Business
Rapid7 Announces First Quarter 2020 Financial Results
Annualized recurring revenue (ARR) of $350.9 million, an increase of 31% year-over-yearRevenue of $94.3 million, 29% year-over-year growth, achieved 90%
About this update from Rapid7, Inc.
[{"type":"text","content":"Annualized recurring revenue (ARR) of $350.9 million, an increase of 31% year-over-yearRevenue of $94.3 million, 29% year-over-year growth, achieved 90% recurring revenue mix in the periodTotal customer growth of 14% year-over-yearProducts revenue of $87.5 million, 33% year-over-year growth BOSTON, May 07, 2020 (GLOBE NEWSWIRE) -- Rapid7, Inc. (Nasdaq: RPD), a leading provider of security analytics and automation, today announced its financial results for the first quarter of 2020.\n \"Rapid7 delivered a solid start to 2020 amidst a rapidly-shifting environment, exceeding the high end of our guidance range for the first quarter with revenue of $94.3 million and non-GAAP loss from operations of $(3.9) million, and we strengthened our balance sheet through a recent successful convertible note offering\" said Corey Thomas, Chairman and CEO of Rapid7. \"Our first quarter results reflect our long standing commitment to innovation as we have built multiple market leading products on an integrated Platform. We remain focused on our long-term opportunity to deliver enhanced value and outcomes to our customers, both through sustained organic innovation and via strategic additions such as our recent acquisition of DivvyCloud.\" First Quarter 2020 Financial Results and Key Metrics Three Months Ended March 31, 20202019% Change (dollars in thousands)Annualized recurring revenue$350,884 $268,194 31%Number of customers9,024 7,934 14%ARR per customer$38.9 $33.8 15%Recurring revenue as a percentage of total revenue90%85% Renewal rate(1)106%117% (1) For the three months ended March 31, 2019 our renewal rate was adjusted from 120%, as previously disclosed, to 117% based on a reclassification of certain upsells and cross-sells. Three Months Ended March 31, 2020 2019 % Change (in thousands, except per share data)Products revenue (2)$87,549 $65,845 33%Professional services revenue6,791 7,340 (7)%Total revenue$94,340 $73,185 29% North America revenue$78,705 $62,039 27%Rest of world revenue15,635 11,146 40%Total revenue$94,340 $73,185 GAAP gross profit$66,626 $53,212 GAAP gross margin71% 73% Non-GAAP gross profit$69,215 $55,143 Non-GAAP gross margin73% 75% GAAP loss from operations$(19,820) $(9,744) GAAP operating margin(21)% (13)% Non-GAAP (loss) income from operations$(3,933) $577 Non-GAAP operating margin(4)% 1% GAAP net loss$(22,924) $(11,673) GAAP...