Welcome to the ForgeRock Q2 earnings conference call. As a reminder, this call is being recorded. I would like to turn the call over to Mr. Mark Kang, ForgeRock's Head of Investor Relations. Please go ahead, sir. Hello, everyone. Welcome to ForgeRock's Q2 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 Q3 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 have included in our SEC filings, including our quarterly report on Form 10-Q filed with the SEC on May 12th, 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 Q2 2022 results. Our ARR grew 30% year-over-year in Q2, marking the sixth consecutive quarter of ARR growth of 30% or greater. While we experienced record growth of 35% in Q4 of 2021 and Q1 of 2022, our ARR in Q2 was below the low end of our guidance by $1.4 million. The primary reason that our ARR results were below our expectations was that we did not close the larger deals in our pipeline as expected. In the latter part of June, we began to experience lengthening sales cycles, especially for our larger enterprise deals. It is important to note that some of these deals have already closed in the first part of July, which has resulted in a strong start to Q3. Other deals are still in our pipeline, and we are engaged with our customers on these opportunities. We believe the changing macro and business climate materially contributed to these lengthening sales cycles. We also saw more FX impact than we anticipated for Q2, primarily due to the dollar strengthening against the British pound and the euro. By and large, our ARR results were impacted primarily by the unexpected lengthening of sales cycles for our larger enterprise deals. Given that the challenging economic environment will likely continue to drive companies to take a harder look at IT spending, we are already taking action within ForgeRock to address the challenges. We are focused on the following. Efficient pipeline growth. We continue to focus on increasing the size and improving the quality of our pipeline, keeping the focus on generating opportunities from our named accounts in our enterprise and large enterprise target market. We generated a record amount of high-quality pipeline in Q2. We are on track to create the necessary pipeline to achieve our growth targets, which John will discuss in a bit. Optimizing sales capacity. We continue to focus on cost-effectively scaling our go-to-market organization to ensure that we have the capacity and coverage to support our growing business. Customer-centric business model. The investments we made in our customer success organization and culture has resulted in another record quarter of customer retention. This provides us with a strong foundation to increase expansion opportunities within our installed base. Driving platform innovation. We are driving more product releases and partnerships. On our last call, we announced the release of Autonomous Access, and we've quickly built a significant pipeline for this offering. Even factoring in a challenging macro and business climate, we are confident we can deliver on our ARR growth targets discussed on this call. ForgeRock is a growth company with a huge opportunity, and we remain focused on making measured investments to drive robust and durable long-term growth in the range of 30% as we march towards achieving our non-GAAP operating margin profitability sometime in the back half of 2023. A key driver of our growth continues to be our market leading technology and our continued innovation. In the past, you may have heard us mention the Triple Crown, how ForgeRock continues to be the only identity provider recognized as a leader by Gartner for access management and Forrester and KuppingerCole for CIAM. In Q4 of last year, Gartner published a report called Critical Capabilities for Access Management, which is a deep technical review of 12 identity companies. When you combine our scores across all three categories in the report, which are CIAM, Workforce, and Application Development, ForgeRock is the highest-ranked platform. I'm excited to provide the following product updates. First, we released a series of major enhancements to our market-leading identity orchestration capability called Intelligent Access Trees that make it easier than ever for enterprises to deliver and measure world-class customer and employee experience while accelerating time to develop user journeys. Key enhancements include new out-of-the-box journey themes, custom UI theming, localized language for end user UI in terms and conditions, and improved accessibility compliance. Key enhancements for administrators include a new analytics dashboard that measures the success and failure rates of user journeys, and new organization features to enable tagging and searching journeys. All of these improvements make our already market-leading trees stand even further apart from the competition, and enable our customers to deliver outstanding digital experiences. Identity is the on-ramp to digital customer journey, and done well, it's a force multiplier for businesses. Next, we released our 7.2 version of self-managed ForgeRock Identity Platform. Leveraging our single code base, this release provides our self-managed customers with all the new innovation that has already been delivered to ForgeRock Identity Cloud, including all of the advancements to our trees that I just covered a moment ago. Key additional features include significant updates to our access token capabilities, including token exchange and enrichment, and new OAuth 2.0 features which allow customers to tailor the user experience and increase security. The addition of several new tree nodes that accelerate time to value and improvements to scalability and resiliency of our directory services and data synchronization in elastically scaled environments. These new areas of innovation provide additional differentiation between ForgeRock and our competitors. We win in the market because we empower our customers to create better identity experiences without compromising on security. Offering full suite and unified identity platform, our enterprise-grade performance and scalability, the extensibility of our platform, AI and innovation leadership, and our proprietary SaaS architecture. Our SaaS offering has been a key accelerator of our growth since its inception. SaaS now represents 17% of our ARR, and we are tracking well towards our goal of finishing this year with 22%-27% of ARR from SaaS. We are still in the early innings of migrating our existing customer base to SaaS, with 83% of our ARR still self-managed. Our existing customers who migrate to SaaS represent larger average ARR, and more importantly, we've seen a two to three times expansion of ARR after they begin their migration to SaaS. We had some fantastic customer wins during Q2 across both our SaaS and self-managed offerings that I'd like to share. Our first customer win example is a health insurer serving more than 7 million people nationwide. Their legacy Oracle solution was nearing end of life. It was complex, costly, and limited in its capabilities. This customer selected ForgeRock Identity Cloud to help rebuild its portal for providers and customers. The new solution aims to reduce cost while providing a more secure and enhanced user experience. Next is European-based IWG, the world's largest provider of hybrid work solutions, with over 3,500 locations in more than 120 countries. 