Rubrik Inc (RBRK) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Welcome to the Rubrik first-quarter fiscal year 2026 results conference call.

女士們、先生們，午安。歡迎參加 Rubrik 2026 財年第一季業績電話會議。

(Operator Instructions) This call is being recorded on June 5, 2025.

（操作員指示）此通話於 2025 年 6 月 5 日錄製。

I would now like to turn the conference over to Melissa Franchi, Vice President of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Melissa Franchi。請繼續。

Hello, everyone. Welcome to Rubrik's first-quarter fiscal year 2020 financial results conference call.

大家好。歡迎參加 Rubrik 2020 財年第一季財務業績電話會議。

On the call with me today are Bipul Sinha, CEO, Chairman, and Co-Founder of Rubrik; and Kiran Choudary, Chief Financial Officer.

今天與我一起參加電話會議的有 Rubrik 執行長、董事長兼聯合創始人 Bipul Sinha 和財務長 Kiran Choudary。

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.

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。

Also on this page, you'll be able to find the 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.

此外，在此頁面上，您還可以找到包含財務要點的幻燈片，連同我們的收益報告，其中包括 GAAP 與非 GAAP 財務結果的對帳。這些措施不應孤立地看待或取代根據 GAAP 編制的財務資訊。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the second-quarter and the full fiscal year 2026; 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. These statements are only predictions that are based on what we believe today. Actual results may differ, materially.

在本次電話會議中，我們將做出前瞻性陳述，包括有關我們對第二季度和 2026 年全年財務前景的陳述；我們對市場趨勢的期望；我們的市場地位；機會，包括關於生成人工智能的機會；增長戰略；產品計劃和對這些計劃的期望；以及我們的上市動議。這些陳述只是基於我們今天所相信的預測。實際結果可能有很大差異。

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

這些前瞻性陳述受可能影響我們績效和財務結果的風險和其他因素的影響，我們在向美國證券交易委員會提交的文件中對此進行了詳細討論。Rubrik 不承擔更新我們在今天的電話會議上所做的任何前瞻性陳述的義務。

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

說完這些，我就把電話交給 Bipul。

Thank you, Melissa.

謝謝你，梅麗莎。

I want to start by thanking everyone for joining us today. Our first-quarter results were excellent.

首先我要感謝大家今天的出席。我們第一季的業績非常出色。

This quarter, we, once again, exceeded all guided metrics across top line and profitability. Here are five key numbers.

本季度，我們再次超越了營業收入和獲利能力的所有指導指標。以下是五個關鍵數字。

First, Subscription ARR reached approximately $1.2 billion, growing 38% year over year. Net new Subscription ARR reached $89 million in the first quarter, a stand out for a company at our scale.

首先，訂閱ARR達到約12億美元，年增38%。第一季淨新訂閱 ARR 達到 8,900 萬美元，對於我們這種規模的公司來說，這是一個突出的成績。

Second, our Subscription revenue was $266 million, growing 54% year over year.

其次，我們的訂閱收入為 2.66 億美元，年增 54%。

Third, our Subscription NRR remained strong; yet again, above 120%.

第三，我們的認購 NRR 依然強勁，再次超過 120%。

Fourth, customers with [100,000] or more in Subscription ARR reached 2,381, growing 28% year over year.

第四，訂閱ARR[10萬]以上客戶達2,381人，較去年成長28%。

Finally, on profitability, we, once, again, made material improvements in Subscription ARR contribution margin, up over 1,800 basis points year over year.

最後，在獲利能力方面，我們再次在認購 ARR 貢獻利潤率方面取得了實質的提高，比去年同期成長超過 1,800 個基點。

On cash generation, we are very happy to report we had over $33 million in free cash flow this quarter. This combination of top-line growth and cash flow margin at our scale is rare. These outcomes are a result of a very deliberate strategy.

