, you know, generally a 2x - 3x uplift versus your self-managed offering. So eventually that upside gets reflected in your revenue. At the same time, I don't think you wanna stop at just 27% of your ARR being from SaaS. I imagine you eventually wanna get to the majority. How do you think about the puts and takes there between, yes, you'll recognize that upside on the revenue eventually, but then, you know, maybe that's also offset by the fact that you have a growing mix of SaaS ARR for net new deals? Yeah. It's great question. You know, I think a couple of things, with every quarter, obviously, we get a lot better visibility. You know, we saw really strong SaaS, obviously, as we were standing at this point last quarter and guided accordingly. Where we sit today, you know, we see that strength to guide to 22-27. There is variability. If you look to our IR website, and you trend it out the last three quarters of the dollars of SaaS in every period, you can see there's quite variable period to period. That said, as we look out over the next several quarters, it is growing quite substantially and quite fast. We know that all the variability will continue to grow quite fast. We have raised those percentages of SaaS in the mix for each of the quarters, Q2, Q3, and Q4 for this year, and thus the guidance. As we continue to get closer quarter to quarter, if we see that variability reducing and the fact that growing even faster, we'll continue to raise that range as appropriate at a future period in time. I think where we sit today as it relates to the re-acceleration, and importantly, we have the visibility into the fact that this is the trough for us, so we believe here at Q2 in revenue, because we can see that revenue waterfall. All the SaaS we've been doing and all of the support and maintenance from our existing business that falls into Q3 and Q4 for the rest of this year, give us a very high level of confidence in that revenue re-acceleration. Again, when we think about driving and what mix- I just wanna say really importantly, and especially for those that are joining the call maybe for the first time for ForgeRock, why is SaaS so great? Well, first of all, it gives our customers another option. We go to them with choice, so they can go self-managed or SaaS. That's powerful. Remembering, though, that also SaaS, there are companies out there who've mandated cloud only, so that's opening up our TAM. We have shorter sales cycles on average for SaaS, strong close rates, as you mentioned, 2x-3x on converting customers, but 2x-5x increase in price per user for identities on new customers. Higher ASPs, it's just a great business for us. We wanna give customers choice. We're not gonna try and steer in that direction, but our sales reps and our customers, you know, they're coming first in many circumstances with a cloud-first strategy. That's how we're looking at the re-acceleration for the year, the linearity, and our mix of SaaS. You know, just add to that, you know, You know, as we raise this guidance, you know, of ending year ARR to 20%-27%. I mean, just remember, this is only our second year of having our SaaS offering in the market, and it's really a very rapid adoption, really driven by that differentiation in that architecture. That ability to give our enterprise customers the confidence and scale and performance, and no throttling of performance due to noisy neighbors, the ability to be able to ensure that their data resides in their country. These are real differentiators than other cloud products on the market, and that's why we're really seeing that rapid growth. As you said, over the long term, that is the right thing. That's why we continue to focus on ARR as the key growth metric for the company. Thank you, Hamza. We'll take our next question from Gray Powell with BTIG. Please go ahead. Okay, great. Thank you very much, and congratulations on the strong results. It's really good to see the improved or accelerated mix shift to the SaaS side of things. So yeah, on that point, it was really helpful how you disclosed the impacts of the mix shift to Q1 operating income. Can you just help us think through how that's impacting the full year operating loss guidance? Or just any directional color there would be really helpful. Yeah. Yeah. Yeah, thank you. You know, Q1 was a great quarter, again, really exciting on all levels, and I think indicative of the trends of the business. As it relates to, you know, the operating loss on the year, you know, I think first and foremost we look at the fact we raised the ARR guide, right? Now on the year, as we think about it, $240-$243 and at 32%, the best metric by which to measure the growth of the business. Obviously, this transition to SaaS, 65% in Q1, and we're raising it in each of the periods Q2 through Q4, is gonna obviously have a level of more ratable rev rec, and so putting that, you know, that pressure on revenue. Yet we feel incredibly confident in our revenue guide for the year. I think that's just that top-line narrative, looking at ARR, raising that, and then noting more SaaS in our top-line revenue. As it relates to the rest of the P&L, I think importantly, with more SaaS, we have incorporated a level of higher hosting costs. As we think about that, as that flows through, also importantly, and as you look at Q1 gross margins as well, as we're doing more SaaS, we really got a hold on those costs per tenant, cost per customer in SaaS. We've added more hosting costs. We've also realized reduced costs on a per customer basis for our SaaS business, I'd say a little bit earlier than we probably thought. We think there's still a lot of opportunity in the year for that. At the end of the day, we're gonna manage our P&L to that -15% to -13% operating margin on the year, and really focused on delivering that top line ARR and that resulting revenue as a result of what we're predicting much higher SaaS mix. Okay. I