Rubrik Inc (RBRK) 2025 Q4 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Rubrik fourth quarter and fiscal year 2025 results conference call. (Operator Instructions) This call is being recorded on Thursday, March 13, 2025.

女士、先生們，下午好，歡迎參加 Rubrik 第四季和 2025 財年業績電話會議。（操作員指示）此通話於 2025 年 3 月 13 日星期四錄音。

I would now like to turn the conference over to Melissa Franchi. Please go ahead.

現在我想將會議交給 Melissa Franchi。請繼續。

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

大家好。歡迎參加 Rubrik 第四季和 2025 財政年度財務業績電話會議。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；以及財務長 Kiran Choudary。我們的收益新聞稿於今天市場收盤後發布，可從投資者關係頁面 www.ir.rubrik.com 下載。此外，在此頁面上，您還可以找到包含財務亮點的幻燈片，其中連同我們的收益報告，包括 GAAP 與非 GAAP 財務結果的對帳。

These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP. During this call, we will make forward-looking statements, including statements regarding our financial outlook for the first quarter and full fiscal year 2026 and 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 motion.

這些指標不應孤立地看待，也不應取代根據 GAAP 編制的財務資訊。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 2026 年第一季和全年財務前景的陳述以及我們對市場趨勢、市場地位和機會的預期，包括有關生成式人工智慧、成長策略、產品計劃以及對這些計劃和我們的上市動議的預期。

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 discuss in detail with our filings with the SEC. Rubrik assumes no obligation to update any forward-looking statements we make on today's call.

這些陳述僅是基於我們今天的看法而做出的預測，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的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 Vipul.

說完這些，我將把電話交給維普爾 (Vipul)。

Thank you, Melissa. I want to start by thanking everyone for joining today. The fourth quarter was an exceptional finish. What has been a Milestonia for Rubrik? This quarter is once again exceeded all top line and profitability guided metrics. There are five key numbers. First, subscription ARR reached $1.093 billion, growing 39% year-over-year. Yet again, a clear indication that we are winning the cyber resilience market.

謝謝你，梅麗莎。首先我要感謝大家今天的參加。第四節比賽的結局非常出色。對 Rubrik 來說 Milestonia 是什麼？本季再次超出了所有營收和獲利預測指標。有五個關鍵數字。首先，訂閱ARR達到10.93億美元，年增39%。這再次明確表明我們正在贏得網路彈性市場。

Net new subscription ARR reached over $90 million in the fourth quarter, which is a record for us and a standout for a cybersecurity company at scale.

第四季淨新訂閱 ARR 達到 9,000 多萬美元，這對我們來說是一個紀錄，對於一家規模龐大的網路安全公司來說，這也是一個傑出的成績。

Second, our subscription revenue was $244 million, growing 54% year-over-year. Third, our subscription NRR remained strong above 120%. Fourth, customers with $100,000 or more in subscription ARR reached 2,246 growing 29% year-over-year. Customers with $1 million or more in subscription ARR reached 162, growing 64% year-over-year.

其次，我們的訂閱收入為 2.44 億美元，年增 54%。第三，我們的訂閱NRR仍維持在120%以上的強勁水準。第四，訂閱ARR為10萬美元或以上的客戶達到2,246名，較去年同期成長29％。訂閱 ARR 為 100 萬美元或以上的客戶達到 162 家，較去年同期成長 64%。

Finally, on profitability, we once again made material improvement in subscription ARR contribution margin, up over 1,400 basis points year-over-year. On cash generation, we are very happy to report that we had over $75 million in free cash flow this quarter and approximately $22 million in free cash flow for the full fiscal year. Overall, our total revenue grew 47% year-over-year, and we generated 29% free cash flow margin in the quarter.

最後，在獲利能力方面，我們再次在訂閱ARR貢獻利潤率方面取得了實質的提高，年增了1,400個基點以上。在現金產生方面，我們很高興地報告，本季我們的自由現金流超過 7,500 萬美元，整個財年的自由現金流約為 2,200 萬美元。總體而言，我們的總收入年增 47%，並且本季實現了 29% 的自由現金流利潤率。

We believe this combination of top line growth and free cash flow margin at this scale is rare, which is truly a tremendous achievement. We continue to be very confident about our business and our leadership of the cyber resilience market. Therefore, we are guiding fiscal 2026 numbers ahead of the consensus.

我們認為，如此規模的營收成長與自由現金流利潤率的結合非常罕見，這確實是一個巨大的成就。我們對我們的業務和網路彈性市場的領導地位仍然充滿信心。因此，我們將提前預測 ​​2026 財年的數據。

Now let me unpack what is fueling the strong performance of our business. I spent significant time meeting with CIOs and CSOs around the world. In fact, I had over 400 customer meetings last fiscal year. What is clear is that companies are undergoing multiple technology transformations to find success in the AI era. As organizations prepare their infrastructure for generative AI and replatform to accelerate cloud adoption, they quickly realized the need for a modern data security strategy that provides robust cyber resilience.

現在，讓我來分析一下我們的業務表現強勁的動力。我花了大量時間與世界各地的資訊長 (CIO) 和首席安全官 (CSO) 會面。事實上，上個財政年度我舉行了 400 多場客戶會議。顯而易見的是，企業正在進行多項技術轉型，以在人工智慧時代取得成功。當企業為生成式人工智慧準備基礎設施並重新平台化以加速雲端採用時，他們很快就意識到需要一種能夠提供強大網路彈性的現代資料安全策略。

This is why we continue to win significantly against all our competitors who have struggled to deliver cyber resilience across the full breadth of customer transformation initiatives.

這就是為什麼我們繼續大幅擊敗所有一直在努力在整個客戶轉型計劃中提供網路彈性的競爭對手。

What we see is that Customers turn to Rubrik to provide cyber resilience as the replatform across data centers and pivot to multiple clouds. As we deepen their cloud and SaaS investments, we help them orchestrate uniform and consistent data security controls through a single policy engine. When a customer's identity service is compromised, we help them quickly recover by automating a painfully manual recovery process, all while avoiding malware infection.

我們看到的是，客戶轉向 Rubrik 來提供網路彈性，作為跨資料中心的重新平台並轉向多個雲端。隨著我們深化他們的雲端和 SaaS 投資，我們幫助他們透過單一策略引擎協調統一、一致的資料安全控制。當客戶的身份服務受到損害時，我們會透過自動化痛苦的手動恢復流程幫助他們快速恢復，同時避免惡意軟體感染。

As our customers look to modernize how they manage their unstructured data for GenAI readiness, we help them securely mobilize their unstructured data to the cloud. When our customers halt their GenAI deployments due to overexposed sensitive data, we help them strengthen their data security posture so that they can confidently deliver GenAI services. Our unique platform allows us to solve all these problems and more.

當我們的客戶尋求以現代化的方式管理其非結構化資料以做好 GenAI 準備時，我們會幫助他們將非結構化資料安全地遷移到雲端。當我們的客戶因過度暴露敏感資料而停止其 GenAI 部署時，我們會協助他們加強資料安全態勢，以便他們能夠自信地提供 GenAI 服務。我們獨特的平台使我們能夠解決所有這些問題以及更多問題。

First, our differentiated architecture positions us at the nexus of data security and AI. While other players are forced to consolidate, we continue to take market share away from the competition. Second, as companies shift deeper into cloud and GenAI, they choose Rubrik to deliver comprehensive cyber resilience and quicker recovery times across their data from enterprise to cloud to SaaS applications.

首先，我們差異化的架構使我們處於資料安全和人工智慧的連接點。當其他參與者被迫整合時，我們繼續從競爭對手手中奪取市場份額。其次，隨著公司深入轉向雲端和 GenAI，他們選擇 Rubrik 來提供全面的網路彈性，並縮短從企業到雲端再到 SaaS 應用程式的資料復原時間。

These are the key contributors to our exceptional growth at this scale. Now let me highlight a few customer wins with cloud and SaaS protection. This quarter, a European insurance company selected Rubrik to provide complete cyber resilience for its critical cloud workloads.

這些是我們實現如此規模卓越成長的關鍵因素。現在，讓我重點介紹雲端和 SaaS 保護為客戶帶來的一些好處。本季度，一家歐洲保險公司選擇 Rubrik 為其關鍵雲端工作負載提供完整的網路彈性。

Rubrik aligned with its key CEO initiatives to reduce the risk of downtime from a cyber attack, ensure DORA compliance and reduced IT spend. Through a comprehensive proof of concept, Rubrik provided a single pane of glass to manage data security across AWS and Azure as well as demonstrated a 24% total cost of ownership production, plus savings of over $400,000 per year by reducing infrastructure and storage costs.

Rubrik 與其主要 CEO 計畫保持一致，以降低網路攻擊造成停機的風險、確保遵守 DORA 規定並減少 IT 支出。透過全面的概念驗證，Rubrik 提供了單一視窗來管理 AWS 和 Azure 上的資料安全，同時展示了 24% 的總擁有成本，此外透過降低基礎設施和儲存成本每年可節省 40 萬多美元。

A Fortune 50 organization selected Rubrik Security Cloud, or RSC, to protect M365, one of its most critical SaaS applications with tens of thousands of users. Rubrik is stood above other new gen backup and recovery providers because of our demonstrated expertise in protecting the world's largest M365 environment and our strategic partnership with Microsoft.

財富 50 強企業選擇了 Rubrik Security Cloud (RSC) 來保護 M365，這是其擁有數萬名用戶的最關鍵的 SaaS 應用程式之一。Rubrik 憑藉在保護世界上最大的 M365 環境方面所累積的專業知識以及與 Microsoft 的策略合作夥伴關係而勝過其他新一代備份和復原供應商。

We also demonstrated an ability to recover 98% faster than native recovery tools, avoiding billions in potential losses upon a successful cyber attack. In the words of the customer, "This is about the survival of our company." A US business conglomerate bought our RSC Enterprise Edition, including Rubrik's Universal Cloud License, SaaS data protection for M365 and unstructured data protection. This organization's CIO and CISO selected Rubrik due to our superior capabilities such as threat hunting and faster recovery times compared to legacy and new gen alternatives.