83% of Fortune 500 companies are IWG customers. Furthermore, IWG is a leading provider when it comes to the safety and security of its customer. Today's security spans both the physical and digital domains. Physical refers to building and office access, visitor logs, and convenient vending using one mobile key. Digital refers to providing companies with the ability to manage their own security related to bookings and managing services such as the collaboration of hybrid teams. IWG needs to automate the synchronization of new starters and leavers, add multi-factor authentication, and introduce passwordless login, all with seamless integrations with third-party systems. IWG has selected ForgeRock as their platform to meet these requirements, support their complex use cases of its business, and to provide enterprise-grade security and scalability. Our third example is a North American mall retailer with several hundred locations in the United States and Canada. This retailer recently purchased ForgeRock Identity Cloud to replace a legacy IAM system that could not keep pace with modern demands. They will use ForgeRock to improve the speed and security of employee onboarding, featuring capabilities including SSO, multi-path login for associates, MFA, custom URLs, self-registration, self-service password reset, employee validation, and provisioning of users. Our fourth example is a statewide system that will use ForgeRock to help make access easier and safer for millions of citizens applying for assistance programs. As part of this win, ForgeRock is also providing secure access to hundreds of thousands of state employees. They were previously handling audits manually, which was resource and time intensive. With ForgeRock, they're able to automate and streamline their quarterly audits with ForgeRock's IGA module, saving significant time and costs. Our last example is a global designer and manufacturer of household appliances. This customer purchased our self-managed offering six years ago for a sign-in use case. They're in the process of transitioning to our SaaS offering for greater simplicity, ease of use, and cost reduction for tens of millions of consumer identities. This shift now makes them one of our top five SaaS customers by ARR. Even in a challenging macro environment, we believe ForgeRock is well-positioned for growth because we are at the intersection of three powerful value drivers for our customers. First is cybersecurity. Identity is critical to securing the enterprise in an increasing threat landscape, and ForgeRock enables greater security without sacrificing end user experience. We recently released our 2022 Consumer Identity Breach Report, revealing that unauthorized access was a leading cause of breaches for the fourth consecutive year, steadily increasing to account for 50% of all records compromised during 2021. Breaches involving usernames and passwords increased by 35% during 2021, accounting for more than 2 billion records compromised. Second is driving revenue growth. Every company with a digital presence needs a frictionless, personalized, user-friendly identity experience to drive digital product adoption and in turn, revenue. Our platform is mission critical in enabling enterprises to achieve superior customer experience, security and privacy for new lines of business, such as a digital bank. Our market-leading identity orchestration capabilities are a key enabler of this. Third is cost reduction. Our customers are able to achieve significant cost reductions in two primary ways. First, by migrating off legacy or homegrown solutions to our enterprise-grade platform. Second, by leveraging AI to automate governance processes such as managing entitlements and detecting over-provisioned access that pose security and compliance risks. In July, we announced that Forrester Consulting performed a Total Economic Impact study that examined the ROI enterprises could realize by deploying ForgeRock CIAM platform. Forrester interviewed seven representatives at five organizations with experience using ForgeRock and aggregated the results into a single composite organization. These results show that the composite organization saw 186% ROI in less than nine months, and a net present value of $28.5 million over three years. According to the study, the composite organization realized significant cost savings over three years. Over $80 million in savings from transforming their legacy environment to ForgeRock. 1.3 million in savings from avoiding IT development costs. Almost $6 million in savings for more efficient rollout and deployment of new functionality. Reduced instances of fraud, resulting in $4.7 million in savings. A 40% reduction in security-related calls to the call center, resulting in a benefit of $24 million. These value drivers that I just discussed are reasons why identity remains a top priority for every modern organization, and why we continue to see strong customer demand for our enterprise-grade identity platform. We've built an incredible business at ForgeRock with world-class customer base, a market-leading identity platform, and over 860 ForgeRockers worldwide who are passionate about modernizing identity for enterprises. We are confident that we can drive robust and durable long-term growth in the range of 30% as we capitalize on our $71 billion addressable market. Looking ahead to the second half of the year, we remain encouraged by the underlying drivers of our momentum, which remain strong despite macroeconomic challenges. Our integrated platform across identity, access and governance for CIAM, workforce, and IoT use cases that supports all identity types continues to be a differentiator for us. Our ability to empower our customers to choose how they want to