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 3,300 萬美元。在我們的規模下，這種營業額成長和現金流利潤率的結合是罕見的。這些成果是經過深思熟慮的策略的結果。

First, we have a very differentiated product and comprehensive offering for cyber resilience. Second, we offer a true platform that enables multi-product leverage for our customers. Third, Rubrik has a unique innovation engine that delivers a steady stream of new products and solutions that lead and define the future of cybersecurity. And, finally, we have a culture of long-term thinking, where we continuously conceive yet unproven gold ideas to unlock new markets.

首先，我們擁有差異化的產品和全面的網路彈性服務。其次，我們提供了一個真正的平台，可以為客戶提供多種產品槓桿。第三，Rubrik 擁有獨特的創新引擎，可以源源不絕地推出新產品和解決方案，引領和定義網路安全的未來。最後，我們擁有長期思考的文化，我們不斷構思尚未證實的黃金創意來開拓新市場。

As a result, we remain confident about our opportunity. We have raised our guidance for the year. Let me start by giving you the broader context on our market opportunity.

因此，我們對我們的機會仍然充滿信心。我們提高了今年的業績預期。首先，讓我向您介紹一下我們的市場機會的更廣泛的背景。

Cyber Resilience is the top cybersecurity priority. My conversations with leading CISOs and CIOs, around the world, point to a growing recognition that cyber breaches are inevitable, in spite of significant investments they make in cyber defenses. At the same time, enterprises are looking to re-platform and modernize their infrastructure in preparation for AI.

網路彈性是網路安全的首要任務。我與世界各地領先的 CISO 和 CIO 的對話表明，人們越來越認識到，儘管他們在網路防禦方面投入了大量資金，但網路攻擊仍然是不可避免的。同時，企業正在尋求重新平台化和現代化其基礎設施，為人工智慧做好準備。

In this increasingly complex environment, customers are turning to Rubik for uniform and consistent data policy controls, as well as rapid accurate recovery from cyberattacks. From our inception, Rubrik was designed to help customers achieve the fastest cyber recovery time.

在這個日益複雜的環境中，客戶開始轉向 Rubik 尋求統一、一致的資料策略控制，以及從網路攻擊中快速且準確的恢復。從一開始，Rubrik 就致力於協助客戶實現最快的網路復原時間。

At the center of our unique architecture is the Rubrik pre-emptive recovery engine. Our natively-integrated platform continuously and automatically scans all protected data and identities across a customer's entire IT ecosystem to pre-calculate clean recovery points.

我們獨特架構的核心是 Rubrik 搶先恢復引擎。我們原生整合的平台會持續自動掃描客戶整個 IT 生態系統中的所有受保護資料和身份，以預先計算乾淨的復原點。

Our ability to pre-compute metadata; unlock the necessary data context and tooling needed to recover quickly from a cyber-attack; legacy back-up; as well as new-gen back-up vendors [can't match] this proactive capability because their solutions weren't natively built for it. And their capabilities are often bolted on from acquisitions or from third-party tools.

我們預先計算元資料的能力；解鎖必要的資料環境和從網路攻擊中快速恢復所需的工具；傳統備份；以及新一代備份供應商[無法匹敵]這種主動能力，因為他們的解決方案不是為此而建構的。而且它們的能力通常是透過收購或第三方工具來增強的。

For these reasons, we win the vast majority of deals in head-to-head competition.

由於這些原因，我們在正面競爭中贏得了絕大多數交易。

Now, let me talk about innovation. We continue to innovate across data security and AI vectors, as we tackle more and more complex problems for our customers. Rubrik employs a unique portfolio approach to Esker, managing innovations at different stages to maintain maximum momentum, while preparing for what's next.

現在我來談談創新。隨著我們為客戶解決越來越複雜的問題，我們繼續在資料安全和人工智慧領域進行創新。Rubrik 對 Esker 採用了獨特的投資組合方法，管理不同階段的創新以保持最大的發展勢頭，同時為下一步做好準備。

Let me expand on that further. We live in an age of technology acceleration. Microsoft took 20 years to become a household name. Facebook, two years. And, ChatGPT, just three months. Rapid technology changes means businesses must orient and evolve, constantly.

