Rubrik Inc (RBRK) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to today's Rubrik second-quarter fiscal year 2025 results conference call. (Operator Instructions) Please note today's call will be recorded. (Operator Instructions)

大家好，歡迎參加今天的 Rubrik 2025 財年第二季業績電話會議。（操作員指示）請注意，今天的通話將會被錄音。（操作員指示）

It is now my pleasure to turn the conference over to Melissa Franchi, Vice President, 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, and welcome to Rubrik's second-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.

大家好，歡迎參加 Rubrik 2025 財年第二季財務業績電話會議。今天與我一起參加電話會議的有 Rubrik 執行長、董事長兼聯合創始人 Bipul Sinha 和財務長 Kiran Choudary。我們的收益新聞稿於今天市場收盤後發布，可從 www.ir.rubrik.com 的投資者關係頁面下載。

Also on this page, you'll be able to find a slide deck with financial highlights that, along with our earnings release, includes the reconciliation of GAAP to non-GAAP financial results. During this call, we will make forward-looking statements, including statements regarding our financial outlook for the third quarter and full fiscal year 2025, our expectations regarding market trends, our market position, opportunities, including regarding generative AI and growth strategy, product initiatives, and expectations regarding these initiatives, and our go-to-market motions.

此外，在此頁面上，您還可以找到包含財務要點的幻燈片，該幻燈片與我們的收益報告一起，包括 GAAP 與非 GAAP 財務結果的對帳。在本次電話會議中，我們將做出前瞻性陳述，包括有關我們對 2025 年第三季和全年財務前景的陳述、我們對市場趨勢的預期、我們的市場地位、機會（包括有關生成人工智慧和成長策略）、產品計劃以及對這些計劃的預期，以及我們的上市動議。

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 other factors that could affect our performance and financial results, which we discussed in detail in our filings with the SEC. Rubrik assumes no obligation to update any forward-looking statements we may make on today's call.

這些陳述僅是基於我們今天所相信的預測，實際結果可能存在重大差異。這些前瞻性陳述受可能影響我們績效和財務結果的風險和其他因素的影響，我們在向美國證券交易委員會提交的文件中對此進行了詳細討論。Rubrik 不承擔更新我們在今天的電話會議上所做的任何前瞻性陳述的義務。

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

說完這些，我就把電話交給 Bipul。

Thank you, Melissa, and thank you, everyone, for joining us today.

謝謝你，梅麗莎，也謝謝大家今天加入我們。

Now let's get started. We delivered an outstanding second quarter. We outperformed across all guided top line and profitability metrics and are raising our annual guidance. Here are a key few numbers that highlight the quarter.

現在讓我們開始吧。我們第二季表現出色。我們在所有指導性營收和獲利指標上均表現出色，並且正在提高年度指導值。以下是本季的幾個關鍵數字。

Our subscription ARR reached $919 million, growing 40% year over year. Our subscription revenue was $191 million, growing 50% year over year. Our subscription NRR remained strong above 120%. And finally, our all-important profitability measure, subscription ARR contribution margin improved by over 1,300 basis points year over year. We continue to focus and make greater strides in improving our business efficiency and profitability.

我們的訂閱 ARR 達到 9.19 億美元，年增 40%。我們的訂閱收入為 1.91 億美元，年增 50%。我們的訂閱 NRR 仍然保持在 120% 以上的強勁水平。最後，我們最重要的獲利指標——訂閱 ARR 貢獻利潤率年增了 1,300 多個基點。我們將繼續致力於提高業務效率和盈利能力並取得更大進步。

Now let me give you the broader context of our business that enables these great results. Rubrik is winning in the cyber resilience market. As more and more organizations realize that cyber-attacks and breaches are inevitable, cyber Resilience is becoming the number one topic in cyber security. In my conversations with CIOs and CISOs around the world, what is clear is in spite of spending millions of dollars in cyber-attack prevention tool, it is not a question of if, but when they will experience a successful cyber-attack.

現在，讓我向您介紹我們業務的更廣泛的背景，正是這些背景促成了這些出色的成果。Rubrik 在網路彈性市場中取得了勝利。隨著越來越多的組織意識到網路攻擊和入侵是不可避免的，網路彈性正在成為網路安全的首要主題。在我與世界各地的 CIO 和 CISO 的對話中，很明顯的是，儘管在網路攻擊預防工具上花費了數百萬美元，但問題不是他們是否還會遭受成功的網路攻擊，而是何時會遭受成功的網路攻擊。

Every Board of Directors is asking for a cyber resilience strategy to ensure that their business get back up and running as fast as possible. The recent global IT outage is a great reminder that resilience is required in an interconnected digital economy that can easily be disrupted by human error or a threat actor.

每個董事會都要求制定網路彈性策略，以確保他們的業務盡快恢復正常運作。最近的全球 IT 中斷充分提醒我們，互聯的數位經濟需要具有彈性，因為很容易因人為錯誤或威脅行為者而中斷。

What is driving Rubrik's result is our highly differentiated platform purpose built to deliver complete cyber resilience. Roubik security cloud combines DSPM or data security posture management with cyber recovery in a zero-trust data security platform. We are the only vendor in the market to offer integrated DSPM plus cyber recovery, which enables cyber resilience.

Rubrik 所取得的成果源自於我們高度差異化的平台，該平台旨在提供完整的網路彈性。Roubik 安全雲在零信任資料安全平台中將 DSPM 或資料安全態勢管理與網路復原結合。我們是市場上唯一提供整合 DSPM 和網路復原的供應商，可實現網路彈性。

Our unique AI-powered architecture delivers data risk, data set, and rapid cyber recoveries at scale, enabling our customers to deal with situations before, during, and after cyber-attacks. Other products in the market generally make cycle recovery time up to 100 times longer because they can natively deliver four things needed for fast fiber recovery: number one, the scope of the attack; number two, time of infection; number three, sensitivity of impacted data; and finally, number four, malware hunting and quarantining. These are complex problems to solve.

我們獨特的人工智慧架構可大規模提供資料風險、資料集和快速網路恢復，使我們的客戶能夠處理網路攻擊之前、期間和之後的情況。市場上的其他產品通常會使週期恢復時間延長 100 倍，因為它們可以原生提供快速光纖恢復所需的四個要素：第一，攻擊範圍；第二，感染時間；第三，受影響數據的敏感性；最後，第四，惡意軟體搜尋和隔離。這些都是需要解決的複雜問題。

We solve these because our architecture leverages AI and machine learning inside our integrated data set engine. This is how we deliver cyber resilience natively, not with bolt-on security tools or third-party integration. Our customers choose Rubrik because we can confidently meet their cyber recovery time objective. We transform cyber recovering from a long drawn out existential affair to a simple, short operation, so organizations can continue running their businesses.

我們解決這些問題是因為我們的架構利用了整合資料集引擎中的人工智慧和機器學習。這就是我們如何原生地提供網路彈性，而不是透過附加安全工具或第三方整合。我們的客戶選擇 Rubrik 是因為我們可以自信地滿足他們的網路復原時間目標。我們將網路復原從長期的生存事務轉變為簡單、短暫的操作，以便組織能夠繼續經營其業務。

As a result, we win the vast majority of deals in head-to-head competition. This quarter, a Fortune 500 European automotive supplier selected Rubrik as its de facto cyber resilience platform, replacing their complex legacy data protection solution, which they believed less than vulnerable in case of a cyber event.

因此，我們在正面競爭中贏得了絕大多數交易。本季度，財富 500 強歐洲汽車供應商選擇 Rubrik 作為其事實上的網路彈性平台，取代其複雜的傳統資料保護解決方案，他們認為該解決方案在發生網路事件時不易受到攻擊。

Another example, an American multinational investment bank and financial services organization replaced a competing new-gen vendor solution with Rubrik, given our superior fiber recovery, speed at scale, and our more robust and integrated security capabilities. We win in the marketplace because of our differentiated single management and security controls across enterprise, cloud, and SaaS workloads while delivering incredible simplicity, performance, and scalability.

另一個例子是，一家美國跨國投資銀行和金融服務機構鑑於 Rubrik 卓越的光纖復原能力、規模速度以及更強大、更整合的安全功能，選擇 Rubrik 取代了競爭對手的新一代供應商解決方案。我們在市場上取得成功，是因為我們在企業、雲端和 SaaS 工作負載方面具有差異化的單一管理和安全控制，同時提供了令人難以置信的簡單性、效能和可擴展性。

This quarter, a US insurance company replaced its existing data backup and recovery vendor with RSC or Rubrik security cloud enterprise edition and SaaS data protection for M365. This customer was dissatisfied with their current provider, a competing new-gen vendor as it could not operate at the scale and speed the business required not protect their M365 environment. During the proof of concept, we demonstrated a recovery time of about 35 seconds compared to over five hours for the incumbent.

本季度，一家美國保險公司以RSC或Rubrik安全雲端企業版和M365的SaaS資料保護取代了現有的資料備份和復原供應商。該客戶對其目前的供應商（一家競爭的新一代供應商）不滿意，因為它無法以業務所需的規模和速度運營，無法保護其 M365 環境。在概念驗證過程中，我們證明了恢復時間約為 35 秒，而現有系統的恢復時間則超過 5 小時。

The customer security team also endorsed Rubrik for our suite of native security feature such as anomaly detection, threat hunting and monitoring, and sensitive data discovery, which their existing vendors lacked. We are also striking a chord with customers operating in the public cloud due to our ability to drive immediate cloud cost savings while delivering fast cyber recovery times.

客戶安全團隊也認可 Rubrik 提供的一系列原生安全功能，例如異常檢測、威脅搜尋和監控以及敏感資料發現，而這些是他們現有供應商所缺乏的。由於我們能夠立即節省雲端成本，同時提供快速的網路恢復時間，因此我們也與在公有雲中營運的客戶提供共鳴。

A Fortune 500 global leader in prestige beauty expanded their RSC footprint by purchasing cloud native protection for Azure, extending Rubrik for complete cyber resilience across both data center and cloud workloads. This customer selected Rubrik for our ability to deliver complete cyber resilience in addition to significant cloud cost saving.