deploy our software, whether it be self-managed or SaaS, maximizes the market opportunity for us. With that, I'll turn the call over to John to walk through our financial results in more detail. John? Thank you, Fran. We were pleased to deliver revenue, non-GAAP operating loss, and non-GAAP EPS results above our guided ranges in the Q2. As Fran mentioned, our Q2 ARR results were impacted primarily by the unexpected lengthening of sales cycles for our larger enterprise deals and significant FX headwinds. Before I dive into specifics on our financials, I wanted to highlight three themes that give us confidence in the durability of our growth and our march towards profitability. First, the ForgeRock identity platform is a market-leading product that is sold into large enterprises and serves a mission-critical purpose. This is why we have world-class retention rates and high customer lifetime values. Second, our gross margins remain strong and stable as we scale our SaaS business. Lastly, we are marching towards reaching non-GAAP operating margin profitability sometime in the back half of 2023 through measured investments to support the growth of our business for the long term, and achieving operating leverage as our revenue growth begins to more closely align with our ARR growth, which has been impacted by our SaaS transition in the most recent periods. We look back over the past six quarters, we have experienced ARR growth of 30% or greater. We ended Q2 ARR at $201.6 million, up 30% year-over-year. Adjusting for approximately $1 million of FX impact in 2022 year to date, our ARR growth was 31% year-over-year. Some of our contracts are denominated in local international currencies and impacted by fluctuating FX rates. SaaS ARR represented 17% of our ending ARR as of June 30. Adoption of our SaaS offering among new and existing customers continues to be strong. SaaS as a percentage of ARR from new customers was 53% in Q2, and 23% of our new customers in Q2 purchased SaaS. We are seeing strong SaaS growth from both new and existing customers. Of our SaaS customers that initially purchased our self-managed offering after purchasing our SaaS offering, they have expanded their ARR with us by two to three times on average, and they're not done yet. Average SaaS ARR from new customers who purchased SaaS in Q2 exceeded $350,000. We continue to see robust adoption of our SaaS offering in Q2, and we are tracking well towards our goal of finishing the year with 22%-27% of ending ARR from SaaS. Moving on to customers. We continue to experience very high retention and are seeing great results from our investments in customer success. We ended Q2 with 414 large customers defined as customers with $100,000 of ARR or greater. Our large customer base grew 17% year-over-year, and they represented over 91% of our ARR as of the end of Q2. The average ARR for a large customer has steadily increased since the end of 2019 and is now $445,000 of ARR. Our net retention rate for Q2 was 112%, up sequentially from 111% in Q1. The expansion of ARR from our existing customers is being driven by customers adding more identities, more use cases, and more product modules. We also have a big opportunity to convert our existing self-managed customers to the ForgeRock Identity Cloud. We continue to expect our net retention rate to 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. ARR best reflects our growth, while GAAP revenue is impacted by our SaaS increasing as a percentage of ARR. Total revenue for Q2 was $47.7 million, which was above the high end of our guidance. Subscription SaaS support and maintenance revenue grew 46% year-over-year in Q2, up sequentially from 43% year-over-year growth in Q1. As it relates to the increasing level of predictability in our revenue, we're pleased to announce that our ratable revenue now represents 62% of our total revenue, up from 46% of revenue in Q2 of last year. Professional services revenue grew from $1.1 million in Q2 of 2021 to $2.6 million in Q2 of this year. The primary driver of this growth was due to services related to the delivery of our SaaS deals. Before turning to profitability and expense items, I would 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. Q2 gross profit was $39 million, and gross margin was 82%. As we continue to scale our SaaS offering, we expect to see increasing investment in cloud infrastructure and incur higher hosting costs, which is partially offset by our large SaaS ASPs. Our professional services margin significantly improved year-over-year, primarily 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. The percentages of revenue for our operating expenses are currently heavily impacted by revenue recognition under ASC 606. Also, please keep in mind that we were not a public company in Q2 of last year. Sales and marketing expense for Q2 was $27.2 million, compared to $21.5 million in Q2 last year. This represents 57% of total revenue for Q2, compared to 49% in Q2 of last year. R&D expense for Q2 was $14 million, compared to $9.7 million in Q2 last year. This represents 29% of total revenue for Q2 versus 22% in Q2 of last year. G&A expense for Q2 was $12 million, compared to $7.8 million in Q2 last year. G&A was 25% of revenue versus 18% of revenue last year. Operating loss for Q2 was $14.3 million, compared to a loss of $2.9 million in Q2 last year, representing an operating margin of negative 30% versus negative 7% 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. Our balance sheet is very strong, and we ended the quarter with $347 million in cash equivalents, and marketable securities. In Q2, free cash flow was negative $20.7 million or negative 44% of total revenue, compared to negative $22.4 million or negative 51% of total revenue in the Q2 of last year. In 2020 and 2021, free cash flow in Q2 was the lowest seasonal quarter within each fiscal year. Before we turn to guidance, I'd like to provide some comments that should give additional context for the remainder of this year. While we remain optimistic on our growth for the remainder of this year, we are revising our annual ARR guidance to factor in greater impact from longer sales cycles, especially for large enterprise deals and incremental FX headwinds. On the FX impact to ARR, we estimate the impact to Q3 and Q4 is approximately 1% point of growth for both periods, which has been built into our ARR guidance. For revenue, we expect Q2 to be the trough in terms of revenue growth in 2022. We expect revenue growth to begin meaningful sequential re-acceleration in Q3, with Q4 being our strongest