我們也展示了比本機復原工具快 98% 的復原能力，避免了成功的網路攻擊後數十億美元的潛在損失。用客戶的話來說，“這關係到我們公司的生存。”一家美國企業集團購買了我們的 RSC 企業版，其中包括 Rubrik 的通用雲端授權、M365 的 SaaS 資料保護和非結構化資料保護。組織的 CIO 和 CISO 之所以選擇 Rubrik，是因為與傳統和新一代替代方案相比，我們具有威脅搜尋和更快的恢復時間等卓越功能。

With this purchase, the company was also able to consolidate 9 backup and recovery tools into a single platform for complete cyber resilience. The move to public cloud infrastructure and greater adoption of SaaS applications is also driving strength in Rubrik's Data Security Posture Management, or DSPM business. This quarter, we announced the full integration of our DSPM into Rubrik Security Cloud, allowing customers to rapidly enable DSPM for increased data visibility and sensitive data control from their existing RSC instance.

透過此次收購，該公司還能夠將 9 種備份和復原工具整合到一個平台中，以實現完整的網路彈性。向公有雲基礎設施的轉變和 SaaS 應用程式的廣泛採用也推動了 Rubrik 資料安全態勢管理 (DSPM) 業務的發展。本季度，我們宣布將我們的 DSPM 完全整合到 Rubrik Security Cloud，允許客戶快速啟用 DSPM，以從其現有 RSC 執行個體提高資料可見性和敏感資料控制。

Our integrated DSPM solution empowers organizations to proactively reduce data risk across fragmented cloud, SaaS and enterprise environments and ensures the sensitive data remain protected regardless of where it lives. Rubrik DSPM plus Rubrik cyber recovery offers complete cyber resilience, and this makes us unique in the marketplace.

我們的整合 DSPM 解決方案使組織能夠主動降低分散的雲端、SaaS 和企業環境中的資料風險，並確保敏感資料無論位於何處都受到保護。Rubrik DSPM 加上 Rubrik 網路復原提供了完整的網路彈性，這使我們在市場上獨樹一幟。

Let me give you an example. This quarter, an existing large financial services customers upgraded their highest RSC addition for access to Rubrik DSPM and enhanced protection for their cloud and enterprise workloads. This customer also expanded Rubrik data protection to include critical structured and unstructured workloads in their AWS environment. With this purchase, this customer addressed a key business challenge of identifying where sensitive data lives, on-premises and in the cloud.

讓我給你舉個例子。本季度，現有的大型金融服務客戶升級了其最高 RSC 附加功能，以存取 Rubrik DSPM，並增強了對其雲端和企業工作負載的保護。該客戶還擴展了 Rubrik 資料保護，以涵蓋其 AWS 環境中的關鍵結構化和非結構化工作負載。透過此次購買，該客戶解決了一個關鍵的業務挑戰，即確定敏感資料的儲存位置（內部部署和雲端）。

The customer was also able to retire several legacy backup tools. CIOs look to Rubrik as a trusted partner in their journey to secure their critical enterprise databases and modernize their data centers with replatformization initiatives. Along these lines, we recently announced our expanded support for Red Hat OpenShift virtualization and PostgreSQL databases. We'll continue to expand our capabilities to cover critical platforms across traditional and modern infrastructures.

客戶也可以淘汰一些傳統的備份工具。在保護關鍵企業資料庫和透過重建平台計畫來現代化資料中心的過程中，CIO 將 Rubrik 視為值得信賴的合作夥伴。為此，我們最近宣布擴大對 Red Hat OpenShift 虛擬化和 PostgreSQL 資料庫的支援。我們將繼續擴展我們的能力，以涵蓋傳統和現代基礎設施的關鍵平台。

Companies are also turning to Rubrik to secure their massive unstructured data estate, a trend we believe will continue as enterprise AI initiatives gain more speed. In Q4, a US airline expanded their Rubrik footprint by adding unstructured data protection. We demonstrated a 65% reduction in operating expense over 36 months by freeing up data center capacity while enhancing the protection of their critical data sets.

公司也開始使用 Rubrik 來保護其大量非結構化資料資產，我們相信隨著企業 AI 計畫的加速，這個趨勢將會持續下去。第四季度，一家美國航空公司透過增加非結構化資料保護擴大了其 Rubrik 業務範圍。透過釋放資料中心容量並增強對關鍵資料集的保護，我們證明在 36 個月內營運費用減少了 65%。

This quarter, we also added a lighthouse government organization in Southeast Asia. This customer elected to replace their legacy backup vendor with Rubrik across structured and unstructured data in their data center as well as their cloud. Our functionality was unmatched by legacy incumbent and new gen competition. Additionally, this customer noted our robust and built-in security features, including threat monitoring and anomaly detection.

本季度，我們也新增了東南亞燈塔政府組織。該客戶選擇以 Rubrik 取代其資料中心和雲端的結構化和非結構化資料的傳統備份供應商。我們的功能是傳統和新一代競爭對手所無法比擬的。此外，該客戶還注意到我們強大且內建的安全功能，包括威脅監控和異常偵測。

This purchase also included Rubrik DSPM for complete cyber resilience and cyber preparedness. We continue to accelerate innovation to keep ahead of the threat landscape. Over a year ago, we launched our capabilities to secure Microsoft Active Directory or AD and Entra ID. These identity services are universally used and are primary targets for attackers. In fact, 90% of global 1,000 use AD to authenticate and authorize users.

此次採購還包括 Rubrik DSPM，以實現完整的網路彈性和網路準備。我們不斷加快創新以保持領先於威脅情勢。一年多前，我們推出了保護 Microsoft Active Directory 或 AD 和 Entra ID 的功能。這些身分服務被普遍使用並且是攻擊者的主要目標。事實上，全球 1,000 家企業中有 90% 使用 AD 來對使用者進行身份驗證和授權。

Over the past year, we have seen significant customer adoption of our immutable access control backups for Active Directory and Entra ID.

在過去的一年裡，我們看到大量客戶採用了我們針對 Active Directory 和 Entra ID 的不可變存取控制備份。

Our customers can leverage their existing Rubrik Security Cloud platform to restore their AD and Entra ID services without reintroducing malware or misconfiguration. This quarter, we deepened our innovation in identity with the general availability of orchestrated Active Directory Forest recovery. When an attack compromises active directory, domain controllers, recovering the entire AD forest becomes an administrative nightmare, particularly for large organizations.

我們的客戶可以利用他們現有的 Rubrik 安全雲端平台來恢復他們的 AD 和 Entra ID 服務，而不會重新引入惡意軟體或錯誤配置。本季度，我們透過精心策劃的 Active Directory Forest 復原的普遍可用性深化了身分識別方面的創新。當攻擊危及活動目錄、網域控制站時，恢復整個 AD 林將成為一場管理噩夢，尤其是對於大型組織而言。

Our orchestrated AD forest recovery allows enterprises to rapidly and automatically recover entire AD forest to desire point in time while avoiding malware introduction. What once was a manual recovery that can span weeks is now transformed into recovery within an hour. We have already seen a number of wins across orchestrated AD forest recovery, which is currently sold as a stand-alone offering.

我們精心策劃的 AD 林恢復允許企業快速、自動地將整個 AD 林恢復到所需的時間點，同時避免引入惡意軟體。過去需要數週時間的手動恢復現在變為一小時內即可完成。我們已經看到了精心策劃的 AD 林恢復帶來的許多好處，目前作為獨立產品出售。

One highlight is with the state lottery organization has standardized on Rubrik Security Cloud this quarter, adding Rubrik orchestrated AD forest recovery. Already protecting enterprise data, they also added cloud-native workloads for Azure, SaaS data protection for M365 and Rubrik DSPM to enhance cyber preparedness.

其中一個亮點是本季度國家彩票組織對 Rubrik 安全雲端進行了標準化，增加了 Rubrik 精心策劃的 AD 林恢復。在保護企業資料的同時，他們也為 Azure 增加了雲端原生工作負載，為 M365 和 Rubrik DSPM 增加了 SaaS 資料保護，以增強網路防範能力。

In addition, a global investment bank purchased Rubrik orchestrated AD forest recovery this quarter to shorten the recovery of active directory to just few hours versus five days previously. In closing, I'm proud of our unwavering customer focus and relentless execution as we create a new vision for the cybersecurity industry based on cyber resilience.

此外，一家全球投資銀行本季購買了 Rubrik 精心設計的 AD 森林恢復系統，將活動目錄的恢復時間從先前的五天縮短至數小時。最後，我為我們堅定不移的客戶關注和不懈的執行力感到自豪，因為我們基於網路彈性為網路安全產業創造了新的願景。

However, we are still early in Rubrik's journey to realize the company's full potential. In calendar 2025, we aim to accelerate our product innovation, generate groundbreaking ideas and lay foundation for continued future growth. I'm confident that what is ahead of us is even more important and exciting than what we have previously achieved.

然而，我們在 Rubrik 充分發揮公司潛力的道路上還處於早期階段。2025年，我們的目標是加速產品創新，產生突破性的想法，為未來持續成長奠定基礎。我確信，我們面臨的目標比之前所取得的成就更重要、更令人興奮。

Thank you to all our Rubrikans as well as our customers and partners around the world. The best is yet to come.

感謝我們所有的 Rubrikans 以及我們在世界各地的客戶和合作夥伴。最好的尚未到來。

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

我很高興將這個任務交給我們的財務長 Kiran Choudary

Thank you, Vipul. Good afternoon, everyone, and thank you for joining us today. Q4 was a record quarter to date. It was highlighted by solid top line growth at scale, driven by our leadership in the growing market for Cyber resilience and significant expansions within our customer base. It was also marked by strong and continued improvement in profitability.