財富 500 強全球高端美容領導者透過購買 Azure 的雲端原生保護擴大了其 RSC 足跡，並擴展了 Rubrik 以實現跨資料中心和雲端工作負載的完全網路彈性。這位客戶選擇 Rubrik 是因為我們除了能大幅節省雲端成本外，還能提供完整的網路彈性。

We also significantly expanded our cyber resilience footprint at ARIA, the innovation company in Italy, across cloud native and unstructured workloads to secure company's digital transformation. ARIA manages sensitive health care data of 10 million Lombardia citizens. In addition, we have helped hundreds of customers quickly come back online after the recent global IT disruption. Our customers were grateful for our ability to get their business back up and running quickly.

我們也大幅擴展了義大利創新公司 ARIA 的網路彈性覆蓋範圍，涵蓋雲端原生和非結構化工作負載，以確保公司的數位轉型。ARIA 管理 1000 萬倫巴第公民的敏感醫療保健數據。此外，在最近的全球 IT 中斷之後，我們幫助數百名客戶迅速恢復線上。我們的客戶對我們能夠迅速恢復他們的業務的能力表示感謝。

An IT leader at a large hospital network quote -- quote, Rubrik was instrumental in helping the hospital continued services during this massive outage. We did not have to cancel any appointments and we were able to provide all services to patients. It would have been a different story with our previous solution, unquote. What Rubrik does matters.

身為大型醫院網路的 IT 主管，Rubrik 在幫助醫院在這次大規模停電期間繼續提供服務方面發揮了重要作用。我們不必取消任何預約，並且能夠為患者提供所有服務。如果我們採用先前的解決方案，情況就會有所不同。Rubrik 所做的事情很重要。

Now moving on to DSPM, our view is that cyber resilience not only requires cyber recovery, but also data security posture. Cyber recovery is about wartime while data posture is about before and during cyber-attack preparation. DSPM gives visibility into sensitive data exposure to minimize surface area of attack and the risk of data exfiltration.

現在轉到 DSPM，我們的觀點是網路彈性不僅需要網路恢復，還需要資料安全態勢。網路復原是關於戰時的，而資料態勢是關於網路攻擊準備之前和期間的。DSPM 可以查看敏感資料暴露，從而最大限度地減少攻擊面和資料外洩的風險。

This quarter, a large European agricultural company expanded Rubrik cyber resilience footprint by adding Rubrik DSPM to reduce the risk of data exposure and exfiltration. This customer displaced their existing DSPM vendor, noting Rubrik's superior ease of use and greater visibility across multi-cloud environments. Another example, a US consumer services company added Rubrik DSPM to provide visibility into very sensitive data resides and reduces attack surface.

本季度，一家大型歐洲農業公司透過添加 Rubrik DSPM 擴大了 Rubrik 網路彈性覆蓋範圍，以降低資料外洩和外洩的風險。該客戶取代了其現有的 DSPM 供應商，並注意到 Rubrik 卓越的易用性和在多雲環境中更高的視覺性。另一個例子是，一家美國消費者服務公司添加了 Rubrik DSPM，以提供對非常敏感的資料駐留的可見性並減少攻擊面。

Rubrik automated the discovery and classification of companies-sensitive data in only a few hours, which would have otherwise taken months of manual work across 10 full-time employees according to the customer. In addition, what we are seeing is that Generative AI brings urgency to DSPM. Before an organization's propriety data gets fed into LLM, data sensitivity and user access must be managed. AI trust, safety, and preparation must be established and DSPM plays a critical role in there.

據客戶稱，Rubrik 僅用幾個小時就自動發現並分類了公司敏感數據，否則需要 10 名全職員工花費數月時間進行手動工作。此外，我們看到生成式人工智慧為 DSPM 帶來了緊迫性。在組織的專有資料輸入 LLM 之前，必須管理資料敏感度和使用者存取權限。必須建立人工智慧的信任、安全和準備，而 DSPM 在其中發揮關鍵作用。

Now let's talk about our partnership across security and data landscape. These relationships are a key part of our go-to-market motion. We recently made a few notable announcements that deepened and widened our partner relationships. Last month, we announced a new partnership and technology integration with Mandiant, part of Google Cloud.

現在讓我們來談談我們在安全和資料領域的合作夥伴關係。這些關係是我們進入市場行動的關鍵部分。我們最近發布了一些值得注意的公告，深化並擴大了我們的合作關係。上個月，我們宣布與 Google Cloud 旗下的 Mandiant 建立新的合作夥伴關係並進行技術整合。

This collaboration offers our customers a tightly integrated, end-to-end solution, spanning cyber threat detection, incident response, and data recovery. Through this partnership, joint customers will be able to ensure that in an event of an attack, the Mandiant and Rubrik team will work together to help the business get back up and running as fast as possible.

此次合作為我們的客戶提供了緊密整合的端到端解決方案，涵蓋網路威脅偵測、事件回應和資料復原。透過此次合作，共同客戶將能夠確保在發生攻擊時，Mandiant 和 Rubrik 團隊將共同努力，協助企業盡快恢復正常運作。

We continue to strengthen our partnership with cloud providers as well. As an example, this quarter, Rubrik was named Microsoft Healthcare and Life Sciences Partner of the Year for 2024. This award comes on the heels of our win last year at Microsoft Partner of the Year in the US and in the UK. This accolade represents our commitment to protecting all data, including patient data, while enabling seamless operations in healthcare organization and driving innovative solutions in partnership with Microsoft.

我們也將繼續加強與雲端提供者的合作關係。例如，本季度，Rubrik 被評為 2024 年度微軟醫療保健和生命科學合作夥伴。繼去年我們榮獲美國和英國微軟年度合作夥伴獎之後，我們又榮獲了這項獎項。這項榮譽代表了我們致力於保護所有數據（包括患者數據），同時實現醫療保健組織的無縫運營並與微軟合作推動創新解決方案。

Now let's turn to business efficiency and profitability. This quarter, we improved our subscription ARR contribution margin by over 1,300 basis points year on year. We are pleased with the margin improvement, and we are relentlessly focused on opportunities to continue these improvements. While we invest in our innovation platform and go-to-market engine to capture the cyber resilience opportunity, let me be very clear, we are equally focused on delivering leverage and profitability in our business model. These are key components to building an enduring business, and we are executing well on that path.

現在讓我們來討論一下業務效率和獲利能力。本季度，我們的訂閱ARR貢獻利潤率年增了1,300多個基點。我們對利潤率的提高感到滿意，並且我們堅持不懈地專注於繼續實現這些改善的機會。雖然我們投資於創新平台和市場進入引擎以抓住網路彈性機會，但我要明確指出的是，我們同樣專注於在我們的商業模式中提供槓桿和獲利能力。這些都是建立持久業務的關鍵要素，我們正朝著這個方向順利前進。

A big thank you to all Rubrikans around the world for their hard work and diligent focus.

非常感謝全世界所有 Rubrikans 的辛勤工作和勤奮專注。

In closing, I will leave you with three takeaways. First, cyber resilience is where the cyber security market is going, and we are a leader in cyber resilience. Second, we are winning against the competition because of our highly differentiated and unique architecture. This is why our customers can rapidly recover from cyber-attacks at scale. And finally, in addition to growth at scale, we believe our path to profitability is clear, and we continue to make great strides in building a durable business.

最後，我想留給你們三點啟示。首先，網路彈性是網路安全市場的發展方向，而我們是網路彈性領域的領導者。其次，我們憑藉高度差異化和獨特的架構在競爭中獲勝。這就是為什麼我們的客戶能夠從大規模網路攻擊中快速恢復。最後，除了規模成長之外，我們相信我們的獲利之路是清晰的，並且我們將繼續在建立持久業務方面取得長足進步。

With that, I'm pleased to pass it over to our Chief Financial Officer, Kiran Choudary.

我很高興將其交給我們的財務長 Kiran Choudary。

Thank you, Bipul. Good afternoon, everyone, and thank you for joining us today.

謝謝你，Bipul。大家下午好，感謝大家今天的參與。

As Bipul shared, we've had a very strong second quarter, all around. Notwithstanding the broader macro environment, our team continues to execute very well and take advantage of the market opportunity, which is reflected in our results. The quarter was highlighted by continued prioritization of cyber resilience amongst our customers, momentum in large deals, and notable improvement in profitability. This drove results ahead of the high end of our guidance across all of our key operating metrics, including subscription ARR and subscription ARR contribution margin.

正如 Bipul 所說，總體而言，我們的第二季表現非常強勁。儘管宏觀環境大環境如此，我們的團隊仍然表現良好，並抓住了市場機遇，這反映在我們的業績中。本季的亮點是，我們繼續優先考慮客戶網路彈性、大宗交易勢頭強勁以及盈利能力顯著提高。這使得我們所有關鍵營運指標（包括訂閱 ARR 和訂閱 ARR 貢獻利潤率）的業績都超出預期上限。

Today, I will briefly recap our second-quarter fiscal 2025 financial results and key operating metrics and then provide guidance for the third quarter and full-year fiscal 2025. All comparisons, unless otherwise noted, are on a year-over-year basis.

今天，我將簡要回顧我們 2025 財年第二季的財務表現和關鍵營運指標，然後為 2025 財年第三季和全年提供指引。除非另有說明，所有比較均以同比為基礎。

As a reminder, 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 highly differentiated platform combining DSPM and cyber recovery drives our leadership in the cyber resilience market. This is highlighted by our second-quarter performance.

提醒一下，我們的主要營收指標是訂閱 ARR，我們認為這最能說明我們在獲取新客戶以及維護和擴大與現有客戶的關係方面的成功。我們高度差異化的平台結合了 DSPM 和網路恢復，推動了我們在網路彈性市場的領導地位。我們第二季的業績凸顯了這一點。

Subscription ARR was $919 million in the second quarter, up 40%. We continue to drive adoption of our Rubrik security cloud, which resulted in $678 million of cloud ARR, up 80%. Our subscription ARR growth benefited a couple of percentage points from transitioning our declining maintenance base to RSC. Our strong results were driven by a combination of new logo lands to Rubrik and existing customer expansions.

