BOSTON, June 06, 2024 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ: RPD), a leader in extended risk and threat detection, today announced that InsightIDR was recognized as Best SIEM Solution at the SC Awards Europe 2024. This is the second time InsightIDR has won Best SIEM Solution, having also received the honor in 2022. Rapid7 InsightIDR gives businesses control over their hybrid attack surface with embedded intelligence, AIpowered detections throughout the kill chain, and expertly curated automated responses ...

BOSTON, June 06, 2024 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ: RPD), a leader in extended risk and threat detection, today announced that InsightIDR was recognized as Best SIEM Solution at the SC Awards Europe 2024. This is the second time InsightIDR has won Best SIEM Solution, having also received the honor in 2022. "InsightIDR stands out for its ability to address the complexities of expanding attack surfaces and overstretched security teams," said Craig Adams, SVP and chief product officer at Rapid7. "T ...

BOSTON, June 05, 2024 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ: RPD) today announced its collaboration with Comcast Business in support of the recently announced Comcast Business Managed Detection and Response (MDR) solution. The solution leverages Rapid7's security analytics platform and expertise to help small, medium, and large enterprise customers better manage an ever-evolving and challenging cyber threat landscape. Managed Detection and Response is a cybersecurity service that combines technology and ...

BOSTON, May 21, 2024 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ:RPD), a leader in extended risk and threat detection, today announced the release of its 2024 Attack Intelligence Report. The report provides expert insights and guidance that security practitioners can use to better understand and anticipate modern cyber threats. The research underpinning the Attack Intelligence Report is based on more than 1,500 curated vulnerability and exploit data points; analysis of 180-plus advanced threat campaigns; thous ...

BOSTON, May 16, 2024 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ: RPD), a leader in extended risk and threat detection, today announced that the company will be attending the following conferences: The J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference in Boston, MA. The presentation is scheduled for Tuesday May 21, 2024 at 3:45 p.m. Eastern Time. The 2nd Annual UBS Women in Tech Summit in San Francisco, CA on Tuesday, June 11th. The presentation from the J.P. Morgan 52nd Annual Glo ...

BOSTON, May 09, 2024 (GLOBE NEWSWIRE) -- Rapid7, Inc. (NASDAQ:RPD), a leader in extended risk and threat detection, today announced new, patented ransomware prevention technology that delivers end-to-end ransomware coverage to anticipate advanced attacks as well as accelerate detection and response time. The pervasiveness and growing cost of ransomware has cemented defending against these highly damaging attacks amongst the top priorities for organizations and the security industry at large. Fighting modern ...