think that makes sense. I guess, and this might be a tough one, but is it safe to say that if your SaaS mix were unchanged relative to the, you know, to prior guidance, that your operating loss guidance would have been also unchanged or maybe even slightly better? Yeah, I think that is very fair because we have raised that mix considerably. Yes, that is a very fair statement. The other way I'd put that statement is, effectively across our business, things have remained the same outside of the one very large change that SaaS is much more successful, much earlier and much stronger in our pipeline than we had thought originally. Understood. Okay, great. Thank you very much. We'll take our next question from Patrick Colville with Deutsche Bank. Please go ahead. Thank you so much for taking my question. My question is about ARR. I mean, the print this quarter was very impressive. If I'm not mistaken, you guys beat the midpoint of your guidance by $6 million, which is very impressive. You know, you also lifted the fiscal 2022 guidance. If I calculate it correctly, you lifted the midpoint by about $2 million. Just, I guess help me understand why by that amount, you know, given the kinda $6 million beat, it's very encouraging that you lifted fiscal 2022 guide, but how come it was that level that was chosen? You know, I think what we look at it is we printed a, as you said, a very strong Q1, and when we look at our annual plan, we raised that guidance based on what we think the full year will deliver. Now, that's a modestly conservative guidance, and obviously, as we look at our pipeline and our sales capacity, you know, we're gonna look to overachieve that, as we continue to execute on the plan. We felt at this time, it's early in the year. We're still building pipeline. We're still releasing new technology, that we felt this was the prudent raise to do at this time. We'll continue to evaluate the business, as we go forward. Great. Thank you. I guess my follow-up is just about fiscal Q1. I mean, the print was so healthy. Were there any, you know, large deals that closed this quarter, or were there any kind of, you know, dynamics that we should be aware of, just so we can, you know, get the whole picture about, you know, the Q1 number. Thank you so much. Yeah. It's a great question, and really we looked a lot into all the data, into all the results through our QBRs, and it's really consistent performance across all areas versus any one thing. We had great, strong in the Americas, Europe, APJ. The one thing that obviously really stands out is the SaaS adoption came even stronger than we thought. We saw good growth in financial services, some great public sector wins, some strong healthcare growth continues. It's very vertical spread. We continue to see strong ASPs that continue to grow and stay strong. Healthy growth in our large customer count. It's really a very balanced quarter that really execute across all elements of the business without any one thing shifting it. That's what I think has given us confidence to raise that guide, in ARR this year, both in total and SaaS. As we said to the first part of your question, that is a modest increase. We have modestly conservative guidance, and we're gonna look to overachieve throughout the year. It was really a well-balanced quarter all around. Nice. Thank you so much. We'll take our next question from Jonathan Ho with William Blair. Please go ahead. Hi. Good afternoon. Just wanted to, I guess, understand a little bit more about the new AI-driven Autonomous Access capability. Can you maybe give us a sense of, you know, how much this could, you know, maybe help your differentiation as well as potentially what that upsell opportunity looks like? Absolutely. I think we did this really to continue to drive customer value and differentiation. You know, many of you have heard me talk about the importance of bringing AI to the entire identity journey, so we can have more intelligent identity system that can help recognize a legitimate user and give them easy access while using signals to block potential malicious actors. We launched Autonomous Identity a couple years ago, and now Autonomous Access continues to build on that foundation across the full identity life cycle. Autonomous Access is targeted at bringing that intelligence, sort of that authentication part of the identity journey. Many companies are dealing with identity theft, with account takeover, with fraud that really happens through user impersonation at that authentication process. The value that we're focused on delivering for our customers here is really reduce that account takeover, reduce that authentication-related fraud. Now, the product is three ways that it really differentiates from what other things out there in the market. First, it has a really powerful heuristics or rules-based engine, where we can help our customers protect in real time from known fraud capabilities like credential stuffing or IP reputation. All of that helps really block those known threats. The AI part of the component really helps with unknown threats, things you can't predict. By looking at signals of user and device behavior, we can bring intelligence to say, "Wait, this looks like a strange transaction or a strange user behavior. Let's go ahead and put up a higher level authentication or block that access." It's really a unique combination of both rules-based or heuristics and this AI-driven model. I would say the other really important thing about this is all of this technology, of course, was homegrown here at ForgeRock's engineering department. It's already fully integrated as an add-on module to the ForgeRock Identity Cloud. It's part of our identity trees customers can turn on very easily and start taking advantage of this right in line as part of that developer interface, our identity tree. It's different as it's more powerful across both heuristics and AI, and it's different