謝謝你，維普爾。大家下午好，感謝大家今天的參與。第四季是迄今為止創紀錄的一個季度。突出表現是規模化穩健的營收成長，這得益於我們在不斷增長的網路彈性市場中的領導地位以及客戶群的顯著擴張。其獲利能力也持續強勁提升。

Let me start by briefly recapping our fourth quarter and full year fiscal 2025 financial results and key operating metrics and then I'll provide guidance for the first quarter and full year fiscal 2026.

首先，我先簡要回顧我們 2025 財年第四季和全年的財務表現和關鍵營運指標，然後我將提供 2026 財年第一季和全年的指導。

All comparisons unless otherwise noted are on a year-over-year basis. Subscription ARR best illustrates the momentum of our business, and we are very pleased to have ended Q4 with subscription ARR of $1.093 billion, growing 39%. We added $90 million in net new subscription ARR. We continue to drive adoption of our Rubrik security cloud, which resulted in $876 million of cloud ARR up 67%.

除非另有說明，所有比較均以同比為基礎。訂閱 ARR 最能體現我們業務的發展勢頭，我們很高興在第四季結束時訂閱 ARR 達到 10.93 億美元，成長 39%。我們增加了 9000 萬美元的淨新訂閱 ARR。我們繼續推動 Rubrik 安全雲的採用，這使得雲端 ARR 成長 67% 至 8.76 億美元。

Our subscription ARR growth benefited approximately 2-percentage-points from transitioning our declining maintenance base to subscription. We have a differentiated land-and-expand model, where we have multiple avenues to acquire new customers and expand the relationship with our customers after the initial contract. We can expand through the growth of data in applications already secured by Rubrik through the expansion of our footprint of application secured and/or by the addition of more security functionality.

我們的訂閱 ARR 成長受益於我們將不斷下降的維護基礎轉變為訂閱，從而獲得了大約 2 個百分點的收益。我們擁有差異化的登陸和擴張模式，在初始合約之後，我們透過多種途徑獲取新客戶並擴大與客戶的關係。我們可以透過擴大我們安全的應用程式的覆蓋範圍和/或增加更多的安全功能來擴展已經受 Rubrik 保護的應用程式中的資料的成長。

As a result, we continue to see a strong subscription net retention rate, which remained over 120% in the fourth quarter. All vectors of expansion are healthy contributors to our NRR, highlighting the meaningful runway we have to more deeply penetrate our customer base. Adoption of additional security functionality is slightly over 1/3 of our subscription net retention rate, up from approximately 29% in the year ago period.

因此，我們繼續看到強勁的訂閱淨保留率，第四季仍保持在 120% 以上。所有的擴張載體都對我們的 NRR 做出了有益的貢獻，凸顯了我們更深入滲透客戶群的有意義的跑道。採用額外的安全功能略高於我們訂閱淨保留率的 1/3，高於去年同期的約 29%。

We ended the fourth quarter with 2,246 customers with subscription ARR of $100,000 or more, up 29%. These larger customers now contribute 84% of our subscription ARR, up from 80% in the year ago period as we become an increasingly strategic partner to our enterprise customers. For our fourth quarter and fiscal 2025, subscription revenue was $244 million, up 54%. Total revenue was $258 million, up 47%. Revenue in Q4 benefited from our strong ARR growth and tailwinds as we progress through our cloud transformation journey.

截至第四季度，我們擁有 2,246 名客戶，其訂閱 ARR 達到或超過 10 萬美元，成長 29%。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 84%，高於去年同期的 80%。我們 2025 財年第四季的訂閱營收為 2.44 億美元，成長 54%。總收入為2.58億美元，成長47%。第四季的營收受益於我們強勁的 ARR 成長和我們在雲端轉型之旅中取得的進展。

We also saw higher nonrecurring revenue, which was accounted for as material rights related to our cloud transformation which contributed a few points of growth this quarter. Turning to the geographic mix of revenue. Revenue from the Americas grew 48% to $185 million. Revenue from outside the Americas grew 47% to $73 million.

我們也看到了更高的非經常性收入，這被計入與我們的雲端轉型相關的重要權利，這為本季貢獻了幾個成長點。轉向收入的地理結構。來自美洲的營收成長48%，達到1.85億美元。來自美洲以外地區的營收成長 47%，達到 7,300 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. Our non-GAAP gross margin was 80% in the fourth quarter compared to 78% in the year ago period. Our gross margin benefited from the revenue outperformance, including higher nonrecurring revenue. Our gross margin also benefited from improved efficiency of our customer support organization, offset by continued investments in our cloud hosting infrastructure.

在討論毛利率、費用和盈利能力之前，我想指出，我將在未來討論非 GAAP 結果。我們第四季的非公認會計準則毛利率為 80%，去年同期為 78%。我們的毛利率受益於收入的優異表現，包括更高的非經常性收入。我們的毛利率也受惠於客戶支援部門效率的提高，但對雲端託管基礎設施的持續投資抵消了這種影響。

We anticipate total gross margin to remain within our long-term target of 75% to 80% in fiscal 2026. As a reminder, we look at subscription ARR contribution margin as a key measure of operating leverage supporting our path to profitability. 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 positive 2% in the last 12 months ended January 31 compared to negative 12% in the year ago period, an improvement of over 1,400 basis points.

我們預計 2026 財年的總毛利率將維持在 75% 至 80% 的長期目標範圍內。提醒一下，我們將訂閱 ARR 貢獻利潤率視為支持我們獲利的營運槓桿的關鍵指標。我們相信，訂閱 ARR 貢獻利潤率的提高證明了我們大規模推動經營槓桿和獲利能力的能力。截至 1 月 31 日的 12 個月內，訂閱 ARR 貢獻利潤率為正 2%，而去年同期為負 12%，改善了 1,400 個基點。

The improvement in subscription ARR contribution margin was driven by higher sales, the benefits of scale and improving efficiencies and management of costs across the business. Free cash flow was $75 million compared to $9 million in the fourth quarter of fiscal 2024. For the full year, free cash flow was $22 million compared to negative $25 million for fiscal 2024. This increase was primarily driven by higher sales and improved operating leverage, offset by higher expenses and increasing mix of annual and monthly consumption payments and shorter contract terms related to the year ago period.

訂閱 ARR 貢獻利潤率的提高得益於銷售額的提高、規模效益以及整個業務效率和成本管理的提高。自由現金流為 7,500 萬美元，而 2024 財年第四季為 900 萬美元。全年自由現金流為 2,200 萬美元，而 2024 財年為負 2,500 萬美元。這一成長主要得益於銷售額成長和營運槓桿提高，但被費用增加、年度和月度消費付款組合增加以及與去年同期相比合約期限縮短所抵消。

Turning to our balance sheet. We ended the fourth quarter in a strong cash position with $705 million in cash, cash equivalents, restricted cash and marketable securities and $322 million in debt. Let me provide some context on our outlook for fiscal '26. We remain confident about the strength of the cyber resilience market and demand for our differentiated offerings.

轉向我們的資產負債表。我們第四季的現金狀況非常強勁，擁有 7.05 億美元的現金、現金等價物、受限現金和有價證券以及 3.22 億美元的債務。讓我提供一些有關 26 財年前景的背景資訊。我們對於網路彈性市場實力以及我們差異化產品的需求仍然充滿信心。

We believe these drivers alongside our strong and consistent execution will deliver strong subscription ARR growth ahead. As a reminder, we run our business on annual net new subscription ARR, but I'd like to give some guideposts on our current perspective on quarterly seasonality. We continue to expect higher net new subscription ARR in the second half of the year versus the first half.

我們相信，這些驅動因素加上我們強勁且持續的執行力將帶來強勁的訂閱 ARR 成長。提醒一下，我們的業務是按照年度淨新訂閱 ARR 來運營的，但我想就我們目前對季度季節性的看法提供一些指導。我們繼續預計下半年的淨新訂閱 ARR 將高於上半年。

While this is relatively in line with normal seasonality, it is also reflective of a shift to annual sales comp plans this year versus semiannual previously. Currently, we expect the first half to comprise approximately 40% of the full year net new subscription ARR with Q1 specifically contributing approximately 24% of full year net new subscription ARR.

雖然這與正常的季節性相對一致，但也反映了今年向年度銷售補償計畫的轉變，而非先前半年的銷售補償計畫。目前，我們預計上半年將佔全年淨新訂閱 ARR 的約 40%，其中第一季具體貢獻了全年淨新訂閱 ARR 的約 24%。

As we have mentioned before, revenue and revenue growth can fluctuate due to a number of variables. In fiscal '26, we expect revenue will continue to see tailwinds from our cloud transformation, including a few points of growth from nonrecurring revenue due to material rights. In terms of operating expenses, we expect to maintain a disciplined approach to investing across our business in order to drive future growth as we continue to scale globally.

正如我們之前提到的，收入和收入成長會因多種變數而波動。在26財年，我們預期營收將繼續受到雲端轉型的推動，包括因實質權利而帶來的一些非經常性收入的成長。在營運費用方面，我們希望在整個業務中保持嚴謹的投資方式，以便在我們繼續擴大全球規模的同時推動未來成長。

Innovation remains a top priority for us, and we'll continue to invest in R&D while driving modest leverage in sales and marketing and G&A. I'd also like to note some seasonality in subscription ARR contribution margin due to the quarterly timing of net new subscription ARR and operating expenses.

