Rubrik Inc (RBRK) 2025 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to the Rubrik third quarter fiscal year 2025 results conference call. (Operator Instructions) Also, today's call is being recorded. (Operator Instructions) Now at this time, I'll turn things over to Melissa Franchi, Vice President, Head of Investor Relations at Rubrik. Please go ahead, ma'am.

大家下午好。歡迎參加 Rubrik 2025 財年第三季業績電話會議。（操作員說明）此外，今天的通話正在錄音。（操作員指示）現在，我將把事情交給 Rubrik 副總裁兼投資者關係主管 Melissa Franchi。請繼續，女士。

Hello, everyone. Welcome to Rubrik's third 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.

大家好。歡迎參加 Rubrik 2025 財年第三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。

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 slide deck with financial highlights that, along with our earnings release, includes a reconciliation of GAAP to non-GAAP financial results. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

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，您還可以找到包含財務要點的幻燈片，其中以及我們的收益發布，其中包括 GAAP 與非 GAAP 財務表現的調整表。這些措施不應孤立地考慮或取代根據公認會計原則準備的財務資訊。

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

在本次電話會議中，我們將做出前瞻性聲明，包括有關我們第四季度和2025 年整個財年的財務展望、我們對市場趨勢的預期、我們的市場地位、機會（包括生成人工智慧、成長策略、產品計劃和對這些計劃的期望，以及我們的上市動議。

These statements are early 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. With that, I'll hand the call over to Bipul.

這些陳述是基於我們今天所相信的早期預測，實際結果可能存在重大差異。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其他因素的影響，我們在向 SEC 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中可能做出的任何前瞻性聲明的義務。這樣，我會將電話轉交給 Bipul。

Thank you, Melissa, and thank you, everyone, for joining us today. Now let's get started. Rubrik delivered another outstanding quarter. We not only achieved very strong growth at a scale, but also generated positive free cash flow. We are incredibly proud to have surpassed $1 billion in subscription ARR, growing 38% year-over-year. And we did this in just over 10 years since Rubrik was founded, a big milestone for us. This quarter, once again, we have exceeded all top line and profitability guided metrics. And more importantly, we are raising our outlook for the rest of the fiscal '25.

謝謝梅麗莎，也謝謝大家今天加入我們。現在讓我們開始吧。Rubrik 又貢獻了一個出色的季度業績。我們不僅實現了非常強勁的規模成長，而且還產生了正的自由現金流。我們非常自豪訂閱 ARR 已超過 10 億美元，年增 38%。自 Rubrik 成立以來，我們只花了 10 多年就做到了這一點，這對我們來說是一個重要的里程碑。本季度，我們再次超越了所有營收和獲利能力指導指標。更重要的是，我們正在上調 25 財年剩餘時間的展望。

There are the five key numbers that highlight yet another positive quarter for Rubrik. First, and this is a record, we added $83 million in net new subscription ARR, a clear indication that we are winning the cyber resilience market. Second, our subscription revenue was over $221 million, growing 55% year-over-year. Third, our subscription ARR remained strong above 120%.

有五個關鍵數據凸顯了 Rubrik 又一個正面的季度。首先，我們的新訂閱 ARR 淨值增加了 8,300 萬美元，創下了紀錄，這清楚地表明我們正在贏得網路彈性市場。其次，我們的訂閱收入超過 2.21 億美元，較去年同期成長 55%。第三，我們的訂閱 ARR 保持在 120% 以上。

Fourth, customers with $100,000 or more in subscription ARR reached 2,085, growing 32% year-over-year. And finally, on profitability, we once again made material improvement in subscription ARR contribution margin, up 1,100 basis points year-over-year.

第四，訂閱ARR在10萬美元以上的客戶達到2,085家，較去年同期成長32%。最後，在獲利能力方面，我們的認購 ARR 貢獻率再次取得實質改善，較去年同期上升 1,100 個基點。

On the cash generation front, we are very happy to report we had over $15 million in free cash flow this quarter. Once again, these results are only possible because Rubrik is winning the cyber resilience market.

在現金產生方面，我們非常高興地報告本季我們擁有超過 1500 萬美元的自由現金流。再一次，這些結果之所以可能，是因為 Rubrik 正在贏得網路彈性市場。

Now let's look at why we are winning. Cyber resilience is the number one topic in cybersecurity. There is a broad realization that cyber attacks and breaches are inevitable. And therefore, organizations have to be resilient against such attacks. Rubrik has a unique architecture and solution for cyber recovery and resilience. This is what is powering our growth and market momentum.

現在讓我們看看為什麼我們會獲勝。網路彈性是網路安全的第一主題。人們普遍認識到網路攻擊和破壞是不可避免的。因此，組織必須能夠抵禦此類攻擊。Rubrik 擁有獨特的網路復原和彈性架構和解決方案。這就是我們的成長和市場動力的動力。

Let me unpack this in three parts. Number one, Rubrik delivers the fastest cyber recovery for our customers. This is due to our unique AI-powered Zero Trust architecture. Number two, Rubrik Security Cloud, or RSC, offers a differentiated single platform for automated data management and security control across all workloads across enterprise, cloud and SaaS applications.

讓我將其分為三個部分。第一，Rubrik 為我們的客戶提供最快的網路復原。這是由於我們獨特的人工智慧驅動的零信任架構。第二，Rubrik Security Cloud（RSC）提供了一個差異化的單一平台，用於跨企業、雲端和 SaaS 應用程式的所有工作負載進行自動化資料管理和安全控制。

And number three, we are the only vendor in the market that combines fast cyber recovery with Data Security Posture Management, or DSPM. We believe DSPM plus cyber recovery is the only way to deliver complete cyber resilience.

第三，我們是市場上唯一將快速網路復原與資料安全態勢管理（DSPM）結合的供應商。我們相信 DSPM 加上網路復原是提供完整網路彈性的唯一方法。

In summary, enterprises are turning to Rubrik as their trusted cyber resilience partner because we can confidently meet their cyber recovery time objective, or RTO.

總而言之，企業正在將 Rubrik 作為值得信賴的網路彈性合作夥伴，因為我們可以自信地滿足他們的網路復原時間目標 (RTO)。

Let's talk about how our focus on cyber resilience drove these strong results in the third quarter and how our investments in innovation are enabling us to deliver even greater value to our customers over the long run.

讓我們談談我們對網路彈性的關注如何推動第三季度的強勁業績，以及我們對創新的投資如何使我們能夠長期為客戶提供更大的價值。

At the outset, Rubrik built a unique Zero Trust architecture that combines data and metadata from business applications. This architecture allows us to apply AI and machine learning directly to the business data to provide customers with the visibility into the scope of the attack, the time of infection, the sensitivity of the impacted data, and the ability to do malware hunting and quarantine.

首先，Rubrik 建立了一個獨特的零信任架構，該架構結合了來自業務應用程式的資料和元資料。這種架構使我們能夠將人工智慧和機器學習直接應用於業務數據，為客戶提供攻擊範圍、感染時間、受影響數據的敏感性以及進行惡意軟體搜尋和隔離的能力的可見性。

We deliver all these functionalities natively, not with bolt-on security tools or third-party integrations. This differentiated architecture enables us to uniquely pre-calculate clean recovery points so that our customers can deliver the fastest cyber recovery times.

我們原生提供所有這些功能，而不是透過附加安全工具或第三方整合。這種差異化的架構使我們能夠以獨特的方式預先計算乾淨恢復點，以便我們的客戶能夠提供最快的網路恢復時間。

This transforms cyber recovery from a long drawn-out fair with significant business disruption and loss to a simple and efficient recovery operations with minimal impact. This is why we continue to win the vast majority of deals in competitive situations.

這將網路恢復從一場曠日持久且造成重大業務中斷和損失的恢復操作轉變為簡單高效、影響最小的恢復操作。這就是為什麼我們在競爭激烈的情況下繼續贏得絕大多數交易的原因。

Let me give you a few examples. This quarter, a global engineering and construction service provider selected Rubrik to protect its entire data ecosystem, including SaaS data protection for Microsoft 365. This was driven by a board mandate seeking to consolidate multiple backup providers and improve cyber recovery times. In a proof of concept with other new-gen backup providers, Rubrik was the only vendor that beat their required RTO of less than four hours for their mission-critical applications.

讓我舉幾個例子。本季度，一家全球工程和建築服務供應商選擇 Rubrik 來保護其整個資料生態系統，包括 Microsoft 365 的 SaaS 資料保護。這是由董事會要求整合多個備份提供者並縮短網路復原時間所推動的。在與其他新一代備份供應商進行的概念驗證中，Rubrik 是唯一將關鍵任務應用程式的 RTO 時間縮短到四小時以內的供應商。

Another logo win was with a Fortune 20 health care company that selected Rubrik as their only cyber resilience partner. After a thorough evaluation, we were the only immutable cyber resilience provider that could meet the organization's RTO, both on-premises as well as in the cloud.

另一項標誌勝利是一家財富 20 強醫療保健公司選擇 Rubrik 作為其唯一的網路彈性合作夥伴。經過徹底的評估後，我們是唯一一家能夠滿足組織本地和雲端 RTO 的不可變網路彈性供應商。

In addition, adoption of RSC Enterprise Edition allowed this customer to rip and replace six disparate new-gen and legacy backup vendors, while delivering superior cybersecurity functionality.

此外，採用 RSC 企業版使該客戶能夠淘汰並更換六家不同的新一代和傳統備份供應商，同時提供卓越的網路安全功能。

And lastly, we had a win this quarter with symplr, a health care technology company that provides access to systems critical to patient care across 5,000 hospitals and networks in the US. Rubrik was selected over other new-gen and legacy backup vendors due to our strong cyber resilience and cybersecurity capabilities.