讓我進一步闡述這一點。我們生活在科技加速發展的時代。微軟花了 20 年的時間才成為家喻戶曉的品牌。Facebook，兩年。而且，ChatGPT 只花了三個月。科技的快速變化意味著企業必須不斷地定位和發展。

The key to building an enduring institution in this technology area is to continuously layer concurrent S-curves. To achieve this, we use the combination of forward motion, which focuses on scaling current successes such as our Cyber-Resilient Data Protection business; as well as lateral motion, which focuses on a portfolio of new initiatives to unlock future curves.

在這個技術領域建立持久機構的關鍵是不斷分層並發的 S 曲線。為了實現這一目標，我們採取了前進和橫向相結合的方式，前者側重於擴大當前的成功，例如我們的網路彈性資料保護業務；後者專注於推出一系列新舉措，以解鎖未來的曲線。

Our power portion team is expanding our Cyber-Resilient Data Protection Solutions across new applications and workloads; while exploring new routes to market: accelerating distribution networks, serving new customers, and expanding our value proposition within our customer base.

我們的電力部分團隊正在將我們的網路彈性資料保護解決方案擴展到新的應用程式和工作負載；同時探索新的市場途徑：加速分銷網路、服務新客戶並在我們的客戶群中擴大我們的價值主張。

But you can't just rely on forward motion to achieve sustained success. Failing to innovate could lead to eventual stagnation. In fact, we deploy a specialized team, as lateral motion, to discover new product market fit and launch innovative initiatives to unlock the next S-curve.

但你不能只依靠前進的動力來取得持續的成功。缺乏創新最終可能導致停滯。事實上，我們部署了一支專業團隊，作為橫向移動，來發現新的產品市場契合度並推出創新舉措以解鎖下一個 S 曲線。

We already have a track record here, as we have successfully built our M365 Protection solution from its (inaudible) to a scaled business. We are using the same approach to introduce new Identity Resilience solution that brings identity and data context together, for the first time, in the industry.

我們在這裡已經擁有了良好的記錄，因為我們已經成功地將我們的 M365 保護解決方案從（聽不清楚）建立為規模化業務。我們正在採用相同的方法推出新的身份彈性解決方案，首次在業界將身分和數據環境結合在一起。

Rubrik's innovation engine is powered by our unique platform architecture. One that combines data and metadata across enterprise, cloud, and SaaS applications, as well as identity providers.

Rubrik 的創新引擎由我們獨特的平台架構提供支援。一種結合企業、雲端和 SaaS 應用程式以及身分識別提供者之間的資料和元資料的系統。

The Rubrik platform uniquely brings data security and cyber recovery together, to deliver comprehensive cyber resilience for both data and identity. This makes us a true platform company.

Rubrik 平台獨特地將資料安全和網路復原結合在一起，為資料和身分提供全面的網路彈性。這使我們成為一家真正的平台公司。

Let me explain further. Rubrik manages mission-critical business data as the common unit of currency across the whole organization. Our platform strategy allows us to innovate faster and deliver effective solutions to critical challenges at the epicenter of data security and AI.

讓我進一步解釋一下。Rubrik 將關鍵業務資料作為整個組織的通用貨幣單位進行管理。我們的平台策略使我們能夠更快地創新，並為資料安全和人工智慧領域的關鍵挑戰提供有效的解決方案。

All our solutions leverage the same underlying pre-emptive recovery engine to deliver risk and remediation solutions across data and identity. In fact, our customers realize more value from the Rubrik platform, as they adopt more Rubrik products and solutions. This is because our platform gets smarter, as we cover more of our customers' data and identity landscape.

我們所有的解決方案都利用相同的底層搶先恢復引擎來提供跨資料和身分的風險和補救解決方案。事實上，隨著我們的客戶採用更多的 Rubrik 產品和解決方案，他們從 Rubrik 平台實現了更多的價值。這是因為我們的平台變得更加智能，因為我們涵蓋了更多客戶的數據和身分狀況。

Let me detail some of the opportunities and wins across our initiatives, at [bearing] scale. If you recall, our forward motion is propelling our Cyber-Resilient Data Protection business from scale to super scale. As companies shift deeper into cloud and GenAI, they choose Rubrik to deliver comprehensive cyber resilience and quicker cyber recovery times, across clouds.