seasonal quarter for growth. For our annual operating loss and operating margin guidance, we are managing our business to achieve the margin range over the dollar range. We remain confident in our ability to reach non-GAAP operating margin profitability sometime in the back half of 2023, though our progress between now and then may not be linear, primarily due to seasonal variability. Now turning to guidance. For the Q3 of 2022, ForgeRock expects total ARR of $208 million-$211 million, representing 28% year-over-year growth at the midpoint. Our Q3 and annual guidance is inclusive of estimated FX impact. Total revenue of $49 million-$52 million, representing 14% year-over-year growth at the midpoint. Non-GAAP operating loss of $12 million-$10 million, representing an operating margin range of -24% to -19%. Non-GAAP net loss per share of $0.17-$0.13, assuming weighted average shares outstanding of approximately 84.7 million. For the full year 2022, ForgeRock now expects total ARR of $225 million-$232 million, representing 25% year-over-year growth at the midpoint. Total revenue of $206 million-$212 million, representing 18% year-over-year growth at the midpoint. Non-GAAP operating loss of $35 million-$33 million, representing an operating margin range of -17% to -16%. Non-GAAP net loss per share of 49 cents to 44 cents, assuming weighted average shares outstanding of approximately 84.5 million. I'll now turn the call back to Fran for closing remarks. Fran? Thank you, John. Before we open for questions, I'd like to close with a quick summary of the actions that we are taking as a company to achieve our targets and to drive robust and durable long-term growth in the range of 30%. We continue to focus on increasing the size and improving the quality of our pipeline. We are cost effectively scaling our go-to-market organization to ensure that we have the capacity and coverage to support our growing business. We continue to focus on customer success to maintain our strong gross retention rates while creating additional opportunities to expand our business within our existing customer base. We're driving more product releases and partnerships. As CEO, I continue to be very excited about the incredible business we built and the opportunity ahead for ForgeRock. Operator, you may now open the call for questions. Thank you. Ladies and gentlemen, if you would like to ask a question, please signal by pressing star one on your telephone keypad. If you're using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Please ask one question at one time, and you may have one follow-up question. We'll pause for just a moment to allow everyone an opportunity to signal for questions. We'll now take our first question from Gregg Moskowitz from Mizuho. Your line is open. Please go ahead. Okay, thank you very much for taking the questions and good afternoon, gentlemen. I guess first question for Fran regarding the macro. Are the longer sales cycles that you're seeing or began to see in the latter part of June more pronounced in any particular region or is that broad-based? And then also, are you seeing any changes in average deal sizes in any of your territories? Yeah, thanks, Gregg. Yeah, we did not see any concentration of those kind of challenges in any particular geo, in any particular industry, or really any particular product line. It was really kind of reflective of our business. You know, as we came into Q2, we had a strong pipeline of a lot of great large enterprise deals. You know, as we worked those, we saw those challenges at the end of the quarter, but it was kind of reflective of the business. Okay, understood. I guess question for John. I think a lot of investors are just wondering how conservative your assumptions may be as it relates to your Q3 and full year guide. In other words, are you assuming a continuation of these trends that surfaced in June or a worsening of them? Any color there would be terrific. Let me touch on that, and then maybe, you know, John can add some color if he thinks it's beneficial. You know, when we looked at, you know, the Q2 guidance and the rest of the year guidance, you know, we recognized we are really, you know, building off a very strong foundation. We've now had, you know, 10 quarters of this growth in that, you know, 30% range, including a couple of them at 35% over the past couple quarters. The market continues to be really strong for digital identity. We have these great customers. Our technology continues to be really well recognized. So we really have a strong foundation as we went into the second half. Given that lengthening of the sales cycles that we saw at the end of Q2, we spent a lot of time, you know, working with our sales team and looking at our pipeline for the second half of the year. We feel we have, you know, a strong both quantity and quality of pipeline because we recognize not all of it's created equal, whether it's new customers or existing customers, cloud or SaaS, or self-managed. We applied our conversion rates to that pipeline. We also did apply some additional impact for those longer sales cycles, as well as from FX, that we saw earlier in the year. When we, you know, as we get in here to Q3, we've seen improved linearity. We had a record July at ForgeRock. Some of those deals that we experienced, those longer sales cycles, have already closed, which is great. We have a strong pipeline. We have the right sales capacity. When we look at these things, we do have confidence that we did create the right guidance for the second half of the year. I think to add to that, Greg, you know, we really, as you look at that FX, we've experienced such material movements, you know, in Q2 just globally against the euro and the pound appreciating against the dollar. We've got almost $3 million of FX that's now incorporated into the reduction in the ARR guide. So obviously very, very meaningful. You know, we hope the worst is behind us in that sense. However, what I'd state is that we've also incorporated, again, I think three additional levels of discount that was iterated in and for macro in general, for additional potential FX and also for the lengthening of the sales cycle. Really material in the way we thought about this, and again, I think focused around what we saw in just those handful of large deals. You know, we hope that is not the norm going forward, but obviously we felt it was prudent and important to incorporate that conservativeness into our guide. That's helpful. Thank you both. Thank you. Next up, we have Eric Heath from KeyBanc Capital Markets. Your line is open. Please