第二季訂閱 ARR 為 9.19 億美元，成長 40%。我們持續推動 Rubrik 安全雲端的採用，這使得雲端 ARR 達到 6.78 億美元，成長 80%。將不斷下降的維護基礎轉換為 RSC 後，我們的訂閱 ARR 成長受益幾個百分點。我們的強勁業績得益於 Rubrik 新標誌的推出以及現有客戶的擴張。

We have a compelling land-and-expand model that allows for a significant expansion opportunity after our initial contract. 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.

我們擁有引人注目的「土地和擴張」模式，這為我們在最初的合約之後提供了重大的擴張機會。推動我們客戶擴張的三個主要因素是：一、Rubrik 已保護的應用程式資料的成長；二、其他我們平台上保護的應用程式；三、採用其他資料安全產品。

As an example, adoption of additional security functionality now contributes over one-third of our subscription net retention rate up from approximately a quarter in the year-ago period. This land-and-expand motion drove another quarter of greater than 120% average subscription net retention rate. We ended Q2 with 1,969 customers with subscription ARR of $100,000 or more, up 35%.

例如，採用額外的安全功能現在對我們的訂閱淨保留率的貢獻超過三分之一，而去年同期這一數字僅為四分之一。此次登陸和擴張行動推動平均訂閱淨保留率再創季度新高，超過 120%。截至第二季末，我們擁有 1,969 名客戶，其訂閱 ARR 達到或超過 10 萬美元，成長了 35%。

These larger customers now contribute 81% of our subscription ARR, up from 78% in the year-ago period as we become an increasingly strategic partner to our enterprise customers. For our second quarter and fiscal 2025, subscription revenue was $191 million, up 50%. Total revenue was $205 million, up 35%.

隨著我們日益成為企業客戶的策略夥伴，這些大客戶目前貢獻了我們訂閱 ARR 的 81%，高於去年同期的 78%。我們第二季和 2025 財年的訂閱收入為 1.91 億美元，成長 50%。總收入為 2.05 億美元，成長 35%。

Turning to the geographic mix of revenue, revenue from the Americas grew 36% to $147 million. Revenue from outside the Americas grew 34% to $58 million.

從營收的地理分佈來看，美洲地區的營收成長了 36%，達到 1.47 億美元。來自美洲以外地區的營收成長 34%，達到 5,800 萬美元。

Before turning to gross margins, expenses, and profitability, I would like to note that I'll be discussing non-GAAP results going forward. We are committed to balancing strong growth at scale with improving profitability. We are focused on delivering strong gross margins, improving our subscription ARR contribution margin, and growing free cash flow.

在討論毛利率、費用和獲利能力之前，我想指出的是，我將討論未來非公認的會計準則結果。我們致力於在規模強勁成長與獲利能力提高之間取得平衡。我們專注於實現強勁的毛利率、提高我們的訂閱 ARR 貢獻利潤率以及增加自由現金流。

Our non-GAAP gross margin was 77% in the second quarter, in line with the year ago period and up from 70% in fiscal 2023. Gross margin benefited from changing product mix and improved efficiency of our customer support organization. These benefits were offset by higher cloud hosting costs due to the development and growth of our cloud solutions, which we expect to continue to scale in the future.

我們第二季的非公認會計準則毛利率為 77%，與去年同期持平，高於 2023 財年的 70%。毛利率受益於產品組合的變化和客戶支持組織效率的提高。由於我們的雲端解決方案的發展和成長，這些好處被更高的雲端託管成本所抵消，我們預計未來雲端解決方案將繼續擴大規模。

We anticipate total gross margin to stay at the lower end of our long-term target of 75% to 80%. As a reminder, we look at subscription ARR contribution margin as a key measure of operating leverage, supporting our path to 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 or free cash flow because it removes the impact from our cloud transformation as well as evolving contract duration and payment terms. We believe the improvement in our subscription ARR contribution margin demonstrates our ability to drive operating leverage and profitability at scale.

我們預計總毛利率將維持在長期目標 75% 至 80% 的低端。提醒一下，我們將訂閱 ARR 貢獻利潤率視為衡量營運槓桿的關鍵指標，支持我們獲利。計算方法為：訂閱 ARR 減去非 GAAP 訂閱收入成本，再減去非 GAAP 營運費用，然後除以訂閱 ARR。我們發現，與營業利潤率或自由現金流相比，這是一個更相關的指標，可以證明營業槓桿的改善，因為它消除了我們的雲端轉型以及不斷變化的合約期限和付款條款的影響。我們相信，訂閱 ARR 貢獻利潤率的提高證明了我們能夠大規模推動營運槓桿和獲利能力。

Subscription ARR contribution margin was negative 8% in the last 12 months compared to negative 22% in the year-ago period, an improvement of over 1,300 basis points. Last 12 months operating expenses in this calculation includes the $23 million in employer payroll taxes we accrued in Q1. Adjusting for this one-time expense, our subscription ARR contribution margin for Q2 would be negative 6%, an improvement of 1,600 basis points from last year.

過去 12 個月，訂閱 ARR 貢獻利潤率為負 8%，而去年同期為負 22%，改善了 1,300 多個基點。本次計算中的過去 12 個月營運費用包括我們在第一季累積的 2,300 萬美元雇主薪資稅。在調整這筆一次性費用後，我們第二季的訂閱 ARR 貢獻利潤率為負 6%，比去年同期改善了 1,600 個基點。

The improvement in subscription contribution margin was driven by our growing scale and continued focus on driving efficiencies across the organization. We are pleased to see the leverage in our go-to-market spend, in particular, with sales and marketing expense as a percentage of revenue moving down 1,200 basis points year-over-year as we see the benefits of increasing productivity from our sales force, a ramping renewal base, organizational efficiencies, and improving effectiveness in our cost of acquisition.

訂閱貢獻利潤率的提高得益於我們不斷擴大的規模以及持續致力於提高整個組織的效率。我們很高興看到我們的市場推廣支出獲得了槓桿作用，特別是銷售和行銷費用佔收入的百分比同比下降了 1,200 個基點，因為我們看到了銷售隊伍生產力提高、續約基礎增加、組織效率提高以及收購成本效率提高帶來的好處。

However, we believe we are still in early innings of these benefits. In particular, as our renewal base continues to scale and becomes a bigger part of the revenue, we expect to see further improvements in sales and marketing expenses as a percentage of sales.

然而，我們相信我們仍處於這些好處的早期階段。特別是，隨著我們的續約基礎不斷擴大並成為收入中更大的一部分，我們預計銷售和行銷費用將佔銷售額的百分比進一步提高。

Free cash flow was negative $32 million compared to negative $13 million in the second quarter of fiscal 2024. The decrease in free cash flow related to last year was primarily due to an increasing mix of annual as well as monthly consumption payments to the growth in our cloud and SaaS products. Also related to the last year, we incurred expenses associated with the acquisition of Laminar, which was completed August 2023. Despite these headwinds, we improved free cash flow margin year over year during the first half of this fiscal year, excluding the impact of one-time employer payroll taxes related to the IPO.

自由現金流為負 3,200 萬美元，而 2024 財年第二季為負 1,300 萬美元。與去年相比，自由現金流的減少主要是由於年度和每月消費付款的混合增加以及我們的雲端和 SaaS 產品的成長。與去年相關的是，我們發生了與收購 Laminar 相關的費用，該收購於 2023 年 8 月完成。儘管面臨這些不利因素，但在本財年上半年，我們的自由現金流利潤率同比有所提高（不包括與 IPO 相關的一次性雇主工資稅的影響）。

Turning to our balance sheet, we ended the second quarter in a strong cash position with $607 million in cash, cash equivalents, restricted cash, and marketable securities and $307 million in debt.

回顧我們的資產負債表，第二季末，我們的現金狀況強勁，擁有 6.07 億美元的現金、現金等價物、受限現金和有價證券，以及 3.07 億美元的債務。

Turning now to our outlook, we remain confident about the demand for our differentiated offerings and the powerful secular cyber resilience trends fueling our growth. We expect to continue to execute well and deliver strong subscription ARR growth ahead. 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.

現在回顧我們的前景，我們仍然對差異化產品的需求以及推動我們成長的強大的長期網路彈性趨勢充滿信心。我們期望繼續表現良好並實現強勁的訂閱 ARR 成長。收入和收入成長可能會因多種變數而波動，包括我們增加新 RSC 客戶的速度以及我們繼續將現有客戶遷移到 RSC 的速度。

In terms of operating investments, we plan to continue to make focused high ROI investments in R&D and go to market to drive innovation momentum in the large and growing market we operate in. We assume contract duration and payment terms continue to contract modestly through the second half with the growth in our cloud and SaaS products, which will be headwinds to free cash flow. Hence, we point for subscription ARR contribution margins to measure operating leverage and profitability.

在營運投資方面，我們計劃繼續在研發方面進行有針對性的高投資回報率投資，並進入市場以推動我們所在龐大且不斷增長的市場的創新勢頭。我們假設，隨著我們的雲端和 SaaS 產品的成長，合約期限和付款條款將在下半年繼續適度收縮，這將對自由現金流造成阻力。因此，我們以訂閱 ARR 貢獻利潤率來衡量經營槓桿和獲利能力。

Now turning to guidance for the third quarter of fiscal 2025. In Q3, we expect revenue of $216.5 million to $218.5 million, up 31% to 32%.

現在談談 2025 財年第三季的指引。我們預計第三季營收為 2.165 億美元至 2.185 億美元，成長 31% 至 32%。

In terms of profitability, we expect non-GAAP subscription ARR contribution margins of negative 8% to negative 7%. We expect non-GAAP EPS of negative $0.41 to negative $0.39 based on approximately 185 million weighted average shares outstanding.

在獲利能力方面，我們預期非 GAAP 認購 ARR 貢獻利潤率為負 8% 至負 7%。基於約 1.85 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 0.41 美元至負 0.39 美元。

For the full year fiscal 2025, we are pleased to raise our guidance across both our top line and profitability metrics. We now expect subscription ARR in the range of $1.026 billion to $1.032 billion, reflecting a year-over-year growth rate of 31% to 32%. To help with modeling seasonality for the year, we expect net new subscription ARR in the third and fourth quarter to be roughly equal.

