Business
Rapid7 Announces Third Quarter 2022 Financial Results
Annualized recurring revenue (ARR) of $684 million, an increase of 24% year-over-yearTotal revenue of $176 million, up 26% year-over-year; Products revenue of
About this update from Rapid7, Inc.
[{"type":"text","content":"Annualized recurring revenue (ARR) of $684 million, an increase of 24% year-over-yearTotal revenue of $176 million, up 26% year-over-year; Products revenue of $166 million, up 27% year-over-yearGAAP operating loss of $23 million; Non-GAAP operating income of $13 millionTotal ARR per customer growth of 14% year-over-year BOSTON, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Rapid7, Inc. (Nasdaq: RPD), a leading provider of security analytics and automation, today announced its financial results for the third quarter of 2022. “Customers’ increasing focus on better value and higher efficacy of their security solutions in today’s shifting landscape supported 24% year-over-year growth in our third quarter ARR to $684 million,” said Corey Thomas, Chairman and CEO of Rapid7. “Amid an evolving macroeconomic backdrop, customers are searching for the most effective and efficient ways to secure their traditional and cloud environments. Rapid7 is as focused as ever on delivering the platform of choice for consolidated SecOps management to help customers manage this dual mandate. We continue to drive growth while also scaling profitability in our business, as demonstrated by our strong third quarter non-GAAP operating income of $13 million and a raise to our full year non-GAAP operating income guidance range.” Third Quarter 2022 Financial Results and Other Metrics Three Months Ended September 30, 2022 2021 % Change (dollars in thousands)Annualized recurring revenue$683,816 $550,044 24%Number of customers 10,791 9,909 9%ARR per customer$63.4 $55.5 14% Three Months Ended September 30, 2022 2021 % Change (in thousands, except per share data)Products revenue$166,496 $131,149 27%Professional services revenue 9,269 8,745 6%Total revenue$175,765 $139,894 26% North America revenue$138,242 $112,337 23%Rest of world revenue 37,523 27,557 36%Total revenue$175,765 $139,894 26% GAAP gross profit$121,915 $96,424 GAAP gross margin 69% 69% Non-GAAP gross profit$129,089 $102,838 Non-GAAP gross margin 73% 74% GAAP loss from operations$(23,236) $(34,315) GAAP operating margin (13)% (25)% Non-GAAP income from operations$13,044 $5,733 Non-GAAP operating margin 7% 4% GAAP net loss$(28,727) $(37,700) GAAP net loss per share, basic and diluted$(0.49) $(0.67) Non-GAAP net income$8,599 $3,443 Non-GAAP net income per share, diluted$0.14 $0.06 Adjusted EBITDA$17,930 $9,911 Net cas...