go ahead. Hey, Fran. Hey, John. Good afternoon. Just on the margins, I think it was clear that you're taking a little bit more of a measurable approach to spend this year. Just curious, a kind of where you're kind of focusing those dollars that you wanna continue investing in and maybe where you're just pulling back a little bit. Sure. Absolutely. You know, I think, you know, first of all, you know, ForgeRock really a growth company and an amazing growth opportunity looking forward. You know, we've had this, you know, long string of 30% growth. We think that's gonna, you know, continue as our long-term durable growth target in the company. We've got to invest and build into that. We are targeting, you know, we are primarily a technology company, obviously, and our companies choose us for that. We continue to invest in R&D to ensure that we can continue to release really cool new things to help our customers with better digital identity. We'll continue to invest in our go-to-market and our sales efforts to scale that capacity so we have what we need to deliver the numbers. We continue to invest in customer success and customer support to ensure that our customers get that value. We've reprioritized some things within the company, some things that we felt we could do less of to ensure that we protected investments in some of those key areas to continue to drive the strong growth that we've experienced over the past several years. Yeah, I would just add, you know, as leadership team, we took a really careful look at all of our expenses. I think it's always prudent to do, and again, as Fran mentioned, reprioritize and reduce some dollars where we could. What we were able to do with that was, you know, the flow through from the reduction in revenue did not completely flow through, as you'll note in the guidance around the operating loss. What we did there was made some of those strategic reductions, but also with an eye toward really importantly, always running our three-year plan out, looking at that, making sure we're feeding that growth in the future, obviously around R&D, customer success, sales and marketing, but also really importantly to ensure that we could reaffirm that target we have around that profitability somewhere in that back half of 2023. All of that was done, you know, as a very coordinated review in this cycle. Got it. That's helpful. Fran, I mean, I think about your business, it's still largely CIAM, which does include both security organizations and marketing organizations in terms of making that decision on the buying cycle. Just curious, I mean, I think we all think security budgets are pretty safe, relatively speaking. Is it maybe a function of kind of the marketing side that might have caused a little bit more kind of scrutiny of deals? Just curious, your thoughts there. Yeah, it's a great question. You know, at ForgeRock we do service both parts of the market. Our platform works, you know, definitely a lot of folks in CIAM where we tend to land most frequently and expand from there. But we also continue to land in the workforce side as well. We had some wins in governance this past quarter that we feel really great about. But we do tend to land in CIAM. When we looked at kind of some of those changing dynamics in those sales cycles in the latter half of June, I think some of what you're talking about is kind of what we saw, that we were in some of these opportunities where our champion said, "Look, we've chosen ForgeRock. You know, you have the right platform for us," and then we're moving it through the purchasing process. When we got through that champion might have been buying the platform for maybe a single business unit or a line of business within that organization. As identity is becoming more and more strategic and important, companies looked and said, "Hey, could we potentially use this technology other places?" You know, that's led to further conversations, more POCs, which importantly has, you know, driven those longer sales cycles. By and large, we've not lost any of these opportunities to our competitors. We continue to engage with our customers. Some of them have closed them already. You know, we feel good about that momentum. I guess just to, you know, kind of put one other way to answer that question, you know, consumer identity continues to be a top priority even in these environments. You know, whether it's from a cybersecurity standpoint or the account takeovers, a common, you know, attack vector. You know, as all these companies try to compete in their market, the identity experience becomes so important so that they can deepen relationships and drive loyalty with their own customer base, as well as reducing cost and making more self-service to reduce kind of help desk. We feel there's still a great market for both CIAM and Workforce, and we continue to drive growth in both areas. Great. Thanks for taking the questions. Thank you. Next up, we have Hamza Fodderwala from Morgan Stanley. Your line is open. Please go ahead. Hi. Thanks so much for taking my question. There's been some consolidation within the identity management space lately. Could you just talk on how you think this might impact the current, competitive landscape? Thanks so much. Yes, absolutely. We have seen that consolidation over the past couple of quarters, and I think that's really demonstrates how interesting this market is. You know, people really see when they talk to CIO and CSO, you know, identity always comes up in, you know, the top one, two, or three priority of an organization. I think we're seeing all kinds of investors take a lot of interest in this market, and we think we're really happy to be in such an exciting market. I think for us, you know, and in my career, I've been involved with, you know, a lot of M&A, and M&A can be really challenging and potentially distracting. As, you know, new owners come in, new priorities get set, new budgets rolled out, change of leadership, that can be distracting for these companies. At ForgeRock, we're really focused at using this time and using this opportunity, you know, as a standalone public company to execute and grow in the market. You know, the last element when we think of sort of how some of these owners might put some of these other pieces of technology together, you know, ForgeRock, we recognized a long time ago, talking to our customers, that they don't wanna have to cobble together multiple point solutions across that identity journey. At ForgeRock, we already have identity and identity management, access management, SSO, MFA, governance, entitlement