對於 2025 財年全年，我們很高興提高我們的營收和獲利指標的預期。我們現在預計訂閱 ARR 在 10.26 億美元至 10.32 億美元之間，年成長率介於 31% 至 32% 之間。為了幫助對年度季節性進行建模，我們預計第三季和第四季的淨新訂閱 ARR 將大致相等。

We expect revenue for the full year fiscal 2025 in the range of $830 million to $838 million, implying 32% to 33% growth. We plan to continue to invest into this enormous opportunity ahead of us while delivering efficient growth at scale. We expect non-GAAP subscription ARR contribution margins between negative 7% and negative 6%, reflecting further margin improvement from Q2.

我們預計 2025 財年全年營收將在 8.3 億美元至 8.38 億美元之間，成長 32% 至 33%。我們計劃繼續投資於我們面臨的這一巨大機遇，同時實現規模高效增長。我們預期非 GAAP 訂閱 ARR 貢獻利潤率在負 7% 至負 6% 之間，反映出第二季利潤率將進一步提高。

We expect non-GAAP EPS of negative $2.12 to negative $2.06 based on approximately 155 million weighted average shares outstanding for the full year. We expect free cash flow of negative $67 million to negative $57 million or negative $44 million to negative $34 million, excluding the $23 million in one-time payroll tax associated with our IPO. This implies positive free cash flow in the second half of the fiscal year.

基於全年約 1.55 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 2.12 美元至負 2.06 美元。我們預計自由現金流為負 6,700 萬美元至負 5,700 萬美元或負 4,400 萬美元至負 3,400 萬美元，不包括與我們的 IPO 相關的 2,300 萬美元一次性薪資稅。這意味著本財年下半年的自由現金流將為正值。

In closing, the large and growing market for cyber resilience, our vision for this category, unique strength of our product offerings, and proven go-to-market motion collectively supports our subscription ARR growth outlook. We are proud of our performance this past quarter and look forward to continuing the momentum into year end and beyond.

最後，網路彈性市場規模龐大且不斷成長，我們對這個類別的願景，我們產品的獨特優勢以及經過驗證的上市舉措共同支持了我們的訂閱 ARR 成長前景。我們對上個季度的表現感到自豪，並期待在年底及以後繼續保持這種勢頭。

We look forward to seeing many of you on the road in the coming months, including at the upcoming Goldman Sachs Technology Conference.

我們期待在未來幾個月的路上見到你們，包括在即將舉行的高盛技術大會上。

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

好了，我們現在可以開始回答任何問題了。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Okay. Great. Hey, guys. Thanks for taking my questions here and nice results.

好的。偉大的。嘿，大家好。感謝您在這裡回答我的問題並得到了很好的結果。

Bipul, maybe for you. Can you just talk a little bit about what customers are saying about cyber resilience in the wake of the CrowdStrike outage? I mean, you mentioned some interesting things in your prepared remarks about how well protected your customers were, but -- and I'm sure it's early to see any financial benefit from CrowdStrike. But I'm just kind of curious how this is changing customer thinking about cyber resilience, if at all.

Bipul，也許適合你。能否簡單談談客戶在 CrowdStrike 中斷後對網路彈性的看法？我的意思是，您在準備好的發言中提到了一些有趣的事情，關於您的客戶受到了多麼好的保護，但是——我確信現在從 CrowdStrike 中看到任何經濟利益還為時過早。但我只是有點好奇這會如何改變客戶對網路彈性的看法，如果有的話。

Cloud resilience is top of mind for every organization around the world because what folks have realized is they have invested millions of dollars in cyber prevention tools and they still are not sure whether they can continue operating the business in an event of cyber breach or successful cyber-attack. So every Board of Director, every CEO is thinking about how do they keep their businesses up and running.

雲端彈性是全球每個組織最關心的問題，因為人們已經意識到，他們已經在網路防禦工具上投資了數百萬美元，但他們仍然不確定在發生網路漏洞或網路攻擊成功時是否能夠繼續經營業務。因此，每個董事會、每個執行長都在思考如何保持業務正常運作。

And our results reflect that. If you look at our subscription and ARR growth, we grew 40% year over year to over $900 million. If you look at our total revenue, grew 35%. But the subscription revenue, which is the real indicator of our business, grew 50% year over year. And these are the trends that are helping our business.

我們的結果也反映了這一點。如果你看看我們的訂閱量和 ARR 成長，我們年增了 40%，達到 9 億多美元。如果你看看我們的總收入，成長了35%。但訂閱收入（我們業務的真正指標）年增了 50%。這些趨勢對我們的業務有幫助。

In fact, this CrowdStrike event was a little unfortunate, a human error. CrowdStrike is a great partner and we jointly helped hundreds of customers recover. But this particular incident, people saw this as a preview of what could happen if you have a real cyber incident or a real cyber-attack that can take down global economy that can have massive global impact on the IT systems and everything else that goes with it.

事實上，這次CrowdStrike事件有點不幸，是人為錯誤。CrowdStrike 是一家出色的合作夥伴，我們共同幫助了數百名客戶恢復。但人們將這一特定事件視為預演，預示著如果發生真正的網路事件或真正的網路攻擊，將會發生什麼，這將摧毀全球經濟，對 IT 系統以及與之相關的一切產生巨大的全球影響。

So this particular issue has triggered a lot of discussion. A lot of Board of Directors is asking question about resilience. And that is one of the many factors that in the coming months and quarters will help bring more focus to this particular market segment. And we believe that there will be much more momentum around cyber resilience.

因此這個特定問題引發了很多討論。許多董事會成員都在詢問有關韌性的問題。這是未來幾個月和幾個季度將有助於更多關注這一特定細分市場的眾多因素之一。我們相信，網路彈性將會有更大的發展動能。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Well, good afternoon. Thank you for taking my question.

嗯，下午好。感謝您回答我的問題。

Bipul, just a question for you about the market landscape and a little bit from competitive ones. But just kind of broadly speaking, we've seen a lot of activity in the data security posture management space, both in the private markets from newer companies, but also certainly, customers voting with their wallets in driving better attach rates for you and your products around the RPM.

Bipul，我想問您一個關於市場格局和競爭格局的問題。但從廣義上講，我們已經看到資料安全態勢管理領域有很多活動，既有來自新公司的私人市場，當然也有客戶用錢包投票，為您和您的產品在 RPM 周圍帶來更好的附加率。

So I'm just wondering if you can sort of comment and maybe give us a little bit more quantitative granularity as to how much better those products are tracking with one year in Laminar. And then relatedly, you know, a large enterprise SaaS company that you do have a partnership with just acquired a backup and recovery company. So I was hoping you could kind of set the record straight on how this doesn't diminish your advantages and your differentiation when there are potentially, call it, embedded options in some of the data stores that you do actively protect. Thank you.

所以我只是想知道您是否可以發表評論，或者給我們一些更定量的細節，以了解這些產品在 Laminar 一年內追蹤效果如何。然後與此相關的是，您知道，與您有合作關係的一家大型企業 SaaS 公司剛剛收購了一家備份和恢復公司。因此，我希望您能夠澄清這一點，即當您主動保護的某些資料儲存中可能存在嵌入式選項時，這不會削弱您的優勢和差異化。謝謝。

Thank you, Fatima. There are like three questions in that question. And let me first give you my sense of at this Salesforce issue, and then I'll come back to competition and DSPM.

謝謝你，法蒂瑪。這個問題裡有三個問題。首先讓我介紹一下我對 Salesforce 議題的看法，然後再談競爭和 DSPM。

Look, this Salesforce acquisition of Own actually validates our strategy. We are telling customers and organizations and governments around the world that SaaS data is important to protect. SaaS is becoming mission critical. And a SaaS vendor buying our SaaS data security, SaaS cyber resilience company validates our whole strategy, but we are focused on all that applications across enterprise cloud and SaaS landscape.

看，Salesforce 對 Own 的收購實際上驗證了我們的策略。我們正在告訴世界各地的客戶、組織和政府，保護 SaaS 資料非常重要。SaaS 正在成為一項至關重要的任務。一家 SaaS 供應商購買了我們的 SaaS 資料安全、SaaS 網路彈性公司，驗證了我們的整個策略，但我們專注於企業雲端和 SaaS 領域的所有應用程式。

Salesforce is one of the 20 plus applications that we actually provide cyber resilience on and businesses want a single policy engine, a single security control across all of their application landscape. Otherwise, they are turning 30, 40 knobs to make sure that the business is running.

Salesforce 是我們實際提供網路彈性的 20 多個應用程式之一，企業希望在其所有應用程式環境中擁有單一的策略引擎和單一的安全控制。否則，他們就需要轉動 30、40 個旋鈕來確保業務正常運作。

So this actually is very positive for us and it brings the focus into why cyber resilience is important and Salesforce is our partner. In fact, we jointly created solution with them. And we are -- what we are hearing from our customers -- I'll give you an example. A large health insurance company, Fortune 500 health insurance company called us and said, they want to consolidate their data protection cyber resilience landscape on a single platform. So it's very positive for us.

所以這對我們來說實際上非常積極，它讓我們專注於為什麼網路彈性如此重要以及 Salesforce 是我們的合作夥伴。事實上，我們與他們共同創造了解決方案。根據我們從客戶那裡聽到的消息，我舉個例子給你聽。一家大型健康保險公司，財富 500 強健康保險公司打電話給我們說，他們希望在單一平台上整合他們的資料保護網路彈性格局。所以這對我們來說非常積極。

If you look at our results -- coming back to the competition, if you look at our results and our success in the marketplace, we are winning the cyber resiliency market. And if you look at our -- again, win rate, we are winning vast majority of deals across both our legacy competition as well as new gen competition.

如果您看看我們的結果 - 回到競爭中，如果您看看我們的結果和我們在市場上的成功，我們正在贏得網路彈性市場。如果你再看看我們的勝率，你會發現我們在傳統競爭對手和新一代競爭對手中贏得了絕大多數交易。

In fact, a very large financial data company, we had more than $1 million ACV land, which replaced a new gen vendor over their cyber recovery capabilities. And this saw Rubrik as a native cyber security platform that delivers cyber resilience. And architecture matters when you are talking about cyber resilience. And what Rubrik did we natively built data risk, data threat, and cyber recovery capability into an integrated platform across all the data landscape.

