Business
Rapid7 Announces Fourth Quarter and Full-Year 2022 Financial Results
Annualized recurring revenue (ARR) of $714 million, an increase of 19% year-over-yearFull-year revenue of $685 million, up 28% year-over-year; Products
About this update from Rapid7, Inc.
[{"type":"text","content":"Annualized recurring revenue (ARR) of $714 million, an increase of 19% year-over-yearFull-year revenue of $685 million, up 28% year-over-year; Products revenue of $648 million, up 29% year-over-yearFull-year net cash provided by operating activities of $78 million; Free cash flow of $41 millionTotal ARR per customer growth of 12% year-over-year BOSTON, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ: RPD), a leader in cloud risk and threat detection, today announced financial results for the fourth quarter and full-year 2022. “Rapid7 ended the year with revenue, operating profit, and free cash flow that exceeded our targeted ranges. Amidst an evolving economic landscape, we see customers continuing to expand their wallet share around our leading Insight platform, with ARR per customer growing double-digits from the prior year,” said Corey Thomas, Chairman and CEO of Rapid7. “As we look ahead to 2023, our commitment to driving profitable growth is underscored by our Free Cash Flow outlook, which we expect to double from the prior year.” Fourth Quarter 2022 Financial Results and Other Metrics As of December 31, 2022 2021 % Change (dollars in thousands)Annualized recurring revenue$714,231 $599,020 19%Number of customers 10,929 10,283 6%ARR per customer$65.4 $58.3 12% Three Months Ended December 31, Year Ended December 31, 2022 2021 % Change 2022 2021 % Change (in thousands, except per share data)Products revenue$172,892 $141,262 22% $647,535 $500,843 29%Professional services revenue 11,587 10,376 12% 37,548 34,561 9%Total revenue$184,479 $151,638 22% $685,083 $535,404 28% North America revenue$145,990 $120,886 21% $541,812 $433,111 25%Rest of world revenue 38,489 30,752 25% 143,271 102,293 40%Total revenue$184,479 $151,638 22% $685,083 $535,404 28% GAAP gross profit$129,544 $101,758 $470,734 $366,456 GAAP gross margin 70% 67% 69% 68% Non-GAAP gross profit$136,677 $108,181 $499,594 $388,320 Non-GAAP gross margin 74% 71% 73% 73% GAAP loss from operations$(13,349) $(40,708) $(111,614) $(120,065) GAAP operating margin (7)% (27)% (16)% (22)% Non-GAAP income (loss) from operations$19,477 $(6,110) $30,386 $7,599 Non-GAAP operating margin 11% (4)% 4% 1% GAAP net loss$(11,385) $(44,625) $(124,717) $(146,334) GAAP net loss per share, basic and diluted$(0.19) $(0.79) $(2.13) $(2.65) Non-GAAP net income (loss)$22,490 $(8,931) $21,368 $(...