management, all in a single platform, all organically built by our development team, all fully integrated into that single platform. you know, it's interesting everyone else has kind of noticed what a great market this is and taking some actions, but we feel really good about our position and our ability to continue to win with our platform. Great. Thank you. Just one other follow-up question. Have you guys been making any changes in terms of hiring plans versus six months ago? Thank you. You know, as we mentioned, we're a growth company and, you know, we continue to hire. We also talked about doing that prudently, and where we could, pulling back so we could focus our hiring in the areas that are really gonna move the needle. You know, we really focus on our sales capacity, and we know that, you know, we look at our sales capacity in a pretty sophisticated way to look at rep productivity in the zero to six months, six to 12 months, and greater than 12 months. We know we've got to constantly build that pipeline to grow that go-to-market machine. We're gonna continue definitely to stay focused in that area. We've got to continue to, you know, create great innovation, so we're continuing to invest in R&D, customer success and support, and look at other areas where we might slow down hiring so we can focus investing in those growth areas. Thank you for the question. I guess next one. All right, next we have Jonathan Ho from William Blair. Your line is open. Please go ahead. Hi. Good afternoon. I just wanted to see if we could get a sense of the magnitude of the deals that slipped out and, you know, have they all subsequently closed or are there still some that are open, right now? Yeah. You know, when we go into any quarter, at the beginning of the quarter, we spend a lot of time looking at our pipeline and looking at the deals that are in the pipeline and how some combination of those, you know, are gonna close to result in us achieving our targets. Of course, it's not all of those, it's a percent of those. For us, it was really just, you know, a handful of these larger deals that we were looking forward to closing and being part of that quarter. Some of them have already closed. We had one of our large healthcare companies that has already closed here in Q3, excuse me. We're off to a really good start. Several others as well have closed as well, but we've got more to go. As I mentioned, you know, we haven't lost any of these to our competitors. We just continue to engage with our customers, you know, helping them further with this, you know, whether it's an ROI or more POCs, to get these deals closed. John, can I just add, you know, some of those deals that didn't close, enough of them closed such that we're actually off to a record linearity in July, and August is looking incredibly strong. I think it's testament to the fact that they really did not come in just on the goal line with respect to Q2, but we've closed substantial amounts such as to contribute to that record linearity. Got it. You know, in a tougher environment, do you see, you know, maybe the contribution mix shifting from new customers to more existing customers, or vice versa? I just wanna get a sense for how you're thinking about, you know, relative net retention versus new customer growth. Thank you. Yeah. Can I give my perspective and then maybe John can add a little more around our net retention approach. We continue, Jonathan, to think both of these are really great opportunities. You know, we've got a great customer base with, you know, really strong gross retention, and we believe that's a great opportunity to cross or upsell and grow more ARR through that channel. Whether it's, you know, Workforce to CIAM customers or CIAM to Workforce. We just launched our Autonomous Access last quarter. We now have $7 million of pipeline in that. With several deals we expect to close this quarter, our software to SaaS initiative. We think there's a lot of opportunity, and we're gonna continue to focus on that embrace the base, as we call it, at ForgeRock. We're gonna continue to focus on, you know, new logos and new customers. It's still a really dynamic market. There's still a lot of companies that we see that are running Oracle or CA or other legacy platforms that need to modernize. A lot of homegrown technology out there that's ready to be replaced. We still see strong growth in RFPs that are coming to the company. We're gonna continue to focus on both. Our sales team, you know, are compensated on new ARR, whether that comes in from existing customers or new logos. Our marketing team is, you know, focused on driving, you know, leads from new logos, but we're selling current install base as well. I guess in a long way of saying, we think both opportunities continue to be really great for ForgeRock. Yeah. As it relates into net retention, new logos are a huge opportunity. Of the largest deals that slipped in Q2, you know, they were really more a function of new logo acquisition. You know, as you might expect, it's more of a contracting and POC kind of process that you go through. What that meant was that the percentage of new business we closed, as you might expect, was then skewed toward our install base. However, if you look back over the prior four quarters, it's not just the percentage that was higher over the prior four quarters, actually, the absolute dollars were higher. When you go a layer deeper into that expansion, we think that really shows those great results from having built out that customer success last year, really moving toward getting that deeper upsell, cross-sell, and adding more identity. The base installed base is really strong, showing really nice expansion. We're pleased to see that. Adding as well multiple software-to-SaaS deals, which again continue to convert with that 2-3x of ARR. Really pleased with how that's flowed through. Then overall in net retention, you know, just to note, gross retention continues to be at record highs and ticked up even further in Q2. Thank you. Next up we have Brad Zelnick from Deutsche Bank. Your line is open. Please go ahead. Great. Thanks so much for taking the questions, guys. Maybe I'll start with you, Fran. We all know the environment's tough out there, and I know you're a pro, you've lived through many prior cycles. What gives you confidence this is the environment that you're seeing and that your team is executing the best that they possibly can? Just given what's going on out there, can you double click? I know you spoke to some of this in your prepared remarks, but just some