(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices), including zip code |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | ||||||||
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
Rapid7, Inc. | ||||||||||||||||||||
Dated: February 8, 2023 | By: | /s/ Tim Adams | ||||||||||||||||||
Tim Adams | ||||||||||||||||||||
Chief Financial Officer |
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 | $ | (2,983) | |||||||||||||||||||||||||||
Non-GAAP net income (loss) per share: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.38 | $ | (0.16) | $ | 0.36 | $ | (0.05) | |||||||||||||||||||||||||||
Diluted | $ | 0.35 | $ | (0.16) | $ | 0.35 | $ | (0.05) | |||||||||||||||||||||||||||
Adjusted EBITDA | $ | 24,700 | $ | (1,903) | $ | 49,441 | $ | 23,795 | |||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 40,242 | $ | 4,688 | $ | 78,204 | $ | 53,917 | |||||||||||||||||||||||||||
Free cash flow | $ | 28,450 | $ | (2,179) | $ | 40,677 | $ | 35,053 |
First Quarter 2023 | Full-Year 2023 | ||||||||||||||||||||||
(in millions, except per share data) | |||||||||||||||||||||||
Annualized recurring revenue | $815 | to | $825 | ||||||||||||||||||||
Year-over-year growth | 14% | to | 16% | ||||||||||||||||||||
Revenue | $180 | to | $182 | $771 | to | $778 | |||||||||||||||||
Year-over-year growth | 14% | to | 16% | 13% | to | 14% | |||||||||||||||||
Non-GAAP income from operations | $5 | to | $7 | $57 | to | $62 | |||||||||||||||||
Non-GAAP net income per share | $0.07 | to | $0.10 | $0.81 | to | $0.88 | |||||||||||||||||
Weighted average shares outstanding | 66.4 | 67.4 | |||||||||||||||||||||
Free cash flow | Approximately $80 |
December 31, 2022 | December 31, 2021 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | 207,287 | $ | 164,582 | ||||||||||
Short-term investments | 84,162 | 58,850 | ||||||||||||
Accounts receivable, net | 152,045 | 146,094 | ||||||||||||
Deferred contract acquisition and fulfillment costs, current portion | 34,906 | 29,974 | ||||||||||||
Prepaid expenses and other current assets | 31,907 | 33,236 | ||||||||||||
Total current assets | 510,307 | 432,736 | ||||||||||||
Long-term investments | 9,756 | 34,068 | ||||||||||||
Property and equipment, net | 57,891 | 50,225 | ||||||||||||
Operating lease right-of-use assets | 79,342 | 83,751 | ||||||||||||
Deferred contract acquisition and fulfillment costs, non-current portion | 68,169 | 57,191 | ||||||||||||
Goodwill | 515,631 | 515,258 | ||||||||||||
Intangible assets, net | 101,269 | 111,591 | ||||||||||||
Other assets | 16,626 | 11,191 | ||||||||||||
Total assets | $ | 1,358,991 | $ | 1,296,011 | ||||||||||
Liabilities and Stockholders’ Equity (Deficit) | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | 10,255 | $ | 3,521 | ||||||||||
Accrued expenses | 80,306 | 82,620 | ||||||||||||
Operating lease liabilities, current portion | 12,444 | 9,630 | ||||||||||||
Deferred revenue, current portion | 426,599 | 372,067 | ||||||||||||
Other current liabilities | 1,663 | 842 | ||||||||||||
Total current liabilities | 531,267 | 468,680 | ||||||||||||
Convertible senior notes, net | 815,948 | 812,063 | ||||||||||||
Operating lease liabilities, non-current portion | 85,946 | 90,865 | ||||||||||||
Deferred revenue, non-current portion | 31,040 | 33,056 | ||||||||||||
Other long-term liabilities | 14,864 | 17,342 | ||||||||||||
Total liabilities | 1,479,065 | 1,422,006 | ||||||||||||
Stockholders’ equity (deficit): | ||||||||||||||
Common stock | 597 | 577 | ||||||||||||
Treasury stock | (4,764) | (4,764) | ||||||||||||
Additional paid-in-capital | 746,249 | 615,032 | ||||||||||||
Accumulated other comprehensive loss | (1,411) | (812) | ||||||||||||
Accumulated deficit | (860,745) | (736,028) | ||||||||||||
Total stockholders’ equity (deficit) | (120,074) | (125,995) | ||||||||||||