最後，我們本季贏得了 symplr，這是一家醫療保健技術公司，為美國 5,000 家醫院和網路提供對患者護理至關重要的系統。由於我們強大的網路彈性和網路安全能力，Rubrik 比其他新一代和傳統備份供應商被選中。

symplr's CEO remarked, quote, downtime can be a matter of life and death in the health care industry. Rubrik was the only vendor that met our security standards, met recovery objectives for our business, and demonstrated a commitment to continued innovations to combat modern adversaries, unquote.

symplr 的執行長表示，在醫療保健產業，停機可能是生死攸關的問題。Rubrik 是唯一滿足我們的安全標準、滿足我們的業務恢復目標、並表現出持續創新以對抗現代對手的承諾的供應商。

We continue to drive innovation to expand the reach of Rubrik Security Cloud platform. We recently added PostgreSQL and Red Hat OpenShift Virtualization to our growing portfolio of hybrid cloud workloads. This expands our wallet share within enterprises that are transforming their hybrid cloud solutions.

我們持續推動創新，擴大 Rubrik 安全雲端平台的覆蓋範圍。我們最近將 PostgreSQL 和紅帽 OpenShift 虛擬化加入到我們不斷成長的混合雲工作負載組合中。這擴大了我們在正在轉型混合雲解決方案的企業中的錢包份額。

Turning now to the success we are seeing in protecting public cloud and SaaS applications. Enterprises are adopting Rubrik cloud protection for our simplified policy management across multiple cloud and SaaS workloads, our fast recovery times, and our ability to drive immediate cost savings. As more businesses move more workloads to public cloud infrastructure and adopt SaaS applications, Rubrik cloud protection becomes an even more essential component of enterprise security stack.

現在轉向我們在保護公有雲和 SaaS 應用程式方面所取得的成功。企業正在採用 Rubrik 雲端保護來簡化跨多個雲端和 SaaS 工作負載的策略管理、快速恢復時間以及立即節省成本的能力。隨著越來越多的企業將更多工作負載轉移到公有雲基礎設施並採用 SaaS 應用程序，Rubrik 雲端保護成為企業安全堆疊中更重要的組成部分。

Let me highlight a few examples of new logos as well as expansion wins with cloud protection. This quarter, a pharmaceutical giant selected Rubrik to protect its AWS cloud data estate after evaluating multiple new-gen and legacy backup provider. This customer consolidated disparate cloud-native and legacy backup deployments into Rubrik's single platform. This resulted in a 35% total cost of ownership savings for the customer compared to their prior backup solution for AWS, all while providing faster recovery times and superior cybersecurity features.

讓我重點介紹一些新徽標以及雲端保護帶來的擴展勝利的範例。本季度，一家製藥巨頭在評估了多個新一代和傳統備份供應商後選擇了 Rubrik 來保護其 AWS 雲端資料資產。該客戶將不同的雲端原生和傳統備份部署整合到 Rubrik 的單一平台中。與先前的 AWS 備份解決方案相比，這為客戶節省了 35% 的總擁有成本，同時提供更快的復原時間和卓越的網路安全功能。

Another new logo is an Indian multinational company that selected Rubrik Cloud Native Protection for their Azure environment in Q3. This company simplified its vendor landscape with Rubrik, replacing multiple legacy and cloud-native backup providers. This drove 40% hard cost savings compared to their prior deployments.

另一個新標誌是一家印度跨國公司，該公司在第三季為其 Azure 環境選擇了 Rubrik Cloud Native Protection。該公司利用 Rubrik 簡化了其供應商格局，取代了多個傳統和雲端原生備份供應商。與先前的部署相比，這節省了 40% 的硬成本。

In a notable expansion deal, a top Japanese automaker selected Rubrik to put its large and critical M365 environment after evaluating Rubrik against their legacy backup provider. This customer selected Rubrik for our superior security features and ease of use for the IT and security teams.

在一項引人注目的擴張交易中，日本頂級汽車製造商在根據其傳統備份供應商對 Rubrik 進行評估後，選擇了 Rubrik 來部署其大型且關鍵的 M365 環境。這位客戶選擇 Rubrik 是因為我們具有卓越的安全功能以及 IT 和安全團隊的易用性。

Now moving on to Data Security Posture Management or DSPM. DSPM provides visibility into sensitive data exposure to minimize surface area of attack and the risk of data exfiltration. We are the only vendor in the market to offer DSPM plus cyber recovery in an integrated platform. This allows us to deliver complete cyber resilience before, during and after an attack.

現在轉向資料安全態勢管理或 DSPM。DSPM 提供敏感資料暴露的可見性，以最大限度地減少攻擊面和資料外洩的風險。我們是市場上唯一一家在整合平台中提供 DSPM 和網路復原的供應商。這使我們能夠在攻擊之前、攻擊期間和攻擊之後提供完整的網路彈性。

Our complete cyber resilience value proposition is resonating with customers as demonstrated by growing volume of DSPM deals, which nearly doubled quarter-on-quarter in Q3. One example of a DSPM win, a large health care organization added DSPM and Rubrik Security Cloud Enterprise Edition for their enterprise workload to their existing Rubrik footprint, which was purchased just last quarter. This customer displaced an existing DSPM vendor with Rubrik solutions as we offered superior capabilities around managing sensitive data risk as well as the ability to deliver a fast recovery in case of a cyber attack.

我們完整的網路彈性價值主張引起了客戶的共鳴，DSPM 交易量的不斷增長就證明了這一點，第三季度環比增長了近一倍。DSPM 獲勝的一個例子是，一個大型醫療保健組織將用於其企業工作負載的 DSPM 和 Rubrik Security Cloud Enterprise Edition 添加到了上季度剛購買的現有 Rubrik 足跡中。該客戶使用 Rubrik 解決方案取代了現有的 DSPM 供應商，因為我們提供了管理敏感資料風險的卓越功能以及在發生網路攻擊時提供快速復原的能力。

In addition, the adoption of gen AI applications such as M365 Copilot brings an urgency to DSPM adoption. What makes Copilot such a powerful tool is its ability to leverage content across the company to provide accurate and relevant insight.

此外，M365 Copilot 等新一代人工智慧應用的採用為 DSPM 的採用帶來了緊迫性。Copilot 之所以成為如此強大的工具，是因為它能夠利用整個公司的內容來提供準確且相關的見解。

However, companies need to have the right data security controls in place to ensure sensitive data remains secure when using AI tools such as Copilot. This quarter, we announced Rubrik DSPM for M365 Copilot. This new set of capabilities not only helps enterprises reduce the risk of sensitive data exposure and exfiltration, but also helps them accelerate the secure adoption of Copilot.

然而，公司需要採取正確的資料安全控制措施，以確保敏感資料在使用 Copilot 等人工智慧工具時保持安全。本季度，我們發布了適用於 M365 Copilot 的 Rubrik DSPM。這套新功能不僅可以幫助企業降低敏感資料外洩和外洩的風險，還可以幫助他們加速 Copilot 的安全採用。

Rubrik's powerful classification engine is designed to continuously and autonomously discover and classify all known and unknown data at a very rapid rate.

Rubrik 強大的分類引擎旨在以非常快的速度連續、自主地發現和分類所有已知和未知資料。

Rubrik DSPM for M365 Copilot is designed to ensure sensitive data is correctly classified, labeled and segmented, while ensuring right access permissions. This allows customers to leverage the power of Copilot while safeguarding sensitive data from the risk of exposure, all within our comprehensive cyber resilience platform.

適用於 M365 Copilot 的 Rubrik DSPM 旨在確保敏感資料正確分類、標記和分段，同時確保正確的存取權限。這使客戶能夠利用 Copilot 的強大功能，同時保護敏感資料免受暴露風險，所有這些都在我們全面的網路彈性平台內進行。

Next, innovation is absolutely critical to building an enduring company. So let's talk about some of the big ideas that we are working on. As some of you might have read in our IPO prospectus, Rubrik by design perpetually lives on the frontier of innovation. And our long-term success depends upon our ability to continuously create and commercialize pioneering products.

其次，創新對於建立一家持久的公司絕對至關重要。那麼讓我們來談談我們正在研究的一些重要想法。正如你們中的一些人可能在我們的 IPO 招股說明書中讀到的那樣，Rubrik 的設計永遠走在創新的前沿。我們的長期成功取決於我們不斷創造先鋒產品並將其商業化的能力。

In this vein, just this week at AWS re:Invent, we announced Rubrik Annapurna which, along with an exciting new partnership with AWS, will accelerate the development of trusted gen AI applications. There are 3 parts to this ground-breaking innovation.

本著這項精神，就在本週的AWS re:Invent 大會上，我們宣布了Rubrik Annapurna，再加上與AWS 建立的令人興奮的新合作夥伴關係，將加速可信一代AI 應用程式的開發。這項突破性創新分為三個部分。

Number one, Rubrik Annapurna API service will allow customers to have ready-to-go access to all business data to quickly build more powerful and trusted gen AI applications. Number two, Annapurna will deliver secure data embedding powered by RSC. And number three, Rubrik Annapurna leverages all enterprise data and metadata in RSC to easily set and manage data access controls for AI applications.

