Rubrik Inc (RBRK) 2025 Q1 法說會逐字稿

Good day, everyone, and welcome to the Rubrik first quarter fiscal year 2025 results conference call. (Operator Instructions) Please note today's call will be recorded, and I will be standing by should you need any assistance.

大家好，歡迎參加 Rubrik 2025 財年第一季業績電話會議。（操作員說明）請注意，今天的通話將被錄音，如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn the conference over to Melissa Franchi, VP and Head of Investor Relations. Please go ahead.

現在我很高興將會議交給副總裁兼投資者關係主管 Melissa Franchi。請繼續。

Hello, everyone. Welcome to Rubrik's first quarter fiscal year 2025 financial results conference call. On the call with me today are Bipul Sinha, CEO, Chairman and Co-Founder of Rubrik; and Kiran Choudary, Chief Financial Officer. Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at www.ir.rubrik.com. Also on this page, you'll be able to find a copy of today's prepared remarks and a slide deck with financial highlights that, along with our earnings release, include a reconciliation of GAAP to non-GAAP financial results.

大家好。歡迎參加 Rubrik 2025 財年第一季財務業績電話會議。今天與我通話的有 Rubrik 執行長、董事長兼共同創辦人 Bipul Sinha；和財務長 Kiran Choudary。我們的收益新聞稿於今天收市後發布，可從 www.ir.rubrik.com 的投資者關係頁面下載。此外，在此頁面上，您還可以找到今天準備好的評論的副本和包含財務要點的幻燈片，其中包括我們的收益發布，其中包括 GAAP 與非 GAAP 財務業績的調整表。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the second quarter and full year fiscal 2025. Our expectations regarding market trends, our market position, opportunity, including regarding generative AI and growth strategy, product initiatives and expectations regarding those initiatives and our go-to-market motion.

在本次電話會議中，我們將做出前瞻性聲明，包括有關我們第二季和 2025 財年全年財務前景的聲明。我們對市場趨勢、市場地位、機會的期望，包括產生人工智慧和成長策略、產品計劃以及對這些計劃和我們的上市行動的期望。

These statements are only predictions that are based on what we believe today, and actual results may differ materially. These forward-looking statements are subject to risks and factors that could affect our performance and financial results, which we discussed in detail in our filings with the SEC, including our final prospectus filed with the SEC pursuant to Rule 424(b) dated April 24, 2024. Rubrik assumes no obligation to update any forward-looking statements we make on today's webinar.

這些陳述只是基於我們今天所相信的預測，實際結果可能有重大差異。這些前瞻性陳述受到可能影響我們業績和財務表現的風險和因素的影響，我們在向SEC 提交的文件中詳細討論了這些風險和因素，包括我們根據4 月24 日第424(b) 條向SEC提交的最終招股說明書，2024 年。Rubrik 不承擔更新我們在今天的網路研討會上所做的任何前瞻性陳述的義務。

With that, I'll hand the call over to Bipul.

這樣，我會將電話轉交給 Bipul。

Thanks, Melissa. And thank you, everyone, for joining us for the first quarterly earnings call as a public company. Rubrik's first fiscal quarter of 2025 was another quarter of strong and efficient growth.

謝謝，梅麗莎。感謝大家參加我們作為上市公司的第一次季度財報電話會議。Rubrik 的 2025 年第一季又是一個強勁且高效成長的季度。

We finished Q1 with subscription ARR of $856 million, growing 46% yea over year. And average subscription dollar-based net retention rate of over 120%. We now have 1,859 customers with over $100,000 in subscription ARR, including 114 customers with over $1 million in subscription ARR.

我們第一季的訂閱 ARR 為 8.56 億美元，年增 46%。基於訂閱美元的平均淨保留率超過 120%。我們現在有 1,859 名訂閱 ARR 超過 10 萬美元的客戶，其中 114 名客戶訂閱 ARR 超過 100 萬美元。

I am pleased with our first-quarter results, and I believe we are well positioned to take advantage of the massive market opportunity created by explosion of data, especially by AI. I would like to thank 3,000-plus Rubrikans who worked so hard to carry out our mission of securing the world's data and are helping to pave the way for a more secure and digital future.

我對我們第一季的業績感到滿意，我相信我們已經做好充分準備，能夠充分利用數據爆炸（尤其是人工智慧）帶來的巨大市場機會。我要感謝 3,000 多名 Rubrikans，他們辛勤工作，履行我們保護世界數據的使命，並幫助為更安全和數位化的未來鋪平道路。

As this is our first earnings call, I want to share with you some context on our journey. We founded Rubrik in December 2013, and our mission is to secure the world's data. We believe that data is every organization's most valuable asset. As world has digitized, we have seen exponential growth in data. Today's modern enterprise have massive data sprawl across multiple categories, including cloud data, enterprise data, and SaaS applications.

由於這是我們的第一次財報電話會議，我想與您分享我們旅程中的一些背景。我們於 2013 年 12 月創立了 Rubrik，我們的使命是保護全球資料的安全。我們相信數據是每個組織最有價值的資產。隨著世界數位化，我們看到數據呈指數級增長。當今的現代企業擁有跨多個類別的大量數據，包括雲端數據、企業數據和 SaaS 應用程式。

Additionally, generative AI breakthroughs have lowered the barrier to enterprise AI adoption, and we believe we'll add another layer of grouping data that needs to be secured. This data sprawl has expanded the surface area of potential attack and has left organizations vulnerable in the face of an exponential rise in the amount and complexity of cyber attacks.

此外，生成式人工智慧的突破降低了企業採用人工智慧的障礙，我們相信我們將增加另一層需要保護的分組資料。這種數據蔓延擴大了潛在攻擊的範圍，並使組織在面對指數級增長的網路攻擊數量和複雜性時變得脆弱。

According to a survey by our own Rubrik Zero Lab, 94% of IT and security leaders reported significant cyber attacks last year and 1/3 of these victims endured at least one ransomware attack. The cybersecurity space has focused on cyber prevention strategies for the last 20, 30 years, which is clearly not enough, given the increasingly rampant and sophisticated attacks on the critical data. Building taller walls and wider walls cannot prevent attacks from getting to the data.

根據我們自己的 Rubrik Zero Lab 的一項調查，94% 的 IT 和安全領導者報告了去年發生的重大網路攻擊，其中 1/3 的受害者至少遭受過一次勒索軟體攻擊。過去 20、30 年來，網路安全領域一直專注於網路預防策略，但考慮到針對關鍵數據的攻擊日益猖獗和複雜，這顯然是不夠的。建造更高和更寬的牆並不能阻止對資料的攻擊。

On the other hand, the legacy backup and recovery solutions have been highly ineffective for cyber's recovery because their architecture was built for operational recovery. They were not designed to enable reliable recovery from cyber attacks. In fact, the infrastructure of legacy backup and recovery itself is vulnerable to cyber attacks.

另一方面，傳統的備份和復原解決方案對於網路復原來說非常無效，因為它們的架構是為操作復原而建置的。它們的設計初衷並不是為了從網路攻擊中實現可靠的恢復。事實上，遺留備份和復原的基礎設施本身就很容易受到網路攻擊。

Why cyber recovery prevention strategies are important? Enterprises need to assume that cyber attacks are inevitable. We believe enterprises have to have a comprehensive cyber resilience strategy to be able to quickly recover from a cyber incident and minimize operational disruptions in the midst of cyber breaches and attacks.

為什麼網路恢復預防策略很重要？企業需要假設網路攻擊是不可避免的。我們認為，企業必須制定全面的網路彈性策略，以便能夠從網路事件中快速恢復，並最大限度地減少網路漏洞和攻擊造成的營運中斷。

Rubrik was founded on a vision to deliver business resilience by securing the most critical asset of any organization, that is data. Our idea was to take the backup and recovery concepts and combine it with modern cybersecurity principles into a brand-new software platform to deliver complete cyber resilience. At the outset, we built a unique Zero Trust architecture that combines data and metadata from business applications across enterprise, cloud, and SaaS applications to create self-describing data as time-series.

Rubrik 的願景是透過保護任何組織最重要的資產（即資料）來提供業務彈性。我們的想法是採用備份和復原概念，並將其與現代網路安全原則結合到一個全新的軟體平台中，以提供完整的網路彈性。首先，我們建立了一個獨特的零信任架構，該架構結合了來自企業、雲端和 SaaS 應用程式的業務應用程式的資料和元數據，以創建作為時間序列的自描述資料。

Self-describing data includes application context, user identity, data sensitivity, and application lineage. This allows us to apply artificial intelligence and machine learning directly to the business data to understand emergent data security set and deliver cyber resilience against cyber attacks.

自描述資料包括應用程式上下文、使用者身分、資料敏感度和應用程式沿襲。這使我們能夠將人工智慧和機器學習直接應用於業務數據，以了解緊急資料安全集並提供針對網路攻擊的網路彈性。

In fiscal 2023, we introduced Rubrik Security Cloud or RFC, which provides a single platform to help enterprises secure their data across enterprise, cloud, and SaaS applications. RFC combines data protection and cyber resilience into a single cloud-native SaaS platform that detects, analyzes, and remediates cybersecurity risk and unauthorized user activities across all enterprise data estates. This platform is architected to help organizations achieve cyber resilience, which encompasses cyber posture and cyber recovery.

在 2023 財年，我們推出了 Rubrik Security Cloud 或 RFC，它提供了一個單一平台來幫助企業跨企業、雲端和 SaaS 應用程式保護其資料。RFC 將資料保護和網路彈性結合到一個雲端原生 SaaS 平台中，該平台可偵測、分析和修復所有企業資料資產中的網路安全風險和未經授權的使用者活動。該平台旨在幫助組織實現網路彈性，其中包括網路態勢和網路復原。

Our platform is ultimately designed to enable organizations to confidently accelerate digital transformation and leverage the cloud to realize business agility. Our unique and purpose-built Zero Trust data security approach is first of its kind and differentiates us from the alternative solutions our customers have access to.

我們的平台最終旨在使組織能夠自信地加速數位轉型並利用雲端實現業務敏捷性。我們獨特且專門建構的零信任資料安全方法是同類中的首創，使我們與客戶可以使用的替代解決方案區分開來。

I would like to expand upon why we believe we win in the marketplace. First, our Zero Trust architecture combines backup and recovery and cyber security in a single software platform that significantly shrinks the attack surface that exists with legacy solutions. Our Zero Trust data security platform assumes that IT infrastructure will be breached, and nothing can be trusted without authentication. As a result, our architecture delivers data availability that withstands at worst conditions and allows businesses to restore their data when infrastructure is attacked.