because it's already integrated into those identity journeys. You know, we've been talking to a lot of our customers. They're really struggling with this account takeover due to the weakness of usernames and passwords obviously. This brings that intelligence to really solve a big problem for our customers right in line with the platform. A lot of excitement, a lot of great pipeline building, and so we think this can really help continue to drive that acceleration in ARR growth for the rest of the year. Got it. Then just relative to the 11% net retention and the revised sort of range or current range around net retention, you know, how should we think about this trending over time, you know, especially as your SaaS customers start to come up for renewal? You know, when do we, you know, maybe start to see that tick up a bit? Thank you. Yeah. Yeah, I think importantly, and just for the context of why we are where we are when we talk about the future is in this period, we look at, you know, the 111%. Our customer retention is really strong and remains at record highs. That's just a continuous result of this customer success investment we've made. We're incredibly pleased with that level of customer retention. We don't see that changing. We are seeing this skewing of our new ARR toward new logo acquisition, you know, and that's really been this function of SaaS. We've seen that opportunity. We're taking that market share. I think over time, that balances out more as we look toward the future, Jonathan. I think there's some things that are in the wings right now. We talk about Autonomous Access, right? That product coming out is gonna help us get to the future state I'll talk about in a moment. I think as it relates to governance, continuing to upsell that. One of the big things we've talked about in the past was the software to SaaS opportunity, which is that conversion of our install base on self-managed over to SaaS, which is we've experienced is about a 2x-3x of ARR. We think that's a multi-hundred million dollar opportunity. We are still in the early days. We've developed the tooling, we've developed all the paths and journeys that they go through and all the things we need to do, and we've gotten out there, and we've seen a great interest from our customers. We are building that pipeline quite quickly. Enterprises take time, though. This level of decision at the level we play in the enterprises, it can be a multi-quarter decision and then a multi-quarter launch process to figure out how to get there. I think in the end, for this year, we still think through the end of this year, we'll be in that $110-$112 range. Obviously, we have goals and targets to get that expansion of those items, really the software to SaaS initiative, more governance, more Autonomous Access that just launched. Get that out there really through our customer success mechanism and drive that north of $112 in the future, likely outside of this fiscal year. Thank you. Ladies and gentlemen, as a reminder, star one for questions. Star one. We'll take our next question from Shaul Eyal with Cowen. Please go ahead. Thank you. Good afternoon, Fran, John, Mark. Great progress with the SaaS offering indeed. How would you characterize the sales cycle associated with this product? I have a follow-up. Sure. I think what I would say is that first, our sales cycle doesn't start with cloud or self-managed. It starts with understanding the customer needs related to identity. What challenges they're trying to solve around whether it's consumer or workforce or IoT. That's the way we start the conversation with our customers. As we go through understanding what they wanna try to accomplish, then we talk about how they wanna do it, and we give them choice on whether they wanna go self-managed or SaaS. Typically that ends up later in the sales cycle. Overall, we do see that the sales cycles with SaaS are shorter. That goes down to, you know, when we deliver a SaaS, ForgeRock takes on a lot of the work, right? The run, the operate, the security. Customers don't have to deal with, like, planning about building all of that infrastructure 'cause they can just take advantage of ForgeRock's rich functionality as a service. We are seeing shorter sales cycle with our SaaS. We are seeing higher ASPs, significantly higher ASPs as we really deliver more value. We're seeing, you know, not only strong demand from our customers, but internally, our sales team really sees the benefits of positioning SaaS, you know, and the benefits of that to the customer. Shorter sales cycle, higher ASPs, more differentiation. I think that's what's driving that accelerated adoption of the SaaS. You had a follow-up. Sure. You know, here we are sitting. We're getting really close, you know, to midway through the quarter. Have you detected any changing demand patterns? Are we tracking to similar levels like to Q21? I know, you know, last year, you were preparing to go public on the one hand, but then, you know, quarter was left with Q2. Just maybe some color along these lines. Yeah, we see, you know, if I look back a year ago, we're seeing increasing demand at ForgeRock for sure. I think some of that's driven externally the market. As, you know, cyber threats and identities become more important. Even in challenging times, these are the things that CISOs and CIOs are prioritizing their business because it protects the company, it reduce costs, and improves the top line of their business. Externally, we've seen increasing demand from this time last year. Second, we've changed a lot as a company. We've gone public, obviously, which gives us good, you know, additional market recognition. We've been maintaining, you know, top grades from the analysts like Gartner, Forrester, and KuppingerCole. We're doing more to kind of hone our go-to-market engine around creating awareness and demand for our offering. We're seeing, you know, increasing