第一，Rubrik Annapurna API 服務將允許客戶隨時存取所有業務數據，以快速建立更強大、更值得信賴的新一代人工智慧應用程式。第二，Annapurna 將提供由 RSC 提供支援的安全資料嵌入。第三，Rubrik Annapurna 利用 RSC 中的所有企業資料和元資料輕鬆設定和管理人工智慧應用程式的資料存取控制。

We believe we are uniquely positioned to enable gen AI adoption in a secure and compliant manner, which is a top priority for enterprises. We are excited about what we can do with Annapurna because Rubrik extracts, manages and secures the most important real estate in the brave new world of gen AI, business data.

我們相信，我們擁有獨特的優勢，能夠以安全、合規的方式實現新一代人工智慧的採用，這是企業的首要任務。我們對能夠利用 Annapurna 所做的事情感到很興奮，因為 Rubrik 提取、管理和保護了新一代人工智慧的美麗新世界——商業數據——中最重要的資產。

However, I would like to note that we are in the very early innings of a multiyear strategy for Rubrik to be the secure data infrastructure platform for gen AI applications. We look forward to providing more color on this road map as it advances in the next several years.

然而，我想指出的是，我們正處於 Rubrik 多年策略的早期階段，該策略旨在成為新一代人工智慧應用程式的安全資料基礎設施平台。隨著未來幾年的進展，我們期待為該路線圖提供更多色彩。

Now let's discuss a few notable updates to our partnerships across the security and data landscape, a key component of our go-to-market motion. Our strategic partnerships focus, first and foremost, on creating more value for our joint customers through product integrations so that 1 plus 1 equals more than 2 for our customers.

現在，讓我們討論一下我們在安全和資料領域的合作夥伴關係的一些值得注意的更新，這是我們進入市場行動的關鍵組成部分。我們的策略夥伴關係首先著重於透過產品集成為我們的共同客戶創造更多價值，從而為我們的客戶實現1加1大於2。

A few examples from Q3. This quarter, Rubrik became the first data security platform vendor to integrate with Okta's Identity Threat Protection. RSC provides visibility into user access to data and automatically monitors for changes to access permission to sensitive data. The data context from RSC, combined with threat context from other security tools, allows Okta to orchestrate tailored response based on policy configuration and assess user risk levels. This integration helps companies manage risk around sensitive data access and respond to identity-based threats and attacks faster and more effectively.

第三季的一些例子。本季度，Rubrik 成為第一家與 Okta 身分威脅防護整合的資料安全平台供應商。RSC 提供使用者對資料存取的可見性，並自動監控敏感資料存取權限的變更。RSC 的資料上下文與其他安全工具的威脅情境相結合，使 Okta 能夠根據策略配置協調自訂回應並評估使用者風險等級。這種整合可以幫助公司管理敏感資料存取的風險，並更快、更有效地回應基於身分的威脅和攻擊。

We also announced a new partnership with Pure Storage, joining forces to deliver a complete cyber resilience solution. This partnership combines the strength of RSC with Pure Storage FlashArray and FlashBlade to deliver a secure approach to data protection across short-term and long-term storage needs.

我們也宣布與 Pure Storage 建立新的合作夥伴關係，共同提供完整的網路彈性解決方案。此次合作將 RSC 與 Pure Storage FlashArray 和 FlashBlade 的優勢相結合，提供安全的資料保護方法，滿足短期和長期儲存需求。

As an example, Rubrik plus Pure's FlashArray and FlashBlade can reduce backup windows from hours to minutes. And Rubrik allows Pure customers to find anomalies, hunt for threats and discover sensitive data in their production environment.

例如，Rubrik plus Pure 的 FlashArray 和 FlashBlade 可以將備份時間從幾小時縮短到幾分鐘。Rubrik 讓 Pure 客戶發現異常情況、尋找威脅並發現生產環境中的敏感資料。

Lastly, let me discuss business efficiency and profitability. As discussed last quarter, we are focused on delivering leverage and profitability in our business model. Our Q3 results demonstrate this commitment with subscription ARR contribution margin up by over 1,100 basis points year-on-year.

最後，讓我討論一下業務效率和獲利能力。正如上季所討論的，我們專注於在我們的業務模式中提供槓桿作用和獲利能力。我們第三季的業績證明了這項承諾，認購 ARR 貢獻率年增超過 1,100 個基點。

We look forward to continued improvements based on our increasing scale, our focus on efficiency in the go-to-market, and our disciplined investment for growth. We are incredibly proud to have surpassed $1 billion in subscription ARR with this level of growth and improving profitability. Thank you very much to all Rubrikans for helping achieve this milestone and, more importantly, for your relentless focus on innovation and creating the next horizon for Rubrik. We are also very grateful to our customers, partners and investors for their continued support.

我們期待在不斷擴大的規模、對上市效率的關注以及對成長的嚴格投資的基礎上不斷改進。我們非常自豪能夠以這樣的成長水準和不斷提高的獲利能力，訂閱 ARR 超過 10 億美元。非常感謝所有 Rubrikans 幫助實現這一里程碑，更重要的是，感謝你們對創新和為 Rubrik 創造新視野的不懈關注。我們也非常感謝我們的客戶、合作夥伴和投資者的持續支持。

But let me be very clear, it is still very early days of the Rubrik story. We are creating a new vision for the cybersecurity industry based on cyber resilience. I am personally even more excited today than I was at our founding in 2014 for what's ahead for Rubrik. With that, I'm pleased to pass it over to our Chief Financial Officer, Kiran Choudary.

但我要先明確的是，Rubrik 的故事還處於早期階段。我們正在為基於網路彈性的網路安全產業創造新的願景。我個人對 Rubrik 的未來比 2014 年成立時更興奮。至此，我很高興將其轉交給我們的財務長 Kiran Choudary。

Thank you, Bipul. Good afternoon, everyone, and thank you for joining us today. We posted outstanding results in the third quarter, and we exceeded our guidance across all metrics. Q3 was highlighted by strong top line growth at scale due to our leadership in the growing market for cyber resilience, significant expansions within our existing customer base, and strong continued improvement in profitability.

謝謝你，比普爾。大家下午好，感謝您今天加入我們。我們在第三季公佈了出色的業績，所有指標都超越了我們的指導。由於我們在不斷增長的網路彈性市場中的領導地位、現有客戶群的顯著擴張以及盈利能力的持續強勁改善，第三季度的收入規模強勁增長。

Let me start by briefly recapping our third quarter fiscal 2025 financial results and key operating metrics, and then I'll provide guidance for the fourth quarter and full year fiscal 2025. All comparisons, unless otherwise noted, are on a year-over-year basis.

首先，我將簡要回顧 2025 財年第三季的財務表現和關鍵營運指標，然後我將為 2025 財年第四季和全年提供指引。除非另有說明，所有比較都是按年比較。

Subscription ARR best illustrates the momentum of our business, and we are incredibly proud to have surpassed $1 billion in Q3, growing 38%. We added $83 million in net new subscription ARR. We continue to drive adoption of our Rubrik Security Cloud, which resulted in $769 million of cloud ARR, up 69%. Our subscription ARR growth benefited approximately 2 percentage points from transitioning our declining maintenance base to subscription.

訂閱 ARR 最能體現我們業務的發展勢頭，我們非常自豪第三季的營收突破了 10 億美元，成長了 38%。我們的新訂閱 ARR 淨值增加了 8,300 萬美元。我們繼續推動 Rubrik Security Cloud 的採用，實現了 7.69 億美元的雲端 ARR，成長了 69%。透過將不斷下降的維護基礎轉向訂閱，我們的訂閱 ARR 成長受益於約 2 個百分點。

We have a differentiated land-and-expand model where we have multiple avenues to acquire new customers and expand relationship with our customers after their initial contract. We can expand through the growth of data and applications already secured by Rubrik, through the expansion of our footprint of applications secured, and/or by the addition of more security functionalities.

我們有一個差異化的土地和擴張模式，我們有多種途徑來獲取新客戶並在客戶簽訂初始合約後擴大與客戶的關係。我們可以透過 Rubrik 已保護的資料和應用程式的成長、透過擴展我們受保護的應用程式的覆蓋範圍和/或透過添加更多安全功能來進行擴展。

As a result, we continue to see a strong subscription net retention rate, which remained over 120% in the third quarter. All vectors of expansion are healthy contributors to our net retention rate, highlighting the meaningful runway we have to more deeply penetrate our customer base.

因此，我們繼續看到強勁的訂閱淨保留率，第三季仍維持在 120% 以上。所有的擴張向量都對我們的淨保留率做出了健康的貢獻，凸顯了我們必須更深入地滲透我們的客戶群的有意義的跑道。

Adoption of additional security functionality remains at approximately one third of our subscription net retention rate, stable from last quarter, but up from approximately a quarter in the year ago period. We ended the third quarter with 2,085 customers with subscription ARR of $100,000 or more, up 32%. These larger customers now contribute 83% of our subscription ARR, up from 79% in the year ago period, as we become an increasingly strategic partner to our enterprise customers.

額外安全功能的採用率仍維持在訂閱淨保留率的約三分之一，與上季持平，但高於去年同期的約四分之一。截至第三季末，我們有 2,085 名訂閱 ARR 為 100,000 美元或以上的客戶，成長了 32%。隨著我們日益成為企業客戶的策略夥伴，這些較大的客戶現在貢獻了我們訂閱 ARR 的 83%，高於去年同期的 79%。

For our third quarter in fiscal 2025, subscription revenue was $222 million, up 55%. Total revenue was $236 million, up 43%. The Q3 revenue outperformance relative to our guidance reflects our strong ARR growth and higher-than-expected upfront and nonrecurring revenue. This is due to higher-than-expected new sales and renewals of RSC-Private from regulated and government verticals in Q3 as well as the extension of transition licenses to some of our customers as they progress through their adoption of Rubrik Security Cloud.