我想詳細闡述為什麼我們相信我們會在市場上獲勝。首先，我們的零信任架構將備份和復原以及網路安全結合在一個軟體平台中，顯著縮小了遺留解決方案存在的攻擊面。我們的零信任資料安全平台假設 IT 基礎架構將被破壞，未經身份驗證，任何內容都無法信任。因此，我們的架構提供了能夠承受最惡劣條件的資料可用性，並允許企業在基礎設施受到攻擊時恢復資料。

We have a history of pioneering innovation as highlighted by our recent win of two Global InfoSec Awards for pioneering cyber resilience and pioneering data security posture management. Second, our cloud-native Rubrik Security Cloud offers customers a single point of control from one user interface to secure data across disparate sources, including enterprise, cloud, unstructured data, and SaaS applications. We build products on top of Rubrik Security Cloud to address a myriad of use cases that help our customers achieve cyber resilience from hardening the data security posture to recovery from a cyber attack.

我們擁有開拓創新的歷史，最近我們因開拓網路彈性和開拓資料安全態勢管理而榮獲兩項全球資訊安全獎，凸顯了我們的開拓創新歷史。其次，我們的雲端原生 Rubrik Security Cloud 為客戶提供從一個使用者介面的單點控制，以保護不同來源（包括企業、雲端、非結構化資料和 SaaS 應用程式）的資料。我們在 Rubrik Security Cloud 之上建立產品來解決無數用例，幫助我們的客戶實現從強化資料安全態勢到從網路攻擊中恢復的網路彈性。

As an example, we recently announced the general availability of DSPM everywhere. We believe this is the industry's only data security product suite that combines data security posture or DSPM with cyber recovery designed for complete cyber resilience. Our DSPM solution provides visibility into where all of an organization's data list, who has access to the data, how is it being used, and sensitivity of the content therefore, reducing the risk of data exposure and infiltration. This comes on the heels of our acquisition of Laminar the leading DSPM company focus on the cloud.

例如，我們最近宣布 DSPM 全面可用。我們相信，這是業界唯一將資料安全態勢或 DSPM 與網路復原結合的資料安全產品套件，旨在實現完整的網路彈性。我們的 DSPM 解決方案可讓您了解組織的所有資料清單的位置、誰有權存取資料、資料的使用方式以及內容的敏感性，從而降低資料暴露和滲透的風險。在此之前，我們收購了專注於雲端的領先 DSPM 公司 Laminar。

Third, we offer customers simplicity and ease of use at a scale. From the beginning, we have built our platform to be easy to use from deployment to ongoing operations even when managing complex environment at large scale. Our platform is also fully extensible with APIs that enable the integration with organizations, ecosystem of technologies, and systems. This differentiated approach allows us to integrate end to end with an array of cybersecurity products, extending protection from the perimeter to the data layer. We are further enhancing our leading products by partnering with other leaders in the broader cybersecurity landscape.

第三，我們為客戶提供大規模的簡單性和易用性。從一開始，我們就建立了易於使用的平台，從部署到持續運營，即使在大規模管理複雜環境時也是如此。我們的平台還可以透過 API 進行完全擴展，從而實現與組織、技術生態系統和系統的整合。這種差異化的方法使我們能夠與一系列網路安全產品進行端到端集成，將保護範圍從外圍擴展到資料層。我們透過與更廣泛的網路安全領域的其他領導者合作，進一步增強我們的領先產品。

In Q1, we announced a new strategic partnership with CrowdStrike, which unifies rich data-centric attack context from RSC with security telemetry from CrowdStrike Falcon XDR platform. With this partnership, Enterprises gain context rich in size, such as attack behavior and critical data being targeted. That drives accelerated detection, investigation, and recovery.

在第一季度，我們宣布與 CrowdStrike 建立新的策略合作夥伴關係，它將 RSC 豐富的以數據為中心的攻擊環境與 CrowdStrike Falcon XDR 平台的安全遙測相結合。透過這種合作關係，企業可以獲得豐富的背景訊息，例如攻擊行為和目標關鍵數據。這推動了檢測、調查和恢復的加速。

Organizations can unify security and IT operations and focus efforts on protecting critical data. We also have a strong partnership with Zscaler, who recently awarded Rubrik as its Emerging Tech Partner of the Year. Zscaler and Rubrik partnered together to help customers secure sensitive data by combining Rubrik's data-at-rest intelligence with Zscaler data-in-motion security.

組織可以統一安全和 IT 運營，並集中精力保護關鍵資料。我們還與 Zscaler 建立了牢固的合作夥伴關係，Zscaler 最近將 Rubrik 評為年度新興技術合作夥伴。Zscaler 和 Rubrik 攜手合作，將 Rubrik 的靜態資料智慧與 Zscaler 動態資料安全性結合，幫助客戶保護敏感資料。

We are incredibly proud of the success we have seen to date with RSC and its adoption by leading global organization. In Q1, we continue to see strong new logo additions as well as expansion from existing customers. Today we have over 1,800 customers with $100,000 or more in subscription ARR, up from 1,300 in the year-ago period. We secured data for many large organizations across all major verticals, but I will detail two notable new land in the healthcare space.

我們對 RSC 迄今為止所取得的成功及其被全球領先組織採用感到無比自豪。在第一季度，我們繼續看到強勁的新徽標添加以及現有客戶的擴展。如今，我們有超過 1,800 名訂閱 ARR 達到或超過 10 萬美元的客戶，高於去年同期的 1,300 名。我們為所有主要垂直領域的許多大型組織提供了資料保護，但我將詳細介紹醫療保健領域的兩個值得注意的新領域。

First is the new Fortune 50 Health Insurance provider with a multimillion dollar ARR transaction. After an audit found the company was unlikely to recover from a mass cyber event, its Board of Directors mandated the evaluation of alternatives to its existing legacy backup and recovery footprint. The company conducted a thorough proof of concept and selected Rubrik to address the organization's requirement to mitigate the risk and impact of a cyber attack.

首先是新的財富 50 強健康保險公司，其 ARR 交易金額高達數百萬美元。在審計發現該公司不太可能從大規模網路事件中恢復後，其董事會要求評估其現有遺留備份和復原足跡的替代方案。該公司進行了徹底的概念驗證，並選擇 Rubrik 來滿足組織降低網路攻擊風險和影響的要求。

So customer purchased our full cyber recovery offerings, which included RSC Enterprise Edition with cloud-native protection for the company's critical data across this enterprise or private cloud and public cloud environment.

因此，客戶購買了我們完整的網路復原產品，其中包括 RSC 企業版，可為該企業或私有雲和公有雲環境中的公司關鍵資料提供雲端原生保護。

Another example in the healthcare space is a large healthcare provider who replaced their legacy backup and recovery provider after a significant ransomware attack, that resulted in a lengthy outage and an inability to recover critical data. After careful evaluation with board level visibility, this organization selected RSC Enterprise Edition with unstructured data protection to secure workloads on-premises and in the cloud. The customer selected Rubrik because of our ability to address the cyber resiliency needs for both on-premises and cloud workloads from a single stain of glass. The company also purchased Rubrik data security posture management from our Laminar acquisition to reduce sensitive and regulated data exposure and manage exfiltration risks across their cloud workloads.

醫療保健領域的另一個例子是一家大型醫療保健提供者在遭受重大勒索軟體攻擊後更換了其傳統備份和復原供應商，導致長時間停機且無法恢復關鍵資料。經過對板級可見性的仔細評估後，該組織選擇了具有非結構化資料保護功能的 RSC 企業版，以保護本地和雲端中的工作負載。客戶選擇 Rubrik 是因為我們能夠透過單一玻璃解決本地和雲端工作負載的網路彈性需求。該公司還從 Laminar 收購中購買了 Rubrik 資料安全態勢管理，以減少敏感和受監管的資料暴露，並管理整個雲端工作負載的滲漏風險。

We have seen meaningful multidimensional expansion within existing customer accounts. Our average subscription dollar-based net retention rate in Q1 was over 120% as customers increase the data they secure with us, adopt new workloads and applications secured with Rubrik and upgrade their subscriptions to higher-value addition.

我們在現有客戶帳戶中看到了有意義的多維擴張。我們第一季基於美元的平均訂閱淨保留率超過120%，因為客戶增加了他們在我們這裡保護的數據，採用了由Rubrik 保護的新工作負載和應用程序，並將他們的訂閱升級到更高附加價值。

This quarter, we saw a seven-figure upgrade and expansion deal at a large agricultural organization. This organization upgraded from our foundation addition to the enterprise edition with unstructured data protection, noting Rubrik's anomaly detection and fresh monitoring as significant value drivers. This organization also expanded their use of Rubrik cloud native protection to secure their large cloud data footprint and to save cost relative to cloud-native backup.

本季度，我們看到一家大型農業組織達成了七位數的升級和擴張協議。該組織從我們的基礎版升級到具有非結構化資料保護的企業版，並指出 Rubrik 的異常檢測和最新監控是重要的價值驅動因素。該組織還擴大了 Rubrik 雲端原生保護的使用，以保護其大量雲端資料足跡並節省相對於雲端原生備份的成本。

In addition to our continued success, we also want to highlight our future growth opportunities and areas of strategic focus. We believe there is a large and growing market opportunity for our RSV platform as more customers move their applications and data to the cloud and as generative AI amplify demand for securing unstructured data. We plan to continue to invest in the development of RSC and in our accompany go-to-market motion to capitalize on this facility.

除了我們持續的成功之外，我們還想強調我們未來的成長機會和策略重點領域。我們相信，隨著越來越多的客戶將其應用程式和資料轉移到雲端，以及生成式人工智慧放大了對保護非結構化資料的需求，我們的RSV 平台將面臨巨大且不斷增長的市場機會。我們計劃繼續投資 RSC 的開發以及我們隨附的上市動議，以充分利用該設施。

We have a history of innovating with disruptive technology, and we intend to continue to make significant investments in research and development to further increase our product differentiation. This includes new data security functionality, the continued expansion of applications secured by Rubrik, and generative AI applications that will help organizations achieve business resilience and improve productivity.

我們擁有顛覆性技術創新的歷史，我們打算繼續在研發方面進行大量投資，以進一步提高我們的產品差異化。這包括新的資料安全功能、Rubrik 保護的應用程式的持續擴展以及將幫助組織實現業務彈性和提高生產力的生成式 AI 應用程式。

Now let me address the area we are focused on from the go-to-market perspective. As a quick background, we sell our subscription offerings into the mid-enterprise and above through our channel partners. At the high end, our field sales work with regional and global system integrator. At the lower end of our market, we use inside sales and value-added resellers.

現在讓我從進入市場的角度來談談我們關注的領域。作為快速背景，我們透過通路合作夥伴向中型及以上企業銷售我們的訂閱產品。在高端領域，我們的現場銷售與區域和全球系統整合商合作。在低端市場，我們利用內部銷售和加值經銷商。

We are focused on growing our customer base. We believe any organization with any application and data of any significance is a potential Rubrik customer. As cyber attacks increase in scale and sophistication, (inaudible) digitization and ever-evolving data regulation, organizations are rethinking how to secure data across the entirety of the topology. We'll continue to invest in customer acquisition to meet the growing needs of these organizations seeking to achieve data security.