事實上，作為一家非常大的金融數據公司，我們擁有價值超過 100 萬美元的 ACV 土地，這取代了新一代供應商的網路復原力。這使得 Rubrik 成為提供網路彈性的原生網路安全平台。當你談論網路彈性時，架構很重要。Rubrik 所做的就是將資料風險、資料威脅和網路復原功能原生建置到涵蓋所有資料環境的整合平台中。

So we have, again, a very unique product in a very large market and that's what is leading to our win.

因此，我們再次在一個非常大的市場中推出了一款非常獨特的產品，這也是我們成功的原因。

You talked about DSPM. In fact, DSPM is an integral piece of the cyber resilience strategy because data risk and data threat is essentially DSPM and which is our expanded view of the DSPM. And Generative AI is also accelerating the demand for DSPM because before people see their data into LLM or RAG models, they want to understand what is the risk, who has access to this data, are we feeding data that falls in the wrong hands.

您談到了 DSPM。事實上，DSPM 是網路彈性策略不可或缺的一部分，因為資料風險和資料威脅本質上是 DSPM，也是我們對 DSPM 的擴展視圖。生成式人工智慧也加速了對 DSPM 的需求，因為在人們將他們的數據放入 LLM 或 RAG 模型之前，他們想了解風險是什麼，誰有權存取這些數據，我們是否會將數據提供給不法之徒。

So GenAI trust, GenAI security, GenAI responsibility depends upon the data that gets feed into it. And we see interesting traction in that space. Obviously, DSPM is a new product for us, but we now have more than 50 customers using our DSPM product. In fact, a leading cybersecurity company brought cloud cyber resilience with combination of DSPM plus cyber recovery, and we are seeing this in a number of cases around the world.

因此，GenAI 信任、GenAI 安全性、GenAI 責任取決於輸入的資料。我們看到了該領域有趣的發展趨勢。顯然，DSPM 對我們來說是一個新產品，但現在我們有超過 50 個客戶使用我們的 DSPM 產品。事實上，一家領先的網路安全公司透過結合 DSPM 和網路復原實現了雲端網路彈性，我們在世界各地的許多案例中都看到了這種情況。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Great. Thank you. Congrats on another great quarter post your IPO.

偉大的。謝謝。恭喜貴公司首次公開募股後又取得了一個出色的季度業績。

I guess, I want to ask a question about the pending Veritas acquisition, so -- or merger, I should say. Once the deal is closed and merged with Cohesity, it sounds like you'll be able to migrate most of those customers -- those Veritas customers over to the Cohesity platform using an automated tool. So won't it be harder to convince those former Veritas customers to switch to Rubrik and still be on a much better platform than they were previously on?

我想問一個即將進行的 Veritas 收購（或應該說是合併）的問題。一旦交易完成並與 Cohesity 合併，聽起來您將能夠使用自動化工具將大多數客戶（Veritas 客戶）遷移到 Cohesity 平台。那麼，說服那些以前的 Veritas 客戶轉向 Rubrik 並且仍然使用比以前更好的平台會不會更難呢？

Thank you, Andrew.

謝謝你，安德魯。

In fact, when we first heard the Cohesity-Veritas merger, and we actually had that discussion within our company, and what we concluded was that Veritas product is a single product in the customer environment, unlike Cisco or Microsoft or one of those large companies with a lot of products in the customer environment where they have in some ways of relationship and durability with the account. When you have a single product and if you're trying to replace that single product, the customer will naturally ask what else exists out there in the marketplace.

事實上，當我們第一次聽說 Cohesity 和 Veritas 合併時，我們在公司內部也進行了討論，我們得出的結論是，Veritas 產品是客戶環境中的單一產品，不像思科或微軟或那些在客戶環境中擁有大量產品的大公司，他們在某種程度上與客戶存在著關係和持久性。當您擁有單一產品並且試圖替換該單一產品時，客戶自然會詢問市場上還有什麼其他產品。

And cyber resilience is the number one concern of every business. And if they're looking around in the marketplace, they will definitely give Rubrik a chance. And if you look at our win rate against both legacy and new gen competition, we are winning vast, vast majority of deals. So in fact, Cohesity prodding Veritas customer for change is actually going to set a lot more customers lose in terms of them looking around to find what else is out there and that we believe is a tremendous opportunity.

網路彈性是每個企業最關心的問題。如果他們在市場上尋找，他們肯定會給 Rubrik 一個機會。如果你看一下我們在與傳統競爭對手和新一代競爭對手的競爭中的勝率，就會發現我們贏得了絕大多數交易。因此，事實上，Cohesity 敦促 Veritas 客戶進行變革實際上會讓更多的客戶失去機會，因為他們需要四處尋找其他選擇，而我們認為這是一個巨大的機會。

Moreover, whenever you have two companies merging, there's a lot of rationalization that needs to happen both in terms of product, people, and roadmap. And if I'm a Veritas customer today, I'm thinking all my product -- like promised roadmap, will they be delivered. It's an open question. It's a good question. And that creates opportunity for us.

此外，每當兩家公司合併時，在產品、人員和路線圖方面都需要大量的合理化。如果我今天是 Veritas 的客戶，我會考慮我的所有產品——例如承諾的路線圖，它們是否會交付。這是一個懸而未決的問題。這是個好問題。這為我們創造了機會。

John DiFucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇 (John DiFucci)。

Great. Thank you, and good afternoon, everyone. This is Howard Ma on for John.

偉大的。謝謝大家，下午好。我是 Howard Ma，代替 John 發言。

On Rubrik security cloud -- it's either for Bipul or Kiran. You've called out the increased contribution to NRR from adoption of additional security products. That's obviously positive. But can you comment more on the two other pieces, so workload expansion or upsells and additional apps secured by Rubrik?

在 Rubrik 安全雲端上—它既適用於 Bipul，也適用於 Kiran。您已經指出採用額外的安全產品可以增加對 NRR 的貢獻。這顯然是積極的。但您能否對另外兩個方面發表更多評論，即 Rubrik 所保障的工作量擴展或追加銷售和附加應用程式？

And this is kind of a two parter. The first part is, are you seeing any signs of slowdown in these two other drivers? Or do you still see a lot of white space in both cloud data protection and cyber resilience? And the second part is can you remind us of your product roadmaps related to the first, you know, if there is a lot of whitespaces out there, which additional applications are you adding in your near term? Thank you.

這有點像是兩個部分。第一部分是，您是否看到這兩個其他驅動因素放緩的跡象？或者您仍然看到雲端資料保護和網路彈性方面存在許多空白？第二部分是，您能否提醒我們與第一部分相關的產品路線圖，如果存在很多空白，您會在短期內添加哪些額外的應用程式？謝謝。

Thank you, Howard.

謝謝你，霍華德。

If you look at the Rubrik [soft win], we have a very comprehensive data security platform. And what we are doing is we are going to customers and saying that, hey, you have a legacy backup and recovery architecture. How do we transform that architecture into a data security platform to deliver cyber resilience? And in our data security platform, we have a comprehensive suite of data security products that we attach as part of our enterprise edition as well as business edition.

如果你看一下 Rubrik [soft win]，你會發現我們有一個非常全面的資料安全平台。我們正在做的是，我們向客戶說，嘿，你有一個遺留的備份和復原架構。我們如何將該架構轉變為資料安全平台以提供網路彈性？在我們的資料安全平台中，我們擁有一套全面的資料安全產品，作為企業版和商業版的一部分。

And if you look at our product expansion, a third of our NRR is contributed by data security product that we attach on our platform. So we are not seeing any slowdown in terms of the customer demand for attachment of our data security product. In fact, more than 50% of our new customers, again, this quarter came in to adopt enterprise edition as the first purchase.

如果你看一下我們的產品擴展，你會發現我們三分之一的 NRR 是由我們平台上附加的資料安全產品所貢獻的。因此，我們並沒有看到客戶對我們的資料安全產品附件的需求有任何放緩。事實上，本季超過 50% 的新客戶首次購買的是企業版。

So we are continuing to see strong demand, strong expansion on our platform. Obviously, you saw us announce salesforce.com as the cyber resiliency target for us as the next SaaS. And as these SaaS platforms become more and more critical in the enterprise, we will continue to expand our platform to cover more and more SaaS apps. And our strategy is, which by the way our customers really love, is the consolidation of cyber resilience across all apps, all the apps that are in their data center, all the apps that are across AWS, Azure, GCP as native cloud app as well as all the apps in their SaaS landscape, and a single policy engine, a single security control across all apps so that when chips are down, when you are under attack, and you have to go recover, you are not turning 20, 30 knobs, as I said before.

因此，我們繼續看到強勁的需求和平台的強勁擴張。顯然，您看到我們宣布 salesforce.com 作為我們下一個 SaaS 的網路彈性目標。隨著這些 SaaS 平台在企業中變得越來越重要，我們將繼續擴展我們的平台以涵蓋越來越多的 SaaS 應用程式。我們的策略是，順便說一句，我們的客戶非常喜歡，那就是整合所有應用程式的網路彈性，包括資料中心中的所有應用程序，AWS、Azure、GCP 上的所有應用程式作為原生雲應用程式以及 SaaS 環境中的所有應用程序，以及單一策略引擎、跨所有應用程式的單一安全控制，這樣當晶片出現故障、受到攻擊時

That's the Rubrik's native advantage of a unique platform in a large and growing market with cyber resilience emerging to be the number one category within cybersecurity.

這就是 Rubrik 在龐大且不斷成長的市場中擁有的獨特平台的先天優勢，網路彈性正成為網路安全領域的首要類別。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Okay. Thank you very much, and good afternoon, guys.

好的。非常感謝，大家下午好。

I had a follow-up to Saket's question just regarding the CrowdStrike IT outage. Bipul, from what you can ascertain -- I was just wondering if the outage has led to an increase in pipeline build or velocity for Rubrik or is that simply too difficult to gauge? And then secondly, curious about how the usage has been looking for Ruby AI, if you could give us an update there as well. Thank you.