Total liabilities and stockholders’ equity (deficit) | $ | 1,358,991 | $ | 1,296,011 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Products | $ | 172,892 | $ | 141,262 | $ | 647,535 | $ | 500,843 | |||||||||||||||||||||
Professional services | 11,587 | 10,376 | 37,548 | 34,561 | |||||||||||||||||||||||||
Total revenue | 184,479 | 151,638 | 685,083 | 535,404 | |||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Products | 46,916 | 41,457 | 182,212 | 140,773 | |||||||||||||||||||||||||
Professional services | 8,019 | 8,423 | 32,137 | 28,175 | |||||||||||||||||||||||||
Total cost of revenue | 54,935 | 49,880 | 214,349 | 168,948 | |||||||||||||||||||||||||
Total gross profit | 129,544 | 101,758 | 470,734 | 366,456 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development | 42,629 | 48,514 | 189,970 | 160,779 | |||||||||||||||||||||||||
Sales and marketing | 78,261 | 73,189 | 307,409 | 247,453 | |||||||||||||||||||||||||
General and administrative | 22,003 | 20,763 | 84,969 | 78,289 | |||||||||||||||||||||||||
Total operating expenses | 142,893 | 142,466 | 582,348 | 486,521 | |||||||||||||||||||||||||
Loss from operations | (13,349) | (40,708) | (111,614) | (120,065) | |||||||||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||||||||
Interest income | 960 | 63 | 1,813 | 365 | |||||||||||||||||||||||||
Interest expense | (2,782) | (2,877) | (10,982) | (14,292) | |||||||||||||||||||||||||
Other income (expense), net | 3,690 | (703) | (1,522) | (1,921) | |||||||||||||||||||||||||
Loss before income taxes | (11,481) | (44,225) | (122,305) | (135,913) | |||||||||||||||||||||||||
(Benefit from) provision for income taxes | (96) | 400 | 2,412 | 10,421 | |||||||||||||||||||||||||
Net loss | $ | (11,385) | $ | (44,625) | $ | (124,717) | $ | (146,334) | |||||||||||||||||||||
Net loss per share, basic and diluted | $ | (0.19) | $ | (0.79) | $ | (2.13) | $ | (2.65) | |||||||||||||||||||||
Weighted-average common shares outstanding, basic and diluted | 59,328,736 | 56,752,295 | 58,552,065 | 55,270,998 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||||||||
Net loss | $ | (11,385) | $ | (44,625) | $ | (124,717) | $ | (146,334) | ||||||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||||||||||||||
Depreciation and amortization | 10,451 | 9,988 | 41,038 | 33,501 | ||||||||||||||||||||||
Amortization of debt issuance costs | 1,049 | 1,096 | 4,085 | 3,982 | ||||||||||||||||||||||
Stock-based compensation expense | 27,598 | 28,707 | 119,902 | 102,579 | ||||||||||||||||||||||
Deferred income taxes | 332 | (3,458) | 332 | 466 | ||||||||||||||||||||||
Induced conversion expense | — | — | — | 2,740 | ||||||||||||||||||||||
Other | (4,028) | 265 | (200) | 1,920 | ||||||||||||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable | (30,475) | (48,997) | (9,050) | (25,475) | ||||||||||||||||||||||
Deferred contract acquisition and fulfillment costs | (7,911) | (12,754) | (15,910) | (22,526) | ||||||||||||||||||||||
Prepaid expenses and other assets | 3,072 | (6,446) | (2,231) | (3,355) | ||||||||||||||||||||||
Accounts payable | (527) | (4,156) | 7,977 | (2,077) | ||||||||||||||||||||||
Accrued expenses | 14,210 | 23,759 | 1,969 | 19,205 | ||||||||||||||||||||||
Deferred revenue | 34,219 | 61,173 | 52,516 | 85,562 | ||||||||||||||||||||||
Other liabilities | 3,637 | 136 | 2,493 | 3,729 | ||||||||||||||||||||||
Net cash provided by operating activities | 40,242 | 4,688 | 78,204 | 53,917 | ||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||
Business acquisitions, net of cash acquired | — | — | — | (358,420) | ||||||||||||||||||||||
Purchases of property and equipment | (7,295) | (4,175) | (20,382) | (9,010) | ||||||||||||||||||||||
Capitalization of internal-use software costs | (4,497) | (2,692) | (17,145) | (9,854) | ||||||||||||||||||||||