我們專注於擴大我們的客戶群。我們相信，任何擁有任何重要應用程式和資料的組織都是 Rubrik 的潛在客戶。隨著網路攻擊的規模和複雜性、（聽不清楚）數位化和不斷發展的資料監管的增加，組織正在重新思考如何保護整個拓撲中的資料。我們將繼續投資於客戶獲取，以滿足這些尋求實現資料安全的組織不斷增長的需求。

We are also focused on expansion within our existing customer base by continuing to move customers to our more premium subscription additions and by covering additional scale and the scope of data managed, particularly as cyber resilience is a growing focus in cloud and SaaS environment. We continue to refine our go-to-market to accelerate cross-sell of our newer solutions, such as DSPM and newer application footprint in SaaS and in the cloud.

我們也專注於擴大現有客戶群，繼續吸引客戶使用我們更優質的訂閱服務，並涵蓋更大的規模和管理的資料範圍，特別是在網路彈性日益成為雲端和SaaS 環境中的焦點的情況下。我們繼續完善我們的市場推廣，以加速我們新解決方案的交叉銷售，例如 DSPM 以及 SaaS 和雲端中的新應用程式足跡。

Lastly, we believe we have a substantial international opportunity as international organization struggle with the same data protection and security challenges that we are currently solving for our US customers. We plan to continue to expand our global footprint into existing and new international markets. We generated approximately 32% of our total revenues in fiscal 2024 from customers outside of the US, which highlights the room for growth.

最後，我們相信我們擁有巨大的國際機會，因為國際組織正在努力應對我們目前正在為美國客戶解決的相同資料保護和安全挑戰。我們計劃繼續將我們的全球足跡擴展到現有和新的國際市場。2024 財年，我們約 32% 的總營收來自美國以外的客戶，凸顯了成長空間。

In closing, I would like to thank all Rubrikans, our customers, partners, and investors for their support and dedication in helping us achieve very important milestone of becoming a public company and being partners on our journey ahead. We are proud of our mission of securing critical business data, enabling enterprises to remain resilient in the face of cyber attacks and helping them accelerate their digital transformation.

最後，我要感謝所有 Rubrikans、我們的客戶、合作夥伴和投資者的支持和奉獻，幫助我們實現成為上市公司並成為我們未來旅程中的合作夥伴的非常重要的里程碑。我們為保護關鍵業務數據、使企業在面對網路攻擊時保持彈性並幫助他們加速數位轉型的使命感到自豪。

Our Zero Trust architecture is unique and positions us as a differentiated leader in a large marketing transition and filled with legacy incumbent. Our strong Q1 results highlight this exciting market opportunity, our multiple drivers of growth, and our strong go-to-market execution, key components to building an enduring company. We are on a mission to secure the world's data, and we are just getting started.

我們的零信任架構是獨一無二的，使我們成為大型行銷轉型中的差異化領導者，並充滿了傳統的現任者。我們強勁的第一季業績凸顯了這個令人興奮的市場機會、我們的多重成長驅動力以及我們強大的上市執行力，這些都是建立持久公司的關鍵組成部分。我們的使命是保護世界數據，而我們才剛開始。

With that, I will now turn the call over to Kiran to review our financials. Kiran?

現在，我將把電話轉給基蘭，以審查我們的財務狀況。基蘭？

Thank you, Bipul, and good afternoon, everyone. I'm pleased to report that we delivered a strong start to fiscal 2025 with strength across all our key operating metrics, including subscription ARR, subscription contribution margin, and free cash flow.

謝謝你，Bipul，大家下午好。我很高興地向大家報告，我們在 2025 財年取得了良好的開局，所有關鍵營運指標（包括訂閱 ARR、訂閱邊際貢獻率和自由現金流）均表現強勁。

Rubrik was started 10 years ago with the vision of data security and cyber resilience, and our recent performance highlights the momentum around this market transformation. Before we go through our financial performance for the first quarter, I would like to give you a brief overview of our business model to contextualize our results. Unless otherwise noted, growth rate comparisons are on a year-over-year basis.

Rubrik 於 10 年前以資料安全和網路彈性的願景成立，我們最近的業績凸顯了這一市場轉型的勢頭。在我們了解第一季的財務表現之前，我想向您簡要概述我們的業務模式，以了解我們的業績。除非另有說明，增長率比較均以同比進行。

We launched our first commercial product, Converged Data Management in fiscal 2016. This platform combined data and metadata into a single layer of software to provide Zero Trust data protection. This was our original data protection platform that secured enterprise applications and were sold under a perpetual license with associated maintenance contracts.

我們於 2016 財年推出了第一個商業產品－融合資料管理。該平台將資料和元資料組合到單層軟體中，以提供零信任資料保護。這是我們最初的資料保護平台，可保護企業應用程式的安全，並根據永久許可證和相關維護合約進行銷售。

By fiscal 2020, we had expanded the use cases of our platform to secure cloud native applications in addition to enterprise applications. We rebranded Converged Data Management to Cloud Data Management, or CDM, and introduced our first subscription term-based licenses.

到 2020 財年，我們擴展了平台的用例，除了企業應用程式之外還可以保護雲端原生應用程式。我們將融合資料管理更名為雲端資料管理（CDM），並推出了第一個基於訂閱期限的授權。

By this time, we had also launched first SaaS data security products, which was built on top of our cloud data management platform. This includes ransomware monitoring and investigation, which is known as Anomaly Detection and sensitive data monitoring and management, which is now known as Sensitive Data Monitoring. We sold the solutions on a stand-alone basis. In fiscal 2023, to meet customer demands for data security and a single unified cloud-based control plane, we launched Rubrik Security Cloud or RSC after five years of R&D.

此時，我們也推出了第一個 SaaS 資料安全產品，該產品建構在我們的雲端資料管理平台之上。這包括勒索軟體監控和調查（稱為異常檢測）和敏感資料監控和管理（現在稱為敏感資料監控）。我們單獨銷售解決方案。2023財年，為了滿足客戶對資料安全和基於雲端的統一控制平面的需求，我們經過五年的研發推出了Rubrik Security Cloud或RSC。

RSC provides one point of control to secure data regardless of where it lives across enterprise, cloud, and SaaS applications, and this enables seamless adoption of RSC by our customers. In addition, as part of our cloud transformation, we began transitioning the sale of Rubrik-branded appliances, which our customers use to secure enterprise data from us to our partners. Today, we primarily sell RSC subscriptions. We currently go to market with RSC in the form of subscription additions, foundation, business, and enterprise.

RSC 提供單點控制來保護數據，無論數據位於企業、雲端和 SaaS 應用程式的何處，這使得我們的客戶能夠無縫採用 RSC。此外，作為雲端轉型的一部分，我們開始轉變 Rubrik 品牌設備的銷售，客戶使用這些設備來保護我們提供給合作夥伴的企業資料。今天，我們主要銷售 RSC 訂閱。目前，我們以訂閱添加、基金會、商業和企業的形式與 RSC 一起進入市場。

We also recently announced the enterprise Proactive addition, which includes DSPM everywhere. These additions, all of our data protection for the data types our platform can secure, and there are data security products that are including each subscription tier.

我們最近也宣布了企業 Proactive 新增功能，其中包括無所不在的 DSPM。這些附加內容，我們對平台可以保護的資料類型的所有資料保護，以及包含每個訂閱層的資料安全產品。

We price our additions primarily based on data volume secure and data security capabilities. Our key top line metric is subscription ARR, which we believe best illustrates our success in acquiring new customers and maintaining and expanding our relationships with existing customers. Our cloud ARR includes RSC as well as our mostly previously sold stand-alone SaaS-based data protection and data security products.

我們主要根據資料量安全性和資料安全功能對新增內容進行定價。我們的關鍵營收指標是訂閱 ARR，我們認為這最能說明我們在獲取新客戶以及維持和擴大與現有客戶的關係方面所取得的成功。我們的雲端 ARR 包括 RSC 以及我們之前銷售的大多數基於 SaaS 的獨立資料保護和資料安全產品。

We ended the first quarter with subscription ARR of $856 million, up 46%. Net day subscription ARR was $72 million, up 32%, a record high over the last year. These strong results were driven by the combination of solid new logo lands, ongoing customer expansions, large transactions, and strong linearity. We also had notable strength in large transactions in the quarter as highlighted by some of our earlier customer stories.

第一季末，我們的訂閱 ARR 為 8.56 億美元，成長 46%。日淨訂閱 ARR 為 7,200 萬美元，成長 32%，創去年歷史新高。這些強勁的業績是由堅實的新標誌、持續的客戶擴張、大量交易和強大的線性相結合推動的。正如我們早期的一些客戶故事所強調的那樣，本季我們在大額交易方面也表現強勁。

We now have 114 customers with over $1 million in subscription ARR, up from 99 last quarter, and 71 in the year-ago period. After 46% subscription ARR growth in Q1, we believe approximately 3 percentage points are a result of transitioning our existing maintenance customers to Rubrik Security Cloud. This compares to 4 percentage points of benefit last quarter and 13 percentage points in the year-ago period.

我們現在有 114 位訂閱 ARR 超過 100 萬美元的客戶，高於上季的 99 位和去年同期的 71 位。第一季度訂閱 ARR 成長 46% 後，我們認為大約 3 個百分點是我們現有維修客戶轉向 Rubrik Security Cloud 的結果。相較之下，上季效益提高了 4 個百分點，去年同期效益提高了 13 個百分點。

We expect this benefit will continue to moderate over the next few quarters. We continue to drive sales of our SaaS solutions as evidenced by our cloud ARR of $606 million in Q1, up 104%. We have a compelling land and expand model that allows for a significant expansion of opportunity after our initial contract.

我們預計這種效益在未來幾季將繼續減弱。我們繼續推動 SaaS 解決方案的銷售，第一季雲端 ARR 達到 6.06 億美元，成長 104% 就證明了這一點。我們有一個引人注目的土地和擴張模式，可以在我們簽訂初始合約後顯著擴大機會。

The three main vectors that drive expansion with our customers are: one, the growth of data from applications already secured by Rubrik; two, additional applications secured on our platform; and three, adoption of additional data security products.

推動客戶擴展的三個主要因素是：一是來自 Rubrik 已保護的應用程式的資料成長；二、我們平台上安全的其他應用程式；第三，採用額外的資料安全產品。

Our fourth-quarter average subscription dollar based net retention rate was over 120% in Q1, and we saw a 41% increase in customers with subscription ARR of $100,000 or more to 1,859. We have rapidly progressed through our cloud transformation. Our subscription revenue was $172 million, representing 92% of total revenue. Subscription revenue growth was 59% as headwinds to our revenue growth from more ratable revenue are moderating.