of the adjustments that you're making in your go-to-market to adapt to the environment. Does it make more sense to, you know, put more effort behind expansion versus new logo, as an example? Thanks. Thank you. You're right. I have been around a while, and that gives me a great foundation to, you know, when I say I do feel really confident in the future of the company and the opportunity we have in the back half of the year. I would say, you know, there are two things that really give me that confidence. First is really looking at the pipeline. You know, we've spent a lot more time understanding not only the quantity, but the quality of that pipeline that we have. We had a record pipeline development in Q2. We're on track for strong pipeline development here in Q3 from a quantity standpoint. We've also spent a lot of time continuing to dig into the quality. By that, you know, not every opportunity is created equal. Some opportunities convert at higher rates than others. Whether we look at pipeline from our new logos or existing customers or self-managed versus SaaS or CIAM versus Workforce or opportunities that are generated in our target account list, we know those convert at a higher, at our level. You know, that really drives that confidence is looking in that pipeline and seeing the quantity and quality there to deliver the numbers. I would also say it's the conversations that I have with our customers and our prospects. I was on the phone with one of our larger financial services customers over the past couple of days who are just are looking at opportunities to further use ForgeRock in other business lines as they continue to grow as an organization. I talk to brand new prospects, a technology company here in Silicon Valley that has, you know, taken off and has selected ForgeRock, and they're now in our pipeline here to close this quarter. A lot of confidence there, both, you know, by the numbers and the data I see in the pipeline, as well as the conversations that I'm having with customers and prospects. Thanks for that, Fran. Maybe just a follow-up for John. John, it seems that DSO has been creeping up pretty meaningfully, especially in Q2, which is a little counterintuitive if the story of Q2 was larger deals pushing out at the very end. Is there anything else that's happening in terms of payment terms that explain what we're seeing in receivables, and what should we expect as it relates to collections going forward? Yeah, it's really interesting. If you go through prior filings and you look at the actual bad debt, you know, I would challenge anyone in our business to show a better level of collections than we have. I think our bad debt is absolutely record for the industry. That is really where everything comes out in the wash, you know, so to speak. That's just a function of great product, really durable, great customers, enterprise that pay. I think DSO can be just a function of period-over-period changes, not anything that we've had a challenge with. On payment terms, we've been very, very consistent. Just reviewing the analysis over the last week, looking at how much 30-days, how much 45. I actually approve anything over 45 days in the company, and I've seen no uptick in those payment terms, you know, over the prior periods. Things appear to be very strong there. You know, could we see more of those requests going forward? Potentially, but have not seen them yet. Great. Thank you so much for taking the questions, guys. Thank you. Next up, we have Shaul Eyal from Cowen. Your line is open. Please go ahead. Thank you. Good afternoon, guys. Fran, I wanna go back to that point about the quality of your pipeline, and maybe on the heels of Brad, you know, go to market question. As you think about your relations with your partners, any changes, any fine-tuning that are also needed on that specific front? Yeah, Shaul. Yeah. Let me answer that in kind of, you know, when we look at our pipeline, our pipeline comes from three primary sources, and one great source is our partners, and they continue to be really important to us. We have great relationships, some of the big partners like Accenture, Deloitte, PwC, but we also partner with dozens of different identity providers around the world. They are absolutely bringing us into these accounts as they're working with customers as part of kinda larger initiatives around digital transformation or cloudification. A good part of our pipeline comes from that, from those partners, and we love that because it typically comes in more qualified, larger, faster cycles 'cause the partner's already in there developing with us. As we've mentioned in the past, we do co-sell once that opportunity gets generated, but our organization is really focused on working with our partners to identify new opportunities, close those opportunities, and then deliver them, and work with our partners around customer satisfaction. That's an important part of our pipeline generation, and it was important the first half of the year. We expect it to be important in the second half. Our second big part of the pipeline is what we generate ourselves. Primarily our marketing organization is focused on new logo pipeline generation, where we create, you know, engagement in the market, and MQL that flows through to our sales development team, who then set up meetings and opportunities with our AEs, our account reps. Our AEs, our account reps, are also focused on our existing customers, creating new pipelines. When we look at quality of that pipeline, we do look at its source across those three, but then we also look at other factors, as I mentioned, on whether it's CIAM or Workforce, and we tend to land more in CIAM. Our platform is really recognized as much more market-leading in CIAM than anywhere else, so we tend to close those at a higher rate. Right now, our SaaS business is closing at a faster rate with slightly shorter sales cycles. We look at quality a lot of different ways when we look at that pipeline that give us confidence here in what we've provided for the second half of the year. Understood. Maybe another tricky question. You know, we've all read about the recent cyberattack on Cisco that took place in late May. You know, it does mention Duo that they bought back in 2018. You know, obviously, I think we can all understand because they gave it, they provided it in a very thorough manner that it was really mostly an identity-driven type of attack. You know, what's your thought on that front? Maybe have you been seeing anything emanating from that attack that could come in your direction? I