2025 財年第三季度，訂閱營收為 2.22 億美元，成長 55%。總收入為 2.36 億美元，成長 43%。相對於我們的指導，第三季的營收表現優於我們的指導，反映出我們強勁的 ARR 成長以及高於預期的預付費用和非經常性收入。這是由於第三季受監管和政府垂直行業的 RSC-Private 新銷售和續訂高於預期，以及隨著我們的一些客戶採用 Rubrik Security Cloud 的進展，向他們擴展了過渡許可證。

Turning to the geographic mix of revenue. Revenue from Americas grew 46% to $169 million. Revenue from outside Americas grew 35% to $67 million. Before turning to gross margins, expenses and profitability, I would like to note that I will 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. We are achieving this leveraging the benefits of scale as well as improving efficiencies and management of costs across the business.

轉向收入的地理組合。來自美洲的收入成長了 46%，達到 1.69 億美元。來自美洲以外地區的收入成長了 35%，達到 6,700 萬美元。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績效。我們致力於在規模強勁成長與提高獲利能力之間取得平衡。我們專注於提供強勁的毛利率、提高訂閱 ARR 貢獻率以及增加自由現金流。我們正在利用規模效益以及提高整個企業的效率和成本管理來實現這一目標。

Our non-GAAP gross margin was 79% in the third quarter compared to 80% in the year-ago period. Our gross margins continue to benefit from improved efficiency of our customer support organization, offset by continued investments in our cloud hosting infrastructure.

第三季我們的非 GAAP 毛利率為 79%，去年同期為 80%。我們的毛利率繼續受益於客戶支援組織效率的提高，但被對雲端託管基礎設施的持續投資所抵消。

We benefit from onetime cloud hosting credits this quarter, which bolstered our gross margins by approximately 150 basis points. The gross margin also benefited from the revenue outperformance, including the higher-than-expected nonrecurring revenue. These benefits are nonrecurring in nature, and 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.

本季我們受益於一次性雲端託管積分，這使我們的毛利率提高了約 150 個基點。毛利率也受惠於收入的優異表現，包括高於預期的非經常性收入。這些收益本質上是一次性的，我們預計總毛利率將保持在 75% 至 80% 的長期目標的下限。提醒一下，我們將認購 ARR 貢獻率視為支持我們獲利之路的營運槓桿的關鍵指標。

We believe the improvement in our subscription ARR contribution margin demonstrates our ability to drive operating leverage and profitability at scale. Subscription ARR contribution margin was negative 3% in the last 12 months ended October 31 compared to negative 14% in the year ago period, an improvement of over 1,100 basis points.

我們相信，認購 ARR 貢獻率的改善表明我們有能力大規模提高營運槓桿和獲利能力。截至 10 月 31 日的過去 12 個月，認購 ARR 貢獻率為負 3%，而去年同期為負 14%，改善超過 1,100 個基點。

The improvement in subscription ARR contribution margin was driven by our growing scale and continued focus on driving leverage across the organization. In particular, our sales and marketing expense as a percentage of subscription ARR moved down approximately 1,000 basis points year-on-year. We expect to see further improvements in sales and marketing as we deliver on greater organizational efficiencies, improving cost of acquisition and a ramping renewal base.

認購 ARR 貢獻率的改善是由於我們規模的不斷擴大以及對提高整個組織槓桿率的持續關注所推動的。特別是，我們的銷售和行銷費用佔訂閱 ARR 的百分比年減了約 1,000 個基點。隨著我們提高組織效率、降低購置成本和擴大續訂基礎，我們預期銷售和行銷將進一步改善。

Free cash flow was $15.6 million compared to $3.5 million in the third quarter of fiscal 2024. This increase was driven by improved scale, operating leverage and working capital improvements, offset by a slightly higher mix of annual and monthly consumption payments and shorter contract terms relative to year ago period.

自由現金流為 1,560 萬美元，而 2024 財年第三季為 350 萬美元。這一增長是由規模擴大、營運槓桿和營運資本改善所推動的，但年度和月度消費付款組合略高以及合約期限較去年同期縮短所抵消。

Turning to our outlook. We remain confident about the strength of the cyber resilience market and demand for our differentiated offerings. We believe these drivers alongside our strong and consistent execution will 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 Rubrik Security Cloud customers, or RSC, and the pace at which we continue to migrate our existing customers to RSC. In terms of operating expenses, we plan to continue to invest into this enormous opportunity ahead of us while delivering efficient growth at scale.

轉向我們的展望。我們對網路彈性市場的實力以及對我們差異化產品的需求仍然充滿信心。我們相信，這些驅動因素加上我們強大且一致的執行力將在未來帶來強勁的訂閱 ARR 成長。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 Rubrik Security Cloud 客戶（RSC）的速度，以及我們繼續將現有客戶遷移到 RSC 的速度。在營運費用方面，我們計劃繼續投資於我們面前的這一巨大機遇，同時實現大規模的高效成長。

Now turning to guidance for the fourth quarter and full year fiscal 2025. In Q4, we expect revenue of $231.5 million to $233.5 million, up 32% to 33%. We expect non-GAAP EPS of negative $0.41 to negative $0.37 based on approximately 187 million weighted average shares outstanding.

現在轉向 2025 財年第四季和全年的指導。我們預計第四季的營收為 2.315 億美元至 2.335 億美元，成長 32% 至 33%。基於約 1.87 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 0.37 美元。

For the full year of 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 $1.057 billion to $1.061 billion, reflecting a year-over-year growth rate of approximately 35%. We expect total revenue for the full year fiscal 2025 in the range of $860 million to $862 million, implying approximately 37% growth.

對於 2025 財年全年，我們很高興提高營收和獲利指標的指導。我們目前預計訂閱 ARR 在 10.57 億美元至 10.61 億美元之間，年成長率約為 35%。我們預計 2025 財年全年總營收在 8.6 億美元至 8.62 億美元之間，這意味著成長約 37%。

We expect non-GAAP subscription ARR contribution margins between negative 3% and negative 2%, reflecting further margin improvement from Q3. We expect non-GAAP EPS of negative $1.86 to negative $1.82 based on approximately 154 million weighted average shares outstanding for the full year.

我們預計非 GAAP 認購 ARR 貢獻率將在負 3% 至負 2% 之間，反映出利潤率較第三季進一步改善。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 1.86 美元至負 1.82 美元。

We expect free cash flow of negative $45 million to negative $39 million or negative $22 million to negative $16 million, excluding the $23 million in onetime payroll tax associated with our IPO.

我們預計自由現金流為負 4,500 萬美元至負 3,900 萬美元，或負 2,200 萬美元至負 1,600 萬美元，不包括與我們 IPO 相關的 2,300 萬美元一次性薪資稅。

And finally, while we are still early in our planning for next year, I wanted to call out a few high-level modeling points for fiscal 2026. As a reminder, the benefit for subscription ARR growth from the conversion of maintenance to subscription has been moderating, and we saw approximately 2 points of benefit in Q3. We are not expecting any benefit to growth from converting maintenance to subscription ARR in fiscal 2026.

最後，雖然我們仍處於明年規劃的早期階段，但我想提出 2026 財年的一些高階建模點。提醒一下，從維護轉換為訂閱對訂閱 ARR 成長的好處一直在放緩，我們在第三季度看到了大約 2 個百分點的好處。我們預計 2026 財年將維護 ARR 轉換為訂閱 ARR 不會為成長帶來任何好處。

In addition, historically, we see higher net new subscription ARR in the second half of the year versus the first half. As we have discussed previously, we had an exceptional start to fiscal 2025, which offset typical seasonality. In fiscal 2026, we expect to see more normalized quarterly seasonality in subscription ARR.

此外，從歷史上看，我們認為下半年的淨新訂閱 ARR 高於上半年。正如我們之前討論的，我們 2025 財年有一個出色的開局，抵消了典型的季節性因素。到 2026 財年，我們預計訂閱 ARR 的季度季節性將更加正常化。

In terms of profitability, we have made strong progress in business efficiency so far this fiscal year, and we also continue to stay focused on free cash flow generation.

在獲利能力方面，本財年迄今為止，我們在業務效率方面取得了長足進步，我們也繼續專注於自由現金流的產生。

Based on where we stand right now, after completing the third quarter, we expect to deliver breakeven or better subscription ARR contribution margin and modestly positive free cash flow for the fiscal year 2026. We look forward to providing our fiscal year 2026 outlook on our Q4 fiscal 2025 earnings call.

根據我們目前的情況，在第三季結束後，我們預計 2026 財年將實現盈虧平衡或更好的認購 ARR 貢獻率以及適度正的自由現金流。我們期待在 2025 財年第四季財報電話會議上提供 2026 財年展望。

In closing, we are pleased with our performance in the third quarter and our higher outlook for the full year. Looking forward, we believe we are well positioned to continue to deliver efficient and durable growth given the large and growing opportunity for cyber resilience and our leadership, innovation and ability to execute on our vision.

最後，我們對第三季的業績以及全年的更高前景感到滿意。展望未來，我們相信，鑑於網路彈性的巨大且不斷增長的機會以及我們的領導力、創新和執行我們願景的能力，我們有能力繼續實現高效和持久的成長。

We look forward to seeing many of you on the road in the coming months, including at the upcoming Barclays conference. With that, we'd like to open up the call for any questions.

我們期待在接下來的幾個月裡見到你們中的許多人，包括在即將舉行的巴克萊會議上。至此，我們願意開放電話詢問任何問題。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Okay. Great. Congrats on reaching the $1 billion ARR mark.

好的。偉大的。恭喜您達到 10 億美元的 ARR 大關。

Thank you, Saket.