第一季我們第四季平均訂閱美元淨保留率超過 120%，訂閱 ARR 為 10 萬美元或以上的客戶增加了 41%，達到 1,859 名。我們的雲端轉型取得了快速進展。我們的訂閱收入為 1.72 億美元，佔總收入的 92%。訂閱收入成長了 59%，因為更多可評稅收入對我們收入成長的阻力正在減弱。

Total revenue was $187 million, up 38%. Before turning to gross margins, expenses and profitability, I would like to note that I will be discussing non-GAAP results going forward unless otherwise noted. As a reminder, our GAAP financial results, along with the reconciliation between GAAP and non-GAAP results, can be found in our earnings press release and supplemental financials.

總收入為 1.87 億美元，成長 38%。在討論毛利率、費用和獲利能力之前，我想指出，除非另有說明，否則我將討論未來的非公認會計準則績效。提醒一下，我們的 GAAP 財務表現以及 GAAP 和非 GAAP 業績之間的調整表可以在我們的收益新聞稿和補充財務報告中找到。

We are focused on delivering strong gross margins, improving our subscription ARR contribution margin and growing free cash flow. Our non-GAAP gross margin was 75% in Q1 compared to 74% in the year ago period, driven by a change in product mix, including the transition of the sale of Rubrik-branded appliances from us to our partners, and the improved efficiency of our customer support organization. This was partially offset by higher cloud hosting costs due to the development in and growth of our SaaS solutions, which we expect to continue to scale in the future.

我們專注於提供強勁的毛利率、提高我們的訂閱 ARR 貢獻率和增加自由現金流。我們第一季的非 GAAP 毛利率為 75%，而去年同期為 74%，這是由於產品結構的變化（包括將 Rubrik 品牌電器的銷售從我們轉向合作夥伴）以及效率的提高所推動的我們的客戶支持組織。這部分被我們的 SaaS 解決方案的開發和成長帶來的更高的雲端託管成本所抵消，我們預計該解決方案未來將繼續擴大規模。

We look at subscription ARR contribution margin as a key measure of profitability. This is calculated as subscription ARR less non-GAAP cost of subscription revenue and less non-GAAP operating expense and then divided by subscription ARR. We find this to be a more relevant metric to demonstrate improvement in operating leverage than operating margins, our free cash flow, because it removes the impact from our cloud transformation as well as changing billings and payment terms.

我們將認購 ARR 貢獻率視為衡量獲利能力的關鍵指標。計算方法為訂閱 ARR 減去非 GAAP 訂閱收入成本和非 GAAP 營運費用，然後除以訂閱 ARR。我們發現，與營運利潤率、自由現金流相比，這是一個更能證明營運槓桿改善的相關指標，因為它消除了雲端轉型以及計費和付款條件變化的影響。

We believe the improvement in our subscription ARR contribution margin demonstrates our ability to drive operating leverage at scale. Subscription ARR contribution margin was negative 11% in Q1 compared to negative 32% in the year-ago period as we saw a strong subscription ARR growth, and efficiency gains across the business.

我們相信，認購 ARR 貢獻率的改善表明我們有能力大規模推動營運槓桿。第一季訂閱 ARR 貢獻率為負 11%，而去年同期為負 32%，因為我們看到訂閱 ARR 強勁成長以及整個業務的效率提升。

Operating expenses this quarter also included $23 million in employer payroll taxes associated with our IPO. Adjusting for this one-time expense in Q1, our subscription ARR contribution margin would have been negative 8%. Free cash flow was negative $37 million compared to negative $23 million in the year-ago period. This quarter included a cash outlay of $21 million for the aforementioned employer payroll taxes associated with our IPO. Adjusting for employer payroll taxes, the improvement in free cash flow is higher, due to higher sales and favorable timing of some customer payments.

本季的營運支出還包括與我們的 IPO 相關的 2,300 萬美元雇主工資稅。調整第一季的一次性費用後，我們的訂閱 ARR 貢獻率將為負 8%。自由現金流為負 3,700 萬美元，去年同期為負 2,300 萬美元。本季包括與我們的 IPO 相關的上述雇主工資稅現金支出 2,100 萬美元。調整雇主工資稅後，由於銷售增加和某些客戶付款的有利時機，自由現金流的改善更大。

Turning to our balance sheet. We completed our IPO in April, which resulted in proceeds of $710 million net of underwriting discounts and commissions. We ended Q1 in a strong cash position with $606 million in cash, cash equivalents, and short-term investments and $297 million in debt.

轉向我們的資產負債表。我們於 4 月完成了 IPO，扣除承銷折扣和佣金後的收益為 7.1 億美元。截至第一季末，我們的現金狀況強勁，現金、現金等價物和短期投資為 6.06 億美元，債務為 2.97 億美元。

Before I walk you through our outlook for Q2 and the full fiscal year 2025, I would like to provide some context around our guidance. We continue to see strong secular demand for our solutions. As Rubrik becomes a more strategic investment for large enterprises, we have increasing exposure to large transactions, that exact timing of which can vary between quarters.

在向您介紹我們對第二季和 2025 財年的展望之前，我想提供一些有關我們指導的背景資訊。我們繼續看到對我們的解決方案的強勁長期需求。隨著 Rubrik 成為大型企業更具策略性的投資，我們對大型交易的曝險越來越大，具體時間可能因季度而異。

We had an exceptionally strong ARR performance in the first quarter, in part driven by some large transactions. Our guidance takes a prudent approach as it's early in the year, and we still face an uneven macro environment. That being said, we have a robust pipeline, and we remain confident about the demand for our differentiated offerings and the powerful secular trends fueling our growth.

第一季我們的 ARR 表現異常強勁，部分原因是一些大型交易。由於現在是年初，我們的指引採取了審慎的態度，我們仍然面臨不平衡的宏觀環境。話雖如此，我們擁有強大的產品線，我們對差異化產品的需求以及推動我們成長的強大長期趨勢仍然充滿信心。

In addition, we'll continue to progress through our cloud transformation and cloud ARR will continue to grow faster than subscription ARR. We expect the benefit to subscription ARR growth from existing maintenance contracts to subscription to continue to taper down to low single digits through fiscal 2025.

此外，我們將繼續推動雲端轉型，雲端 ARR 將繼續比訂閱 ARR 成長得更快。我們預計，到 2025 財年，從現有維護合約到訂閱的訂閱 ARR 成長帶來的好處將繼續減少至低個位數。

The headwinds to revenue growth from increasing ratable revenue and transition away from commodity Rubrik-branded appliances will continue to moderate in fiscal 2025. Revenue and revenue growth can fluctuate due to a number of variables, including the pace at which we add new RSC customers, and the pace at which we continue to migrate our existing customers to RSC.

2025 財年，應課稅收入增加並放棄 Rubrik 品牌商品家電對收入成長的阻力將持續減弱。收入和收入成長可能會因許多變數而波動，包括我們添加新 RSC 客戶的速度，以及我們繼續將現有客戶遷移到 RSC 的速度。

As an example, if we generate more cloud ARR related to non-cloud ARR than we expected or a fewer existing customers than we expected need transition licenses because they fully migrate to RSC, we will have lower revenue in the near term because of the ratable nature of cloud revenue recognition. Because of these dynamics, we point to subscription ARR as our key top line metric.

舉個例子，如果我們產生的與非雲端ARR 相關的雲端ARR 比我們預期的多，或者需要過渡授權的現有客戶比我們預期的少，因為他們完全遷移到RSC，那麼我們短期內的收入將較低，因為可評級雲端收入確認的性質。由於這些動態，我們將訂閱 ARR 作為我們的關鍵營收指標。

In terms of operating investments, we'll continue to invest in go-to-market and R&D to drive innovation in the large and growing market we operate in. We assume billings duration and payment terms continue to contract modestly through fiscal year 2025, which will be headwinds to free cash flow. Hence, we point the subscription ARR contribution margins to measure operating leverage.

在營運投資方面，我們將繼續投資於市場推廣和研發，以推動我們所在的龐大且不斷成長的市場的創新。我們假設帳單期限和付款條件在 2025 財年繼續小幅收縮，這將阻礙自由現金流。因此，我們用認購ARR貢獻邊際來衡量經營槓桿。

Now turning to guidance for the second quarter of fiscal 2025. For the second quarter of fiscal 2025, we expect total revenue in the range of $195 million to $197 million implying 29% to 30% growth as the cloud transformation headwinds continue to moderate. We expect non-GAAP subscription ARR contribution margins between negative 13.5% to negative 12.5%. We expect non-GAAP EPS of negative $0.50 to negative $0.48 based on approximately 179 million weighted average shares outstanding in the second quarter.

現在轉向 2025 財年第二季的指引。對於 2025 財年第二季度，我們預計總營收將在 1.95 億至 1.97 億美元之間，這意味著隨著雲端轉型阻力持續減弱，營收將成長 29% 至 30%。我們預期非 GAAP 認購 ARR 貢獻率介於負 13.5% 至負 12.5% 之間。基於第二季約 1.79 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 0.50 美元至負 0.48 美元。

For the full year fiscal 2025, we expect subscription ARR in the range of $983 million to $997 million reflecting a year-over-year growth rate of 25% to 27%. To help with modeling seasonality for the year, we expect the net new ARR in the first and second half of the year to be roughly equal.

對於 2025 財年全年，我們預計訂閱 ARR 在 9.83 億美元至 9.97 億美元之間，年成長率為 25% 至 27%。為了幫助今年的季節性進行建模，我們預計今年上半年和下半年的淨新 ARR 將大致相等。

We expect total revenue for the full year fiscal 2025 in the range of $810 million to $824 million, implying 29% to 31% growth. We expect non-GAAP subscription ARR contribution margins between negative 12.5% and negative 11.5%.

我們預計 2025 財年全年總營收在 8.1 億至 8.24 億美元之間，這意味著成長 29% 至 31%。我們預期非 GAAP 認購 ARR 貢獻率介於負 12.5% 至負 11.5% 之間。

We plan to continue to invest in this enormous opportunity ahead of us while delivering efficient growth at scale. We expect non-GAAP EPS of negative $2.35 to negative $2.25 based on approximately 154 million weighted average shares outstanding for the full year. We expect free cash flow of negative $115 million to negative $95 million or negative $92 million to negative $72 million without the one-time payroll taxes related to the vesting of equity awards in connection with our IPO.

我們計劃繼續投資於我們面前的這一巨大機遇，同時實現大規模高效增長。基於全年約 1.54 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 2.35 美元至負 2.25 美元。我們預計自由現金流為負 1.15 億美元至負 9,500 萬美元，或負 9,200 萬美元至負 7,200 萬美元，不含與我們 IPO 相關的股權獎勵歸屬相關的一次性薪資稅。

In closing, we are proud of our performance this past quarter and look forward to continuing the momentum into year-end and beyond.