我對 Saket 關於 CrowdStrike IT 中斷的問題進行了跟進。Bipul，從您所能確定的情況來看——我只是想知道這次中斷是否導致了 Rubrik 的管道建設或速度的增加，或者這是否太難衡量了？其次，我很好奇 Ruby AI 的使用情況如何，您是否也可以向我們提供一些更新資訊。謝謝。

Thank you, Gregg.

謝謝你，格雷格。

In fact, when that global IT meltdown happened, we were also discussing the ramification of such an outraging factor. CrowdStrike and us together, as I was saying before, recovered hundreds of customers and it showed the power of Rubric platform that we could isolate a single file and recover at a scale on large number of systems.

事實上，當全球 IT 崩潰發生時，我們也在討論這種令人憤怒的因素所帶來的後果。正如我之前所說，CrowdStrike 和我們一起恢復了數百名客戶，這展示了 Rubric 平台的強大功能，我們可以隔離單個文件並在大量系統上進行大規模恢復。

Obviously, it's too early to gauge the impact of this particular outage. But anecdotally, we are hearing a lot about Board of Directors calling their security and IT leaders saying that what's the plan to bounce back upon such an incident. And if this is a preview to what could happen in the cyber-attack, how do we keep our business ongoing operation?

顯然，現在評估這次停電的影響還為時過早。但有趣的是，我們經常聽到董事會打電話給他們的安全和 IT 領導人，詢問如何應對此類事件。如果這是網路攻擊可能發生情況的預兆，我們該如何保持業務持續運作？

They have all spent a lot of money in preventive solutions, but you can't prevent the unpreventable. And what we saw was a small human error can really take a global digital economy down in such a rapid pace and with such significant scale. So we believe that it will be one of the many factors that will only propel this market going forward.

他們都花了大量的錢來尋求預防解決方案，但你無法阻止不可預防的事情發生。我們看到，一個小小的人為錯誤就能如此迅速、如此大規模地摧毀全球數位經濟。因此，我們相信這將是推動該市場向前發展的眾多因素之一。

Your second question is around Ruby. Just as to set this up, Ruby is the Rubrik's generative AI agent, and we are focused on increasing productivity of IT and security operations team because more and more IT teams are being asked to do cyber security work such as threat hunting, threat quarantining, IOC management, which they are not equipped with or they have not been trained on.

您的第二個問題是關於 Ruby 的。正如所設定的那樣，Ruby 是 Rubrik 的生成 AI 代理，我們專注於提高 IT 和安全營運團隊的工作效率，因為越來越多的 IT 團隊被要求進行網路安全工作，例如威脅搜尋、威脅隔離、IOC 管理，而他們沒有配備這些功能或沒有接受過培訓。

And so we have created Ruby as our multi-year strategy to really bring productivity to cyber resilience work. And what we have done is we have created this as our standard offering as part of our enterprise edition because all the capabilities that Ruby support is supported on enterprise edition. And our goal is to really extend the Ruby's skills going forward. And we will continue to evolve the Rubrik platform as we -- as the advancement in generative AI, gentech system, and everything else happens around it.

因此，我們制定了 Ruby 作為我們的多年策略，以真正為網路彈性工作帶來生產力。我們所做的是將其創建為我們企業版的標準產品，因為 Ruby 支援的所有功能在企業版上都受支援。我們的目標是真正擴展 Ruby 的技能。隨著生成式人工智慧、基因技術系統以及圍繞它發生的一切的進步，我們將繼續改進 Rubrik 平台。

Our ultimate goal is that if you can use Facebook, you should be able to do complete cyber resilience. And so Ruby is -- think of Ruby or somebody that you are shipping, a person that we are shipping with our product, quote-unquote, where that person is hand holding our customers to a cyber resilience outcome. And you'll see us do a lot more in terms of really building this platform and continue to add skill sets to it.

我們的最終目標是，如果您可以使用 Facebook，您應該能夠實現完全的網路彈性。所以 Ruby 是——想想 Ruby 或您正在運送的某個人，一個我們用我們的產品運送的人，那個人正手把手地指導我們的客戶實現網絡彈性結果。您將看到我們在建立這個平台方面做了更多工作，並繼續為其添加技能。

But it's not separately monetizable event for us because we believe that all the productivity gain amounts to our customers.

但對我們來說，這並不是一個可以單獨貨幣化的事件，因為我們相信所有生產力的提升都歸功於我們的客戶。

Joel Fishbein, Truist Securities.

Truist Securities 的 Joel Fishbein。

Thanks for taking the question and congrats on the strong execution. Karen one for you obviously made some significant progress on the on the margin side of the business. I just would love to drill down a little bit deeper maybe on it, where will we see leverage come from moving forward? I know you've talked about sales and marketing, but if you could give us a little bit more granularity, that would be really helpful. Thank you.

感謝您提出這個問題，並祝賀您的出色執行。Karen，你顯然在業務利潤方面取得了一些重大進展。我只是想更深入地探討這個問題，我們未來的槓桿作用將從何而來？我知道您談到了銷售和行銷，但如果您能給我們更詳細的信息，那將會非常有幫助。謝謝。

Hi, Joel. Thanks for your question.

你好，喬爾。謝謝你的提問。

So yes, we have made a significant progress on margin. And as you know, the key margin metric for us is subscription ARR contribution margin because we run the business on ARR, given our cloud transformation. And we have improved that metric quarter over quarter by 240 basis points. And if you remove the impact of the payroll tax rate related to the IPO, that is 1,600 basis point improvement year over year.

是的，我們在保證金方面取得了重大進展。如您所知，我們的關鍵利潤指標是訂閱 ARR 貢獻利潤率，因為考慮到我們的雲端轉型，我們依靠 ARR 來經營業務。我們已將該指標環比提高了 240 個基點。如果消除與 IPO 相關的工資稅率的影響，則同比將提高 1,600 個基點。

And the key areas of driving efficiency here are the big investment areas, which is primarily sales and marketing and R&D, and we've been -- and it worked for some time and continue to make progress. I'll just highlight a few areas. Sales efficiency, it's primarily coming from more productivity. We are generating multiple products which allow our sales force to land and expand. With greater productivity, we are doubling down on enablement and leadership development and also getting more return on our investments in some of our growing markets like international and federal.

這裡提高效率的關鍵領域是大量投資領域，主要是銷售、行銷和研發，我們已經這樣做了一段時間，並且繼續取得進展。我僅強調幾個面向。銷售效率，主要來自於更高的生產力。我們正在生產多種產品，以使我們的銷售團隊能夠擴大。隨著生產力的提高，我們加倍重視支持和領導力發展，並在國際和聯邦等一些不斷增長的市場中獲得更多投資回報。

We are also continuing to work hard on lowering the cost of acquisition in terms of marketing efficiency, targeting account focus, and more partner leverage as well. And the last thing I would say the natural leverage for us with scale is renewables. It's still a minority of our business, but as we grow and renewals base grows, we get natural leverage in our model.

我們也將持續努力降低行銷效率、目標客戶重點以及更多合作夥伴槓桿的收購成本。最後我想說的是，我們規模的天然優勢就是再生能源。這仍然是我們業務的一小部分，但隨著我們的成長和續約基礎的成長，我們的模式獲得了自然的槓桿作用。

And then in R&D, the second largest area of investment, we continue to innovate really well are using our global R&D centers, which gives us the ability to innovate with greater leverage and cost leverage as well. So those are the two areas I would say we are very focused on driving efficiency in the business.

然後在第二大投資領域研發方面，我們繼續進行良好的創新，利用我們的全球研發中心，這使我們能夠以更大的槓桿和成本槓桿進行創新。所以我想說，這兩個領域是我們非常注重提高業務效率的。

Eric Heath, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Eric Heath。

Thanks for taking the question. And a really strong set of results here.

感謝您回答這個問題。這裡取得了一系列非常出色的成果。

So I just wanted to come back to the conversation on data security and DSPM. Bipul, maybe if you could just share how the evolution is going in terms of your engagement with customers, is this driving more conversations and engagement with the CISO or the chief information security officer in that organization? And then maybe just given some of the early proof points with the adoption of 50 customers, what kind of uplift you're seeing with the adoption of the enterprise proactive tier? Thanks.

所以我只是想回到關於資料安全和 DSPM 的討論。Bipul，您能否分享您與客戶互動方面的進展情況，這是否會推動與該組織的 CISO 或首席資訊安全長進行更多的對話和互動？那麼也許只是給了 50 個客戶採用的一些早期證明點，您看到採用企業主動層會帶來什麼樣的提升？謝謝。

Thank you so much for your question.

非常感謝您的提問。

Let me first talk about what we -- what I'm hearing from the customers. So a large multinational fast-food company, which is an existing customer, CISO who is looking at DSPM really said Rubrik is the secret sauce because they are confident that he can go to the Board and say company is able to withstand a cyber-attack. And the reason they are looking at DSPM is because they want to understand data security risk and data security threat.

首先讓我談談我們從客戶那裡聽到的消息。因此，一家大型跨國快餐公司（現有客戶）的 CISO 正在研究 DSPM，他確實說 Rubrik 是秘密武器，因為他們相信他可以向董事會表示公司能夠抵禦網路攻擊。他們關注 DSPM 的原因是他們想了解資料安全風險和資料安全威脅。

Risk is what is the sensitivity of the data and who has access to the data. And threat is who is doing what to the data. Unless they understand the data and being able to again deliver cyber recovery, they will not have peace of mind.

風險是指資料的敏感度以及誰有權存取資料。威脅在於誰對數據做了什麼。除非他們了解數據並能夠再次進行網路恢復，否則他們將無法安心。

Another example is a Fortune 50 oil and gas company. In my CISO conversations, they actually had major focus on cyber resilience like really overhauling cyber resilience by replacing legacy vendors.

另一個例子是財富 50 強石油和天然氣公司。在我與 CISO 的對話中，他們實際上主要關注網路彈性，例如透過更換傳統供應商來真正徹底改革網路彈性。

Another Fortune 500 healthcare company, CIO conversation was all about strategic partnership to deliver cyber resilience because that was a Board mandate. So see, in all of these cases, the data security, DSPM, and cyber recovery is emerging to be a very, very strong use case, and that's why we are focused on cyber recovery plus DSPM on our platform to deliver complete cyber resilience.