Purchases of investments | (28,279) | (33,784) | (122,765) | (93,092) | ||||||||||||||||||||||
Sales/maturities of investments | 34,925 | 23,160 | 121,304 | 147,998 | ||||||||||||||||||||||
Other investments | — | — | (1,000) | (3,000) | ||||||||||||||||||||||
Net cash used in investing activities | (5,146) | (17,491) | (39,988) | (325,378) | ||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||
Proceeds from issuance of convertible senior notes, net of issuance costs paid | — | — | — | 585,024 | ||||||||||||||||||||||
Purchase of capped calls related to convertible senior notes | — | — | — | (76,020) | ||||||||||||||||||||||
Payments of debt issuance costs | — | (300) | (71) | (300) | ||||||||||||||||||||||
Payments for redemption, repurchase and conversion of convertible senior notes | — | (45,351) | (12) | (230,000) | ||||||||||||||||||||||
Payments related to business acquisitions | — | — | (300) | (12,118) | ||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | (719) | (4,672) | (7,462) | (16,044) | ||||||||||||||||||||||
Proceeds from employee stock purchase plan | — | — | 11,943 | 9,276 | ||||||||||||||||||||||
Proceeds from stock option exercises | 1,697 | 1,036 | 3,318 | 4,315 | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 978 | (49,287) | 7,416 | 264,133 | ||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,862 | (423) | (2,845) | (1,272) | ||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 38,936 | (62,513) | 42,787 | (8,600) | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | 168,868 | 227,530 | 165,017 | 173,617 | ||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | $ | 207,804 | $ | 165,017 | $ | 207,804 | $ | 165,017 |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Total gross profit (GAAP) | $ | 129,544 | $ | 101,758 | $ | 470,734 | $ | 366,456 | ||||||||||||||||||
Add: Stock-based compensation expense1 | 2,757 | 1,521 | 10,367 | 6,491 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets2 | 4,376 | 4,902 | 18,493 | 15,373 | ||||||||||||||||||||||
Total gross profit (non-GAAP) | $ | 136,677 | $ | 108,181 | $ | 499,594 | $ | 388,320 | ||||||||||||||||||
Gross margin (non-GAAP) | 74.1 | % | 71.3 | % | 72.9 | % | 72.5 | % | ||||||||||||||||||
Gross profit (GAAP) - Products | $ | 125,976 | $ | 99,805 | $ | 465,323 | $ | 360,070 | ||||||||||||||||||
Add: Stock-based compensation expense | 2,049 | 1,066 | 7,562 | 4,357 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets | 4,376 | 4,902 | 18,493 | 15,373 | ||||||||||||||||||||||
Total gross profit (non-GAAP) - Products | $ | 132,401 | $ | 105,773 | $ | 491,378 | $ | 379,800 | ||||||||||||||||||
Gross margin (non-GAAP) - Products | 76.6 | % | 74.9 | % | 75.9 | % | 75.8 | % | ||||||||||||||||||
Gross profit (GAAP) - Professional services | $ | 3,568 | $ | 1,953 | $ | 5,411 | $ | 6,386 | ||||||||||||||||||
Add: Stock-based compensation expense | 708 | 455 | 2,805 | 2,134 | ||||||||||||||||||||||
Total gross profit (non-GAAP) - Professional services | $ | 4,276 | $ | 2,408 | $ | 8,216 | $ | 8,520 | ||||||||||||||||||
Gross margin (non-GAAP) - Professional services | 36.9 | % | 23.2 | % | 21.9 | % | 24.7 | % | ||||||||||||||||||
GAAP Loss from operations | $ | (13,349) | $ | (40,708) | $ | (111,614) | $ | (120,065) | ||||||||||||||||||
Add: Stock-based compensation expense1 | 27,598 | 28,707 | 119,902 | 102,579 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets2 | 5,228 | 5,781 | 21,983 | 17,305 | ||||||||||||||||||||||
Add: Acquisition-related expenses3 | — | — | — | 7,211 | ||||||||||||||||||||||
Add: Litigation-related expenses4 | — | 110 | 115 | 569 | ||||||||||||||||||||||
Non-GAAP income (loss) from operations | $ | 19,477 | $ | (6,110) | $ | 30,386 | $ | 7,599 | ||||||||||||||||||