最後，我們對上個季度的業績感到自豪，並期待將這一勢頭延續到年底及以後。

With that, we'd like to open up the call for any questions.

至此，我們願意開放電話詢問任何問題。

(Operator Instructions) Kash Rangan, Goldman Sachs.

（操作員指令）Kash Rangan，高盛。

Bipul, if you could talk about the month of April and also the month of May, the last month of the quarter and the first month, starting quarter, did you notice any changes in business conditions? And one for you, Kiran, to just keep it short and sweet. What are the fundamental drivers of free cash flow conversion from revenue, be it unit economics, cost to acquire lifetime value of the customer? How should we think about Rubrik's position to be able to generate free cash flows in the future?

Bipul，如果您能談論四月和五月、季度的最後一個月和第一個月（季度開始），您是否注意到業務狀況有任何變化？還有一個給你的，基蘭，讓它簡短而甜蜜。從收入轉化為自由現金流的根本驅動因素是什麼，無論是單位經濟性還是獲得客戶終身價值的成本？我們該如何看待 Rubrik 在未來能夠產生自由現金流的地位？

Thanks, Kash. I appreciate it. In the month of April, we did not see any significant change in the customer buying behavior. Having said that macro environment remains uneven. And as a newly public company, we are prudent in our approach, but in the month of April, we didn't see any significant change.

謝謝，卡什。我很感激。4 月份，我們沒有看到客戶購買行為有任何重大變化。儘管如此，宏觀環境仍然不平衡。作為一家新上市的公司，我們的做法是謹慎的，但在四月份，我們沒有看到任何重大變化。

Hi, Kash, I'll just add here on your question on free cash flow. So as you know, we collect cash upfront in our transactions. So we benefit from that. But fundamentally, free cash flow leverage is driven by operating leverage. And for us, operating leverage, the best metric right now through our cloud transformation is the sub ARR contribution margin, which we have improved over the past few years. So that will be a key driver. And obviously, the collections dynamic, which we are increasingly collecting more annual payments, but multiyear payments are still the majority. These are the two drivers for free cash flow.

嗨，卡什，我將在這裡補充您關於自由現金流的問題。如您所知，我們在交易中預先收取現金。所以我們從中受益。但從根本上來說，自由現金流槓桿是由經營槓桿所驅動的。對我們來說，營運槓桿，目前透過雲端轉型的最佳指標是次 ARR 貢獻邊際，我們在過去幾年中已經有所改善。所以這將是一個關鍵的驅動因素。顯然，收款動態，我們越來越多地收取更多的年度付款，但多年付款仍然佔大多數。這是自由現金流的兩個驅動因素。

And just on the subscription gross margin, what are the drivers? Is that scale or cost of acquisition, improved retention, improved upsell? What caused that number to -- yes.

僅就訂閱毛利率而言，驅動因素是什麼？是規模或收購成本、提高的留任率、提高的追加銷售嗎？是什麼導致了這個數字——是的。

So subscription and contribution margin, the two drivers are obviously gross margin and operating leverage. So gross margin, we have seen average over the last few years with the exit of the hardware business, and we are in a long-term range of 75% to 80%. And then when you look at the operating expense line items, starting with R&D, we are hiring globally now. And at scale, we are getting more leverage with the balance of great talent as well.

因此，認購率和貢獻率，兩個驅動因素顯然是毛利率和經營槓桿。因此，隨著硬體業務的退出，毛利率在過去幾年中一直處於平均水平，並且長期處於 75% 至 80% 的範圍內。然後，當你查看營運費用項目時，從研發開始，我們現在正在全球招募。在規模上，我們也透過優秀人才的平衡獲得了更多的影響力。

And in sales and marketing, with the growth of renewals in our business, it's still not the majority as well as increasing scale on our newer investments, international, federal as well, we'll see increasing leverage on the sales and marketing line. And lastly, on G&A, we did step up G&A costs as a public company, but you'll see benefits of scale as well there.

在銷售和行銷方面，隨著我們業務更新的成長，它仍然不是大多數，而且我們的新投資、國際、聯邦投資規模不斷擴大，我們將看到銷售和行銷線的槓桿作用不斷增加。最後，在一般管理費用方面，作為一家上市公司，我們確實提高了一般管理費用，但您也會在那裡看到規模帶來的好處。

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

I echo my congrats on your first quarter as a public company. Bipul, maybe just to start with you. A lot of great customer examples in your prepared remarks. And can you just talk about the growing security tools that Rubrik is adding on top of secure backup? I think, more of your customers are opting for higher-end bundles, which, of course, include more security, talk to us a little bit about how they're using those tools and what you're hearing from those customers that are increasingly using the security components?

我對你們作為上市公司的第一季表示祝賀。Bipul，也許只是從你開始。您準備好的發言中有很多很棒的客戶範例。您能否談談 Rubrik 在安全備份之上添加的不斷增長的安全工具？我認為，更多的客戶正在選擇更高端的捆綁包，當然，這包括更高的安全性，請與我們談談他們如何使用這些工具以及您從那些越來越多的客戶那裡聽到的消息使用安全組件？

Thanks, Saket. So as you reckon, Rubrik has built a comprehensive cyber resilience platform that combines data security posture management as well as cyber recovery in a single Zero Trust architecture to deliver true cyber recovery and cyber resilience. Our core assumption is that enterprises will get breached and you cannot stop them, it's stoppable.

謝謝，薩凱特。如您所想，Rubrik 建立了一個全面的網路彈性平台，將資料安全態勢管理和網路復原結合在一個零信任架構中，以提供真正的網路復原和網路彈性。我們的核心假設是企業會被破壞，你無法阻止它們，但它是可以阻止的。

So how do enterprises prepare themselves for inevitable cyber attack and to deliver quick recovery so that their services are back up and running, and they can continue their business. So we have built a set of capabilities on top of our platform from anomaly detection, which actually tells you that point of infection, and the scope of an attack to accounting and monitoring to be able to detect malware in your data streams, so that you are delivering clean recoveries to be able to sensitive data classification, to understand exfiltration risk, to understand what has been exfiltrated, and understand double extortion ransomware risk. We have the user access intelligence to understand the surface area of attack.

那麼，企業如何為不可避免的網路攻擊做好準備，並提供快速恢復，以便他們的服務能夠備份和運行，並可以繼續開展業務。因此，我們在我們的平台之上建立了一系列功能，從異常檢測（實際上告訴您感染點、攻擊範圍）到會計和監控，以便能夠檢測資料流中的惡意軟體，以便您正在提供乾淨的恢復，以便能夠對敏感資料進行分類、了解滲透風險、了解已滲透的內容以及了解雙重勒索勒索軟體風險。我們讓使用者存取情報來了解攻擊的範圍。

So we have built a comprehensive data security solution suite on top of our Rubrik Security Cloud platform to really deliver end-to-end comprehensive cyber resilience and cyber recovery.

因此，我們在 Rubrik 安全雲端平台之上建立了全面的資料安全解決方案套件，以真正提供端到端的全面網路彈性和網路復原。

Got it. If I could sneak in a follow-up. Kiran, maybe for you for the follow-up. There was a great beat on ARR this quarter. I saw that we flowed through some of the upside but not all of it, just to make sure the question is asked, are there any timing elements that we should consider for ARR this year, given the beat and given the adjustment to guide, to your point, still very early in the year, but I want to make sure the question is asked.

知道了。如果我能偷偷跟進一下的話。Kiran，也許是你的後續行動。本季 ARR 表現出色。我看到我們經歷了一些上行空間，但不是全部，只是為了確保提出這個問題，考慮到節奏和調整來指導，今年我們是否應該考慮 ARR 的任何時機因素，以你的觀點還很早，但我想確保有人提出這個問題。

Sure, Saket. So obviously we got off to a very strong start to the year. It was an exceptional quarter, but we benefited from some large transactions. And still early in the year, we had a recently public company, and the environment going ahead could be uncertain in the election year. So you want to be prudent with our guidance and feel really good about the numbers we're putting forward in terms of guidance which we're very confident in terms of the outlook.

當然，薩凱特。顯然，我們今年的開局非常強勁。這是一個特殊的季度，但我們從一些大額交易中受益。就在今年年初，我們剛上市了一家公司，選舉年的未來環境可能存在不確定性。因此，您希望對我們的指導保持謹慎，並對我們在指導方面提出的數字感到非常滿意，我們對前景非常有信心。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Therefore I wanted to unpack some of the broad-based strength in business activity. And specifically wanted to hear some of your comments on what type of procurement and buying behavior you're seeing from midsized enterprises versus larger enterprises. And the spirit of the question really here is, it is an uneven macro and a lot of your peers in the software complex have just experienced a lot of volatility, certainly with some of the smaller customers and just deal cycle elongation on the larger side. So I'm curious how you've sort of been able to buck the trend in executing well across both those vectors?

因此，我想挖掘商業活動中一些廣泛的優勢。特別想聽聽您對中型企業與大型企業的採購類型和購買行為的評論。問題的實質是，這是一個不平衡的宏觀環境，軟體綜合體中的許多同行剛剛經歷了很大的波動，當然還有一些較小的客戶，而且只是較大規模的交易週期延長。所以我很好奇你們是如何能夠逆勢而行，在這兩方面都表現出色的？

If you look at Rubrik's offering, we are delivering cyber recovery, cyber resilience solution to ensure that enterprises can recover from ransomware attack and other kind of cyber attacks, which are inevitable. So we are at the top of the heap when it comes to investing in cybersecurity, particularly around ransomware incident. And we have a very unique and differentiated platform.

如果你看看 Rubrik 的產品，我們正在提供網路復原、網路彈性解決方案，以確保企業能夠從勒索軟體攻擊和其他類型的網路攻擊中恢復，這些攻擊是不可避免的。因此，在網路安全投資方面，特別是在勒索軟體事件方面，我們處於領先地位。我們擁有一個非常獨特且差異化的平台。

So we are not seeing any significant impact in the demand. And what we are also seeing is the customers' sense of urgency in having these solutions. So -- and also, if you look at the broader landscape, there has been a lot of investments in cyber prevention solutions at our own network, endpoint, perimeter, cloud, but the cyber recovery is a little bit of an afterthought. And now folks are realizing that recovery has been underinvested.

因此，我們沒有看到需求受到任何重大影響。我們也看到客戶對這些解決方案的迫切感。因此，如果你從更廣泛的角度來看，我們在自己的網路、端點、週邊、雲端的網路預防解決方案上進行了大量投資，但網路復原有點事後才想到。現在人們意識到復甦投資不足。

And to ensure continuing operations, they need to have solid cyber-resilient cyber recovery, because attacks are again inevitable. So we are seeing significant strength in terms of the demand. Obviously, our procurement dynamics within the macro sometimes can be a little cumbersome because there's more deal scrutiny in terms of more people involved in getting deals, but we are not seeing any significant change in the demand landscape.