讓我詳細介紹一下我們的舉措在規模上帶來的一些機會和勝利。如果您還記得的話，我們的前進動力是推動我們的網路彈性資料保護業務從規模走向超規模。隨著公司深入雲端和 GenAI，他們選擇 Rubrik 來提供跨雲端的全面網路彈性和更快的網路恢復時間。

After many examples, let me give you two specific wins from this quarter. The first, a major US pharmacy solutions company selected Rubrik as their cyber resilience partner for their cloud transformation. We not only replaced a long-time legacy vendor but, also, outcompeted a new-gen vendor. Key differentiators included Rubrik's clean and rapid cyber recovery, hybrid cloud scalability, and the simplicity of our Rubik Security Cloud, or RSC platform.

舉了很多例子之後，讓我告訴你們本季取得的兩個具體勝利。首先，美國大型藥局解決方案公司選擇 Rubrik 作為雲端轉型的網路彈性合作夥伴。我們不僅取代了長期的傳統供應商，而且還擊敗了新一代供應商。主要區別包括 Rubrik 的乾淨、快速的網路恢復、混合雲可擴展性以及我們的 Rubik 安全雲或 RSC 平台的簡單性。

The customer adopted RSC enterprise addition, unstructured data protection, and SaaS data protection for M365. This customer also combined our DSPM and identity recovery solutions for complete cyber resilience, while being a design partner for our Annapurna AI product.

客戶採用了RSC企業附加、非結構化資料保護以及針對M365的SaaS資料保護。該客戶還結合了我們的 DSPM 和身分恢復解決方案，以實現完整的網路彈性，同時成為我們 Annapurna AI 產品的設計合作夥伴。

And, the second, a large European insurer chose Rubrik, RSC Enterprise Edition, with unstructured data protection to protect critically structured and unstructured data, across cloud and enterprise environments. Rubrik was chosen over competitors for our ability to meet and exceed Board-level cyber recovery time objectives for critical business services. This customer also noted our simplicity, cost effectiveness, and superior performance in securing significant cloud workloads.

其次，一家大型歐洲保險公司選擇了 Rubrik RSC 企業版，它具有非結構化資料保護功能，可以保護雲端和企業環境中的關鍵結構化和非結構化資料。Rubrik 之所以能從眾多競爭對手中脫穎而出，是因為我們能夠滿足並超越董事會級別的關鍵業務服務網絡恢復時間目標。該客戶還注意到我們在保護大量雲端工作負載方面的簡單性、成本效益和卓越效能。

Let me shift gears and talk about four key cloud innovations that deliver differentiated products.

讓我換個話題，談談提供差異化產品的四個關鍵雲端創新。

First, we introduced core to cloud cyber resilience. As a result, we can now protect from the first line of code to the full stack of applications in production.

首先，我們引入了雲端網路彈性的核心。因此，我們現在可以保護從第一行程式碼到生產中的整個應用程式堆疊。

Second, we created new purpose-built technology for advanced protection of cloud relational databases, starting with AWS RDS.

其次，我們創建了新的專用技術，用於對雲端關聯式資料庫進行進階保護，首先是 AWS RDS。

Third, we expanded our cyber resilience capabilities for Google Cloud.

第三，我們擴展了 Google Cloud 的網路彈性能力。

And, finally, we also introduced Rubrik for Oracle Cloud Infrastructure, essentially strengthening critical coverage of all four major hyperscalers.

最後，我們也推出了適用於 Oracle 雲端基礎架構的 Rubrik，從根本上加強了對所有四大超大規模企業的關鍵覆蓋範圍。

Ultimately, our differentiation in cloud protection is built on our assumed breach approach. To deliver this, we combined DSPM and cyber recovery, natively, on our RSC platform, which is powered by our native data threat and pre-emptive recovery engines to achieve complete cyber resilience. No one else does this.