GAAP Net loss | $ | (11,385) | $ | (44,625) | $ | (124,717) | $ | (146,334) | ||||||||||||||||||
Add: Stock-based compensation expense1 | 27,598 | 28,707 | 119,902 | 102,579 | ||||||||||||||||||||||
Add: Amortization of acquired intangible assets2 | 5,228 | 5,781 | 21,983 | 17,305 | ||||||||||||||||||||||
Add: Acquisition-related expenses3 | — | — | — | 16,176 | ||||||||||||||||||||||
Add: Litigation-related expenses4 | — | 110 | 115 | 569 | ||||||||||||||||||||||
Add: Amortization of debt issuance costs | 1,049 | 1,096 | 4,085 | 3,982 | ||||||||||||||||||||||
Add: Induced conversion expense | — | — | — | 2,740 | ||||||||||||||||||||||
Non-GAAP Net income (loss) | $ | 22,490 | $ | (8,931) | $ | 21,368 | $ | (2,983) | ||||||||||||||||||
Add: Interest expense of convertible senior notes5 | 1,669 | — | 1,500 | — | ||||||||||||||||||||||
Numerator for non-GAAP earnings per share calculation | $ | 24,159 | $ | (8,931) | $ | 22,868 | $ | (2,983) | ||||||||||||||||||
Weighted average shares used in GAAP earnings per share calculation, basic and diluted | 59,328,736 | 56,752,295 | 58,552,065 | 55,270,998 | ||||||||||||||||||||||
Dilutive effect of convertible senior notes5 | 9,572,956 | — | 5,803,831 | — | ||||||||||||||||||||||
Dilutive effect of employee equity incentive plans6 | 709,258 | — | 1,251,725 | — | ||||||||||||||||||||||
Weighted average shares used in non-GAAP earnings per share calculation, diluted | 69,610,950 | 56,752,295 | 65,607,621 | 55,270,998 | ||||||||||||||||||||||
Non-GAAP net income (loss) per share: | ||||||||||||||||||||||||||
Basic | $ | 0.38 | $ | (0.16) | $ | 0.36 | $ | (0.05) | ||||||||||||||||||
Diluted | $ | 0.35 | $ | (0.16) | $ | 0.35 | $ | (0.05) | ||||||||||||||||||
1 Includes stock-based compensation expense as follows: | ||||||||||||||||||||||||||
Cost of revenue | $ | 2,757 | $ | 1,521 | $ | 10,367 | $ | 6,491 | ||||||||||||||||||
Research and development | 9,591 | 14,838 | 49,940 | 46,622 | ||||||||||||||||||||||
Sales and marketing | 7,966 | 5,696 | 31,217 | 23,828 | ||||||||||||||||||||||
General and administrative | 7,284 | 6,652 | 28,378 | 25,638 | ||||||||||||||||||||||
2 Includes amortization of acquired intangible assets as follows: | ||||||||||||||||||||||||||
Cost of revenue | $ | 4,376 | $ | 4,902 | $ | 18,493 | $ | 15,373 | ||||||||||||||||||
Sales and marketing | 657 | 684 | 2,710 | 1,477 | ||||||||||||||||||||||
General and administrative | 195 | 195 | 780 | 455 | ||||||||||||||||||||||
3 Includes acquisition-related expenses as follows: | ||||||||||||||||||||||||||
Research and development | $ | — | $ | — | $ | — | $ | 40 | ||||||||||||||||||
Sales and marketing | — | — | — | 275 | ||||||||||||||||||||||
General and administrative | — | — | — | 6,896 | ||||||||||||||||||||||
Provision for income taxes | — | — | — | 8,965 | ||||||||||||||||||||||
4 Includes litigation-related expenses as follows: | ||||||||||||||||||||||||||
General and administrative | $ | — | $ | 110 | $ | 115 | $ | 569 | ||||||||||||||||||
5 We use the if-converted method to compute diluted earnings per share with respect to our convertible senior notes. There was no add-back of interest expense or additional dilutive shares related to the convertible senior notes where the effect was anti-dilutive. On an if-converted basis, for the three months ended December 31, 2022, both the 2025 and 2027 convertible senior notes were dilutive and for the year ended December 31, 2022, the 2027 convertible senior notes were dilutive. | ||||||||||||||||||||||||||
6 We use the treasury method to compute the dilutive effect of employee equity incentive plan awards. |
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net loss | $ | (11,385) | $ | (44,625) | $ | (124,717) | $ | (146,334) | ||||||||||||||||||
Interest income | (960) | (63) | (1,813) | (365) | ||||||||||||||||||||||