為了確保持續運營，他們需要擁有可靠的網路彈性網路恢復，因為攻擊再次不可避免。因此，我們看到需求強勁。顯然，我們在宏觀範圍內的採購動態有時可能有點麻煩，因為更多的人參與交易，因此需要進行更多的交易審查，但我們沒有看到需求格局發生任何重大變化。

Andrew Nowinski, Wells Fargo.

安德魯諾溫斯基，富國銀行。

Congrats on a nice quarter as well. I want to ask a question on the security side and specifically Laminar. I think most people understand your security capabilities and why other vendors can't provide those capabilities applied to the business data, but where there might be some overlap on the DSPM side. So I was wondering if you could explain why Laminar is different from the other DSPM offerings in the market from CrowdStrike and Palo Alto and others. And then what you're seeing from a pipeline perspective as it relates to that new high-end bundle that you introduced that includes Laminar?

也恭喜您度過了一個美好的季度。我想問一個關於安全方面的問題，特別是層流問題。我認為大多數人都了解您的安全功能以及為什麼其他供應商無法提供應用於業務資料的這些功能，但 DSPM 方面可能存在一些重疊。所以我想知道您是否可以解釋為什麼 Laminar 與市場上 CrowdStrike 和 Palo Alto 等公司的其他 DSPM 產品不同。然後，您從管道的角度看到了什麼，因為它與您推出的包含 Laminar 的新高端捆綁包相關？

Thank you, Andrew. So if you look at Rubrik's core focus, we are focused on cyber resilience, which requires both cyber data security portion plus cyber recovery, because if you want to assume breach posture, then you need to understand what assets do we have, what is the sensitivity of those assets, that is data, who has access to the data and who's doing what to the data. And if something happens to your data, how do you deliver cyber recovery. So we are bringing this data security portion management and cyber recovery to deliver complete cyber resilience.

謝謝你，安德魯。因此，如果你看看 Rubrik 的核心重點，我們專注於網路彈性，這需要網路資料安全部分和網路恢復，因為如果你想採取違規態勢，那麼你需要了解我們擁有哪些資產，什麼是這些資產（即資料）的敏感度、誰有權存取資料以及誰對資料執行什麼操作。如果您的資料發生問題，您如何提供網路復原。因此，我們引入了資料安全部分管理和網路恢復，以提供完整的網路彈性。

And it is a differentiated technology. And if you look at the traditional cybersecurity vendors, they have no ability to do cyber recovery. So they are using the DSPM technology as a way to prioritize different threats, on the infrastructure, whereas we are focused on cyber recovery, cyber resilience, and that's where we are differentiated. We are seeing a strong demand for DSPM. We had a very strong quarter for DSPM, and we are continuing to see great interest in the data security posture management space.

這是一項差異化技術。如果你看看傳統的網路安全供應商，他們沒有能力進行網路復原。因此，他們使用 DSPM 技術來對基礎設施上的不同威脅進行優先排序，而我們則專注於網路復原、網路彈性，這就是我們的與眾不同之處。我們看到對 DSPM 的強勁需求。DSPM 的季度表現非常強勁，我們繼續看到人們對資料安全態勢管理領域的濃厚興趣。

As you mentioned, we recently like this quarter, announced enterprise proactive edition. It is a new offering in the marketplace, and it is early in terms of it's customer engagement and discussions. But we are seeing, again, a strong demand on the DSPM space.

正如您所提到的，我們最近在本季發布了企業主動版。這是市場上的一項新產品，就客戶參與和討論而言還處於早期階段。但我們再次看到 DSPM 領域的強勁需求。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

This is Howard Ma on for John DiFucci. We want to add our congratulations on the strong performance in what is still a challenging selling environment. So for either Bipul or Kiran, when we think about the balance of the year, how would you rank order your growth catalyst across, call it, data security driven demand vendor consolidation on the data protection side. And I realize the two may be hard to separate. And also AI-driven data growth and the need to secure incremental Gen AI workloads. And do you think these catalysts are enough to offset the macro unevenness to use? Bipul, your words.

我是霍華德·馬 (Howard Ma) 為約翰·迪福奇 (John DiFucci) 發言。我們要對在仍充滿挑戰的銷售環境中強勁的表現表示祝賀。因此，對於 Bipul 或 Kiran，當我們考慮今年的剩餘時間時，您會如何排列您的成長催化劑，稱為資料安全驅動的需求供應商在資料保護方面的整合。我意識到這兩者可能很難分開。還有人工智慧驅動的資料成長以及保護增量一代人工智慧工作負載的需求。您認為這些催化劑是否足以抵銷宏觀經濟不平衡的影響？比普爾，你的話。

Thank you, Howard. Let me give you a little bit of a business perspective, and Kiran can add a little bit of color. So if you look at the cyber resiliency space, again, it is rising up to be a top cyber security category. In fact, one of our financial services, large financial services customers, Exec actually told me that Rubrik allowed them to have a record time cyber recovery audit, because it is so important in financial services to have services up and running in spite of a cyber attack.

謝謝你，霍華德。讓我給你一點商業視角，Kiran 可以增添一點色彩。因此，如果您再次審視網路彈性領域，您會發現它正在崛起為頂級網路安全類別。事實上，我們的一位金融服務客戶、大型金融服務客戶Exec 告訴我，Rubrik 允許他們進行創紀錄的網路恢復審計時間，因為在金融服務中，儘管網路出現問題，但仍能啟動並運行服務，這一點非常重要。

If you look at the demand in terms of CISOs focus on cyber resilience, very large global banks, CISO told me that cyber resilience is the core focus because the businesses service up and running is very, very critical.

如果你從 CISO 關注網路彈性的需求來看，大型全球銀行的 CISO 告訴我，網路彈性是核心焦點，因為企業服務的啟動和運作非常非常關鍵。

So we believe that we have a strong demand -- a strong market with high demand. Obviously, no company is immune to macro, but we feel very confident about our outlook.

所以我們相信我們有強勁的需求——一個需求量大的強勁市場。顯然，沒有一家公司能夠免受宏觀經濟的影響，但我們對我們的前景充滿信心。

Howard, I'll just add a little bit here just from a model driver perspective, we try to contain the balance between new and expansion. We are still very early in the large market, 6,000-plus customers, when market resize 60,000-plus. So we tried to balance between both the contribution of new and the expansion represented by the NRR.

霍華德，我只是從模型驅動程式的角度添加一點，我們試圖保持新建和擴展之間的平衡。當市場規模擴大到 60,000 多個時​​，我們仍處於擁有 6,000 多個客戶的大型市場的早期階段。所以我們試著在新的貢獻和NRR所代表的擴張之間取得平衡。

And also, I'll add that we have multiple drivers for expansion. The data within the app could grow, we add more apps to secure and then the security capabilities. And what we have seen most recently, 60% of our NRR comes from the data growth and then the rest from security capabilities. But one other driver, I'd wrap up here is large deals, influenced the numbers in a quarter and the timing of those can vary between quarter-to-quarter. So I would just say that, that's the other driver.

另外，我還要補充一點，我們有多個擴展驅動因素。應用程式內的資料可能會成長，我們添加更多應用程式以確保安全，然後添加安全功能。我們最近看到，我們 60% 的 NRR 來自資料成長，其餘的來自安全能力。但我想總結的另一個驅動因素是大宗交易，影響了一個季度的數字，而這些交易的時間可能因季度而異。所以我只想說，那是另一位司機。

Gregg Moskowitz, Mizuho.

格雷格·莫斯科維茨，瑞穗。

I'll add my congratulations. Obviously, these are a strong set of results, but what I may be most impressed by is that your net new subscription ARR actually grew over 20% sequentially, and this is compared to your seasonally strong this quarter. I know that you benefited from larger transactions. You called that out a couple of times possibly you can provide a little bit more context around that. But even so, just wondering if there's anything else that you would expand on in terms of how you saw so much strength in the fiscal Q1 and again, in the current macro environment or less?

我會補充我的祝賀。顯然，這些是一組強勁的結果，但最讓我印象深刻的是，您的淨新訂閱 ARR 實際上環比增長了 20% 以上，這與您本季度的季節性強勁表現相比。我知道您從較大的交易中受益。您曾多次提到這一點，也許您可以提供更多相關背景資訊。但即便如此，我只是想知道，在當前的宏觀環境或更少的情況下，您是否會進一步闡述第一財季的如此強勁的實力？

Thanks, Gregg. We are proud of our execution this past quarter and obviously, 46% growth to $856 million in ARR, are a strong results. We are experiencing a very secular demand in the marketplace.

謝謝，格雷格。我們對上個季度的執行力感到自豪，顯然，ARR 成長了 46%，達到 8.56 億美元，這是一個強勁的業績。我們正在經歷市場上非常長期的需求。

The cyber resilience thesis and cyber resilience focus continues to be strong because, again, as I said before, there have been a lot of investment in the cyber prevention, not enough focus on cyber resilience. And we have a differentiated technology. We built our technology platform 10 years ago as a differentiated platform that combines data security posture management and cyber recovery in a Zero Trust architecture that natively delivers cyber resilience. And this is a large brownfield opportunity because again, the legacy platforms have no cyber resilience capability.

網路彈性論文和網路彈性焦點仍然很強烈，因為正如我之前所說，在網路預防方面進行了大量投資，但對網路彈性的關注不夠。我們擁有差異化的技術。我們在 10 年前建立了我們的技術平台，作為一個差異化平台，將資料安全態勢管理和網路復原結合在零信任架構中，從而本身提供網路彈性。這是一個巨大的棕地機會，因為傳統平台沒有網路彈性能力。

If you look at our win rate, we are winning vast majority of deals against legacy as well as newer vendor in the space. And if you look at the customers and their focus, they are focused on ensuring that their businesses are up and running.

如果你看看我們的獲勝率，你會發現我們贏得了該領域傳統供應商和新供應商的絕大多數交易。如果你觀察客戶及其關注點，你會發現他們專注於確保其業務正常運作。

I'll give you an example, we released our Ruby product to help productivity of IT and security operations team. Fortune 500 insurance company told me that they are using Ruby to do threat hunting and monitoring and delivering productivity enhancements through cybersecurity workflows. So the focus on cybersecurity, focus on cyber resiliency, delivering the ease of use on a differentiated platform on a secular demand in a large market are all contributing to our success.

我舉個例子，我們發布了 Ruby 產品來提高 IT 和安全營運團隊的生產力。財富 500 強保險公司告訴我，他們正在使用 Ruby 進行威脅搜尋和監控，並透過網路安全工作流程提高生產力。因此，專注於網路安全、關注網路彈性、根據大市場的長期需求在差異化平台上提供易用性，這些都有助於我們的成功。

Gregg, this is Kiran. I'll just add a little bit more color on the net new ARR for the quarter. We got off to a strong start. And as you know, a strong start from a linearity perspective helps us drive the NRR throughout the quarter, our net new ARR. And then the second aspect, which we shared earlier is we did have favorable benefit from large transactions and the timing of which can vary quarter-to-quarter. So it's favorable this quarter. Just to give you one data point, we had 2x more the ARR from $1 million plus transactions this quarter, Q1 versus Q1 of fiscal '24. And then we had a special example of a very large healthcare insurance customer who standardized on our cyber resiliency platform as well. So a couple of things to add.

