Business
Rapid7 Announces Third Quarter 2020 Financial Results
Annualized recurring revenue (ARR) of $398.7 million, an increase of 29% year-over-yearRevenue of $105.1 million, 26% year-over-year growth; Products revenue
About this update from Rapid7, Inc.
[{"type":"text","content":"Annualized recurring revenue (ARR) of $398.7 million, an increase of 29% year-over-yearRevenue of $105.1 million, 26% year-over-year growth; Products revenue of $98.6 million, 29% year-over-year growthGAAP operating loss of $(17.9) million; Non-GAAP operating income of $2.4 millionRaising full year 2020 guidance for ARR and revenue BOSTON, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Rapid7, Inc. (Nasdaq: RPD), a leading provider of security analytics and automation, today announced its financial results for the third quarter of 2020.\n \"Rapid7 is pleased to report strong Q3 performance that exceeded growth and profit expectations thanks to solid execution by our team. We ended the quarter with total ARR of $398.7 million dollars, up 29% year-over-year, led by continued strong demand for our security transformation solutions and healthy growth in vulnerability management,\" said Corey Thomas, Chairman and CEO of Rapid7. \"As organizations lean into the cloud, they are engaging with Rapid7 to modernize and extend their security architectures in the cloud with our Insight Platform.\" Third Quarter 2020 Financial Results and Other Metrics Three Months Ended September 30, 2020 2019 % Change (dollars in thousands)Annualized recurring revenue$398,725 $310,184 29%Number of customers9,347 8,625 8%ARR per customer$42.7 $36.0 19%Recurring revenue as a percentage of total revenue91% 88% Renewal rate103% 111% Three Months Ended September 30, 2020 2019 % Change (in thousands, except per share data)Products revenue (1)$98,559 $76,476 29%Professional services revenue6,516 6,679 (2)%Total revenue$105,075 $83,155 26% North America revenue$87,612 $69,883 25%Rest of world revenue17,463 13,272 32%Total revenue$105,075 $83,155 GAAP gross profit$74,047 $59,525 GAAP gross margin70% 72% Non-GAAP gross profit$77,613 $61,865 Non-GAAP gross margin74 % 74 % GAAP loss from operations$(17,916) $(11,756) GAAP operating margin(17)% (14)% Non-GAAP income from operations$2,444 $542 Non-GAAP operating margin2% 1% GAAP net loss$(25,541) $(14,406) GAAP net loss per share, basic and diluted$(0.50) $(0.29) Non-GAAP net income$25 $571 Non-GAAP net income per share, basic$0.00 $0.01 Non-GAAP net income per share, diluted$0.00 $0.01 Adjusted EBITDA$5,791 $3,446 Cash provided by operating activities$11,078 $1,839 (1) Historically, we have presented revenue on our consolidated stat...