創新仍然是我們的首要任務，我們將繼續投資研發，同時在銷售、行銷和一般行政管理方面發揮適度作用。我還想指出，由於淨新訂閱 ARR 和營運費用按季度發生，訂閱 ARR 貢獻利潤率存在一些季節性。

Specifically, we expect Q1 contribution margins to be up from Q4 before moving lower in Q2 and Q3, then proceeding higher in the fourth quarter. For free cash flow, we expect Q1 and Q4 to be our seasonally strongest quarters and the first half to be approximately breakeven.

具體來說，我們預計第一季的貢獻利潤率將較第四季上升，然後在第二季和第三季下降，然後在第四季上升。對於自由現金流，我們預計第一季和第四季將是我們季度性表現最強勁的季度，而上半年將大致實現收支平衡。

Now turning to our guidance for the first quarter and full year fiscal 2026. In Q1, we expect revenue of $259 million to $261 million, up 38% to 39%. We expect non-GAAP subscription ARR contribution margins between 4% and 5%. We expect non-GAAP earnings per share of negative $0.33 to negative $0.31 based on approximately 192 million weighted average shares outstanding.

現在來談談我們對 2026 財年第一季和全年的指導。我們預計第一季營收為 2.59 億美元至 2.61 億美元，成長 38% 至 39%。我們預計非 GAAP 訂閱 ARR 貢獻利潤率在 4% 至 5% 之間。基於約 1.92 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 0.33 美元至負 0.31 美元。

For the full year fiscal 2026, we expect subscription ARR in the range of $1.350 billion to $1.360 billion, reflecting a year-over-year growth rate of approximately 24%. We expect total revenue for the full year fiscal 2026 in the range of $1.145 billion to $1.161 billion, implying approximately 30% growth. We expect non-GAAP subscription ARR contribution margins between 4.5% and 5.5%. We expect non-GAAP earnings per share of negative $1.23 to negative $1.13 based on approximately 198 million weighted average shares outstanding for the full year.

對於 2026 財年全年，我們預計訂閱 ARR 在 13.5 億美元至 13.6 億美元之間，年成長率約為 24%。我們預計 2026 財年全年總營收將在 11.45 億美元至 11.61 億美元之間，成長約 30%。我們預計非 GAAP 訂閱 ARR 貢獻利潤率在 4.5% 至 5.5% 之間。基於全年約 1.98 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 1.23 美元至負 1.13 美元。

We expect earnings per share to decline from Q1 to Q2 and increase in Q3 and Q4. We expect free cash flow of $45 million to $65 million. In closing, we are pleased with our performance in the fourth quarter and in our first year as a publicly traded company. Looking forward, we believe we are well positioned to continue to deliver efficient and durable growth given our leadership and innovation in the large and growing opportunity for cyber resilience.

我們預計每股收益將從第一季到第二季下降，並將在第三季和第四季上升。我們預計自由現金流為 4,500 萬至 6,500 萬美元。最後，我們對公司第四季以及上市第一年的表現感到滿意。展望未來，我們相信，憑藉我們在網路彈性領域不斷增長的巨大機會中的領導地位和創新能力，我們有能力繼續實現高效、持久的成長。

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

現在，我們願意開放電話會議來回答任何問題。

(Operator Instructions)

（操作員指令）

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Okay, great. Hey guys, thanks for taking my question here and nice finish to the year.

好的，太好了。嘿夥計們，謝謝你們回答我的問題，祝今年圓滿結束。

Thank you. Absolutely.

謝謝。絕對地。

I'll keep to one question and Bipul, maybe it's for you. So you've spent a lot of time with customers. How are you feeling about the TAM here for data protection? You talked about how customers need a modern more modern data protection tool as they move to the cloud and deliver Gen AI.

我會堅持一個問題，Bipul，也許它適合你。您花了很多時間與客戶相處。您對這裡的 TAM 資料保護有何看法？您談到了客戶在遷移到雲端並提供 Gen AI 時需要更現代的資料保護工具。

I think we see the share shift in numbers, but curious if you feel the TAM here is expanding through that sort of cloud and GenAI transition as well.

我認為我們看到了數字上的份額變化，但好奇的是，您是否也覺得這裡的 TAM 也在透過這種雲端和 GenAI 轉型進行擴展。

Thanks, Saket. As you might recall, during IPO road show and in our subsequent quarterly updates, we have been, we have done a fundamental transformation of the traditional data protection market. We brought DSPM and cyber recovery together to create a new platform to deliver cyber resilience. And this platform, Rubrik Security Cloud is a true data security platform. So by bringing this idea of data risk, data threat and cyber recovery on a single platform, we massively expanded the TAM for our market.

謝謝，Saket。您可能還記得，在 IPO 路演期間以及隨後的季度更新中，我們已經對傳統資料保護市場進行了根本性的轉型。我們將 DSPM 與網路復原結合在一起，創建了一個提供網路彈性的新平台。而這個平台Rubrik Security Cloud是一個真正的資料安全平台。因此，透過將資料風險、資料威脅和網路復原的概念引入單一平台，我們大大擴展了我們市場的 TAM。

And as we had mentioned in our IPO prospectus, it's over $50 billion market.

正如我們在 IPO 招股說明書中所提到的，這個市場規模超過 500 億美元。

What is exciting is that as customers are taking a GenAI journey and preparing for GenAI as well as doing cloud transformation, the need for cyber resilience and data security is only increasing. As they are adopting more SaaS platforms, they need to secure that data, they need to ensure that the right data is available to the right user on the right platform at the right time for the right duration. And all of it is expanding the TAM for us.

令人興奮的是，隨著客戶踏上 GenAI 之旅、為 GenAI 做準備以及進行雲端轉型，對網路彈性和資料安全的需求只會增加。隨著他們採用更多的 SaaS 平台，他們需要保護資料的安全，他們需要確保在正確的時間、正確的持續時間內在正確的平台上為正確的用戶提供正確的資料。所有這些都在擴大我們的 TAM。

So from where we sit, and as you can see this quarter results, we are not opportunity constrained. We are the only cybersecurity company that sits at the intersection of data security in AI. And it is on us going forward is how do we prioritize our product development as well as inorganic tuck-ins to really accelerate our journey to the AI future.

因此，從我們目前的情況以及正如您所看到的本季業績來看，我們並沒有受到機會的限制。我們是唯一一家處於人工智慧資料安全交叉領域的網路安全公司。我們未來要考慮的是如何優先考慮我們的產品開發以及無機整合，以真正加速我們邁向人工智慧未來的步伐。

Very helpful. Thanks guys.

非常有幫助。謝謝大家。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Hi, thank you very much. Congratulations on the end of the fiscal year, spectacular finish. What a year it's been. You went public. You've put up a few quarters, nice performance. As you Bipul and team, as you look into the next fiscal year and beyond, there's a core thesis of why Rubrik works so well for your customers.

你好，非常感謝。祝賀財政年度結束，取得了輝煌的成績。這是多麼不平凡的一年。你公開露面了。您已投入了幾個季度，表現不錯。當您與 Bipul 和團隊一起展望下一個財年及以後時，您會發現一個核心論點，為什麼 Rubrik 能為您的客戶提供如此出色的服務。

You've been at least 2 to 3 years ahead of your industry and I hope you continue to be that way.

您已經領先您的行業至少2至3年，我希望您能夠繼續保持這種狀態。

But as you look at customers' evolving requirements, what are the new battles to be fought and won. As you look to your most cutting-edge customers that are leading the company into your next 2 or 3 years of strategy, what are your leading edge customers telling you as to what the leading edge requirements are? Because we all know that one way to look at this market is it's merely a replacement market of old technology being replaced with new.

但當你審視客戶不斷變化的需求時，你會發現需要打贏的新仗是什麼。當您展望引領公司未來 2 至 3 年策略的最前沿客戶時，您的前沿客戶會告訴您什麼是前沿要求？因為我們都知道，看待這個市場的一種方式是，它只是一個新技術取代舊技術的替代市場。

But then that's not always right? There are things that you've been doing with your DSPM, et cetera, to extend the frontiers. So what are your best customers telling you as to what you need to be doing for the next 2 to 3 years? And finally, if you can -- if you have the time to comment, your take on the tariffs, et cetera, impacting the economy. And what are your customers saying about their spending priorities with RSC.

但這並不總是正確的？您已利用 DSPM 等開展了一些工作來拓展邊界。那麼，您的最佳客戶告訴您未來 2 至 3 年需要做些什麼？最後，如果您有時間發表評論，請談談您對關稅等對經濟影響的看法。您的客戶對於 RSC 的消費重點有何看法？

Thank you, Kash. Let me focus on the first question first. If you look at Rubrik, again, our core focus is cyber resilience. And if you look at cyber resilience, what we are telling our customers is that a assumed breaches will happen to you. And if you have to have an assumed breach posture, how do you ensure that you are -- you understand the risk in your most critical assets as well as your services?

謝謝你，卡什。我先集中討論第一個問題。如果你再看 Rubrik，你會發現我們的核心重點是網路彈性。如果你看一下網路彈性，我們告訴客戶，假定的違規行為會發生在你身上。如果您必須採取假定的違規姿態，您如何確保您了解您最重要的資產和服務中的風險？

And how do you ensure that your services are up and running even when confronted with cyber attacks.

即使面臨網路攻擊，如何確保您的服務仍然正常運作。

And this is where we are doubling down building like our data security platform to deliver cyber resilience across cloud, across SaaS. And if you think about the fundamental risk to the data comes from the user interaction with the data, both -- user could be human or nonhuman identities. So that's why we are also focused on building the next S curve around identity-related set and whether it's Active Directory or Entra ID. And we are seeing interesting momentum in that market.

