“We expect this focus on securing our customers' digital experiences, coupled with evolving industry dynamics, will continue to support durable demand for our differentiated and best-in-suite Insight platform, which is reflected in our sustained strong full-year growth acquisition.”

In context

“Corey Thomas (CEO): Thank you, Sunil, and hello to everyone on the call today. Thank you for joining us for our first quarter 2022 earnings call. Rapid7 kicked off the year with another strong quarter of results as we sustained year-over-year ARR growth of 38%, ending the period with $627 million in ARR, while delivering positive free cash flow to start the year. This ongoing momentum in our business was driven by strength across both our security transformation and vulnerability management solutions. Our Insight platform is resonating with customers as we invest to deliver an integrated experience that enables better security outcomes in today's elevated threat environment. We saw strong upsell and cross-sell engagement as customers expanded usage driving accelerated growth in ARR per customer, which eclipsed $60,000 in the quarter. The steady growth in this key metric validates the continued strength and leverage from our customer expansion engine as we remain assessed in helping customers through our productivity and scale in an increasingly tight talent environment. We see a long runway for sustained customer expansion across our best-in-suite Insight platform supporting line of sight to $80,000 in ARR per customer over the mid-term. Another huge recent milestone for Rapid7 was the announcement of our 2022 Social Good Report, which we published in early April. It marks the first comprehensive look at our value-focused mindset around ESG and our investments aimed at creating a secure and resilient future where everyone is empowered to enact positive change. It highlights Rapid7's focus on going beyond the foundational work of traditional diversity equity and inclusion requirements and ESG frameworks to work towards realizing our vision of a secure and prosperous digital future for all. Publishing our first collective annual report on these topics opens the next chapter in building trust, transparency, and dialogue with all of our stakeholders. Before I share additional comments on our business, I want to briefly address our response to the situation in Ukraine and associated threat dynamics. Alongside many other businesses and consistent with our values as an organization, we took actions in the first quarter by suspending new business and renewals with organizations primarily located in Russia and Belarus. At the same time, we continue to provide ongoing support to our customers located in Ukraine with uninterrupted service. The conflict in this region is another unwelcome reminder of the intensifying threat landscape facing our organizations of every size. With the executive orders and regulations both in the US and Europe highlighting the persistent nature of these threats, it is critical for our customers to prioritize security within their IT budgets. These cyber risk dynamics are evident in Rapid7's recently published 2021 Vulnerability Intelligence Report, which examines the 50 most notable security vulnerabilities and high-impact cyber attacks from the last year. It's clear that the attack landscape has shifted dramatically. Our research team found that cyber risk continues to accelerate while the widespread increase in attacks was seen with over 130% compared to 2020 and more than half of those threats beginning with a zero-day exploit. Companies increasingly need to detect and respond to threats more quickly as the average time to exploit dropped to just 12 days in 2021 from 42 days in 2020, and that the business implications of a breach are real as one-third of the vulnerabilities were exploited to carry out ransomware attacks. Altogether, this escalated threat landscape increases the probability of an average business being targeted by cyber criminals in a security environment with limited choices and threats. Amidst evolving geopolitical and macroeconomic dynamics, we remain focused on what we do best for our customers, delivering best-in-class security, visibility, analytics, and automation by collecting massive volumes of the right data, analyzing this data for risk, and automating threat response to drive increasing productivity and efficacy of security outcomes. We expect this focus on securing our customers' digital experiences, coupled with evolving industry dynamics, will continue to support durable demand for our differentiated and best-in-suite Insight platform, which is reflected in our sustained strong full-year growth acquisition. Now, I'd like to give a brief update on the progress towards our three interim goals before turning the call over to Tim for more detail on our financial results and outlook. First, we continue to enable customers to transition to cloud security. We began our cloud security journey in 2020 via both organic and inorganic investments, with the intent of building a leadership position in this space. We've consistently shared our strategy to be a market leader across each of our core pillars, as part of our goal to deliver an integrated platform experience that allows customers to have best-in-class security capabilities with a lower total cost of ownership. A few years later, Rapid7's cloud security offering was recently validated by Forrester Wave for cloud security workload as the highest ranking current offering on the market, validating our leadership spans across all three of our core pillars of Detection Response, CRM, and now cloud security. InsightCloudSec received the highest possible scores for CSPM, container workload protection, identity and access management, infrastructure code, and data ingestion. This is a remarkable accomplishment by our team, and I'm extremely proud of what we've achieved in cloud security in a relatively short time frame. Our leadership in cloud security has generated strong traction with customers. Yet, there is another important distinction to make here, and that is Rapid7's ability to help secure customers' modern cloud environments with capabilities across our Insight platform. As customers increasingly innovate in the cloud, they can leverage our broad platform capabilities to solve the cloud security challenge. This includes our industry-leading vulnerability assessment technology, which now powers native assessment for container and Kubernetes environments, and our best-in-class detection and response offering to help identify and mitigate threats across cloud and hybrid environments. The efficiency and productivity of our platform across both traditional and cloud environments is an increasingly important competitive differentiator, as customers look to secure their fragmented technology ecosystems. This brings us to our second overarching goal, to meet customers where they are in their security journey by expanding the capabilities and value proposition of our natively integrated Insight platform. Our results speak to our momentum here. We're seeing strong growth in ARR per customer as customers consolidate fragmented security tools on our platform, driving expanding customer usage and adoption of our solutions. In the first quarter, over 50% of our new ARR came from existing customers, as security teams increasingly look to natively integrated solutions to mitigate the challenges of trying to integrate multiple disparate products. This platform trend has supported strong demand for our security transformation solutions. As we shared last quarter, these now represent over 50% of total ARR, as customers look to leverage more of our solutions to minimize the seams and gaps that exist in their technology environment. A core part of the Insight platform's value proposition and competitive advantage is our focus on customer outcomes and our ability to drive productivity and scale with quick time to value for security teams with limited resources. As more companies become resource constrained amid high security scrutiny and a tightening hiring environment, it means that customers of all sizes and levels of sophistication are seeking access to our security expertise delivered by our expert stock analysts' insights into our products. Turning to our third enduring goal, we remain focused on expanding profitability and free cash flow while investing for durable growth. Our first quarter investments position us well to drive strong growth while scaling profitability through the balance of the year. We saw strong traction on our full-year hiring plans in the first quarter, even amidst a competitive talent landscape, confirming Rapid7's standing as an employer of choice and providing a solid foundation for this year's growth. We have also been able to absorb the associated wage inflation, which speaks to the efficiency of our business model and our commitment to prioritizing strategic initiatives. We continue to invest in our highest return opportunities including platform growth and delivering holistic cloud security, as we balance our dual mandate of scale and profitability while investing for durable growth. In short, we started 2022 with strong results and we are well on track to meet our goals for this year. Our top-line technology and our ability to benefit from multiple areas of security spending give us conviction in our outlook for 2022 and beyond as we expect to continue delivering strong top-line growth while expanding margins on an annual basis. With that, thank you all. And I will now turn the call over to our CFO, Tim Adams, to share additional details on our financial results.”