格雷格，這是基蘭。我將在本季度的淨新 ARR 上添加更多顏色。我們有了一個好的開始。如您所知，從線性角度來看，良好的開端有助於我們推動整個季度的 NRR，即我們的淨新 ARR。然後，我們之前分享的第二個方面是，我們確實從大型交易中獲得了有利的利益，而且交易的時間可能會因季度而異。所以這個季度是有利的。舉一個數據點，本季 100 萬美元以上交易的 ARR 比 24 財年第一季高出 2 倍。然後我們有一個非常大的醫療保險客戶的特殊例子，他們也在我們的網路彈性平台上進行了標準化。有幾件事需要補充。

Super helpful, guys. One quick follow-up, if I may. It doesn't get mentioned often, but Bipul, I was curious if cyber insurance is playing a role as well when it comes to how customers are approaching data security?

非常有幫助，夥計們。如果可以的話，快速跟進一下。它並不經常被提及，但是 Bipul，我很好奇網路保險在客戶如何處理資料安全方面是否也發揮了作用？

Cyber insurance is definitely has an impact because if you look at the landscape of cyber insurance, many companies have seen their cyber insurance premiums go up. Other companies are not getting cyber insurance altogether, because for a cyber insurance underwriter, every company says that they have the best technology, best team, and best practices. So how do they differentiate?

網路保險肯定會產生影響，因為如果你看看網路保險的前景，你會發現許多公司的網路保險費都在上漲。其他公司並沒有完全獲得網路保險，因為對於網路保險承保人來說，每家公司都說他們擁有最好的技術、最好的團隊和最佳實踐。那麼他們如何區分呢？

And that's where a strong cyber-resilience platform that allows businesses to be up and running even in spite of a cyber attack or breaches is important. And just to point out, in fact, Rubrik has announced a partnership with E.ON for joint go-to-market because their customer base has the same cyber resiliency issue.

這就是強大的網路彈性平台的重要性，該平台允許企業即使在遭受網路攻擊或破壞的情況下也能正常運作。需要指出的是，事實上，Rubrik 已宣布與 E.ON 建立合作夥伴關係，共同進入市場，因為他們的客戶群也存在同樣的網路彈性問題。

Joel Fishbein, Truist Securities.

喬爾‧菲什拜因 (Joel Fishbein)，Truist 證券公司。

Congrats on the excellent execution. I have two follow-up questions to the last question, to Gregg's question. Number one, Bipul, can you just talk a little bit more about Ruby AI. You talked about the one customer, but overall demand for Ruby AI, I'm just curious, I know it's early days, but would love to get clarification there. And Kiran, for you, just in terms of large deal, can you just remind us of what the large deal pipeline looks like going forward? That would be helpful.

恭喜您的出色執行。對於最後一個問題，即格雷格的問題，我有兩個後續問題。第一，Bipul，您能多談談 Ruby AI 嗎？您談到了一個客戶，但對 Ruby AI 的整體需求，我只是很好奇，我知道現在還處於早期階段，但很想在那裡得到澄清。Kiran，對您來說，就大宗交易而言，您能否提醒我們大宗交易的未來會是什麼樣子？那會有幫助的。

Thanks, Joel. Let me first answer the Ruby question, and then Kiran can provide some color on the other question. So as you might recall, Ruby is the Gen AI agent for Rubrik Security Cloud. And it is focused on productivity for IT and security operations team. As you know, cyber resilience operations is largely falling into the -- on the IT department. And they have not a whole lot of training and focus on cyber or cyber resilience or cyber recovery, and they have been asked to do this cyber recovery work. So we have -- we built Ruby to help them do the cyber work without being an expert in cyber.

謝謝，喬爾。讓我先回答 Ruby 問題，然後 Kiran 可以對其他問題提供一些說明。您可能還記得，Ruby 是 Rubrik Security Cloud 的 Gen AI 代理程式。它專注於 IT 和安全營運團隊的生產力。如您所知，網路彈性營運主要屬於 IT 部門。他們沒有接受過大量培訓，也沒有專注於網路或網路彈性或網路恢復，並且他們被要求做這項網路恢復工作。因此，我們建立了 Ruby 來幫助他們完成網路工作，而無需成為網路專家。

In fact, our design goal is that if you can use Facebook, you should be able to do cyber recovery. So that's what Ruby is focused on. It's a multiyear project for us. We are adding a lot of skill sets to Ruby AI to ensure that, that all the activities that Ruby could perform on Rubrik Security Cloud can be done in natural language with ease of use and handhold to be able to complete the task.

事實上，我們的設計目標是，如果你能使用Facebook，你就應該能夠進行網路復原。這就是 Ruby 所關注的重點。這對我們來說是一個多年的項目。我們正在為 Ruby AI 添加大量技能集，以確保 Ruby 在 Rubrik Security Cloud 上執行的所有活動都可以用自然語言完成，並且易於使用和掌握，從而能夠完成任務。

It is as if we are shipping a person along with our product to handhold our customers, to a tremendous outcome. So it's a long-term project for us. It has definitely seen a usage in our customer base, and we believe that it will be a driver for more usage and adoption of our enterprise addition.

這就好像我們將一個人和我們的產品一起運送到我們的客戶那裡，以取得巨大的成果。所以這對我們來說是一個長期專案。它肯定在我們的客戶群中得到了使用，我們相信它將成為更多使用和採用我們的企業附加功能的驅動力。

And Joel, just on the second part of your question, as Bipul shared, we have multiple drivers on the basis of which we are becoming more strategic with the very large customers. And it's a combination of both land and expand in terms of the size of the transactions occurring. The ASPs are increasing quarter-over-quarter and also result of the -- moving into more larger transactions is we added 15 customers to our $1 million-plus count this quarter from 99 to 114 this quarter. But I will say that it varies from timing to timing, quarter-to-quarter on these large transactions. But the contribution of large transactions to our pipeline is increasing.

喬爾，就你問題的第二部分而言，正如 Bipul 所說，我們有多個驅動因素，在此基礎上我們對大客戶變得更具策略性。它是土地和交易規模擴張的結合。ASP 逐季成長，也是由於我們轉向更大規模的交易，本季我們在 100 萬美元以上的客戶數量中增加了 15 個客戶，從本季的 99 個增加到 114 個。但我要說的是，這些大額交易的情況隨時間、季度而改變。但大額交易對我們管道的貢獻正在增加。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

And congrats guys on a really strong entree -- strong first quarter out of the gate. My question for you, Bipul, is forward last week, you talked about adding capabilities to the product that help better prioritize operational recovery of the most important data first to further enhance our tier for customers. And we often hear a lot about Rubrik strength on the security side of data resiliency. But maybe could you touch on speed of recovery and how important a factor that is for customers evaluating the product. And how Rubrik stacks up against the competition?

恭喜大家，他們的主菜非常強勁——第一節就表現強勁。Bipul，我的問題是上週提出的，您談到了向產品添加功能，以幫助更好地優先考慮最重要數據的操作恢復，以進一步增強我們的客戶級別。我們經常聽到很多關於 Rubrik 在資料彈性安全方面的優勢。但也許您可以談談恢復速度以及對於客戶評估產品的重要因素。Rubrik 如何在競爭中脫穎而出？

Thank you, Brad. If you look at the Rubrik's core strength is in cyber resilience and cyber recovery, because backup is like an old 30-year-old technology, but recovery, particularly cyber recovery is where Rubrik shines, because to be able to deliver cyber recovery, folks need to understand what is the clean data, because if you have thousands and thousands of applications, if you have been attacked, how do you know which is a clean state of the data. How far attack has gone? Do you have sensitive data that is in the scope of the attack so that you have dark wave issue or data exfiltration issue, do you have malware sitting in the data because if you recover malware, you get reinfected and you have a groundhog day.

謝謝你，布拉德。如果你看看 Rubrik 的核心優勢在於網路彈性和網路恢復，因為備份就像一項 30 年前的老技術，但恢復，特別是網路恢復才是 Rubrik 的亮點，因為能夠提供網路恢復，人們需要了解什麼是乾淨的數據，因為如果你有成千上萬的應用程序，如果你受到了攻擊，你怎麼知道哪些是乾淨狀態的數據。攻擊已經進行到什麼程度了？您是否擁有處於攻擊範圍內的敏感數據，因此存在暗波問題或資料外洩問題，資料中是否存在惡意軟體，因為如果您恢復惡意軟體，您就會被重新感染，並且會遇到土撥鼠之日。

So delivering cyber recovery requires like fundamentally new architecture, and that's what Rubrik did. We've built a new software by combining backup and recovery and cybersecurity principles into a single platform to natively deliver data security patch of management as well as cyber recovery in a single platform. And that's what makes the difference for our customers. We are -- again, this is a mission-critical thing for our customers. We are helping our customers recover from cyber attacks such as ransomware and they're sleeping easy because they have Rubrik.

因此，提供網路復原需要全新的架構，而這正是 Rubrik 所做的。我們透過將備份和復原以及網路安全原則結合到一個平台中建立了一個新軟體，以便在一個平台上本地提供管理資料安全修補程式以及網路復原。這就是我們客戶的與眾不同之處。我們再次強調，這對我們的客戶來說是一項至關重要的任務。我們正在幫助客戶從勒索軟體等網路攻擊中恢復過來，他們可以高枕無憂，因為他們有 Rubrik。

Eric Heath, KeyBanc.

艾希斯 (Eric Heath)，KeyBanc。

I guess, Bipul, I'd love to hear more your perspective on what you see from customers as they move their core workloads and their IT estate to the cloud. Just curious to hear more on how their spend and coverage of their environment change when they do make that move to the cloud of their applications and infrastructure.

Bipul，我想我很想聽聽您對客戶將核心工作負載和 IT 資產遷移到雲端時所看到的情況的更多看法。只是想知道當他們確實將其遷移到應用程式和基礎設施的雲端時，他們的支出和環境覆蓋範圍會如何變化。

Thank you, Eric. So Rubrik took the approach from day 1 while building the cloud-native Rubrik Security Cloud is that our technology and our solution is data location-independent. And we sell transportable license. So essentially, it doesn't matter whether the businesses run their applications on premises, run their applications in the cloud or use SaaS, we have a uniform solution, uniform way to consume Rubrik and that's what we operate on.

