10-Q Filing

RAPID7, INC. CIK: 1560327 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001560327-18-000060`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	rpd-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 42 Cash Flow Statement 67 Comprehensive Income 8

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$1.41M	USD	Point-in-time
Net of allowance for doubtful accounts	`AllowanceForDoubtfulAccountsReceivable`	$1.48M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$51.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$50.66M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$99.65M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$29.63M	USD	Point-in-time
Short-term investments	`ShortTermInvestments`	$39.18M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,407 and $1,478 at March 31, 2018 and December 31, 2017, respectively	`AccountsReceivableNet`	$38.72M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $1,407 and $1,478 at March 31, 2018 and December 31, 2017, respectively	`AccountsReceivableNet`	$73.66M	USD	Point-in-time
Deferred contract acquisition and fulfillment costs, current portion	`DeferredCostsCurrent`	$8.58M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Deferred contract acquisition and fulfillment costs, current portion	`DeferredCostsCurrent`	-	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$8.88M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	44.54M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$12.23M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	46.69M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$188.81M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.05M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$173.28M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	46.20M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	486,808.00	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$1.10M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	486,808.00	shares	Point-in-time
Long-term investments	`LongTermInvestments`	$1.10M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.59M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$9.24M	USD	Point-in-time
Goodwill	`Goodwill`	$83.16M	USD	Point-in-time
Goodwill	`Goodwill`	$83.16M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.64M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.32M	USD	Point-in-time
Deferred contract acquisition and fulfillment costs, non-current portion	`DeferredCosts`	-	USD	Point-in-time
Deferred contract acquisition and fulfillment costs, non-current portion	`DeferredCosts`	$20.30M	USD	Point-in-time
Other assets	`OtherAssets`	$1.55M	USD	Point-in-time
Other assets	`OtherAssets`	$1.36M	USD	Point-in-time
Total assets	`Assets`	$284.14M	USD	Point-in-time
Total assets	`Assets`	$320.47M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.67M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.24M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$29.73M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$18.37M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$140.45M	USD	Point-in-time
Deferred revenue, current portion	`DeferredRevenueCurrent`	$155.81M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.71M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$1.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$166.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$189.49M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$68.69M	USD	Point-in-time
Deferred revenue, non-current portion	`DeferredRevenueNoncurrent`	$78.45M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.81M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.91M	USD	Point-in-time
Total liabilities	`Liabilities`	$259.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$246.55M	USD	Point-in-time
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized at March 31, 2018 and December 31, 2017; 0 shares issued at March 31, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value per share; 10,000,000 shares authorized at March 31, 2018 and December 31, 2017; 0 shares issued at March 31, 2018 and December 31, 2017	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized at March 31, 2018 and December 31, 2017; 46,685,380 and 44,540,544 shares issued at March 31, 2018 and December 31, 2017, respectively; 46,198,572 and 44,053,736 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$462.00K	USD	Point-in-time
Common stock, $0.01 par value per share; 100,000,000 shares authorized at March 31, 2018 and December 31, 2017; 46,685,380 and 44,540,544 shares issued at March 31, 2018 and December 31, 2017, respectively; 46,198,572 and 44,053,736 shares outstanding at March 31, 2018 and December 31, 2017, respectively	`CommonStockValue`	$441.00K	USD	Point-in-time
Treasury stock, at cost, 486,808 shares at March 31, 2018 and December 31, 2017	`TreasuryStockValue`	$4.76M	USD	Point-in-time
Treasury stock, at cost, 486,808 shares at March 31, 2018 and December 31, 2017	`TreasuryStockValue`	$4.76M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$463.43M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapital`	$503.67M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-44.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-39.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-434.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-425.40M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$24.15M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$73.92M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$284.14M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$320.47M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Products	`ProductRevenue`	$35.28M	USD	1 Quarter
Products	`ProductRevenue`	$25.94M	USD	1 Quarter
Maintenance and support	`MaintenanceRevenue`	$10.75M	USD	1 Quarter
Maintenance and support	`MaintenanceRevenue`	$10.80M	USD	1 Quarter
Professional services	`SalesRevenueServicesNet`	$8.50M	USD	1 Quarter
Professional services	`SalesRevenueServicesNet`	$8.48M	USD	1 Quarter
Total revenue	`Revenues`	$45.24M	USD	1 Quarter
Total revenue	`Revenues`	$54.52M	USD	1 Quarter
Products	`CostOfRevenueProduct`	$4.71M	USD	1 Quarter
Products	`CostOfRevenueProduct`	$8.44M	USD	1 Quarter
Maintenance and support	`CostOfServicesMaintenanceCosts`	$1.88M	USD	1 Quarter
Maintenance and support	`CostOfServicesMaintenanceCosts`	$1.85M	USD	1 Quarter
Professional services	`CostOfServices`	$6.31M	USD	1 Quarter
Professional services	`CostOfServices`	$5.68M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$12.26M	USD	1 Quarter
Total cost of revenue	`CostOfRevenue`	$16.59M	USD	1 Quarter
Total gross profit	`GrossProfit`	$37.92M	USD	1 Quarter
Total gross profit	`GrossProfit`	$32.98M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$11.39M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$16.72M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$24.81M	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$29.05M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$8.73M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$7.25M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$43.45M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$54.51M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-16.59M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-10.47M	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$169.00K	USD	1 Quarter
Interest income (expense), net	`InterestIncomeExpenseNonoperatingNet`	$241.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-115.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$78.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-16.27M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-10.42M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$95.00K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$129.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.36M	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.25	USD	1 Quarter
Net loss per share, basic and diluted (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.36	USD	1 Quarter
Weighted-average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	42.02M	shares	1 Quarter
Weighted-average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	45.21M	shares	1 Quarter