謝謝你，薩凱特。

Absolutely. Bipul, maybe just to start with you. In your prepared remarks, I thought you had some great examples of customer wins where cloud backup seemed like the main reason for the win. And I think that some of us sometimes wonder what backup for cloud applications and cloud workloads look like since the cloud presumably provides some sort of native backup.

絕對地。Bipul，也許只是從你開始。在您準備好的演講中，我認為您有一些贏得客戶的很好的例子，其中雲端備份似乎是贏得客戶的主要原因。我認為我們中的一些人有時想知道雲端應用程式和雲端工作負載的備份是什麼樣的，因為雲端大概提供了某種本機備份。

So maybe the question is, can you just talk about what you hear from customers about their desire to use third-party data protection tools like Rubrik for cloud workloads versus maybe relying on a backup solution from their cloud provider? There was a lot there, but does that make sense?

所以也許問題是，您能否談談您從客戶那裡聽到的關於他們希望使用 Rubrik 等第三方資料保護工具來處理雲端工作負載而不是依賴雲端提供者的備份解決方案的願望？那裡有很多東西，但這有意義嗎？

It does. Rubrik has a huge opportunity in the cloud. And the reason is that cyber resilience is needed, wherever your application and data resides. But the fundamental question is that you have your data in three clouds, five SaaS applications and 5 data centers, and you can't have different methods to do cyber recovery in different places because if you have to turn 30 knobs when you are -- you had a bad breach, you will be down for a very long time.

確實如此。Rubrik 在雲端領域擁有巨大的機會。原因是無論您的應用程式和資料位於何處，都需要網路彈性。但根本問題是，您的資料位於三個雲端、五個SaaS 應用程式和5 個資料中心，而且您不能使用不同的方法在不同的地方進行網路恢復，因為如果您必須在以下情況下轉動30 個旋鈕－如果你有嚴重的違規行為，你將會陷入很長一段時間的沮喪。

So customers are looking for a single policy engine and single security control to actually deliver cyber recovery across all of their data estates. And that's why we are winning in the cloud because we have a very comprehensive solution for all the native cloud providers as well as data centers as well as SaaS applications such as Salesforce and M365.

因此，客戶正在尋找單一策略引擎和單一安全控制，以真正跨其所有資料資產提供網路復原。這就是我們在雲端領域獲勝的原因，因為我們為所有本地雲端供應商、資料中心以及 Salesforce 和 M365 等 SaaS 應用程式提供了非常全面的解決方案。

As an example, this quarter in Q3, a Fortune 500 insurance company came to us to actually replace their native backup solution on their cloud platform with Rubrik Cloud Native Protection because they wanted the consolidated, again, policy management and security controls across all of their data, so that they can have a native data threat engine that Rubrik provides for complete visibility, control and being able to confidently do cyber recovery when the inevitable cyber attack happens.

舉個例子，在第三季度，一家財富500 強保險公司來找我們，希望我們用Rubrik Cloud Native Protection 取代其雲端平台上的本機備份解決方案，因為他們希望在所有業務中實現統一的策略管理和安全控制。

Got it. That makes a ton of sense. Kiran, maybe for my follow-up for you. The contribution margin here continues to improve, and it was great to hear that, that can be breakeven next year. And you correct me there if I'm wrong. But maybe the question is, how do you sort of think about that in terms of your pace of investments going into next year? And how long of a lag do you think about sort of reported operating income sort of following that contribution margin?

知道了。這很有道理。Kiran，也許是為了我對你的後續行動。這裡的邊際貢獻率持續提高，很高興聽到明年可以達到損益兩平。如果我錯了，你就糾正我。但也許問題是，您如何看待明年的投資步伐？您認為報告的營業收入與邊際收益之間的延遲有多久？

Sure, Saket, and thanks for the question. So we are very pleased with the progression we have made in margin to date. This quarter, we delivered minus 3% subscription margin, which was almost 500 basis points better than the last quarter Q2 and 1,100-plus basis points year-over-year.

當然，Saket，謝謝你的提問。因此，我們對迄今為止在保證金方面取得的進展感到非常滿意。本季度，我們的認購利潤率為負 3%，比上一季第二季高出近 500 個基點，較去年同期高出 1,100 個基點。

But really, the drivers of the progression in margin are twofold. One is the top line scale and outperformance but also the work we've been doing on efficiency, both across sales and marketing and R&D in terms of the big investment areas for us.

但實際上，利潤率成長的驅動因素是雙重的。一是營收規模和卓越表現，還有我們在銷售、行銷和研發方面在效率方面所做的工作，這對我們來說是個大投資領域。

And we look to improve that further based on the guidance we gave for Q4 finishing up this year. And I did mention in my prepared remarks that based on where we are today after the third quarter, our goal is to be subscription ARR contribution margin breakeven or better next fiscal year. So that's how we are thinking about it. The goal is to build a profitable growth business here.

我們希望根據今年第四季的指導意見進一步改進這一點。我在準備好的發言中確實提到，根據第三季後我們今天的情況，我們的目標是在下一財年實現訂閱 ARR 貢獻率盈虧平衡或更好。這就是我們的想法。我們的目標是在這裡建立一個獲利成長的業務。

Now when it comes to the operating margin, we expect that to follow after subscription margin. Normally, I would think that will follow within a few quarters. But just to remind everybody, that we went through a cloud transformation. We are nearing the end of it, but that suppressed our revenue under a top line accounting perspective for some time. And because of that, the lag will be a little longer. But subscription ARR margin is the leading indicator for op margin over time.

現在，當談到營業利潤率時，我們預計其將緊跟著認購利潤率。通常情況下，我認為這將在幾個季度內發生。但只是想提醒大家，我們經歷了雲端轉型。我們已接近尾聲，但從營收會計角度來看，這在一段時間內抑制了我們的收入。正因為如此，滯後時間會更長一些。但隨著時間的推移，訂閱 ARR 利潤率是營運利潤率的領先指標。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Kiran, you made an interesting point on the prepared remarks that I wanted to drill into with regards to DSPM deals doubling in volume sequentially. I wanted to ask about how much this is contributing to the pipeline and/or potentially shortening some of your deal cycles. And then I have a follow-up for Kiran, please.

Kiran，您在我想深入探討的有關 DSPM 交易量連續翻倍的準備好的評論中提出了一個有趣的觀點。我想問這對管道的貢獻有多大和/或可能縮短一些交易週期。然後我有關於 Kiran 的後續報導。

Thanks, Fatima. Let me give you a little bit of a business color, and then Kiran might add some more details. In terms of like DSPM, we are continuing to see a strong traction with DSPM. And as I mentioned in the prepared remarks, that number of customers doubled quarter-over-quarter in Q3.

謝謝，法蒂瑪。讓我給你一點商業色彩，然後基蘭可能會添加更多細節。就 DSPM 而言，我們繼續看到 DSPM 的強大吸引力。正如我在準備好的發言中提到的，第三季的客戶數量較上季增加了一倍。

The issue is DSPM provides data risk and data threat visibility. And then combination of DSPM plus cyber recovery is the complete cyber resilience. And since generative AI is now pulling data from the nooks and crannies of enterprise applications, folks need to understand the sensitivity of the content to be able to deliver responsible AI.

問題是 DSPM 提供了資料風險和資料威脅可見度。然後 DSPM 與網路復原的結合就是完整的網路彈性。由於生成式人工智慧現在正在從企業應用程式的角落和縫隙中提取數據，因此人們需要了解內容的敏感度才能提供負責任的人工智慧。

And that is also our attempt in terms of the Rubrik DSPM for Microsoft Copilot. In fact, a health care organization in Q3 added DSPM to their existing Rubrik footprint because their Chief Information and Digital Officer was concerned about their ability to recover quickly. And they actually replaced their existing DSPM vendor to be able to offer superior cyber resilience capability and be able to understand the data risk, data threat and to be able to deliver fast cyber recovery.

這也是我們在用於 Microsoft Copilot 的 Rubrik DSPM 方面的嘗試。事實上，一家醫療保健組織在第三季將 DSPM 添加到其現有的 Rubrik 足跡中，因為他們的資訊和數位長擔心他們快速恢復的能力。他們實際上取代了現有的 DSPM 供應商，能夠提供卓越的網路彈性能力，能夠了解資料風險、資料威脅，並能夠提供快速的網路復原。

And just to add, I think on your sales cycles question, DSPM is still a relatively smaller part of our business, so it's not influencing our overall sales cycles, which have been stable this year.

補充一點，我認為關於您的銷售週期問題，DSPM 仍然是我們業務中相對較小的一部分，因此它不會影響我們今年保持穩定的整體銷售週期。

And just on the free cash flow outlook, the preliminary outlook you shared for fiscal '26, very much appreciate that color looking out. But you did talk about some consumption-related headwinds that are starting to peak into the profile this year. I'm wondering if you can give us a quick refresher on what sum of the parts of the product portfolio are more tethered to the consumption modality, if you will, of pricing? And how much of an impact that could potentially have as maybe sort of a headwind for next year to think about?

就自由現金流前景而言，您分享的 26 財年的初步前景非常欣賞這種顏色。但您確實談到了一些與消費相關的不利因素，這些不利因素今年開始達到頂峰。我想知道您能否讓我們快速回顧一下產品組合中哪些部分與定價的消費方式（如果您願意的話）更相關？明年需要考慮的潛在影響有多大？

Sure, Fatima. So I'll point out that it's not consumption specifically. It is more related to the shorter term and shorter invoicing cycles for some of our cloud and SaaS products. As we progress more into selling some of those products, some of our customers prefer to buy it, the data security portion, from us in line with how they purchase the core cloud or SaaS products like Microsoft 365.

