What were the specific SEC comments on Rapid7's 2024 10-K that prompted revisions in the Q2 2025 10-Q?

The SEC issued comments on Rapid7's (RPD) 2024 10-K filing on July 31, 2025, which prompted specific revisions in the company's Q2 2025 10-Q. Rapid7 formally responded to these comments in a letter dated August 5, 2025, indicating that the requested changes would be implemented starting with their Q2 2025 Form 10-Q.1

The key areas of revision, as a direct result of the SEC's comments, include:

• Non-GAAP Financial Measures Presentation: The SEC instructed Rapid7 to reposition its discussion of non-GAAP financial information to appear after the GAAP results of operations. This was to ensure that non-GAAP measures do not receive undue prominence, aligning with Item 10(e)(1)(i)(A) of Regulation S-K and relevant Compliance and Disclosure Interpretations. Rapid7 committed to revising the Management's Discussion and Analysis (MD&A) section in its Q2 2025 10-Q and subsequent filings to reflect this change.1
• Geographic Segment Information: The SEC requested that Rapid7 disclose revenues from external customers and property and equipment specifically attributed to the United States. This comment was based on ASC 280-10-50-41, which pertains to segment reporting. Rapid7 agreed to incorporate these disclosures into the notes to its consolidated financial statements, beginning with the Q2 2025 10-Q.1