另一家財富 500 強醫療保健公司，CIO 的談話都是關於策略合作夥伴關係以實現網路彈性，因為這是董事會的授權。所以，在所有這些案例中，資料安全、DSPM 和網路復原正在成為非常非常強大的用例，這就是為什麼我們專注於平台上的網路復原和 DSPM，以提供完整的網路彈性。

Obviously, it is very early in refining our packaging and how we package and how we bring all of these capabilities together. We are seeing a strength in attaching DSPM with our enterprise edition. And as I mentioned before, over 50 customers now with DSPM. So we are seeing interesting traction. Obviously, how we package and how we put these things together will evolve, but we are seeing strong traction in DSPM plus enterprise edition.

顯然，我們在完善包裝、包裝方式以及如何將所有這些功能整合在一起方面還處於非常早期的階段。我們看到了將 DSPM 附加到企業版的優勢。正如我之前提到的，現在有超過 50 個客戶使用 DSPM。所以我們看到了有趣的牽引力。顯然，我們如何打包以及如何將這些東西組合在一起將會不斷發展，但我們看到 DSPM plus 企業版具有強大的吸引力。

Yi Fu Lee, Cantor Fitzgerald.

李逸夫、費茲傑拉領唱。

Congrats on a strong back to back fiscal 2Q. Thank you for taking my question.

恭喜您第二季財報連續強勁表現。感謝您回答我的問題。

For Bipul or Kiran, my question revolves around the Mandiant threat intelligence collaboration. It does make total sense for us that you're joining first class Mandiant incident response with Rubrik's ransomware response tea m together. So the question about -- my question revolves around the penetration that Google Cloud sector. How do you think about that, Bipul and Kiran? We understand you're very sharp with the Microsoft partnership, Microsoft Azure cloud. And any color on AWS as well (inaudible)?

對於 Bipul 或 Kiran，我的問題圍繞著 Mandiant 威脅情報合作。對我們來說，您與 Rubrik 的勒索軟體回應團隊一起加入一流的 Mandiant 事件回應團隊確實很有意義。所以我的問題是關於 Google Cloud 領域的滲透率。Bipul 和 Kiran，你們對此有何看法？我們了解您對微軟合作夥伴關係、Microsoft Azure 雲端非常敏銳。以及 AWS 上的任何顏色（聽不清楚）？

Look, we love all our partners. We are not partial to one. And we want to build a multi-partner super strategy where we create win-win partnership across Microsoft, Google, AWS, and all other vendors because we are a [Switzerland] solution. We deliver cyber resiliency across numerous platforms, whether it's on-premises data center platforms or cloud platforms or SaaS platforms. And our Mandiant partnership is a is a significant step in that direction.

看，我們愛我們所有的合作夥伴。我們並未偏袒任何一方。我們希望建立一個多合作夥伴超級策略，在微軟、Google、AWS 和所有其他供應商之間建立雙贏的合作夥伴關係，因為我們是一個 [瑞士] 解決方案。我們在眾多平台上提供網路彈性，無論是內部資料中心平台、雲端平台或 SaaS 平台。我們與 Mandiant 的合作是朝著這個方向邁出的重要一步。

If you think about Rubrik's data security intelligence, the data security capabilities, and Mandiant's cyber defense solution, two of us has come together to give our customers a complete threat intelligence, comprehensive incident response, and clean room recovery on Google Cloud.

如果您考慮 Rubrik 的資料安全情報、資料安全功能以及 Mandiant 的網路防禦解決方案，我們兩家公司攜手合作，在 Google Cloud 上為客戶提供完整的威脅情報、全面的事件回應和無塵室復原。

If you think about the Rubrik's customers overlap with Mandiant, our customers can now integrate the threat that they're getting from Mandiant and use it on Rubrik. Now think about it, we pre calculating as what is the threat exists that in the data by taking the feed as we are running the operations, and that's the power of these relationships.

如果您認為 Rubrik 的客戶與 Mandiant 重疊，那麼我們的客戶現在可以整合他們從 Mandiant 獲得的威脅並將其用於 Rubrik。現在想想，我們在運行操作時透過獲取回饋預先計算資料中存在的威脅，這就是這些關係的力量。

Together, we are delivering unparalleled level of cyber resilience. And look, I will continue to do more of these partnership group starts with product at the customer. If we are creating value for our customers, if it is a true product engineering integration, and one plus one equals to five, it completely makes sense to us to create more partnerships, deliver more value to the customer. Ultimately, we want to be a generational company, and we want to create value in our ecosystem.

我們共同努力，提供無與倫比的網路彈性。瞧，我將繼續與這些合作夥伴進行更多合作，從客戶的產品開始。如果我們為客戶創造價值，如果這是一個真正的產品工程集成，並且一加一等於五，那麼建立更多的合作夥伴關係、為客戶提供更多價值對我們來說是完全有意義的。最終，我們希望成為一家世代相傳的公司，並希望在我們的生態系統中創造價值。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

Yes, good evening. I had a two-part question.

是的，晚上好。我有一個由兩個部分組成的問題。

One, I just will follow up on the Veritas Cohesity question. You talked about how it's opening up a window. Has that started yet? And when would you expect it to ramp up over what time period? And then I have a quick follow-up.

首先，我只是想跟進一下 Veritas Cohesity 的問題。您談到了它是如何打開一扇窗戶的。已經開始了嗎？您預計它會在什麼時候、什麼時間內增加？然後我有一個快速的跟進。

We are definitely seeing our customers calling us more and being worried about cyber resilience, have the questions around the uncertainty of the Veritas Cohesity coming together. There's a lot of noise in the marketplace and they are worried about their roadmap of -- their stability of the roadmap and features that need. So this is definitely we are starting to hear more and more about it, and we are definitely responding to those calls.

我們確實看到客戶越來越多地打電話給我們，他們擔心網路彈性，對 Veritas Cohesity 整合的不確定性存在疑問。市場上有很多噪音，他們擔心他們的路線圖——路線圖的穩定性和所需的功能。因此，我們肯定會開始聽到越來越多有關這方面的消息，並且我們肯定會對這些呼籲做出回應。

Obviously, we have a superior products and a unique platform that combines DSPM and cyber recovery that includes before cyber-attack, during cyber-attack, and post cyber-attacks capabilities to be really prepared for assumed breach posture that everybody is thinking about. And that's what we are delivering in the marketplace. And we believe that will open up more opportunities for us.

顯然，我們擁有優質的產品和獨特的平台，結合了 DSPM 和網路復原功能，包括網路攻擊前、網路攻擊期間和網路攻擊後的功能，以便為每個人都在考慮的假定違規態勢做好真正的準備。這正是我們在市場上所提供的。我們相信這將為我們帶來更多的機會。

Great. Thank you.

偉大的。謝謝。

And then a follow-up is we haven't really talked about the economy and impact on enterprise spending. I understand cyber is a priority and CrowdStrike's incident certainly raises that point as an obvious conclusion, but what impact, if any, is the current economy having on pipeline size, size of deals, time to close, et cetera? Just give us an update on that. Thank you.

接下來的問題是，我們還沒有真正談論經濟及其對企業支出的影響。我知道網路安全是當務之急，而 CrowdStrike 事件無疑將這一點作為一個顯而易見的結論提出來，但當前的經濟狀況對管道規模、交易規模、成交時間等有何影響（如果有的話）？請向我們通報最新情況。謝謝。

So I'm a fiscally conservative guy, and I always think about what am I missing. I always look around and see is there -- are there leading indicator that we can read the tea leaves on and try to adjust, but we are not seeing any change, particularly for our product and our demand. Our market momentum remains unchanged. We are not seeing any change in macro in our segments.

所以我是一個財政保守的人，我總是思考我錯過了什麼。我總是環顧四周，看看是否有領先的指標，我們可以從中看出端倪並嘗試進行調整，但我們沒有看到任何變化，特別是我們的產品和需求。我們的市場勢頭保持不變。我們沒有看到我們所在領域的宏觀發生任何變化。

And cyber resilience is top of mind for our customers, for all the Board members around the world. Our biggest worry is that what are the conversations that we are not part of because those are the only deals we are losing because we have winning vast, vast majority of deals. So we are excited about what's ahead of us. We delivered an outstanding first half. We are confident about the rest of this year and we are looking forward to finishing strong.

網路彈性是我們的客戶以及全球所有董事會成員最關心的問題。我們最大的擔憂是，我們沒有參與哪些對話，因為這些是我們唯一失去的交易，因為我們已經贏得了絕大多數交易。因此，我們對未來充滿期待。我們上半年的表現非常出色。我們對今年剩餘的時間充滿信心，並期待圓滿成功。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thanks so much for taking my question and congrats on a great first half and raising the full-year guidance.

偉大的。非常感謝您回答我的問題，並祝賀您上半年取得了出色的成績並提高了全年業績預期。

Kiran, I was just wondering if you can comment on the confidence level that you have and the visibility to the guidance here that we have implied for the back half. And maybe if you can frame it in terms of just the methodology that you've been using thus far, anything that we should know. I know the prior question asked about macro but any factors and key assumptions that we should be thinking about or changes would be helpful.

Kiran，我只是想知道您是否可以評論一下您的信心水平以及我們對後半部分所暗示的指導的可見性。也許如果您能根據迄今為止所使用的方法論來建立它，那麼我們應該知道任何事情。我知道之前的問題是關於宏觀的，但任何我們應該考慮或改變的因素和關鍵假設都會有所幫助。

Hi, Brad. Thanks for the question.

你好，布拉德。謝謝你的提問。

So as Bipul shared, we had strong momentum and outperformed the quarter. The first half, when you look at the growth rate, we had double-digit growth in net new ARR, and that's really given us the confidence to raise the outlook for the second half. And if you look at the implied guidance, the second half net new ARR, we have raised by over 5% heading into this half.

正如 Bipul 所說，我們勢頭強勁，表現優於本季。從成長率來看，上半年我們的淨新 ARR 實現了兩位數成長，這確實讓我們有信心提高下半年的前景。如果你看一下隱含的指導，下半年淨新 ARR，我們已經提高了 5% 以上。

Obviously, our execution has been strong, but there is still an uncertain macro environment, and we have been prudent and thoughtful with the guidance, but we feel pretty confident in the outlook based on the pipeline we see and our ability to execute this market.