我們正在加倍努力建立我們的資料安全平台，以跨雲端、跨 SaaS 提供網路彈性。如果你考慮到資料的根本風險來自於使用者與資料的交互，那麼使用者可能是人類，也可能是非人類。所以這就是為什麼我們也專注於圍繞身份相關集建立下一個 S 曲線，無論是 Active Directory 還是 Entra ID。我們看到該市場出現了有趣的發展勢頭。

We launched the first identity recovery product about a year ago, and it had a very significant traction. And then our recent forest recovery release has like really proven that we are on the right track with respect to the identity. So around cyber resilience, we continue to focus on data security, identity security and delivering cyber recovery and the risk posture.

我們大約一年前推出了第一款身份恢復產品，並且取得了非常顯著的成效。我們最近的森林恢復工作確實證明了我們在身份問題上走在了正確的軌道上。因此，在網路彈性方面，我們將繼續關注資料安全、身分安全以及網路復原和風險態勢。

And then we also have this other unique opportunity because we have all of the customer data and plus the governance and security and integrity on the data. And our Annapurna platform is that how do we leverage this data lake, the next-gen data lake that we are naturally creating to deliver cyber recovery because we have the source of food for the data to power customers AI applications. And that's where we are actually iterating and figuring out what is the product market fit.

我們還有另一個獨特的機會，因為我們擁有所有客戶資料以及資料的治理、安全性和完整性。我們的 Annapurna 平台是，我們如何利用這個資料湖，也就是我們自然創建的下一代資料湖來實現網路恢復，因為我們擁有資料食物來源，可以為客戶的 AI 應用程式提供支援。這就是我們實際進行迭代並確定產品市場契合度的地方。

If you look at our success today, as you said, Kash, our success today is a result of the work that we did 4 or 5 years ago, where we built a platform that was futuristic, where we took the market risk and built a purpose-built platform for cyber resilience. And we are thinking about what do we do on Annapurna and all of these other new vectors of growth so that 4, 5 years from today, we still have a high growth curve.

如果你看看我們今天的成功，正如你所說，卡什，我們今天的成功是我們四五年前所做工作的結果，我們構建了一個具有未來感的平台，我們承擔了市場風險，並構建了一個專門用於網絡彈性的平台。我們正在思考如何在安納普爾納峰和其他所有新的成長載體上採取一些行動，以便從今天起的 4 到 5 年後，我們仍然能夠保持較高的成長曲線。

And that's how we want to build a generational company. So a lot of opportunities. As I said before, for us, we are not opportunity constrained. We need to ensure that we invest in the right market focus and continue to drive, again, a very profitable growth business.

這就是我們想要建立一家代際公司的方式。機會很多。正如我之前所說，對我們來說，我們不會受到機會的限制。我們需要確保我們投資於正確的市場重點，並繼續推動高利潤的成長業務。

In terms of tariffs and macro, we continue to see a very strong secular demand for our product because cyber don't care about market cycles, cyber don't care about about what is happening in terms of the public markets because on a down market, the customers get more worried about protecting their business, and they want to ensure that their businesses are continuing operation.

在關稅和宏觀方面，我們繼續看到對我們產品的強勁長期需求，因為網路不關心市場週期，網路不關心公開市場發生的情況，因為在低迷的市場中，客戶更擔心保護他們的業務，他們希望確保他們的業務繼續經營。

So again, we are not seeing any demand shift for our product. Cyber resilience continues to be the number one topic for cybersecurity and our customers are investing to ensure that they are continuing operation even when they are confronted with a successful cyber attack.

因此，我們沒有看到我們產品的需求有任何變化。網路彈性仍然是網路安全的首要主題，我們的客戶正在進行投資，以確保即使面臨成功的網路攻擊，他們也能繼續運作。

Terrific. Very clear answers. Thank you so much.

了不起。非常明確的答案。太感謝了。

Thank you, Kash.

謝謝你，卡什。

Fatima Boolani, Citigroup.

花旗集團的 Fatima Boolani。

Good afternoon. Thank you so much for taking my questions. Kiran, this one is for you. I wanted to drill in on the very substantial improvement in subscription ARR contribution margin, both in period over the course of last year in this period and what you're contemplating in the outlook. I know you did discuss a lot of the high-level drivers and it seems like the confluence of the business hitting a bigger scale. More rigorous expense management are contributing factors.

午安.非常感謝您回答我的問題。Kiran，這個是給你的。我想深入了解訂閱 ARR 貢獻利潤率的大幅改善，包括去年同期和本期的情況，以及您對前景的考慮。我知道您確實討論了很多高層驅動因素，而且這似乎是業務融合達到更大規模的因素。更嚴格的費用管理是促成因素之一。

But I was hoping you could drill in on maybe some micro level factors with respect to sales efficiency potentially being an area where you're seeing some outsized or better leverage as well as just maybe the inference that your deal sizes are getting bigger, your average transaction sizes. So I was hoping you could add a little bit more color outside of just some of those other broader stars aligning and just more disciplined expense management, if there's anything intrinsically inflecting in the business from a deal size perspective?

但我希望您能夠深入研究與銷售效率有關的一些微觀因素，這可能是您看到一些超大或更好的槓桿作用的領域，也許可以推斷出您的交易規模越來越大，您的平均交易規模越來越大。因此，我希望您能除了添加一些其他更廣泛的明星陣容和更嚴格的費用管理之外，還能添加一些其他色彩，從交易規模的角度來看，業務中是否存在內在的變化？

Sure, Fatima. Thanks for your question. So we are really pleased with the progression we've had on profitability. As you know, from the results, we are subscription ARR contribution margin positive as of the reported quarter as well as cash flow positive for the full year. And we've been hard at work on a number of fronts to achieve that, and we have accelerated our path to profitability over the past year.

當然，法蒂瑪。感謝您的提問。因此，我們對獲利能力的進步感到非常滿意。如您所知，從結果來看，截至報告季度，我們的認購 ARR 貢獻利潤率為正，全年現金流也為正。為了實現這一目標，我們在多個方面進行了努力，並在過去的一年裡加快了獲利步伐。

We improved our subscription ARR contribution margins 1,400 basis points year-over-year and the guide for fiscal '26 will indicate further improvement. I think you addressed the broader areas in setting up the question. The key leverage areas of efficiency came from a big western areas in sales and marketing and R&D. Out of the 1,400 basis points in margin, 1,200 basis points approximately came just from sales and marketing. And a number of drivers there.

我們的訂閱 ARR 貢獻利潤率較上年同期提高了 1,400 個基點，而 26 財年的指引將顯示情況將進一步改善。我認為你在提出這個問題時涉及了更廣泛的領域。效率的關鍵槓桿區域來自銷售、行銷和研發等西部大地區。在1,400個基點的利潤率中，約有1,200個基點僅來自銷售和行銷。那裡還有許多司機。

One is productivity. I think you mentioned sales efficiency. Productivity is a key driver of sales efficiency. As Bipul has talked about, we are investing in multiple different levels from a product perspective and more products to sell drives greater productivity. We're also investing in enablement to make our reps and sales team more productive in the messaging around cyber resilience. I will also add that there's a natural leverage we're getting on a model at scale, which is the growth in renewals.

一是生產力。我想您提到了銷售效率。生產力是銷售效率的關鍵驅動因素。正如 Bipul 所說，我們從產品角度在多個不同層面進行投資，銷售更多產品可以提高生產力。我們也在支援方面進行投資，使我們的銷售代表和銷售團隊在網路彈性訊息傳遞方面更有效率。我還要補充一點，我們在規模化模式上獲得了自然槓桿，這就是續約量的成長。

It's still a minority of our revenue and ARR base, but fairly efficient from a investment perspective in in our market and our product areas.

它仍然只占我們收入和 ARR 基數的一小部分，但從投資角度來看，它在我們的市場和產品領域中是相當有效的。

So that is giving us quite a bit of efficiency as well. And then the last point, I would say, in R&D, we've talked about previously as well we hire from a global talent pool and in addition to be able to attract great talent outside our HQ, we are also able to get more cost leverage as well by leveraging our presence in India and Israel. I think your point -- your question around deal sizes and ASPs as well. The one metric I point to is we reported in our earnings transcript that the contribution from $100,000 plus customers actually growing year-over-year, it's now 84%. And that just implies that we're becoming more strategic to customers and we're be able to do larger transactions, both land and expand.

這也為我們提高了相當高的效率。最後一點，我想說，在研發方面，我們之前也談過，我們從全球人才庫中招募人才，除了能夠吸引總部以外的優秀人才外，我們還能夠利用我們在印度和以色列的業務來獲得更多的成本槓桿。我認為您的問題也涉及交易規模和 ASP。我指出的一個指標是，我們在收益報告中指出，來自 10 萬美元以上的客戶的貢獻實際上同比增長，現在為 84%。這只是意味著我們對客戶變得更具策略性，我們能夠進行更大規模的交易，包括土地和擴張。

Very helpful. Thank you.

非常有幫助。謝謝。

John DiFucci, Guggenheim Security.

古根漢安全公司的約翰‧迪富奇。

Thank you. My question, I think, is for Kiran. Kiran, the top line was really impressive as you guys have pointed out, but also the other questions on the call. I think I want to lean more into a little bit more into Fatima's question. By the way, the top line was actually the best we've seen across our entire coverage universe this period. The cash flow was also impressive like -- I mean you're a year ahead of what you thought you'd be at perhaps a year ago.

謝謝。我認為我的問題是針對 Kiran 的。Kiran，正如你們指出的那樣，頂線確實令人印象深刻，但電話中的其他問題也同樣令人印象深刻。我想進一步深入探討法蒂瑪的問題。順便說一句，頂線實際上是我們這段時期在整個報道範圍內看到的最好的。現金流也令人印象深刻——我的意思是，你比一年前預期的提前了一年。

And I know like the top line and bottom line are sort of related because we know the greatest expense in any software company is sales and marketing, and it's that's all spent on new business. And your new business is really what stood out this quarter. At the same time, when you look at your balance sheet, you see accounts receivables up by much more sequentially than they have been in the last two, fourth quarters, which so I was kind of glad it made sense that you said the first quarter and the fourth quarter would be the strongest for cash flow, and we feel good about that for next quarter.