Financial Performance - Total revenue for the three months ended March 31, 2024, was $205.1 million, representing a year-over-year growth of 12.0% compared to $183.2 million in 2023[96]. - Non-GAAP income from operations increased to $40.3 million with a non-GAAP operating margin of 19.6%, up from $11.0 million and 6.0% in the previous year[96]. - Free cash flow for the quarter was $27.5 million, a significant improvement from a negative $1.2 million in the same period last year[96]. - Annualized recurring revenue (ARR) reached $807.2 million, reflecting a year-over-year growth of 10.9% from $727.9 million[96]. - GAAP total gross profit for Q1 2024 was $144,198, compared to $127,175 in Q1 2023, representing a year-over-year increase of 13.4%[108]. - Non-GAAP total gross profit for Q1 2024 was $151,095, up from $134,387 in Q1 2023, indicating a growth of 12.4%[108]. - GAAP net income for Q1 2024 was $2,258, a significant improvement from a net loss of $25,915 in Q1 2023[111]. - Non-GAAP net income for Q1 2024 reached $39,388, compared to $10,037 in Q1 2023, reflecting a substantial increase of 292.5%[111]. - Adjusted EBITDA for Q1 2024 was $46,619, compared to $16,821 in Q1 2023, marking a growth of 177.5%[114]. - The net income for the three months ended March 31, 2024, was $2.3 million, contrasting with a net loss of $25.9 million in the same period of 2023[155][156]. Customer Metrics - The number of customers increased to 11,462, marking a 3.9% growth from 11,034 in the previous year[96]. - ARR per customer rose to $70.4, up 6.8% from $66.0 in the prior year[96]. - Recurring revenue constituted 96% of total revenue for the quarter, compared to 95% in the same period last year[95]. - The company has over 11,000 customers in 148 countries, including 47% of the Fortune 100, indicating a diverse and stable customer base[92]. Revenue Breakdown - Revenue from product subscriptions increased to $196.9 million, up by $23.1 million or 13.3% from $173.8 million in the prior year[136]. - Total cost of revenue rose to $60.9 million, an increase of $4.9 million or 8.8% from $56.0 million in the same period last year[139]. - Gross margin percentage improved to 70.3% for the three months ended March 31, 2024, compared to 69.4% in the same period in 2023[139]. Expenses - Research and development expenses decreased to $41.0 million, down by $5.4 million or 11.6% from $46.3 million in the prior year[141]. - Sales and marketing expenses decreased to $72.8 million, a reduction of $7.8 million or 9.7% from $80.6 million in the same period last year[142]. - General and administrative expenses decreased to $19.8 million, down by $4.4 million or 18.1% from $24.2 million in the prior year[144]. - The company expects research and development expenses to decrease as a percentage of total revenue in the near term[124]. - The company anticipates that sales and marketing expenses will also decrease as a percentage of total revenue in the near term[126]. Cash Flow and Liquidity - As of March 31, 2024, the company had $198.7 million in cash and cash equivalents and $265.5 million in investments, indicating a strong liquidity position[150]. - Net cash provided by operating activities for the three months ended March 31, 2024, was $31.1 million, significantly up from $5.8 million in the same period of 2023[155][156]. - Cash used in investing activities was $41.7 million for the three months ended March 31, 2024, compared to $10.2 million in the same period of 2023[158][159]. - Financing activities provided $4.4 million in cash for the three months ended March 31, 2024, an increase from $2.8 million in the same period of 2023[160][161]. - Cash and cash equivalents as of March 31, 2024, totaled $198.7 million, with investments amounting to $265.5 million[167]. Tax and Interest - Interest income increased significantly to $4.7 million, up by $3.1 million or 183.0% from $1.7 million in the same period in 2023[145]. - Provision for income taxes increased to $8.9 million, a rise of $8.3 million or 1,402.5% compared to $594,000 in the prior year, primarily due to tax expenses related to an intercompany sale of intellectual property[148]. Strategic Focus - The company aims to drive continued revenue growth through increased sales of products and professional services to both new and existing customers[96]. - The strategic focus is on SecOps consolidation, with an emphasis on innovation across core products to enhance customer value[90]. - The company does not engage in off-balance sheet financing arrangements, minimizing exposure to financing, liquidity, market, or credit risk[163]. - The company anticipates that future capital requirements will depend on growth rate, R&D spending, and potential acquisitions[152]. - A hypothetical 10% adverse change in foreign currency exchange rates would not have been material to the company's financial condition as of March 31, 2024[166].

Rapid7 Inc. (NASDAQ:RPD) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET Company Participants Elizabeth Chwalk - Director of Investor Relations Corey Thomas - Chairman & Chief Executive Officer Timothy Adams - Chief Financial Officer Conference Call Participants Fatima Boolani - Citi Saket Kalia - Barclays Michael Richards - RBC Capital Markets Gray Powell - BTIG Arturo Saavedra - Morgan Stanley Mark Cash - Raymond James Zachary Schneider - Robert Baird Patrick Colville - Scotiabank Patrick O'Neill ...

Rapid7 (RPD) reported $205.1 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 12%. EPS of $0.55 for the same period compares to $0.16 a year ago.The reported revenue represents a surprise of +0.49% over the Zacks Consensus Estimate of $204.1 million. With the consensus EPS estimate being $0.54, the EPS surprise was +1.85%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expect ...

Rapid7 (RPD) came out with quarterly earnings of $0.55 per share, beating the Zacks Consensus Estimate of $0.54 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.85%. A quarter ago, it was expected that this cybersecurity company would post earnings of $0.48 per share when it actually produced earnings of $0.72, delivering a surprise of 50%.Over the last four quarters, the company ...