Rapid7, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Rapid7, Inc. has filed its 2023 Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Rapid7, Inc. (RPD) filed a Annual Report (10-K) with the SEC on February 26, 2024. Rapid7, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 120 Causeway Street, Boston, MA 02114. Rapid7, Inc. is incorporated in Delaware. The filing was submitted on February 26, 2024.

Why It Matters

For investors and stakeholders tracking Rapid7, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Rapid7's financial health, operational strategies, and risk factors for investors and stakeholders. The detailed financial statements and disclosures within the report are crucial for understanding the company's performance in the cybersecurity market and its future outlook.

Risk Assessment

Risk Level: medium — Rapid7, Inc. shows moderate risk based on this filing. The company operates in the highly competitive cybersecurity market, which presents ongoing challenges and requires continuous innovation to maintain market share and profitability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Rapid7's performance and strategic positioning in the cybersecurity sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date of submission)

Key Players & Entities

• Rapid7, Inc. (company) — Filer name
• 10-K (document) — Filing type
• 20231231 (date) — Fiscal year end
• 20240226 (date) — Filing date
• 120 Causeway Street, Boston, MA 02114 (address) — Business address
• DE (jurisdiction) — State of incorporation

FAQ

Risk Factors

• Intense Competition [high — market]: The cybersecurity market is highly competitive, with numerous companies offering similar solutions, which could adversely affect Rapid7's market share and profitability.

Industry Context

Rapid7 operates within the cybersecurity industry, providing solutions for threat detection and response, vulnerability management, and application security.

Regulatory Implications

As a publicly traded company, Rapid7 is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review Rapid7's 2023 financial statements for revenue, net income, and EPS trends.
2. Analyze the risk factors section for potential challenges in the cybersecurity market.
3. Examine management's discussion and analysis for strategic insights and future outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing data extracted for the 2023 10-K; comparative data from the previous year's filing is not yet available in this extract.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share RPD The Nasdaq Global Market
• $45.28 — registrant, based on a closing price of $45.28 per share of the registrant's common st
• $326.9 million — nue growth with revenue increasing from $326.9 million in 2019 to $777.7 million in 2023, repr
• $777.7 million — creasing from $326.9 million in 2019 to $777.7 million in 2023, representing a 24% compound an
• $149.3 m — otal revenue. We incurred net losses of $149.3 million, $124.7 million and $146.3 millio
• $124.7 million — incurred net losses of $149.3 million, $124.7 million and $146.3 million in 2023, 2022 and 20
• $146.3 million — s of $149.3 million, $124.7 million and $146.3 million in 2023, 2022 and 2021, respectively, a

Filing Documents

• rp-20231231.htm (10-K) — 2516KB
• exhibit44202310-k.htm (EX-4.4) — 42KB
• exhibit1034202310-k.htm (EX-10.34) — 85KB
• rpd2023211.htm (EX-21.1) — 13KB
• rpd2023231.htm (EX-23.1) — 2KB
• q4202310-qkexx311.htm (EX-31.1) — 13KB
• q4202310-qkexx312.htm (EX-31.2) — 13KB
• q4202310-qkexx321.htm (EX-32.1) — 7KB
• q4202310-qkexx322.htm (EX-32.2) — 7KB
• exhibit97202310-k.htm (EX-97) — 41KB
• rp-20231231_g1.jpg (GRAPHIC) — 39KB
• 0001560327-24-000021.txt (&nbsp;) — 12194KB
• rp-20231231.xsd (EX-101.SCH) — 71KB
• rp-20231231_cal.xml (EX-101.CAL) — 134KB
• rp-20231231_def.xml (EX-101.DEF) — 360KB
• rp-20231231_lab.xml (EX-101.LAB) — 993KB
• rp-20231231_pre.xml (EX-101.PRE) — 660KB
• rp-20231231_htm.xml (XML) — 1739KB

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 37

Cybersecurity

Item 1C. Cybersecurity 37

Properties

Item 2. Properties 38

Legal Proceedings

Item 3. Legal Proceedings 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39

[Reserved]

Item 6. [Reserved] 40

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 41

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 57

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 58

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 92

Controls and Procedures

Item 9A. Controls and Procedures 92

Other Information

Item 9B. Other Information 93

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 94 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 95

Executive Compensation

Item 11. Executive Compensation 95

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 95

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 95

Principal Account ant Fees and Services

Item 14. Principal Account ant Fees and Services 95 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 96

Form 10-K Summary

Item 16. Form 10-K Summary 99

Signatures

Signatures 100 i Ta ble of Contents Special Note Regarding Forward-Looking Statements This Annual Report on Form 10-K, including the sections entitled "Business," "Risk Factors," and "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains forward-looking statements that involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. Statements that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are often identified by the use of words such as, but not limited to, "anticipate," "believe," "can," "continue," "could," "estimate," "expect," "intend," "may," "plan," "project," "seek," "should," "target," "will," "would" and similar expressions or variations intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning the following: our ability to continue to add new customers, maintain existing customers and sell new products and professional services to new and existing customers; uncertain impacts that prolonged economic uncertainty may have on our business, strategy, operating results, financial condition and cash flows, as well as changes in overall level of software spending and volatility in the global economy; the effects of increased competition as well as innovations by new and existing competitors in our market; our ability to effectively restructure our business in alignment with our strategic priorities; our ability to adapt to technological change and effectively enhance, innovate and scale our solutions; our ability to effectively manage or sustain our growth and to attain and sustain profitabil

Business

Item 1. Business Overview Rapid7 is a global cybersecurity software and services provider on a mission to offer customers greater clarity and control of their attack surface through our comprehensive and consolidated security offerings. For more than twenty years, Rapid7 has partnered with customers across the globe representing a diverse range of industries and sizes to improve the efficacy and productivity of their security operations ("SecOps"). In today's rapidly evolving IT environment, customers are encountering escalating challenges due to the widening spectrum of attackers and techniques, including the proliferation of cyberattacks leveraging artificial intelligence ("AI") and targeted automation. To fortify their security posture, organizations will require greater visibility, advanced capabilities leveraging increased expertise, and integrated data to effectively anticipate, identify, and respond to threats. Through our security operations platform, anchored on our cloud security, security information and event management ("SIEM"), advanced detection and response, and vulnerability management offerings, we believe that Rapid7 is poised to expand the capabilities of today's SecOps teams. Rapid7 extends and expands the expertise of the Security Operations Center ("SOC") across information security, cloud operations, development, and IT teams, enabling them to better understand the attacker and leverage that information to take control of their fragmented attack surface. Enriched by years of managed services expertise, our integrated security operations platform enables SecOps teams to move away from a reactive approach, reduce their attack surface, and enhance response efficiency with a deep contextual understanding of their environment. In the past few years, we have observed the industry undergoing a customer-driven shift to consolidated security platforms. As part of this transition, customers are moving away from cloud security as a specialized funct

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View this 10-K filing on SEC EDGAR