$RPD
Rapid7, Inc.

2024 Q2 Form 10-Q Financial Statement

#000156032724000050 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $208.0M $205.1M
YoY Change 9.23% 11.97%
Cost Of Revenue $60.85M $60.90M
YoY Change 4.61% 8.76%
Gross Profit $147.1M $144.2M
YoY Change 11.25% 13.39%
Gross Profit Margin 70.74% 70.31%
Selling, General & Admin $100.2M $92.64M
YoY Change -5.4% -11.6%
% of Gross Profit 68.1% 64.24%
Research & Development $40.06M $40.99M
YoY Change -21.09% -11.56%
% of Gross Profit 27.22% 28.43%
Depreciation & Amortization $2.800M $11.35M
YoY Change -76.33% 2.7%
% of Gross Profit 1.9% 7.87%
Operating Expenses $140.3M $133.6M
YoY Change -10.48% -11.59%
Operating Profit $6.880M $10.57M
YoY Change -128.16% -144.1%
Interest Expense $1.853M $2.670M
YoY Change -113.0% -1.73%
% of Operating Profit 26.93% 25.26%
Other Income/Expense, Net -$695.0K -$1.435M
YoY Change -94.76% 367.43%
Pretax Income $8.733M $11.18M
YoY Change -113.25% -144.16%
Income Tax $538.0K $8.925M
% Of Pretax Income 6.16% 79.81%
Net Earnings $8.195M $2.258M
YoY Change -112.27% -108.71%
Net Earnings / Revenue 3.94% 1.1%
Basic Earnings Per Share $0.13 $0.04
Diluted Earnings Per Share $0.11 $0.03
COMMON SHARES
Basic Shares Outstanding 62.32M shares 61.99M shares
Diluted Shares Outstanding 74.25M shares 74.02M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $442.6M $411.7M
YoY Change 50.82% 57.0%
Cash & Equivalents $237.0M $198.7M
Short-Term Investments $205.7M $213.0M
Other Short-Term Assets $88.07M $89.56M
YoY Change -7.41% 18.31%
Inventory
Prepaid Expenses
Receivables $143.7M $124.6M
Other Receivables $0.00 $0.00
Total Short-Term Assets $674.4M $625.9M
YoY Change 28.47% 37.67%
LONG-TERM ASSETS
Property, Plant & Equipment $34.88M $37.27M
YoY Change -66.43% -34.2%
Goodwill $536.4M $536.4M
YoY Change 0.01% -0.3%
Intangibles $84.02M $88.84M
YoY Change -19.75% -20.27%
Long-Term Investments $51.43M $52.45M
YoY Change 2010.55% 614.34%
Other Assets $94.87M $94.66M
YoY Change 13.82% 12.73%
Total Long-Term Assets $852.2M $862.6M
YoY Change 2.58% -1.4%
TOTAL ASSETS
Total Short-Term Assets $674.4M $625.9M
Total Long-Term Assets $852.2M $862.6M
Total Assets $1.527B $1.488B
YoY Change 12.61% 11.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.82M $11.52M
YoY Change 42.62% 35.88%
Accrued Expenses $67.24M $60.61M
YoY Change -17.57% 5.32%
Deferred Revenue $437.2M $437.7M
YoY Change 1.84% 5.72%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $45.74M
YoY Change
Total Short-Term Liabilities $578.6M $524.1M
YoY Change 11.18% 6.16%
LONG-TERM LIABILITIES
Long-Term Debt $886.3M $931.0M
YoY Change 8.36% 13.97%
Other Long-Term Liabilities $13.69M $13.58M
YoY Change -89.33% 1.62%
Total Long-Term Liabilities $13.69M $13.58M
YoY Change -98.55% 1.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $578.6M $524.1M
Total Long-Term Liabilities $13.69M $13.58M
Total Liabilities $1.580B $1.575B
YoY Change 7.69% 9.4%
SHAREHOLDERS EQUITY
Retained Earnings -$999.6M -$1.008B
YoY Change 4.84% 13.66%
Common Stock $627.0K $623.0K
YoY Change 2.96% 3.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$52.92M -$86.45M
YoY Change
Total Liabilities & Shareholders Equity $1.527B $1.488B
YoY Change 12.61% 11.96%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $8.195M $2.258M
YoY Change -112.27% -108.71%
Depreciation, Depletion And Amortization $2.800M $11.35M
YoY Change -76.33% 2.7%
Cash From Operating Activities $32.86M $31.07M
YoY Change 4.96% 431.84%
INVESTING ACTIVITIES
Capital Expenditures $3.653M $620.0K
YoY Change -36.18% -72.87%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $10.55M -$38.16M
YoY Change -122.8% 1124.58%
Cash From Investing Activities $6.899M -$41.69M
YoY Change -113.27% 309.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.001M $4.362M
YoY Change -185.05% 53.7%
NET CHANGE
Cash From Operating Activities 32.86M $31.07M
Cash From Investing Activities 6.899M -$41.69M
Cash From Financing Activities -1.001M $4.362M
Net Change In Cash 38.76M -$7.755M
YoY Change -298.5% 406.86%
FREE CASH FLOW
Cash From Operating Activities $32.86M $31.07M
Capital Expenditures $3.653M $620.0K
Free Cash Flow $29.20M $30.45M
YoY Change 14.17% 756.06%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. Description of Business, Basis of Presentation and Consolidation and Significant Accounting Policies</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:112%">Description of Business</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rapid7, Inc. and subsidiaries (“we,” “us” or “our”) are advancing security with visibility, analytics, and automation delivered through our platform solutions. Our solutions simplify the complex, allowing security teams to work more effectively with IT and development to reduce vulnerabilities, monitor for malicious behavior, investigate and shut down attacks, and automate routine tasks. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation and Consolidation</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared by us in accordance with accounting principles generally accepted in the United States of America (“GAAP”), as well as pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), regarding interim financial reporting. Accordingly, certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 26, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated financial statements include our results of operations and those of our wholly-owned subsidiaries and reflect all adjustments (consisting solely of normal, recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods presented. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The management estimates include, but are not limited to the determination of standalone selling prices in revenue transactions with multiple performance obligations, the estimated period of benefit for deferred contract acquisition costs, the useful lives and recoverability of long-lived assets, the valuation for credit losses, the valuation of stock-based compensation, the fair value of assets acquired and liabilities assumed in business combinations, the incremental borrowing rate for operating leases and the valuation for deferred tax assets. We base our estimates on historical experience and on various other assumptions that we believe are reasonable. Actual results could differ from those estimates. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Significant Accounting Policies</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our significant accounting policies are described in Note 2, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Summary of Significant Accounting Policies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Restricted Cash</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As of March 31, 2024, we had $7.7 million of restricted cash recorded on our condensed consolidated balance sheet in prepaid expenses and other current assets and other assets in letters of credit outstanding as collateral for certain office space leases. </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Recent Accounting Pronouncements</span></div>We have not identified any recently issued accounting pronouncements that would have a material impact to our consolidated financial statements.
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The management estimates include, but are not limited to the determination of standalone selling prices in revenue transactions with multiple performance obligations, the estimated period of benefit for deferred contract acquisition costs, the useful lives and recoverability of long-lived assets, the valuation for credit losses, the valuation of stock-based compensation, the fair value of assets acquired and liabilities assumed in business combinations, the incremental borrowing rate for operating leases and the valuation for deferred tax assets. We base our estimates on historical experience and on various other assumptions that we believe are reasonable. Actual results could differ from those estimates.
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