我知道頂線和底線是相關的，因為我們知道任何軟體公司最大的開支就是銷售和行銷，而這些都花在了新業務上。您的新業務確實是本季的亮點。同時，當你查看資產負債表時，你會發現應收帳款的環比增長幅度遠高於過去兩個季度，所以我很高興你說的第一季和第四季度將是現金流最強勁的季度，我們對下一季的業績充滿信心。

But how should we be thinking about that, especially in the context of your annual guide for moderation of cash flow in fiscal '26. Is that just sort of a place to start at the beginning of the fiscal year? Or is it just -- is it prudent? Or there's something else we should be thinking about when it comes to cash expenses?

但是，我們應該如何考慮這個問題，特別是在您為 26 財年制定的現金流量適度年度指南的背景下。這是否只是財政年度開始時的一個起點？或者這僅僅是──這是謹慎的嗎？或者當談到現金支出時我們還應該考慮其他的事情？

Thanks for the question, John. So very pleased with the progression on cash flow for the past year. It's a meaningful year-over-year improvement, 600 basis points of improvement. The guide would imply another couple of hundred basis points or a little higher improvement as well. The key drivers in our business for cash flow is scale of the top line leverage, that's indicated by margin subscription contribution margin and then timing of collections.

謝謝你的提問，約翰。我對過去一年現金流的進展非常滿意。與去年同期相比，這是一個有意義的進步，提高了 600 個基點。該指南還暗示將再增加幾百個基點或略高一些。我們業務中現金流的關鍵驅動因素是頂線槓桿的規模，這透過保證金認購貢獻率和收款時間來表明。

As you know, timing of collections, we largely -- still a majority of our contracts are multiyear and multiyear collections upfront. But we have been experiencing over the past couple of years billings duration compression gradually, I would say, high single digits compression, mid- to high single-digits compression year-over-year. And we are assuming that continues. Obviously, that varies quarter-to-quarter. So we have assumed some further compression as we look to the guide.

如您所知，就收款時間而言，我們大部分合約仍然是多年期合同，並且是預付多年期款項。但在過去幾年中，我們一直在經歷計費持續時間的逐漸壓縮，我想說，同比壓縮幅度是高個位數，中到高個位數。我們假設這種情況會持續下去。顯然，每季的情況都有所不同。因此，我們在查看指南時假設會進一步壓縮。

Now it's early in the year, we're just starting our first full year guidance as a public company, to be really thoughtful, and that's where we wanted to start.

現在是年初，我們才剛開始作為一家上市公司進行第一個全年指引，為了深思熟慮，這就是我們想要開始的地方。

Makes total sense. Thank you very much. Nice job, guys.

非常有道理。非常感謝。幹得好，夥計們。

Thank you.

謝謝。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Okay, thank you for the question this afternoon and Congrats on good results. I wanted to ask about the divergence between revenue growth and ARR, it looks like you guided to about 30% revenue growth for this coming year and 24% ARR growth. And I was thinking maybe it's related to the mix of on-prem and cloud, and how that revenue is recognized. But I'm just wondering if you could provide any more color on what might be driving that divergence between the two growth rates?

好的，謝謝你今天下午的提問，恭喜你取得好成績。我想問一下收入成長和 ARR 之間的差異，看起來您預測今年的營收成長約為 30%，ARR 成長約為 24%。我在想這可能與本地部署和雲端的混合以及如何確認收入有關。但我只是想知道您是否可以提供更多細節來說明兩種成長率出現差異的原因？

Sure, Andrew. I'll take that one. So as you're familiar with our business, we are progressing through our cloud transformation, which we started about 2 years back. We are in the third year of it. And in the early part of the transformation revenue growth lagged subscription ARR, and that's why we run our business on subscription ARR because it truly represents the momentum of the business.

當然，安德魯。我要那個。正如您熟悉我們的業務一樣，我們正在進行雲端轉型，這項工作大約在兩年前開始的。今年已經是第三年了。在轉型初期，營收成長落後於訂閱 ARR，這就是我們以訂閱 ARR 來經營業務的原因，因為它真正代表了業務的發展勢頭。

Now as we progress towards the latter half of the transformation, revenue growth is catching up and it's actually benefiting now.

現在，隨著我們進入轉型的後半段，營收成長正在迎頭趕上，並且實際上正在受益。

And that's what you see, even in this quarter, total revenue growth of 47% versus ARR 39%, and that is what is represented in the guide as well. We're guiding to the midpoint about 30% revenue versus ARR of 24%. There was one point I made in the prepared remarks as well. The Q4 revenue growth benefited for about 4 points of nonrecurring upfront revenue from material rights to the cloud transformation. And we expect that to continue in fiscal '26 as well, a few points of growth and that's adding further tailwinds to revenue.

這就是您所看到的，即使在本季度，總收入增長了 47%，而 ARR 增長了 39%，這也是指南中所反映的。我們預計中間點為收入約 30%，而 ARR 為 24%。我在準備好的發言中也提到了一點。第四季的營收成長受益於雲端轉型實質權利帶來的約 4 個百分點的非經常性前期收入。我們預計這種趨勢在 26 財年還會持續，實現幾個點的成長，這將進一步為收入帶來推動力。

Thank you very much.

非常感謝。

Thank you Andrew.

謝謝你，安德魯。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Perhaps what an amazing end to a great year. My question is for, I guess, for Bipul and Kiran, we'd love to hear whoever wants to speak to it, but I'm curious why now is the right time to move from 6-month comp plans to 12-month comp plans? And what behavior you're incentivizing this year? And what impact do you expect that these changes might have beyond the seasonality impact that you've called out?

或許這是偉大的一年的一個令人驚嘆的結局。我的問題是，對於 Bipul 和 Kiran 來說，我們很樂意聽取任何人對此的看法，但我很好奇為什麼現在是從 6 個月薪酬計劃轉向 12 個月薪酬計劃的最佳時機？今年您會激勵什麼行為？除了您所說的季節性影響之外，您認為這些變化還會產生什麼影響？

Brad, thanks for your question. This Kiran, so I'll address it. So as you know, we run our business on annual net ARR, and that's what we've been focused on for a few years now as we move to a subscription model. And having an annual comp plan, best aligns the sales team and execution in the field to how we run the business, how we plan and how we invest. So that is our goal we had in mind for some time, and we are basically transitioning to that in terms of this change we're making in the company.

布拉德，謝謝你的提問。這是 Kiran，所以我來處理它。如您所知，我們按照年度淨 ARR 來經營業務，而這正是我們在轉向訂閱模式的幾年來一直關注的重點。制定年度薪酬計畫可以使銷售團隊和現場執行與我們的業務運作方式、規劃方式和投資方式最佳地協調一致。這是我們一段時間以來一直追求的目標，就公司內部進行的變革而言，我們基本上正在轉向這個目標。

And when you look at it, and we did benchmark as well, when you look at companies of our size, $1 billion ARR plus, this is more common. So we feel good about making the vision. It obviously has some impact on seasonality, which we're factored into our guidance on on the top line as well as free cash flow, but that's really the driver is to align it with the way we run the business.

如果你看一下這個數據，而我們也做了基準測試，你會發現，對於我們這種規模的公司來說，10 億美元以上的 ARR 是比較常見的。因此，我們對實現這一願景感到非常高興。它顯然會對季節性產生一定的影響，我們已將其計入對營業收入以及自由現金流的預期中，但這實際上是驅動因素，以使其與我們經營業務的方式保持一致。

And Brad, in terms of like our sales team, our sales leader has come from at-scale companies where they have run the business on the annual basis. And so we are essentially like following large-scale software SaaS companies how they align their yearly net new ARR number with the sales team quota and how they proceed through the year.

布拉德，就我們的銷售團隊而言，我們的銷售主管來自規模化公司，他們每年都負責經營業務。因此，我們基本上就像在跟隨大型軟體 SaaS 公司一樣，他們如何將其年度淨新 ARR 數字與銷售團隊配額相匹配，以及他們如何度過全年。

No, that makes perfect sense, and I appreciate it, and we've seen it as companies mature and any company of your scale would typically do this. I was also asking beyond that at the beginning of a fiscal year is often when we see companies make changes to go to market, other changes to the comp plan and was just asking if there was any other behaviors that also you were looking to incent, but that was very clear.

不，這很有道理，我很欣賞這一點，我們看到，隨著公司逐漸成熟，任何像您這種規模的公司通常都會這樣做。我還想問的是，在一個財政年度開始時，我們經常會看到公司做出一些改變以進入市場，對薪酬計劃進行其他更改，我只是想知道是否還有其他行為需要激勵，但這非常清楚。

Thank you.

謝謝。

Thank you.

謝謝。

Eric Heath, Key Bank Capital Markets.

艾瑞克‧希思（Eric Heath），Key Bank Capital Markets。

Hey, thanks for taking the question. I thought it was interesting in terms of the announcement you made with DSPM to make it native inside the RSC console. So I was just curious if you could talk about the benefit you expect to see and how maybe this could accelerate adoption now that it's native into the console and then users could probably more easily pivot and explore and tinker with that new capability.

嘿，謝謝你回答這個問題。我認為您關於 DSPM 的聲明很有趣，因為它將使 DSPM 成為 RSC 控制台內部的原生產品。所以我只是好奇，您是否可以談談您期望看到的好處，以及既然它已經成為控制台的原生功能，這可能會如何加速採用，然後用戶可能會更輕鬆地轉變、探索和修改該新功能。

Thanks, Eric. Rubrik always had this platform strategy. We want to give a single platform for all the data security capabilities to deliver complete cyber resilience and now AI through Annapurna. So our idea is that our customers can easily enable DSPM directly on their existing RSC instance to be able to secure and understand the risk in their data.