當然，法蒂瑪。所以我要指出的是，這並不是具體的消費。這與我們的一些雲端和 SaaS 產品的較短期限和較短的發票週期有關。隨著我們在銷售其中一些產品方面取得更多進展，我們的一些客戶更願意從我們這裡購買資料安全部分，這與他們購買核心雲端或 SaaS 產品（如 Microsoft 365）的方式一致。

So we have seen over the past several quarters a bit of shortening on contract cycles as well as invoice cycles. And that is what I referred to as modest headwinds to free cash flow through this year as well. And as we think about next year, we're not giving guidance or an outlook yet. We'll do that after our Q4 call. But in regards to the comment on cash flow positive, as a modeling point, we would expect some further modest compression as well.

因此，我們在過去幾個季度看到合約週期和發票週期有所縮短。這也是我所說的今年自由現金流面臨的溫和阻力。當我們考慮明年時，我們還沒有給出指導或展望。我們將在第四季度電話會議後這樣做。但就現金流正面的評論而言，作為一個模型點，我們預計也會出現一些進一步的適度壓縮。

Kash Rangan, Goldman Sachs.

卡什·蘭根，高盛。

Congratulations to the Rubrik team. My question to you, Bipul, is -- and I have one for Kiran as well. You've always maintained the view that the TAM for Rubrik in this cycle is not just a replacement of the legacy technology, but also participation of the broader budget pool available to you in cybersecurity, right? I mean that would make it truly a more sustainable growth company.

祝賀 Rubrik 團隊。Bipul，我要問你的問題是──我也有一個問題想問 Kiran。您始終認為，本週期中 Rubrik 的 TAM 不僅是對傳統技術的替代，而且是您在網路安全方面可用的更廣泛預算池的參與，對嗎？我的意思是，這將使其真正成為一家更永續發展的公司。

I'm wondering if you could point to any evidence in the quarter and evidence in the pipeline that you see that the TAM in cybersecurity, which is a vast bigger pool of spending than the legacy business, and how that is helping your business? Are you able to participate in those new budgets? And one for Kiran. Congratulations on the operating efficiency improvement. How sustainable is this improvement that we saw going forward?

我想知道您是否可以指出本季中的任何證據以及正在醞釀中的證據，表明您認為 TAM 在網路安全方面的支出比傳統業務要大得多，以及這對您的業務有何幫助？您能參與這些新預算嗎？還有一張是給基蘭的。恭喜營運效率提升。我們看到的這種改善未來的可持續性如何？

Thanks, Kash. So if you think about what Rubrik did to the backup and recovery industry, we transformed this market from backup and recovery for human error recovery or natural disaster recovery into a cyber disaster recovery platform. We call it cyber recovery, cyber resilience. And that has really expanded the TAM for this market because to be able to deliver cyber resilience, you fundamentally assume that attacks are inevitable.

謝謝，卡什。因此，如果您考慮 Rubrik 對備份和復原產業所做的事情，我們將這個市場從人為錯誤復原或自然災難復原的備份和復原轉變為網路災難復原平台。我們稱之為網路復原、網路彈性。這確實擴大了該市場的 TAM，因為為了能夠提供網路彈性，您從根本上假設攻擊是不可避免的。

And if attacks are inevitable, then you have to think about what are you doing before actual attack happens? So how do you assess the risk? Then during a legal and illegal activity run time, how do you assess the threat? And finally, if the breach has happened, then how do you deliver faster cyber recovery to be able to keep your applications up and running?

如果攻擊是不可避免的，那麼你必須考慮在實際攻擊發生之前你在做什麼？那麼如何評估風險呢？那麼在合法和非法活動運作期間，您如何評估威脅？最後，如果發生了洩露，那麼您如何提供更快的網路恢復以使您的應用程式保持正常運行？

And what Rubrik did was all these three pieces, Rubrik built into a single platform, Rubrik Security Cloud, which combines DSPM plus cyber recovery on a single platform. And that's the unique architecture that we created from day one. And it is not something that is bolt-on or you can pivot into. This is inherent to our architecture. And that platform is the unique solution in the market where market is looking for a cyber resilience solution, not looking for legacy backup recovery solution.

Rubrik 所做的就是將這三部分全部建置到一個平台中，即 Rubrik Security Cloud，它將 DSPM 與網路復原結合在一個平台上。這就是我們從第一天起就創建的獨特架構。它不是固定的，也不是你可以轉向的。這是我們的架構所固有的。該平台是市場上獨特的解決方案，市場正在尋找網路彈性解決方案，而不是尋找傳統的備份復原解決方案。

So if you look at our transactions, about half of our new customers adopt Enterprise Edition, which is the full cyber recovery solutions, in their first purchase. And if you look at our NRR, about a third of our NRR comes from the cyber data security product attach that we are doing on our Rubrik Security Cloud platform.

因此，如果您查看我們的交易，您會發現大約一半的新客戶在首次購買時採用企業版，這是完整的網路復原解決方案。如果你看看我們的 NRR，大約三分之一的 NRR 來自我們在 Rubrik 安全雲平台上進行的網路資料安全產品附加。

So essentially, we have transformed this market from this legacy backup recovery approach to a cyber resilience platform, a data security platform to then make sure that folks can do cloud transformation and digital transformation confidently and keep their services up and running, even when confronted with an attack.

因此，從本質上講，我們已經將這個市場從傳統的備份恢復方法轉變為網路彈性平台，這是一個資料安全平台，以確保人們能夠自信地進行雲端轉型和數位化轉型，並保持他們的服務正常運行，即使面臨一次攻擊。

And Kash, just to answer the second question you had on operating efficiency. So we are really pleased with the progress we've had over the past several quarters, both in terms of subscription ARR contribution margin as well as the cash margins.

卡什，只是回答你關於營運效率的第二個問題。因此，我們對過去幾季的進展感到非常滿意，無論是在訂閱 ARR 貢獻利潤率還是現金利潤率方面。

If you look at the drivers for them in terms of the big investment areas, sales and marketing and R&D, we expect many of these drivers to continue, including the ability to drive higher productivity from multiple products, our focus on enabling the sales and go-to-market teams, and lowering the cost of acquisition with targeted marketing as well as more partner leverage.

如果你從大型投資領域、銷售和行銷以及研發方面來看待它們的驅動因素，我們預計其中許多驅動因素將繼續存在，包括透過多種產品提高生產力的能力、我們對促進銷售和發展的關注- 市場團隊，並透過有針對性的行銷以及更多的合作夥伴槓桿來降低獲取成本。

And I'll say that renewals are still a minority of our business, and we expect that to grow in contribution. And with that, we get natural leverage as well. On R&D, we continue to hire talent globally with a particular focus on our India center, where we've hired great talent over the past years, and we expect that to continue as well. So many of these drivers, we'll see it continuing.

我要說的是，續訂仍然只占我們業務的一小部分，我們預計它的貢獻會持續成長。這樣，我們也獲得了天然的槓桿作用。在研發方面，我們繼續在全球範圍內聘用人才，特別關注我們的印度中心，過去幾年我們在那裡聘用了優秀的人才，我們預計這種情況也將繼續下去。這些驅動因素有很多，我們會看到它繼續下去。

Andrew Nowinski, Wells Fargo.

安德魯諾溫斯基，富國銀行。

Congrats on another great quarter. And particularly, the improvement in contribution margin, I think, really stood out. I just wanted to ask a question. So coming back from the Wells Fargo TMT conference this week, I mean it was really clear that data protection, DSPM and, of course, cyber resilience, I think, were top of mind for many organizations.

恭喜又一個偉大的季度。我認為，特別是邊際貢獻的改善確實很突出。我只是想問一個問題。因此，本週從富國銀行 TMT 會議回來後，我的意思是，很明顯，資料保護、DSPM，當然還有網路彈性，我認為是許多組織的首要考慮因素。

That really stood out to us as like the one key takeaway. Based on the strong growth you're seeing in your cloud ARR, I mean, it looks like you're seeing this, too. And I'm wondering if this inflection in demand for DSPM and cyber recovery is related to an inflection maybe in gen AI rollouts. Or is it something else? Just wondering if you could pinpoint what's driving this inflection.

這對我們來說確實很突出，就像一個關鍵的收穫。根據您在雲端 ARR 中看到的強勁增長，我的意思是，您似乎也看到了這一點。我想知道 DSPM 和網路恢復需求的這種變化是否與新一代人工智慧的推出有關。還是別的什麼？只是想知道您是否可以找出是什麼推動了這種變化。

Thank you, Andrew. In terms of gen AI, gen AI is certainly a driver for a lot of enterprise activities right now because gen AI is forcing people to focus on data, to understand the integrity of the data, to understand the sensitivity of the data, to understand potential risk of the data, to understand who has access to what data and what they can do with data.

謝謝你，安德魯。就Gen AI而言，Gen AI無疑是目前許多企業活動的驅動力，因為Gen AI正在迫使人們關注數據，了解數據的完整性，了解數據的敏感性，了解數據的潛力數據風險，了解誰可以訪問哪些數據以及他們可以使用數據做什麼。

So -- and if you look at where we play, Rubrik is the data security platform. We -- at the outset, our goal was to transform backup and recovery, which was a legacy platform, into a data security platform to deliver cyber resilience. And so our DSPM plus cyber recovery together delivers our customers an understanding of data risk and delivers data integrity and availability. And so truly, the gen AI initiatives bring the focus back into data, and that definitely is a tailwind for this market.

