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Mar 31, 2024
Rapid7 Q1 2024 Earnings Report
Rapid7's Q1 2024 results reflect solid profitability and progress in threat detection and response solutions, despite ARR being below expectations due to a slower shift to the integrated risk offering.
Key Takeaways
Rapid7 announced its Q1 2024 financial results, featuring a 12% increase in total revenue to $205 million and an 11% rise in ARR to $807 million. The company's GAAP operating income was $11 million, with a non-GAAP operating income of $40 million. Free cash flow was reported at $28 million. The company reiterates its Free Cash Flow outlook of at least $160 million for the full year.
ARR increased by 11% year-over-year, reaching $807 million.
Total revenue grew by 12% year-over-year to $205 million.
Product subscriptions revenue increased by 13% year-over-year to $197 million.
GAAP operating income was $11 million; non-GAAP operating income was $40 million.
Rapid7
Rapid7
Rapid7 Revenue by Segment
Rapid7 Revenue by Geographic Location
Revenue by Segment
Product Subscriptions Revenue
CapyFin.comProfessional Services Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comRest of World Revenue
CapyFin.com Forward Guidance
Rapid7 anticipates ARR between $850 million and $860 million, and revenue between $203 million and $205 million for Q2 2024. The company projects ARR between $850 million and $860 million, and revenue between $830 million and $836 million for the full year 2024.
Positive Outlook
- Anticipated non-GAAP income from operations between $35 million and $37 million for Q2 2024.
- Anticipated non-GAAP net income per share between $0.50 and $0.53 for Q2 2024.
- Weighted average shares outstanding of 74.6 million for Q2 2024.
- Anticipated non-GAAP income from operations between $150 million and $158 million for the full year 2024.
- Anticipated non-GAAP net income per share between $2.10 and $2.21 for the full year 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income