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Offering costs	`PaymentsOfStockIssuanceCosts`	$284.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.40M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$6.22M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$4.28M	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$156.00K	USD	1 Quarter
Provision for doubtful accounts	`ProvisionForDoubtfulAccounts`	$316.00K	USD	1 Quarter
Foreign currency re-measurement loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-147.00K	USD	1 Quarter
Foreign currency re-measurement loss	`ForeignCurrencyTransactionGainLossBeforeTax`	$-44.00K	USD	1 Quarter
Other non-cash (income) expense	`OtherNoncashIncomeExpense`	$-97.00K	USD	1 Quarter
Other non-cash (income) expense	`OtherNoncashIncomeExpense`	$52.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-34.72M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-15.18M	USD	1 Quarter
Deferred contract acquisition and fulfillment costs	`IncreaseDecreaseInDeferredCharges`	-	USD	1 Quarter
Deferred contract acquisition and fulfillment costs	`IncreaseDecreaseInDeferredCharges`	$1.71M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.19M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-1.47M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.22M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-244.00K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-11.32M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-7.22M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-1.42M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInDeferredRevenue`	$-6.50M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-266.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-444.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$7.30M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.32M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.15M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.33M	USD	1 Quarter
Capitalization of internal-use software costs	`PaymentsToDevelopSoftware`	-	USD	1 Quarter
Capitalization of internal-use software costs	`PaymentsToDevelopSoftware`	$693.00K	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$7.40M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireInvestments`	$4.46M	USD	1 Quarter
Sale and maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$900.00K	USD	1 Quarter
Sale and maturities of investments	`ProceedsFromSaleMaturityAndCollectionsOfInvestments`	$14.06M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-7.84M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$6.76M	USD	1 Quarter
Proceeds from secondary public offering, net of offering costs paid of $284	`ProceedsFromIssuanceOrSaleOfEquity`	$31.23M	USD	1 Quarter
Proceeds from secondary public offering, net of offering costs paid of $284	`ProceedsFromIssuanceOrSaleOfEquity`	-	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$462.00K	USD	1 Quarter
Taxes paid related to net share settlement of equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$169.00K	USD	1 Quarter
Proceeds from employee stock purchase plan	`ProceedsFromIssuanceOfEmployeeStockPurchasePlan`	$1.50M	USD	1 Quarter
Proceeds from employee stock purchase plan	`ProceedsFromIssuanceOfEmployeeStockPurchasePlan`	$1.63M	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$775.00K	USD	1 Quarter
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$1.96M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$2.10M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$34.36M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-36.00K	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-76.00K	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$48.38M	USD	1 Quarter
Net increase (decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.49M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.66M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.76M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.15M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.66M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.76M	USD	Point-in-time
Cash paid for income taxes	`IncomeTaxesPaidNet`	$53.00K	USD	1 Quarter
Cash paid for income taxes	`IncomeTaxesPaidNet`	$65.00K	USD	1 Quarter
Total cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$100.15M	USD	Point-in-time
Total cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$53.15M	USD	Point-in-time
Total cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$50.66M	USD	Point-in-time
Total cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.76M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-10.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.36M	USD	1 Quarter
Change in fair value of investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-5.00K	USD	1 Quarter
Change in fair value of investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax`	$-20.00K	USD	1 Quarter
Total change in unrealized losses on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-5.00K	USD	1 Quarter
Total change in unrealized losses on investments	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-20.00K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-16.37M	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-10.56M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.