謝謝，埃里克。Rubrik 一直都有這樣的平台策略。我們希望為所有資料安全功能提供單一平台，以透過 Annapurna 提供完整的網路彈性和人工智慧。因此，我們的想法是，我們的客戶可以輕鬆地直接在他們現有的 RSC 實例上啟用 DSPM，以便能夠保護和了解他們資料中的風險。

And if you combine the DSDM plus cyber recovery, Rubrik Security Cloud is unique in terms of delivering complete cyber resilience. And as GenAI acceleration is happening within the enterprise, we believe that DSPM is a critical piece of that puzzle to be able to secure the data before the data is fed into models or RAG and enterprise deliver responsible AI.

如果將 DSDM 與網路復原結合起來，Rubrik Security Cloud 在提供完整的網路彈性方面是獨一無二的。隨著 GenAI 加速在企業內部推進，我們相信 DSPM 是這個難題的關鍵部分，它能夠在資料輸入模型或 RAG 之前保護資料安全，並讓企業提供負責任的 AI。

Just to give you an example, financial services organization added DSPM this quarter for Microsoft Copilot, Essentially, our DSPM empowered them to quickly and securely adopt Copilot and realize the full productivity gains that they anticipated from Copilot. And that's the story that we believe is going to be critical.

舉個例子，金融服務組織本季為 Microsoft Copilot 增加了 DSPM，本質上，我們的 DSPM 使他們能夠快速安全地採用 Copilot，並實現他們期望從 Copilot 獲得的全部生產力提升。我們相信，這是一個至關重要的故事。

As businesses adopt AI, they need to understand security of the data, they need to understand sensitivity of the data and ensure that only the right data is delivered to the right user.

當企業採用人工智慧時，他們需要了解資料的安全性，他們需要了解資料的敏感度並確保只將正確的資料傳遞給正確的使用者。

Thanks.

謝謝。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Okay, thank you. And I'll add my congratulations on a very good Q4 and a terrific year. Bipul, you alluded to this briefly, I think in your script, but what are you hearing or seeing so far from your European customers following the implementation of DORA, the digital Operational Resilience act. And what do you think the impact of DORA will be on Rubrik going forward?

好的，謝謝。我還要對公司第四季的良好表現和豐碩的一年表示祝賀。Bipul，我想您在腳本中簡要提到了這一點，但是在實施 DORA（數位營運彈性法案）之後，您從歐洲客戶那裡聽到或看到了什麼。您認為 DORA 將對 Rubrik 未來產生什麼影響？

If you think about regulatory tailwinds, data compliance and resilience requirements are very, very important to every business with any data or application of any significance. And CISOs have this as high priority because it concerns the obviously, continuing operation of the business as well as having the regulatory audit past the regulatory audit. And we believe that this is a secular tailwind for our business from a variety of drivers, including financial regulations such as DORA.

如果你考慮監管的順風，資料合規性和彈性要求對於擁有任何重要資料或應用程式的每個企業來說都非常非常重要。CISO 將此視為高度優先事項，因為這顯然關係到業務的持續運作以及監管審計的順利進行。我們相信，這對我們的業務來說是一股長期的順風，來自多種驅動因素​​，包括 DORA 等金融法規。

Just to illustrate, a European insurance company, we had a win there this quarter, and DORA was a key factor for that deal. So obviously, regulation is an aspect of the cyber attack and cyber resiliency and recovery in addition to the business imperative of being an ongoing operation. So we feel very good about how we have created our offering and our customers have easier time finding passing the DORA audit because of the cyber resiliency, including cyber recovery capabilities that we are driving.

舉例來說，我們本季在一家歐洲保險公司取得了勝利，而 DORA 是這筆交易的關鍵因素。因此顯然，除了持續營運的業務需求之外，監管也是網路攻擊和網路彈性和復原的一個面向。因此，我們對自己所提供的產品感到非常滿意，並且由於我們正在推動的網路彈性（包括網路復原能力），我們的客戶可以更輕鬆地通過 DORA 審核。

Great, thank you.

太好了，謝謝。

Joel Fishbein, Truist.

喬爾‧菲什拜因 (Joel Fishbein)，Truist。

Thank you and Congrats on a great quarter and solid execution. My question is around sales capacity and channel traction with the channel partners. If you could just give us an update there on how you're thinking about your coverage for 2026 and 2027 from a sales capacity perspective, that would be great.

謝謝您，並祝賀您取得了出色的季度業績和穩健的執行力。我的問題是關於銷售能力以及與通路合作夥伴的通路吸引力。如果您能從銷售能力的角度向我們介紹一下您對 2026 年和 2027 年覆蓋範圍的看法，那就太好了。

Thank you, Joe. In terms of the sales capacity, we believe that we have the right capacity on the ground to execute to the opportunity. But at the same time, as any prudent business would, we always look for fast ROI market pockets where we can make an investment and take advantage of the growth opportunity that could be in front of us. So we continue to kind of make sure that we look at the market and we are appropriately investing in the GTM capacity.

謝謝你，喬。就銷售能力而言，我們相信我們擁有足夠的能力來抓住這個機會。但同時，正如任何謹慎的企業一樣，我們總是尋找可以快速獲得投資回報的市場，在那裡我們可以進行投資並利用可能擺在我們面前的成長機會。因此，我們繼續確保關注市場並對 GTM 產能進行適當投資。

In terms of our channel partner, we have the right number of channel partners in every major market we operate in. We have the right routes to market identified. And we want to kind of double, triple down on our existing partners to ensure that they build, continue to build a big business around Rubrik and drive an ecosystem.

就我們的通路合作夥伴而言，我們在每個主要營運市場都擁有適當數量的通路合作夥伴。我們已經確定了正確的市場路線。我們希望加倍、三倍地投入現有合作夥伴，確保他們圍繞 Rubrik 建立並繼續建立大業務並推動生態系統。

Great, thank you.

太好了，謝謝。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Yes, thank you very much for taking the question, Kiran, I think this is for you. I wanted to understand a little bit of context around the guidance. So in this past year, you did $309 million of net new, two really strong quarters to end the year, not just Q4, Q3 was very strong. And you're guiding to $265 million, call it, of net new at the midpoint. So lower year-over-year.

是的，非常感謝您回答這個問題，Kiran，我想這是給您的。我想了解有關該指導的一些背景資訊。因此，在過去的一年裡，您實現了 3.09 億美元的淨新收入，在年底的兩個季度中表現非常強勁，不僅是第四季度，第三季度也非常強勁。您預計中間點的淨新增金額將達到 2.65 億美元。因此同比下降。

And we've gone through quite a few things on this call, including DSPM and how it's adding to the capability and sales capacity.

我們在這次電話會議上討論了很多事情，包括 DSPM 以及它如何增強能力和銷售能力。

I'm just wondering if there's anything you wanted to call out about why net new would be lower year-over-year in '26 versus '25, given all the tailwinds that seem to be at your back. For example, was there any deals that may have closed early in the January quarter? Anything you want to call out about why net new would be down year-over-year.

我只是想知道，考慮到你們背後似乎有諸多順風，為什麼 26 年的淨新增量同比 25 年會下降？例如，是否有任何交易可能在 1 月初完成？您想解釋為什麼淨新增量較去年同期下降嗎？

Sure, Keith. Let me give you some thoughts on that. So really pleased with the growth we witnessed in fiscal '25. Obviously, as I said earlier, we planned the business on net ARR and it has strong growth and delivered ahead of our expectations. A few things to call out to give context on the guidance.

當然，基斯。讓我給你一些關於此的想法。因此，我們對 25 財年所取得的成長感到非常高興。顯然，正如我之前所說，我們根據淨 ARR 規劃業務，而且業務成長強勁，超出了我們的預期。需要指出的是，以下幾點可以為該指導提供背景資訊。

One, we've talked about earlier as well, and I mentioned that in my script, we got about 2 points of benefit to our ARR growth in fiscal '25 from the remaining part of the maintenance to subscription transition that impact on net ARR is higher than the ARR base. I'll also say that we are early in the year. We are giving our first annual guide as a public company. I want to be really thoughtful. As Bipul has talked about, we see strong demand, continued demand for cyber resilience, but also want to put numbers we feel really confident about and look forward to finishing the year strong.

首先，我們之前也討論過，我在我的腳本中提到過，從維護到訂閱轉換的剩餘部分，我們在 25 財年的 ARR 增長中獲得了大約 2 點好處，這對淨 ARR 的影響高於 ARR 基數。我還要說的是，今年才剛開始。我們正在發布作為上市公司的第一份年度指南。我希望自己能夠真正體貼周到。正如 Bipul 所說，我們看到了強勁的需求，對網路彈性的持續需求，但也希望給出我們真正有信心的數字，並期待強勁結束這一年。

Okay, many thanks.

好的，非常感謝。

Thank you.

謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, nice way to finish the year. First, I just wanted to understand what you're seeing on the competitive landscape in DSPM given competitors, and in some cases, your partners are more like data in motion players than sort of data at rest. And second, any way to think about the penetration of DSPM either into the entire installed base or even just the greater than $100,000 ARR customer cut, especially as you guys think about that enterprise plus addition being bundled.

嘿夥計們，這是一個很好的結束今年的方式。首先，我只是想了解您在考慮競爭對手的情況下對 DSPM 競爭格局的看法，在某些情況下，您的合作夥伴更像是運動中的數據參與者，而不是靜止的數據。其次，有沒有想過 DSPM 的滲透率會滲透到整個安裝基礎中，或者僅僅是滲透到超過 100,000 美元的 ARR 客戶中，尤其是當你們考慮到企業加附加產品的捆綁時。

Thank you, James. In terms of the DSPM, I would say it's still a very early market. The awareness of this market is building, and now people are realizing that they need to understand the data risk that being the core asset of the business. And our strategy was to combine DSPM with cyber recovery to create a true cyber resiliency platform where customers can assume breach and understand what risk that entails and to be able to deliver a complete cyber preparedness and cyber recovery. So that's the angle we are taking.