所以，如果你看看我們的業務，Rubrik 就是資料安全平台。一開始，我們的目標是將備份和復原（這是一個遺留平台）轉變為資料安全平台，以提供網路彈性。因此，我們的 DSPM 和網路復原共同幫助我們的客戶了解資料風險，並提供資料完整性和可用性。確實，新一代人工智慧計畫將焦點重新帶回數據上，這絕對是這個市場的順風車。

Having said that, obviously, digital transformation, cloud transformation, application -- SaaS application adoption and everything that is accelerating throughout the year is also contributing. So it's a broad set of capabilities and broad set of market drivers driving the secular tailwind for this market.

話雖如此，顯然，數位轉型、雲端轉型、應用程式——SaaS 應用程式的採用以及全年加速的一切也在做出貢獻。因此，一系列廣泛的能力和廣泛的市場驅動因素推動了該市場的長期發展。

And maybe as a follow-up to that, I think your Enterprise Edition gets about a 75% uplift over the Foundation Edition. I'm wondering if you could just give us an update on maybe the adoption rate of the Enterprise Edition over the last six months since your IPO, how that's maybe changed and what you're seeing there.

也許作為後續行動，我認為您的企業版比基礎版提升了 75% 左右。我想知道您是否可以向我們介紹自 IPO 以來過去六個月企業版採用率的最新情況、可能發生的變化以及您在那裡看到的情況。

So Enterprise Edition continues to be the flagship platform for cyber recovery, and we are also attaching DSPM to bring the security and threat perspective into it. And we are continuing to see a strong adoption of Enterprise Edition. About half of our new customers adopt -- continue to adopt Enterprise Edition at the outset. And as I mentioned before, nearly a third of our NRR is actually coming from the adoption of data security product, which includes a lot of Enterprise Edition cyber recovery plus DSPM offerings that we have.

因此，企業版仍然是網路復原的旗艦平台，我們還附加了 DSPM，以將安全和威脅視角引入其中。我們繼續看到企業版的廣泛採用。我們大約一半的新客戶從一開始就繼續採用企業版。正如我之前提到的，我們近三分之一的 NRR 實際上來自資料安全產品的採用，其中包括我們擁有的許多企業版網路復原和 DSPM 產品。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Congrats on the strong execution. The entire team has so much to be proud of. Bipul, I wanted to start by asking you about Annapurna, the goddess of nourishment. Can you talk about the vision and evolution leading up to this week's announcement? What we should expect in terms of availability across other cloud platforms? And is this something you expect to price and monetize implicitly or explicitly?

祝賀強大的執行力。整個團隊有很多值得驕傲的地方。Bipul，我想先向您詢問有關營養女神安納布爾納峰的事情。您能談談本周宣布這一消息之前的願景和演變嗎？對於其他雲端平台的可用性，我們應該期待什麼？您是否期望透過隱式或顯式的定價和貨幣化？

Thank you so much, Brad. This is a very important question for us. Look, Rubrik is an ambitious company. And from the outset, we had actually decided to make Rubrik a company that lives on the frontier of innovation. And our goal is to build pioneering and commercially successful products to really do real transformation and prospective change at our customers.

非常感謝你，布拉德。這對我們來說是一個非常重要的問題。看，Rubrik 是一家雄心勃勃的公司。從一開始，我們實際上就決定讓 Rubrik 成為一家走在創新前沿的公司。我們的目標是打造開創性的、商業上成功的產品，真正為我們的客戶帶來真正的轉型和前瞻性的改變。

And we want to build a long-term, long-lasting company, long-term profitable company. And long-term companies cannot just focus on what is in front of them, but they create horizons, and that horizon is three to five years out. Just like in the past, back in 2016 and '17, we were working on cyber recovery. And the set of capabilities that we built then is finding success in the marketplace today.

我們希望建立一個長期的、持久的、長期獲利的公司。長期發展的公司不能只專注在眼前的事情，而是要創造視野，而這個視野是三到五年後的。就像過去一樣，早在 2016 年和 17 年，我們就致力於網路復原。我們當時建構的一系列功能正在今天的市場上取得成功。

So we always think about what do we do today that three to five years out can change the game of the industry, can change the game of the market. And Annapurna is a very important multiyear strategy for Rubrik because if you think about what Rubrik is, we are a centralized data platform with data security built into it, where we pull data from multitude of enterprise application and create a common data metadata format with data security built into it.

所以我們總是思考我們今天做什麼，三到五年後可以改變產業的遊戲規則，可以改變市場的遊戲規則。Annapurna 對Rubrik 來說是一個非常重要的多年策略，因為如果你考慮一下Rubrik 是什麼，我們是一個內建資料安全性的集中式資料平台，我們從眾多企業應用程式中提取數據，並使用資料建立通用的資料元資料格式內建安全性。

And as you know, gen AI is forcing businesses to extract data from multiple applications to be fed into the model. And we have a ready-made next-gen data lake because we use this data lake to recover applications. It's kind of like a reverse ETL back into the production applications. We can use the same data infrastructure with data security built into it to deliver data into RAG or gen AI or whatever workflow they want to use to build powerful LLM apps, but LLM apps that are trusted, that has security, that has responsible AI built into it.

如您所知，新一代人工智慧正在迫使企業從多個應用程式中提取資料以輸入模型。我們有一個現成的下一代資料湖，因為我們使用這個資料湖來恢復應用程式。這有點像回到生產應用程式的反向 ETL。我們可以使用相同的資料基礎設施，內建資料安全性，將資料傳送到RAG 或gen AI 或他們想要用來建立強大的LLM 應用程式的任何工作流程，但LLM 應用程式是值得信賴的，具有安全性，具有負責任的AI 建構進入其中。

Obviously, the secure data embedding that is powered by Rubrik Security Cloud and have access control and all of that is inherent to our platform. And our goal is we started with AWS Bedrock, but it is designed in an API-first platform. It is equally applicable to GCP, Azure, bring your own model, a third-party set of frameworks, whether it's LangChain or LlamaIndex or whatever folks are using to build their gen AI applications, LLM applications.

顯然，安全資料嵌入由 Rubrik Security Cloud 提供支援並具有存取控制，所有這些都是我們平台固有的。我們的目標是從 AWS Bedrock 開始，但它是在 API 優先的平台中設計的。它同樣適用於 GCP、Azure、自帶模型、第三方框架集，無論是 LangChain 還是 LlamaIndex 或任何人們用來建立他們的 gen AI 應用程式、LLM 應用程式的東西。

We will actually -- we'll do market experimentation. Just like in the past four, five years ago, we did experimentation with the data security products. We'll figure out messaging, product market fit, pricing, what price the customer will sustain, what value we are creating for them. And as we make more progress on the path to monetization, packaging, pricing of Annapurna, we'll keep you updated in the next several years. I mean, this is again a long-term thing for Rubrik, but this is a very exciting new area and we are working really hard on it.

實際上，我們將進行市場實驗。就像過去四五年前，我們對資料安全產品做了實驗。我們將弄清楚訊息傳遞、產品市場契合度、定價、客戶願意負擔的價格以及我們為他們創造的價值。隨著我們在《安納布爾納峰》的貨幣化、包裝和定價方面取得更多進展，我們將在未來幾年為您提供最新資訊。我的意思是，這對 Rubrik 來說又是一個長期的事情，但這是一個非常令人興奮的新領域，我們正在努力工作。

Super exciting, Bipul. Maybe a quick follow-up for Kiran. You're clearly taking market share, and it seems even more so in a quarter like this. Is there anything that you can share with us in terms of win rates and where the share might be coming from?

超級令人興奮，比普爾。也許是對 Kiran 的快速跟進。顯然，你正在佔據市場份額，在這樣的一個季度裡，情況似乎更是如此。關於勝率以及份額可能來自哪裡，您有什麼可以與我們分享的嗎？

Let me take this question, Kiran. We continue to win a vast majority of deals against other new-gen as well as legacy backup and recovery vendor. And this is because, as I mentioned before, we are the only vendor in the marketplace that has a unique Zero Trust platform that combines DSPM and cyber recovery in a single platform. So we have the full understanding of data risk, data threat and cyber recovery. And architecture matters when it comes to data and data security and availability of applications.

讓我回答這個問題，基蘭。我們繼續贏得與其他新一代以及傳統備份和復原供應商的絕大多數交易。這是因為，正如我之前提到的，我們是市場上唯一一家擁有獨特的零信任平台的供應商，該平台將 DSPM 和網路復原結合在一個平台中。因此我們對資料風險、資料威脅和網路復原有充分的了解。當涉及到資料和資料安全性以及應用程式的可用性時，架構很重要。

And because of -- we build this architecture ground up, when the customer sees our product, there is a reaction, a positive reaction that happens. And this product can't be like bolt -- you can't build this product by bolting on 30 different cybersecurity products or pivoting into cybersecurity. This was the decision that we made day 1 where we said data, metadata and data threat engine is in a single platform. So we took a risky bet 10 years ago, but we were right in that risky bet, and we are reaping the rewards of a unique architecture.

因為－我們從頭開始建立這個架構，當客戶看到我們的產品時，就會產生反應，並發生正面的反應。這個產品不能像螺栓一樣——你不能透過連接 30 種不同的網路安全產品或轉向網路安全來建構這個產品。這是我們第一天做出的決定，我們說資料、元資料和資料威脅引擎位於單一平台中。因此，我們在 10 年前就進行了一次冒險的賭注，但我們的賭注是正確的，我們正在從獨特的架構中獲得回報。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

Bipul, by the way, the Q&A, this is really helpful and really appreciate, Bipul, your answer to Kash's question. He always asks good ones, but we all get that from investors. Like why is this going to last? And that was helpful. That was really -- that was clear as to why this -- why you're not going to be Veritas in 1999 by the time 2000, I don't know, Ruby came along or whatever.