顯然，我們的執行力很強，但宏觀環境仍然存在不確定性，我們對指導也一直很謹慎和深思熟慮，但根據我們看到的管道和我們執行這個市場的能力，我們對前景非常有信心。

Dan Ives, Wedbush Securities.

丹‧艾夫斯（Dan Ives），韋德布希證券公司。

Hi, this is John Katsingris on for Dan Ives. Congrats in the quarter.

大家好，我是 John Katsingris，代表 Dan Ives 報道。恭喜本季。

Given the strong subscription ARR growth seen through the quarter and the addition of new customers, more bird's eye view on strategic initiatives that are in place to sustain or accelerate growth, looking really into the remainder of the year and maybe into 2020 -- clearly, '26. Thank you.

鑑於本季訂閱 ARR 的強勁成長和新客戶的增加，我們可以更全面地了解為維持或加速成長而採取的戰略舉措，真正著眼於今年剩餘時間甚至 2020 年——顯然是 26 年。謝謝。

Thank you so much for the question.

非常感謝您的提問。

As I was saying before, I always think about what am I missing and where do we go next. And if you look at -- we are already coming up to $1 billion era and that's a that's a great milestone for us. But I'm thinking about $3 billion as the next major milestone and beyond. And what are the things that we need to put in place to continue to like to grow the business at a high speed and continue to scale and provide diversity of products in the marketplace to go $3 billion and beyond. And that has been the core focus. Although, we have not lost sight of the fact that many software vendors without a strategic vision are struggling in the market. If you look at their growth rate, they have diminished.

正如我之前所說，我總是思考我錯過了什麼以及我們下一步該去哪裡。如果你看一下——我們已經進入 10 億美元時代，這對我們來說是一個偉大的里程碑。但我認為 30 億美元是下一個重要里程碑，甚至更高。我們需要採取哪些措施來繼續保持業務的高速成長、不斷擴大規模並在市場上提供多樣化的產品，從而實現 30 億美元甚至更高的目標？這一直是核心焦點。儘管如此，我們也沒有忽視這樣一個事實：許多缺乏策略眼光的軟體供應商在市場上苦苦掙扎。如果你看一下它們的成長率，你會發現它們已經下降了。

So we always think about where we are today and what's the next milestone and how do we build to that next milestone so that we continue to grow and give Rubrik the best opportunity to reach its highest potential.

因此，我們始終思考我們目前所處的位置、下一個里程碑是什麼以及我們如何實現下一個里程碑，以便我們能夠繼續發展並為 Rubrik 提供發揮最大潛力的最佳機會。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yes, thanks for taking my question and congrats on a great quarter.

是的，感謝您回答我的問題，並祝賀您本季取得了出色的成績。

Hey, Bipul. So with Rubrik being named Microsoft Healthcare and Life Science Partner of the Year, and as you are set to host your first health care summit coming up this week, can you just elaborate like how is Rubrik uniquely positioned to first address the unique healthcare challenges? And what is driving the success in the vertical and how the strong relationship with the key partners like Microsoft, as the recognitions seems to suggest, can be central to our go-to-market in this particular vertical? Thank you.

嘿，比普爾。那麼，現在 Rubrik 被評為微軟年度醫療保健和生命科學合作夥伴，並且您本週即將舉辦首屆醫療保健高峰會，您能否詳細說明一下 Rubrik 如何具有獨特的優勢來首先應對獨特的醫療保健挑戰？那麼，是什麼推動了我們在垂直領域的成功？與微軟等關鍵合作夥伴建立的牢固關係（正如這些認可所暗示的那樣）如何成為我們在這個特定垂直領域的行銷的關鍵？謝謝。

Thank you, Shrenik.

謝謝你，Shrenik。

Look what we are seeing in the marketplace today, we have been working on it for last three years. That's why we always think ahead. Where the market is moving? How the market would respond? And how do we build product and solutions today to go and really create an impact in the marketplace?

看看我們今天在市場上看到的情況，我們已經為此努力了三年。這就是為什麼我們總是提前思考。市場走向何方？市場將如何反應？那麼，我們今天該如何打造產品和解決方案，才能真正對市場產生影響呢？

If you look at healthcare market segment, I call it protect the unprotected. The healthcare market segment is going through tremendous digital transformation to gain efficiencies because cost of healthcare is always high. And so if you look at the result of that digital transformation, average healthcare organization has three times more sensitive content than any other organization in the economy and in the in the marketplace.

如果你看一下醫療保健市場部分，我稱之為保護未受保護的人。由於醫療保健成本一直很高，醫療保健市場領域正在經歷巨大的數位轉型以提高效率。因此，如果你看一下數位轉型的結果，你會發現一般的醫療保健組織所擁有的敏感內容比經濟和市場中任何其他組織的敏感內容多三倍。

As a result, it is a very target-rich environment. And attackers are going after healthcare market segment because, number one, they still have not gained the maturity that you need to be able to deliver cyber resilience. And as a result, they are looking for -- as a result, they're looking for solutions to keep hospitals up and running to be able to admit patients, to be able to deliver healthcare outcome even when they have a successful cyber-attack.

因此，這是一個目標非常豐富的環境。攻擊者之所以瞄準醫療保健市場，首先是因為這些市場尚未達到提供網路彈性所需的成熟度。因此，他們正在尋找解決方案，以確保醫院能夠正常運轉，接收患者，即使在遭受網路攻擊的情況下也能提供醫療服務。

In fact, one of the largest healthcare system in the US partnered for cyber resiliency with Rubrik and doing a massive migration to Azure. So our ability to deliver healthcare outcome across all the mission critical health care system, whether it is electronic health record, whether it's cloud transformation, whether it's their e-mail systems, where it is there active directory or other user management system or authentication system, we are -- we have a most comprehensive solution in the marketplace. And as I was saying before, we have been working on it for last many years to be able to have this position that we have a unique offering for this unique market.

事實上，美國最大的醫療保健系統之一與 Rubrik 合作實現網路彈性，並大規模遷移到 Azure。因此，我們有能力在所有關鍵任務醫療保健系統中提供醫療保健成果，無論是電子健康記錄、雲端轉換、電子郵件系統、活動目錄或其他使用者管理系統或身分驗證系統，我們——我們擁有市場上最全面的解決方案。正如我之前所說，我們多年來一直致力於此，以便能夠為這個獨特的市場提供獨特的產品。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

And guys, thanks for the questions here.

各位，感謝你們的提問。

Circling back actually [on the team of] around Salesforce. First of all, I guess, how should we think about Rubrik's exposure to Salesforce today within that expansion driver application? And second, you guys talked about a lot of wins in which you are the consolidated down vendors. I guess what type of TCO benefits our customers seeing on consolidating down to Rubrik and how many backup solutions are typically in these environments that you're replacing? Thanks, guys. Good quarter.

實際上回到 Salesforce 團隊。首先，我想，我們應該如何看待 Rubrik 在擴展驅動程式應用程式中對 Salesforce 的曝光？其次，你們談到了許多勝利，其中你們是合併下來的供應商。我猜想我們的客戶在整合到 Rubrik 時會看到哪些類型的 TCO 優勢，以及在您要替換的這些環境中通常有多少個備份解決方案？謝謝大家。好季度。

Thank you. So if you look at our offering, we are consolidating cyber resilience for over 20 distinct apps onto Rubrik. And Salesforce is one of the 20 apps, and we just announced a support for Salesforce.

謝謝。因此，如果您查看我們提供的產品，我們會將超過 20 個不同應用程式的網路彈性整合到 Rubrik 上。Salesforce 是這 20 個應用程式之一，我們剛剛宣布支援 Salesforce。

Obviously, when we sell Rubrik platform, we are consolidating many, many tools. So tools around -- like your enterprise data protection tools, around your native cloud data protection tools, around the SaaS data protection. We are consolidating tools around your database data protection. We are consolidating tools around unstructured data security. Then we are doing data security posture management for cloud. We're doing data security posture management for data center.

顯然，當我們銷售 Rubrik 平台時，我們正在整合很多工具。因此，圍繞工具——例如您的企業資料保護工具、圍繞您的原生雲端資料保護工具、圍繞 SaaS 資料保護的工具。我們正在整合有關您的資料庫資料保護的工具。我們正在整合有關非結構化資料安全的工具。然後我們正在對雲端進行資料安全態勢管理。我們正在對資料中心進行資料安全態勢管理。

And then we have cyber resilience for Active Directory or Entra ID. So we are consolidating six or seven, eight categories of products into our platform and our customers enjoy over 25% TCO saving when they adopt Rubrik in totality.

然後，我們就有了 Active Directory 或 Entra ID 的網路彈性。因此，我們將六、七、八類產品整合到我們的平台中，當客戶全面採用 Rubrik 時，他們可享受超過 25% 的 TCO 節省。

But customers don't have to start everything on Rubrik day one. If they just adopt our cloud native solution, we deliver them significant cloud cost savings, hard cloud cost savings. Same thing when we start with their SaaS or on-prem solution.

但客戶不必在 Rubrik 第一天就開始做所有事情。如果他們採用我們的雲端原生解決方案，我們將為他們帶來顯著的雲端成本節省，即硬雲成本節省。當我們開始使用他們的 SaaS 或本地解決方案時，也會發生相同的事情。

So we have this platform strategy. And as I was saying before, we have been working on these platforms for many, many years. This is not something that two persons in a garage can build it in a quick time. These are very deep and wide solutions that has a lot of technology built into it, and we have been on it for over 10 years.

所以我們有這個平台策略。正如我之前所說，我們已經在這些平台上工作了很多年。這不是兩個人在車庫裡很快就能建造出來的東西。這些都是非常深入和廣泛的解決方案，其中融入了大量的技術，我們已經研究了 10 多年。

Thank you, ladies and gentlemen. This does conclude the Rubrik's second quarter fiscal year 2025 results conference call. We appreciate your participation and you may disconnect at any time. Have a wonderful evening.

謝謝各位，女士們、先生們。這確實結束了 Rubrik 2025 財年第二季業績電話會議。我們感謝您的參與，您可以隨時斷開連線。祝您有個美好的夜晚。