Business
Rapid7 Announces First Quarter 2023 Financial Results
Annualized recurring revenue (“ARR”) of $728 million, an increase of 16% year-over-yearTotal revenue of $183 million, up 16% year-over-year; Products revenue
About this update from Rapid7, Inc.
[{"type":"text","content":"Annualized recurring revenue (“ARR”) of $728 million, an increase of 16% year-over-yearTotal revenue of $183 million, up 16% year-over-year; Products revenue of $174 million, up 17% year-over-yearGAAP operating loss of $24 million; Non-GAAP operating income of $11 millionSurpassed 11,000 customers globally while growing total ARR per customer by 9% year-over-year BOSTON, May 09, 2023 (GLOBE NEWSWIRE) -- Rapid7, Inc. (Nasdaq: RPD), a leader in cloud risk and threat detection, today announced its financial results for the first quarter of 2023. “Rapid7 started the year with strong momentum as we work to deliver customers a comprehensive security operations platform at the most compelling economic value. The faster than expected traction from our Threat Complete and Cloud Risk Complete consolidated offerings, which made up over 20% of our new business during the first quarter, supported steady customer demand for our Insight Platform, driving 16% year-over-year growth in ARR to $728 million”, said Corey Thomas, Chairman and CEO of Rapid7. “As we continue to focus on delivering better security outcomes to our customers, we are doing so with an intentional focus on ramping our efficiency, which is evident in our strong first quarter profitability and modest increase to our full-year Non-GAAP operating income target. Looking forward, we remain on track to achieve our full-year growth objectives as we manage the business for long-term profitable growth.” First Quarter 2023 Financial Results and Other Metrics Three Months Ended March 31, 2023 2022 % Change (dollars in thousands)Annualized recurring revenue$727,853 $627,122 16%Number of customers 11,034 10,407 6%ARR per customer$66.0 $60.3 9% Three Months Ended March 31, 2023 2022 % Change (in thousands, except per share data)Products revenue$173,772 $149,025 17%Professional services revenue 9,402 8,359 12%Total revenue$183,174 $157,384 16% North America revenue$143,880 $124,934 15%Rest of world revenue 39,294 32,450 21%Total revenue$183,174 $157,384 16% GAAP gross profit$127,175 $106,095 GAAP gross margin 69% 67% Non-GAAP gross profit$134,387 $113,029 Non-GAAP gross margin 73% 72% GAAP loss from operations$(23,965) $(40,379) GAAP operating margin (13)% (26)% Non-GAAP income from operations$10,993 $(5,619) Non-GAAP operating margin 6% (4%) GAAP net loss$(25,915) $(44,999) GAAP net loss p...