Business
Rapid7 Announces Second Quarter 2023 Financial Results
Annualized recurring revenue (“ARR”) of $751 million, an increase of 14% year-over-yearTotal revenue of $190 million, up 14% year-over-year; Products revenue
About this update from Rapid7, Inc.
[{"type":"text","content":"Annualized recurring revenue (“ARR”) of $751 million, an increase of 14% year-over-yearTotal revenue of $190 million, up 14% year-over-year; Products revenue of $182 million, up 14% year-over-yearGAAP operating loss of $52 million; Non-GAAP operating income of $13 millionGAAP operating cash flow of $31 million; Free cash flow of $26 million BOSTON, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Rapid7, Inc. (Nasdaq: RPD), a leader in cloud risk and threat detection, today announced its financial results for the second quarter of 2023. “Rapid7 delivered strong second quarter results, ending the quarter with ARR of $751 million. Revenue and Non-GAAP operating income exceeded our guidance ranges and we saw better than expected traction with our consolidation offerings as customers gravitate towards our integrated security operations platform,” said Corey Thomas, Chairman and CEO of Rapid7. “In order to build upon the momentum we’re seeing in security operations, today we announced a restructuring plan to position us to accelerate investments in becoming the leading provider of integrated security solutions for the modern SOC. In addition to enabling a higher quality customer experience, we expect the net results of these optimizations will support growth in the business while allowing us to double free cash flow in 2024.” Second Quarter 2023 Financial Results and Other Metrics Three Months Ended June 30, 2023 2022 % Change (dollars in thousands)Annualized recurring revenue$750,850 $658,172 14%Number of customers 11,287 10,624 6%ARR per customer$66.5 $62.0 7% Three Months Ended June 30, 2023 2022 % Change (in thousands, except per share data)Products revenue$181,701 $159,122 14%Professional services revenue 8,721 8,333 5%Total revenue$190,422 $167,455 14% North America revenue$149,683 $132,646 13%Rest of world revenue 40,739 34,809 17%Total revenue$190,422 $167,455 14% GAAP gross profit$132,258 $113,180 GAAP gross margin 69% 68% Non-GAAP gross profit$140,085 $120,799 Non-GAAP gross margin 74% 72% GAAP loss from operations$(51,659) $(34,651) GAAP operating margin(27)% (21)% Non-GAAP income from operations$12,957 $3,483 Non-GAAP operating margin 7% 2% GAAP net loss$(66,782) $(39,606) GAAP net loss per share, basic and diluted$(1.10) $(0.68) Non-GAAP net income (loss)$11,520 $(461) Non-GAAP net income (loss) per share: Basic$0.19 $(0.01) Diluted$0....