Bipul，順便說一句，問答，這真的很有幫助，非常感謝 Bipul，您對 Kash 問題的回答。他總是提出好的要求，但我們都從投資者那裡得到了這樣的要求。例如為什麼這種情況會持續下去？這很有幫助。這確實是——原因很清楚——為什麼到 2000 年你不會成為 1999 年的 Veritas，我不知道，Ruby 出現了還是其他什麼。

But my question here is on partnerships. You spoke about technology partnerships, but there's -- and by the way, you need to have everything you're talking about. The one thing that really hasn't been hit on here is go-to-market. So can you talk a little bit more about go-to-market partnerships? We all know that you have a really strong go-to-market team, but our field work indicates that you sign more VARs.

但我的問題是關於夥伴關係。您談到了技術合作夥伴關係，但順便說一句，您需要擁有您所談論的一切。這裡真正沒有提到的一件事是上市。那麼您能多談談上市合作夥伴關係嗎？我們都知道你們擁有一支非常強大的行銷團隊，但我們的實地工作顯示你們簽署了更多的 VAR。

We're just hearing more VARs and more reseller partnerships, and that they want to partner with you. And those that focus on security, and they're already starting to see early traction. This is the traditional way that enterprise security is sold. So can you talk a little bit about your efforts there? And what -- is what we're hearing right? And how should we think about go-to-market partnerships, that contribution going forward?

我們剛剛聽到更多的 VAR 和更多的經銷商合作夥伴關係，並且他們希望與您合作。那些關注安全的人已經開始看到早期的吸引力。這是企業安全銷售的傳統方式。那麼您能談談您在那裡所做的努力嗎？我們聽到的到底是對的嗎？我們應該如何考慮進入市場的合作夥伴關係以及未來的貢獻？

Thank you, John. Really appreciate your comments. If you think about Rubrik's go-to-market strategy, we are a technology platform company with a multiproduct that is sold on this platform. And the way -- and it is a global product. We actually sell our products all around the world, and then the routes to market is critical for us to have a long-term success. So we think about go-to-market routes to market in multiple ways.

謝謝你，約翰。非常感謝您的評論。如果您考慮一下 Rubrik 的上市策略，您會發現我們是一家技術平台公司，在該平台上銷售多種產品。而且它是一種全球產品。實際上，我們的產品銷往世界各地，因此進入市場的途徑對於我們長期成功至關重要。因此，我們以多種方式考慮進入市場的路線。

Number one is, as you mentioned, the VARs. Because we are 100% indirect business, we work with VARs and VARs take our product and attach some of their services to it to take us to their trusted customers. So that's one motion. The second motion is GSI partners. Whether it's global SIs or regional SIs, they again do -- they operationalize Rubrik for their trusted customer.

正如您所提到的，第一個是 VAR。因為我們是 100% 間接業務，所以我們與 VAR 合作，VAR 獲取我們的產品並附加他們的一些服務，將我們帶到他們值得信賴的客戶。這就是一項動議。第二項動議是GSI合作夥伴。無論是全球 SI 還是區域 SI，他們都會再次這樣做 - 他們為值得信賴的客戶經營 Rubrik。

If you look at the third way, it is our technology alliance partners from Zscaler to CrowdStrike to Pure Storage to Cisco. We work with all of them to actually take our product to market. And we have a co-engineered solution with these technology partners, where one plus one is more than two, so that end customers see bigger value from Rubrik partnership with, for example, Zscaler where we provide the Zscaler customers full visibility into the threat of a data passing over the network.

如果你看第三條路，那就是我們的技術聯盟夥伴，從Zscaler到CrowdStrike到Pure Storage再到Cisco。我們與他們所有人合作，將我們的產品真正推向市場。我們與這些技術合作夥伴共同設計了一個解決方案，其中一加一大於二，以便最終客戶從 Rubrik 與 Zscaler 的合作中看到更大的價值，我們為 Zscaler 客戶提供對威脅的全面了解。傳遞的數據。

And that value is, again, one product alone can't deliver. And this is where we are actually creating this multifaceted go-to-market strategy to comprehensively deliver cyber resilience solution around the world across whatever trusted adviser partner products that our customers have.

再說一次，這種價值僅靠一種產品是無法實現的。這就是我們實際上正在製定的多方面入市策略，旨在透過我們的客戶擁有的任何值得信賴的顧問合作夥伴產品，在全球範圍內全面提供網路彈性解決方案。

And that all makes sense, Bipul. But in the technology partnerships, they come out with big announcements. And we look at those and they're interesting and we hear about them in the field. But are -- is what I said happening? Like am I just like noticing it more? Or are more and more -- and the first two you mentioned, VARs and GSIs, are -- is there greater engagement over the last quarter or two than there has been? Are more -- are you signing more partnerships with VARs and GSIs? Or it's just something that -- I don't know, maybe it's been happening and I just didn't -- I think we're trying to pay attention, but is it happening more?

這一切都是有道理的，Bipul。但在技術合作夥伴關係中，他們發布了重大公告。我們研究了這些，發現它們很有趣，我們在現場聽說過它們。但是──我所說的事情正在發生嗎？就像我只是更喜歡注意到它嗎？或者越來越多——您提到的前兩個，VAR 和 GSI——在過去一兩個季度中的參與度是否比以往更高？您是否與 VAR 和 GSI 簽署了更多合作夥伴關係？或者這只是一些事情——我不知道，也許它已經發生了，但我只是沒有——我想我們正在努力關注，但它發生得更多嗎？

It is definitely happening more, but it has been happening from last many quarters. Because what has happened is that in the last couple of years, the customers are demanding for cyber resilience solutions, cyber resiliency.

這種情況肯定會發生更多，但從過去的幾個季度開始就一直在發生。因為過去幾年發生的情況是，客戶對網路彈性解決方案、網路彈性有需求。

They are asking for how do I keep my services up and running even when I'm breached? Even how do I keep my hospitals up and take patients even when it is breached? How does kids go to school when the school is breached? And when the GSIs and VARs hear this question, they're not thinking about backup and recovery. They are saying then how do I bring a complete cyber resilience solution and protect our customers?

他們詢問即使我的服務遭到破壞，如何保持服務正常運作？即使我的醫院被破壞，我該如何維持並接收病人？當學校被破壞時，孩子如何去學校？當 GSI 和 VAR 聽到這個問題時，他們並沒有考慮備份和復原。他們說我如何提供完整的網路彈性解決方案並保護我們的客戶？

And it is doing 2 things to the VARs and GSIs. One is they are not having a discussion around infrastructure and dollar per terabyte. They are having a strategic dialogue with the customer around risk and risk mitigation. And then the second thing is that it actually broadens their scope in the enterprise from just infrastructure into infrastructure plus cybersecurity.

它對 VAR 和 GSI 做了兩件事。一是他們沒有圍繞基礎設施和每 TB 美元進行討論。他們正在與客戶圍繞風險和風險緩解進行策略對話。第二件事是，它實際上擴大了企業的範圍，從基礎設施擴展到基礎設施加網路安全。

So you really noticed it, right? Large GSIs, large VARs and mini VARs and mini GSIs are taking Rubrik to market because their success with their end customer depends upon their ability to drive cyber resiliency. And that's why you are noticing more and more folks are signing up with Rubrik.

所以你真的注意到了，對吧？大型 GSI、大型 VAR 以及小型 VAR 和小型 GSI 正在將 Rubrik 推向市場，因為它們在最終客戶中的成功取決於它們推動網路彈性的能力。這就是為什麼您會注意到越來越多的人註冊 Rubrik。

Got it. Well, keep it up guys because you know this, what we saw tonight is rare.

知道了。好吧，繼續吧夥計們，因為你知道這一點，我們今晚看到的情況是罕見的。

Thank you. And ladies and gentlemen, that is all the time we do have for questions today. At this time, I would like to turn things back over to Mr. Sinha for any closing comments.

謝謝。女士們、先生們，這就是我們今天提問的時間了。現在，我想將事情轉回辛哈先生以徵求結束意見。

In closing, I would like to thank all our customers, all our partners, all our Rubrikans as well as all our investors for your continued support. These are still very early days of Rubrik because company's life is in decades, not in years. And we just finished the first decade of Rubrik and have entered the next decade. We want to build a long-term large profitable business, and we look forward to working closely with you, to learn from you, to understand where the market is moving, and how do we continue to build market-defining products to keep our customers secure and make sure that they can do digital transformation confidently. Thank you so much.

最後，我要感謝我們所有的客戶、所有的合作夥伴、所有的 Rubrikans 以及所有的投資者一直以來的支持。Rubrik 還處於早期階段，因為公司的生命週期是幾十年，而不是幾年。我們剛剛完成了 Rubrik 的第一個十年，並進入了下一個十年。我們希望建立一個長期的、盈利能力強的業務，我們期待與您密切合作，向您學習，了解市場的走向，以及我們如何繼續打造市場定義的產品來留住我們的客戶安全並確保他們能夠自信地進行數位轉型。太感謝了。

Thank you, Mr. Sinha. Again, ladies and gentlemen, that will conclude the Rubrik third quarter fiscal 2025 results call. Again, thanks so much for joining us, everyone, and we wish you all a great remainder of your day. Goodbye.

謝謝你，辛哈先生。女士們、先生們，Rubrik 2025 財年第三季業績電話會議到此結束。再次非常感謝大家加入我們，祝大家有個愉快的一天。再見。