謝謝你，詹姆斯。就 DSPM 而言，我想說它仍然是一個非常早期的市場。人們對這個市場的認識正在增強，現在人們意識到他們需要了解作為業務核心資產的數據風險。我們的策略是將 DSPM 與網路復原相結合，創建一個真正的網路彈性平台，客戶可以在該平台上承擔違規行為並了解其所帶來的風險，並能夠提供完整的網路準備和網路復原。這就是我們採取的角度。

We are not competing with infrastructure security players who have DSPM solution because their use case is different. And if you look at the reason for success for Rubrik, the reason for success for Rubrik is around driving this complete cyber resilience and combining of DSPM and data and cyber recovery on a single platform.

我們不會與擁有 DSPM 解決方案的基礎設施安全參與者競爭，因為他們的用例不同。如果你看看 Rubrik 成功的原因，你會發現 Rubrik 成功的原因在於推動完整的網路彈性，並在單一平台上結合 DSPM、資料和網路復原。

And that's what is driving our success in the marketplace. And if you look at the displacement of we are doing for the legacy platform as well as the new gen vendors, a lot of it is because of this complete cyber resiliency that we are driving to be able to give them peace of mind that their business will be up and running no matter what attack happens.

這正是我們在市場上取得成功的動力。如果你看看我們為傳統平台以及新一代供應商所做的替換，你會發現，很大程度上是因為我們正在推動這種完整的網路彈性，以便能夠讓他們安心，無論發生什麼攻擊，他們的業務都將正常運作。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yeah, We'll echo my congrats on the great quarter and execution. Bipul, you mentioned about Microsoft-related developments, the 365 copilot data protection and active directory recovery. Can you elaborate on how Rubrik's strategic partnership with Microsoft has evolved and strengthening our position? And how do you see it evolve further to address the emerging challenges, opportunities in Azure environments and Microsoft environments?

是的，我們將對本季的出色表現和出色的執行力表示祝賀。Bipul，您提到了與微軟相關的發展、365 copilot 資料保護和活動目錄復原。您能詳細說明 Rubrik 與微軟的策略合作夥伴關係如何發展並加強我們的地位嗎？您如何看待它進一步發展以應對 Azure 環境和 Microsoft 環境中出現的挑戰和機會？

We have a very strong partnership with Microsoft. In fact, Microsoft is one of our strongest partners. And this partnership is based on complementary offering that both Microsoft and Rubrik has. Microsoft is focused on cloud security and Rubrik is focused on data security and delivering cyber resilience, including cyber recovery. At Microsoft, we are driving a lot of workload on Azure applications and 365.

我們與微軟保持著非常牢固的合作關係。事實上，微軟是我們最強大的合作夥伴之一。此次合作基於微軟和 Rubrik 雙方的互補產品。微軟專注於雲端安全，而 Rubrik 則專注於資料安全和提供網路彈性，包括網路復原。在微軟，我們在 Azure 應用程式和 365 上承擔了大量的工作量。

We also at Ignite showcased Rubrik as one of the four or five key partners that is building security graph at Microsoft.

我們也在 Ignite 上展示了 Rubrik，它是微軟建立安全圖譜的四、五個關鍵合作夥伴之一。

You might have noticed that Microsoft gave Rubrik partner of the year in the US and UK in 2023. And last year, they gave us the Healthcare Partner of the year. So we continue to have a deep again, deep partnership with Microsoft co-engineered products both on M365 as well as on Azure native.

您可能已經注意到，微軟授予 Rubrik 2023 年美國和英國年度合作夥伴頭銜。去年，他們授予我們年度醫療保健合作夥伴。因此，我們繼續與微軟保持深厚的合作關係，在 M365 和 Azure 原生上共同設計產品。

And we continue to build solutions for our customers. In fact, last quarter, we had one of the very large wins for M365, again, delivering cyber resilience to M365 for one of the largest Microsoft customers leveraging the Microsoft infrastructure.

我們將繼續為客戶打造解決方案。事實上，上個季度，我們再次為 M365 贏得了巨大的勝利，為利用 Microsoft 基礎設施的最大 Microsoft 客戶之一提供了網路彈性。

Param Singh, Oppenheimer.

帕拉姆辛格、奧本海默。

Yeah, hi, thank you for taking my question. And always good to see a company executed well in a tough environment. Now my question was, as you look to your quarter and towards '26 fiscal, what part of your ARR do you think is coming from greenfield versus brownfield opportunities where you're taking share? And in that vein, have you seen any change in the competitive environment as Veeam is trying to push more upstream and now that Cohesity has closed the acquisition of Veritas.

是的，你好，謝謝你回答我的問題。看到一家公司在艱難的環境中表現良好總是令人欣慰的。現在我的問題是，當您展望您的季度和 26 財年時，您認為您的 ARR 中有多少部分來自綠地機會，有多少來自您佔據份額的棕地機會？從這個角度來看，隨著 Veeam 嘗試進一步向上游推進，以及 Cohesity 完成對 Veritas 的收購，您是否看到競爭環境發生了任何變化？

So Rubrik is an equal opportunity, as I said in the past, replacer of all technologies, including legacy and New gen vendors. In fact, if you look at the legacy environment, Fortune 500 biotech went all in with Rubrik, replacing a 20-year foothold by a legacy vendor, and they wanted a single pane of glass for faster cyber recovery. And there are so many examples of it.

因此，正如我過去所說的那樣，Rubrik 是一個平等的機會，它可以取代所有技術，包括傳統技術以及新一代供應商。事實上，如果你看看傳統環境，財富 500 強生物技術公司全力與 Rubrik 合作，取代了傳統供應商 20 年的立足點，他們希望透過單一視窗來加快網路恢復速度。這樣的例子還有很多。

Another example is a Fortune 500 logistics company replaced, again, a legacy provider that you mentioned with RSC as they shift workload to Google Cloud also selected Rubrik for enterprise apps, M365 and Google Cloud Protection. And in terms of legacy versus replacement versus new workloads, obviously, as the customer takes the cloud transformation journey, we are securing their cloud as they adopt more SaaS platforms and as SaaS platforms become more mission-critical we are expanding those horizons and delivering data security.

另一個例子是，財富 500 強物流公司用 RSC 取代了您提到的傳統供應商，因為他們將工作負載轉移到 Google Cloud，並且還選擇了 Rubrik 作為企業應用程式、M365 和 Google Cloud Protection。就遺留、替換和新工作負載而言，顯然，隨著客戶踏上雲端轉型之旅，我們會在他們採用更多 SaaS 平台時保護他們的雲，並且隨著 SaaS 平台變得越來越關鍵，我們正在擴展這些視野並提供資料安全。

At the same time, transforming their enterprise workload landscape to ensure that they can deliver complete cyber resilience, including cyber recovery when confronted with successful cyberattacks.

同時，轉變企業工作負載格局，以確保他們能夠提供完整的網路彈性，包括在遭遇成功的網路攻擊時進行網路復原。

Got it. And if I could really squeeze in 1 on Annapurna, I wanted to get a sense of what early conversations have you had around that? And would you need to expand Annapurna's capabilities beyond bedrock to see more meaningful adoption across LLMs.

知道了。如果我真的能在安納普爾納峰上擠出時間，我想了解你們早期對此進行過哪些對話？您是否需要擴展 Annapurna 的功能以超越基岩，從而看到 LLM 中更有意義的採用。

We are early in Annapurna. We are still doing market discovery discussions, figuring things out. And as I said before, Annapurna is the next 3, 5 year strategy for us. And it is one of those initiatives that we do to ensure that we have continued growth and success in the next horizon as we create the next S curve. And we see opportunity for Annapurna all across multiple clouds, including Azure and GCP as we continue to kind of build out the capabilities and figure out the product market set.

我們很早就到達了安納普爾納峰。我們仍在進行市場探索討論，弄清楚事情。正如我之前所說，安納普爾納峰是我們未來 3 年到 5 年的策略。這是我們採取的舉措之一，目的是確保我們在創造下一個 S 曲線的過程中，在下一個階段繼續成長並取得成功。隨著我們不斷擴展功能並確定產品市場，我們看到 Annapurna 在包括 Azure 和 GCP 在內的多個雲端中都擁有發展機會。

Got it. Thank you so much for sharing that. Appreciate it.

知道了。非常感謝您分享這些。非常感謝。

There are no further questions at this time. I will hand over the call to Bipul Sinha for closing remarks. Please go ahead.

目前沒有其他問題。我將把發言權交給比普爾辛哈 (Bipul Sinha)，請他作最後發言。請繼續。

I wanted to thank everyone on this call, including our analyst friends who cover us plus Rubrik customers, partners and Rubrikans all around the world for their relentless focus and diligence to help Rubrik realize its full potential. Again, I'll repeat, it's early days for the company. Our ambitions are very, very large. We have a unique opportunity to continue to build out the company and build out the platform at the intersection of data security and AI. And I'll repeat the best is yet to come.

我想感謝參加此次電話會議的每個人，包括負責報告我們的分析師朋友以及世界各地的 Rubrik 客戶、合作夥伴和 Rubrikans，感謝他們不懈的專注和勤奮，幫助 Rubrik 充分發揮其潛力。我再重複一遍，這家公司還處於早期階段。我們的抱負非常非常大。我們擁有獨特的機會來繼續拓展公司並在資料安全和人工智慧的交叉領域建立平台。我要再說一遍，最好的事情還沒到來。

So stay tuned. Thank you for your continued support and talk to you in the next quarter.

敬請關注。感謝您一直以來的支持，下個季度再聊。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。