Interest expense | 2,782 | 2,877 | 10,982 | 14,292 | ||||||||||||||||||||||
Other (income) expense, net | (3,690) | 703 | 1,522 | 1,921 | ||||||||||||||||||||||
(Benefit from) provision for income taxes | (96) | 400 | 2,412 | 10,421 | ||||||||||||||||||||||
Depreciation expense | 3,563 | 3,140 | 13,571 | 12,342 | ||||||||||||||||||||||
Amortization of intangible assets | 6,888 | 6,848 | 27,467 | 21,159 | ||||||||||||||||||||||
Stock-based compensation expense | 27,598 | 28,707 | 119,902 | 102,579 | ||||||||||||||||||||||
Acquisition-related expenses | — | — | — | 7,211 | ||||||||||||||||||||||
Litigation-related expenses | — | 110 | 115 | 569 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 24,700 | $ | (1,903) | $ | 49,441 | $ | 23,795 |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 40,242 | $ | 4,688 | $ | 78,204 | $ | 53,917 | |||||||||||||||
Less: Purchases of property and equipment | (7,295) | (4,175) | (20,382) | (9,010) | |||||||||||||||||||
Less: Capitalized internal-use software costs | (4,497) | (2,692) | (17,145) | (9,854) | |||||||||||||||||||
Free cash flow | $ | 28,450 | $ | (2,179) | $ | 40,677 | $ | 35,053 |
First Quarter 2023 | Full-Year 2023 | ||||||||||||||||||||||
Reconciliation of GAAP to non-GAAP (loss) income from operations: | |||||||||||||||||||||||
Anticipated GAAP loss from operations | $ | (32) | to | $ | (30) | $ | (98) | to | $ | (93) | |||||||||||||
Add: Anticipated stock-based compensation expense | 32 | to | 32 | 135 | to | 135 | |||||||||||||||||
Add: Anticipated amortization of acquired intangible assets | 5 | to | 5 | 20 | to | 20 | |||||||||||||||||
Anticipated non-GAAP income from operations | $ | 5 | to | $ | 7 | $ | 57 | to | $ | 62 | |||||||||||||
Reconciliation of GAAP to non-GAAP net (loss) income: | |||||||||||||||||||||||
Anticipated GAAP net loss | $ | (34) | to | $ | (32) | $ | (106) | to | $ | (101) | |||||||||||||
Add: Anticipated stock-based compensation expense | 32 | to | 32 | 135 | to | 135 | |||||||||||||||||
Add: Anticipated amortization of acquired intangible assets | 5 | to | 5 | 20 | to | 20 | |||||||||||||||||
Add: Anticipated amortization of debt issuance costs | 1 | to | 1 | 4 | to | 4 | |||||||||||||||||
Anticipated non-GAAP net income | $ | 4 | to | $ | 6 | $ | 53 | to | $ | 58 | |||||||||||||
Anticipated GAAP net loss per share, basic and diluted | $ | (0.57) | $ | (0.53) | $ | (1.74) | $ | (1.66) | |||||||||||||||
Anticipated non-GAAP net income per share, diluted | $ | 0.07 | $ | 0.10 | $ | 0.81 | $ | 0.88 | |||||||||||||||
Weighted average shares used in GAAP per share calculation, basic and diluted | 60.0 | 60.9 | |||||||||||||||||||||
Weighted average shares used in non-GAAP per share calculation, diluted | 66.4 | 67.4 |
Full-Year 2023 | |||||
Reconciliation of net cash provided by operating activities to free cash flow: | |||||
Anticipated net cash provided by operating activities | $ | 105 | |||
Anticipated purchases of property and equipment | (7) | ||||
Anticipated capitalized internal-use software costs | (18) | ||||
Anticipated free cash flow | $ | 80 |
Cover Page Document |
Feb. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 08, 2023 |
Entity Registrant Name | Rapid7, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-37496 |
Entity Tax Identification Number | 35-2423994 |
Entity Address, City or Town | Boston, |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02114 |
City Area Code | 617 |
Local Phone Number | 247-1717 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $0.01 par value per share |
Trading Symbol | RPD |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001560327 |
Amendment Flag | false |
Entity Address, Address Line One | 120 Causeway Street, |
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