pipeline at this time, obviously much bigger than it was last year, to help continue to support our scaling and growing business. Overall feeling in a good position here to achieve the growth targets for the company. Thank you, guys. Thank you. Our last question will be from Eric Heath with KeyBanc. Please go ahead. Great. Thanks for taking the question, and congrats on the strong results and continued acceleration ARR. Fran, I guess just to start with you usually land with CIAM and most of the ARR acceleration rate certainly is coming from net new customers. I'm just curious what's happening in the market that might be tipping these large companies to adopt CIAM, and are those mostly replacements of homegrown solutions? Yeah. I think the CIAM space is really hot right now. Now, Workforce is as well. But I do think there's a lot of energy in the CIAM space, and it is driven by these demands, I think that these technology professionals are under from the business line to create these better, more frictionless experience without putting security or fraud or compliance at risk. You know, there's really strong demand in that area. Many CIAM deals that we win are companies who have a homegrown identity platform that's not able to scale, not able to have the functionality to create a self-service or easy experience or have customer dashboards for them to have to manage their own privacy settings. These homegrown solutions, you know, are really ripe for replacement. That's, like, where we see a lot of our growth. Second, we definitely see some of the legacy platforms. I talked about in the script, you know, one of the transportation companies that were looking to replace a legacy CA SiteMinder identity solution for 40 million identities. Talked about in Q4, one of the largest global banks replaced the CA SiteMinder solution. So we see that as a lot of opportunity. We definitely see when we focus at this enterprise, large enterprise level, many of our customers just haven't prioritized identity like they should have over the past several years. So they find themselves with, like, dozens of point solutions, maybe for different divisions or different parts of the identity lifecycle. We talked about one of our financial services customers that went to ForgeRock Identity Cloud in Q1. They're gonna consolidate literally dozens of different identity point solutions all on this comprehensive platform. You know, it's really about, you know, the homegrown, the legacy platforms, and a lot of these point solution players who really prefer a single solution across all the identity lifecycle. You know, a single platform for all their identities, consumer, workforce, partners, supply chain, physical things and services, and really that enterprise grade of the platform. That's kinda what we see is really not driving, but there's definitely the consumer space is hot, as you point out. Great. Yeah, that's helpful. Just given the strong momentum in SaaS, I'm just curious if there's any update on the competitive standpoint, side of things or on the win rates, just seeing if you've seen any change there. You know, I think generally we consider there's not been a dramatic change in the competitive environment at this point. You know, we're gonna continue to make some exciting investments across ForgeRock this year. We're gonna continue to invest in our cloud maturity. We announced this past quarter the four nines reliability. We'll be scaling the service to go to 50-100 million identities. We're continuing to focus on the authentication throughput from a performance standpoint. As we continue to focus on the enterprise-grade nature of the cloud, that's gonna continue to help our win rates, so we win more. We're focusing more on some vertical specific solutions. Healthcare has been a really growing part of our portfolio, as a lot of people have gone to telemedicine, and they have some unique requirements around patient privacy and data. We launched our HIPAA certification last year. We're now working on bringing out some unique capabilities to help healthcare keeps information private. We're also making good investments on the workforce side as we continue to bring that full offering to the ForgeRock Identity Cloud. 'Cause I think most customers today, you know, want this convergence. You know, ForgeRock was really a pioneer in this converged model of having identity access, MFA, SSO governance in a single platform for all identities. We got a lot of cool things coming out this year that I think will continue to help us position competitively and continue to accelerate that growth, which is why we want to raise that guidance in ARR this year. Great. Appreciate that, and congrats on the quarter. Thank you. Ladies and gentlemen, this concludes today's question and answer session. At this time, for closing remarks, I'd like to turn the conference back to Fran Rosch. Great. Thanks everybody again for joining the call. Thanks for helping us, you know, talk about our fantastic Q1. Our business is really firing on all cylinders. We have strong confidence in our ability to execute on our plan to meet these growth targets, even with our accelerated ARR guidance. We continue to exceed our expectations on SaaS, and that's not by accident. We've got the toughest enterprise customers in the world, are taking a deep look at our architecture compared to what other things are on the market, and they're choosing ForgeRock. We continue to deliver world-class innovation to the market, highlighted again today by Autonomous Access, which we think is gonna be a great accelerator of our business in the latter half of the year. Again, congratulations to all the ForgeRockers who helped make this a great quarter, and we look forward to continued dialogue in the weeks and months ahead. Thanks so much. Ladies and gentlemen, this concludes today's conference. We appreciate your participation. You may now disconnect.