Rapid7 Q1 2021 Earnings Report
Key Takeaways
Rapid7 announced a strong start to 2021 with a 30% year-over-year increase in ARR and solid free cash flow. The company's Q1 revenue reached $117.5 million, a 24% increase year-over-year, driven by a 25% increase in product revenue. Rapid7 is focused on delivering best-in-class security solutions to meet customers' evolving needs.
ARR increased by 30% year-over-year, reaching $455.8 million.
Revenue increased by 24% year-over-year to $117.5 million.
Product revenue increased by 25% year-over-year to $109.3 million.
Customer growth increased by 11% year-over-year.
Rapid7
Rapid7
Rapid7 Revenue by Segment
Rapid7 Revenue by Geographic Location
Forward Guidance
Rapid7 anticipates ARR of approximately $530 million and revenue between $121.7 million and $123.3 million for the second quarter of 2021. For the full year 2021, Rapid7 anticipates revenue between $500.0 million and $506.0 million.
Positive Outlook
- Anticipated non-GAAP income from operations of $4.3 million to $5.3 million for Q2 2021.
- Anticipated non-GAAP net income per share of $0.02 to $0.03 for Q2 2021.
- Anticipated free cash flow of approximately $15.0 million for Q2 2021.
- Anticipated non-GAAP income from operations of $12.0 million to $16.0 million for the full year 2021.
- Anticipated non-GAAP net income (loss) per share of $(0.03) to $0.04 for the full year 2021.
Challenges Ahead
- Second quarter revenue year-over-year growth anticipated to be 23% to 25%.
- Full year revenue year-over-year growth anticipated to be 22% to 23%.
- Anticipated GAAP loss from operations between $(21.8) million and $(20.8) million for Q2 2021.
- Anticipated GAAP net loss between $(26.3) million and $(25.3) million for Q2 2021.
- Anticipated GAAP net loss per share, basic and diluted $(0.47) to $(0.46) for Q2 2021.