謝謝你，埃里克。因此，Rubrik 在建立雲端原生 Rubrik Security Cloud 時從第一天起就採取了這種方法，我們的技術和解決方案是與資料位置無關的。我們出售可轉移許可證。因此，從本質上講，無論企業是在本地運行應用程式、在雲端中運行應用程式還是使用 SaaS，我們都有一個統一的解決方案、統一的方式來使用 Rubrik，這就是我們的運作方式。

So as we see more movement towards cloud and SaaS, it is leading to more data fragmentation and application fragmentation. When you have more application and data fragmentation, which means that you are most bigger surface area of attack, which means that businesses need more data security, more ability to deliver cyber resilience, more ability to get bounced back up and running when the inevitable cyber attack happens.

因此，當我們看到更多的雲端和 SaaS 趨勢時，它會導致更多的資料碎片和應用程式碎片。當您擁有更多的應用程式和資料碎片時，這意味著您的攻擊面更大，這意味著企業需要更高的資料安全性、更強的網路彈性能力、更強的在不可避免的網絡攻擊時恢復並運作的能力。

So we believe that we'll continue to see secular demand for our product as businesses continue the additional transformation and cloud journey.

因此，我們相信，隨著企業繼續進行額外的轉型和雲端之旅，我們將繼續看到對我們產品的長期需求。

Yi Fu Lee, Cantor Fitzgerald.

李毅夫，坎托‧費茲傑拉。

Congrats on your inaugural earnings and IPO. So a question for Bipul or Kiran. It's related to the public sector vertical. I understand Rubrik has achieved the StateRAMP certification, SLED certification earlier this year. Was wondering if you could give me some feedbacks on Rubrik's Security Cloud government that hunting module as well as other public sector vertical?

恭喜您首次獲利並首次公開募股。這是 Bipul 或 Kiran 的問題。它與公共部門垂直相關。據我了解，Rubrik 今年稍早已獲得 StateRAMP 認證和 SLED 認證。想知道您是否可以給我一些關於 Rubrik 的安全雲端政府狩獵模組以及其他公共部門垂直領域的回饋？

Thank you, Yi Fu. So let me start with that. So as you stated, we got FedRAMP, StateRAMP -- sorry, StateRAMP certification. And our SLED business, which is the state and local business continue to be strong. We are still going through the FedRAMP certification process, and we believe that, that would be an unlock for us in the federal market. As you can imagine, the federal government data is critical, and they have a huge risk from (inaudible) state factors and cybersecurity in general. So we believe that the cyber recovery, cyber-resilience focus that Rubrik have, will have find high resonance with federal customers. We are awaiting the FedRAMP before we kind of scale of the business.

謝謝你，伊芙。那麼就讓我從這個開始吧。正如您所說，我們獲得了 FedRAMP、StateRAMP——抱歉，是 StateRAMP 認證。我們的 SLED 業務，即州和地方業務繼續強勁。我們仍在經歷 FedRAMP 認證流程，我們相信，這將為我們進入聯邦市場打開大門。正如您可以想像的那樣，聯邦政府數據至關重要，並且它們面臨來自（聽不清楚）國家因素和整體網路安全的巨大風險。因此，我們相信 Rubrik 所關注的網路復原、網路彈性重點將引起聯邦客戶的高度共鳴。在我們確定業務規模之前，我們正在等待 FedRAMP。

Todd Coupland, CIBC.

托德·庫普蘭，CIBC。

I wanted to ask about market share as well. You're clearly growing faster than market and faster than public legacy peers. Can you just talk about where most of your market share has been coming, I guess, in this last quarter and over the last couple of quarters?

我也想問一下市佔率。顯然，您的成長速度快於市場，也快於公共傳統同行。我想，您能否談談您的大部分市場份額在上個季度和過去幾季中的去向？

Rubrik is an equal opportunity share taker. As you can imagine, we don't differentiate between legacy competition or newer vendor in our space. Because of our differentiated solution, because of our unique platform with architectural difference, there is a significant opportunity for us in the marketplace because what we do is pretty unique, and our customers have gone through this year's ransomware, we had another cyber attacks, and we have recovered them.

Rubrik 是一個機會均等的分享者。正如您可以想像的那樣，我們不會區分我們領域中的傳統競爭對手或新供應商。由於我們的差異化解決方案，由於我們具有架構差異的獨特平台，我們在市場上有很大的機會，因為我們所做的事情非常獨特，而且我們的客戶經歷了今年的勒索軟體，我們又遭受了網路攻擊，我們已經找回它們了。

So it's a market-proven solution, and we are helping our customers again have peace of mind. So our win rate against our legacy as well as newer vendor competition is very, very high. We are winning vast majority of the these against time.

因此，這是一個經過市場驗證的解決方案，我們正在幫助我們的客戶再次高枕無憂。因此，我們在傳統供應商以及新供應商競爭中的勝率非常非常高。我們正在爭分奪秒地贏得其中的絕大多數。

And as the consolidation amongst one of your main competitors, is that -- does that change your win rate at all? Is that an opportunity for you? Just talk about that.

隨著你的主要競爭對手之一的整合，這會改變你的勝率嗎？這對你來說是一個機會嗎？就談談這個吧。

Obviously, the merger, the news, I wish both parties on the merger luck. But if the history is any benchmark, there has not been a lot of success by merging a growth company with a legacy platform to create a new company. And I like our chances. If you look at our product offering, our momentum in the marketplace, our differentiated solution, and the way we are delivering cyber resilience is actually, we are seeing interest and demand from legacy vendor because they feel that their roadmap is in danger. There's a general confusion around the merger. So overall, we believe that is a positive news for us.

顯然，合併的消息傳來，我祝雙方在合併上好運。但如果以歷史為基準的話，將成長型公司與遺留平台合併以創建新公司並沒有取得多大成功。我喜歡我們的機會。如果你看看我們的產品、我們在市場上的勢頭、我們的差異化解決方案以及我們提供網路彈性的方式，我們實際上會看到傳統供應商的興趣和需求，因為他們認為他們的路線圖處於危險之中。圍繞合併普遍存在混亂。總的來說，我們認為這對我們來說是一個正面的消息。

Taz Koujalgi, Wedbush Securities.

Taz Koujalgi，韋德布希證券。

Two questions. Two for Bipul. Bipul, can you talk about your partner ecosystem and specifically the partnership with Kyndryl, what does that bring to the table? Is that focused on large customers, mid-market? And how does that change your competitive positioning? Is that really unique in terms of offering this managed service through Kyndryl or other companies, your other competitors were doing who offer something similar as a managed service.

兩個問題。比普爾有兩個。Bipul，您能談談您的合作夥伴生態系統，特別是與 Kyndryl 的合作關係嗎？是否專注於大客戶、中階市場？這將如何改變您的競爭地位？透過 Kyndryl 或其他公司提供這種託管服務，這真的很獨特嗎？

Thank you, Taz. If you look at our Kyndryl partnership, this partnership is focused on helping our customers get cyber resilient. And Kyndryl has a very significant cyber resiliency practice, and they go to market with Rubrik for cyber resiliency.

謝謝你，塔茲。如果您看看我們的 Kyndryl 合作夥伴關係，您會發現這種合作夥伴關係的重點是幫助我們的客戶獲得網路彈性。Kyndryl 擁有非常重要的網路彈性實踐，他們與 Rubrik 一起進入市場以實現網路彈性。

This Kyndryl obviously has a lot of focus into the upper end of the market, and we are helping a large organization around the world get cyber resilient, deliver, manage service to Kyndryl. We have a great partnership with them.

Kyndryl 顯然非常關注高端市場，我們正在幫助世界各地的大型組織獲得網路彈性，為 Kyndryl 提供和管理服務。我們與他們有著良好的合作關係。

Got it. And one follow-up for Kiran. Kiran, very strong results in the quarter, strong NRR. If you can just comment on within the new ARR in this quarter, how is the mix between, I guess, new logos and upsell. And then going forward in terms of the guide, like what is implied for NRR and the guidance? How do you expect NRR to trend going forward for the rest of the year?

知道了。還有 Kiran 的後續行動。Kiran，本季業績非常強勁，NRR 強勁。如果您可以在本季度的新 ARR 中發表評論，我想新徽標和追加銷售之間的組合如何。然後就指南而言，NRR 和指南意味著什麼？您預計今年剩餘時間內 NRR 的趨勢如何？

Sure. So let me start out with just broadly stating that our model supports a high NRR, just given the breadth of offering and the customer value we bring. Historically, it's benefited from the maintenance to subscription transformation just like ARR benefited as well, but it lags a little bit. But if you look at it over time, you will see a gradual decline there without the impact of the transition.

當然。因此，讓我先籠統地指出，考慮到我們提供的產品的廣度和我們帶來的客戶價值，我們的模型支援高 NRR。從歷史上看，它受益於維護到訂閱的轉型，就像 ARR 一樣，但它有點滯後。但如果你隨著時間的推移觀察它，你會發現在沒有過渡影響的情況下，它逐漸下降。

The large lands we make also impact ARR and over time as the business scales, the NRR will naturally come down. But we generally target, as I said in the earlier question, roughly equals from the land part of the business, which is new customers as well as expansion on a multi-quarter basis.

我們建造的大片土地也會影響ARR，隨著時間的推移，隨著業務規模的擴大，NRR自然會下降。但正如我在前面的問題中所說，我們的目標通常大致等於業務的陸地部分，即新客戶以及多季度的擴張。

The last thing I'll say is just if you look at the components of NRR, the data growth component, which is bringing new products under the Rubrik umbrella for security as well as the security capabilities, the applications we sell on top of the data platform, it's about 60-40, 60% data growth and 40% security capabilities.

我要說的最後一件事是，如果你看看NRR 的組件，即數據增長組件，它正在Rubrik 的保護傘下帶來新產品，以確保安全性以及安全功能，我們在數據之上銷售的應用程式平台的話，大概是60-40，60%的資料成長和40%的安全能力。

I'd now like to turn it back to Bipul Sinha, CEO, for any closing remarks.

現在我想請執行長 Bipul Sinha 發表結束語。

First of all, I want to thank everybody on this call as well as our investors who have involved for their support and sponsorship of Rubrik. Us becoming a public company completes the first chapter of Rubrik, and now we are in the second chapter of the company, in the second decade of Rubrik, and we are looking forward to partnering with all of you, everybody in the ecosystem, to build an enduring business. We are dedicated to it. Thank you so much for your support, and we hope to generate good returns for all of you guys.

首先，我要感謝參加本次電話會議的所有人以及參與其中的投資者對 Rubrik 的支持和贊助。我們成為上市公司完成了 Rubrik 的第一章，現在我們正處於公司的第二章，Rubrik 的第二個十年，我們期待與你們所有人、生態系統中的每個人合作，共同建立一個持久的事業。我們致力於此。非常感謝大家的支持，希望能為大家帶來好的回報。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful evening.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，並度過一個美好的夜晚。