know that. I'll answer that. Duo maybe competes on a different front a little bit, but there's, I think, without a doubt, plenty of angles that you could address. Yeah. I'll answer that two ways, Shaul. You know, you're right. Identity continues to be one of the most attacked vectors of cybercriminals trying to break into any enterprise. Whether it's on the consumer side, where people will buy or steal usernames and passwords and show up and appear to be legitimate when they're not, within the enterprise, compromised credentials are leading to these type of breaches. We released our breach report just a couple weeks ago that demonstrates identity-related breaches continue to grow. You know, it's a real problem for companies out there, and ForgeRock helps them solve that problem with better and smarter identities. We see that as part of our value proposition, and we're focused on helping companies improve security around identity. Now, we also obviously have our own infrastructure, our own products. We have to invest in our own security here at ForgeRock. We have a great CISO, Russ Kirby. We continue to invest in security at board level conversation to ensure whether it's with people and technology and better processes, we stay protected because our company's obviously counting on us around our identity services. For us, it's kind of both a market opportunity and continued investment here at ForgeRock around cybersecurity. Thank you for that. Thank you. Next up we have Gray Powell from BTIG. Your line is open. Please go ahead. Okay, great. Thanks for taking the questions. Yeah, maybe just sort of a couple of related ones on my side. Roughly speaking, it looks like the SaaS product drove about 2/3 of your net new ARR additions in the first half of the year. If I look at the guidance, I think the guidance implies that SaaS is gonna account for just over 80% of the net adds in the second half. Does that seem about right to you? Am I doing the math correctly there? Is that factoring in any sort of conservatism on the on-prem side in the second half, or am I reading too much into that mix? Yeah, I'll touch on kind of our approach to SaaS and then maybe John can provide a little bit more color on that math. You know, part of what we do is we offer our customers choice on whether they wanna consume ForgeRock in our identity SaaS, or in a self-managed, because we think there continues to be market for both, and we wanna capture all of that market. We've seen really rapid adoption of our SaaS, as you mentioned. This is only our second full year of having SaaS in the market, and it's a big driver of our growth. Q2 was no different with over 50% of our new ARR coming from new logos coming on that SaaS platform. We've always talked about some potential kind of, you know, quarter-to-quarter fluctuations, but overall, we're gonna continue to sell both SaaS and self-managed and see good strength in both. That's right. Yeah, I think there's a couple of things. Talking about revenue, you know, first, there's a lot of revenue coming from our self-managed business that will continue to renew. We'll continually look out toward our pipe, and I think this is right to the core of your question. Right out of our pipe, it looks very good, healthy mix of both SaaS and self-managed. You know, we do have a beat and raise model in place. Obviously, we have provided a level of conservatism to that. I'd tell you know, the 80% is probably on the high range there. I think as you look at those factors, we believe it will continue to grow, but it will fluctuate quite a bit from quarter to quarter, that SaaS dollar mix as we move out toward the end of the year. Okay, that's really helpful. Thank you very much. Thank you. Next, we have Rob Owens from Piper Sandler. Your line is open. Please go ahead. Great. Thank you for taking my question. I guess, following on that, could you then unpack for us the percentage of new customers who are purchasing SaaS versus self-managed? Because it was at a low this quarter, and just customer patterns right now and how they're buying, it seems with other infrastructure stories, they're migrating more towards SaaS than they are the self-managed. So curious why yours went the other way? You know, what I would say is generally we do see that growth in SaaS, you know. As I mentioned, we offer our customers choice, and we're gonna see some fluctuations from quarter to quarter. Again, from an ARR perspective, in Q2 it was still over 50% coming off of that SaaS. We think that, you know, we really appreciate the opportunity to give our customers choice. A lot of our customers still wanna run identity in the public cloud of their choice, like AWS or Azure or GCP, along with the rest of their application stack, and we wanna support that. You know, we continue to see great growth in our SaaS, including what's in our pipeline going forward. Yeah. Rob, another way to say, as we think about those largest deals I mentioned earlier that were oriented toward the new mix we had talked about, again, correlated to that is SaaS has been a great new logo driver for us. That new being the SaaS obviously impacting that 23%. Yeah, I think interestingly still 53% on the dollar. You know, reaffirming there that when we close these SaaS deals, they're high ASP, and that's been really, I think, very, very consistent for us and very strong in Q2. Yes, to your point, the new number and the new logo was the slightly lower part in Q2. We did finish the quarter with 17% of our ending ARR in SaaS, and we, you know, continue to reaffirm that at the end of this year, which is only the second year we've had it in the market, will be between that 22%-27%. We continue to feel really great about that SaaS opportunity. All right. Thanks, guys. It looks like there are no more questions at this time. I would like to turn the call back over to Mr. Fran Rosch, CEO, for any additional or closing remarks. Great. Well, thanks to everyone for joining our call. Thanks to all, the great questions. You know, on behalf of the entire team at ForgeRock, we feel great, we continue to feel great about our growth opportunity. It's a really incredibly exciting market to be in digital identity today. We feel very confident with our, you know, our full-scale comprehensive platform, our approach to cloud, and the pipeline that we continue to build that's really gonna support our growth, in the second half and going forward for the next many years. Thanks again to everyone who joined the call. This concludes today's call. Thank you for your participation. You may now disconnect.