最終，我們在雲端保護方面的差異化是建立在我們假設的違規方法之上的。為了實現這一目標，我們在 RSC 平台上原生地結合了 DSPM 和網路恢復，該平台由我們的原生資料威脅和先發製人的恢復引擎提供支持，以實現完全的網路彈性。沒有人這樣做。

Now, let me highlight a few customer wins, with cloud and SaaS protection.

現在，讓我重點介紹雲端和 SaaS 保護為客戶帶來的一些好處。

This quarter, a Fortune 500 financial services company expanded its Rubrik deployment by adding Cloud Protection Enterprise Edition for its complete Azure environment. Our POC showed not only significantly faster recovery times but, also, a 25% saving in cloud cost, over three years, compared to their existing cloud-native back-up solution. This customer also added identity recovery for Entra ID, enhancing the M365 protection for more than 10,000 users.

本季度，財富 500 強金融服務公司透過為其完整的 Azure 環境添加雲端保護企業版來擴展其 Rubrik 部署。我們的 POC 顯示，與現有的雲端原生備份解決方案相比，不僅恢復時間顯著縮短，而且三年內雲端成本節省了 25%。該客戶還為 Entra ID 增加了身分識別恢復功能，增強了 M365 對 10,000 多名用戶的保護。

A global quantum computing company chose Rubrik, this quarter, to safeguard their vital SaaS data. Resilience and availability are crucial in their industry. They're legacy back-up provided, (inaudible), too many security vulnerabilities and was (inaudible) to secure cloud workloads at speed and scale. In under two months, they transitioned to Rubrik as their unified platform. Now, securing critical workloads such as M365, Jira, and Salesforce.

本季度，一家全球量子計算公司選擇了 Rubrik 來保護其重要的 SaaS 資料。在他們的行業中，彈性和可用性至關重要。他們提供的傳統備份（聽不清楚）有太多安全漏洞，（聽不清楚）無法快速、大規模地保護雲端工作負載。在不到兩個月的時間裡，他們就轉向 Rubrik 作為統一平台。現在，保護 M365、Jira 和 Salesforce 等關鍵工作負載。

As I mentioned before, we are leveraging the lateral motion approach to scale our Data Security Portal Management or DSPM and identity resilience solutions. Together, these solutions help customers achieve cyber resilience by bringing identity and data context, together, with cyber recovery to solve cybersecurity challenges before, during, and after an attack.

正如我之前提到的，我們正在利用橫向運動方法來擴展我們的資料安全入口網站管理或 DSPM 和身分彈性解決方案。這些解決方案將身分和資料環境與網路復原結合在一起，解決攻擊前、攻擊中和攻擊後的網路安全挑戰，從而幫助客戶實現網路彈性。

Let me discuss our opportunity in identity resilience. Active Directory and Entra ID are the backbones of identity for companies worldwide. However, their ubiquity makes them prime targets for attacks.

讓我來討論一下我們在身份彈性方面的機會。Active Directory 和 Entra ID 是全球公司識別的支柱。然而，它們的普遍存在使它們成為攻擊的主要目標。

Attackers go after identity infrastructure because it gives them access to all the critical data. And, when identity systems are compromised, every subsequent recovery effort becomes exponentially more complex.

攻擊者之所以攻擊身分基礎設施，是因為它能讓他們存取所有關鍵資料。而且，當身分識別系統受到損害時，後續的復原工作都會變得更加複雜。

We see a huge opportunity in securing identity. Our newly released identity recovery solution has seen notable momentum, due to our unique ability to orchestrate hybrid cloud recovery, across Active Directory in Entra ID, all while avoiding malware reintroduction.

我們看到身分安全領域存在著巨大的機會。我們新發布的身份恢復解決方案取得了顯著的發展勢頭，這得益於我們獨特的能力，即在 Entra ID 的 Active Directory 中協調混合雲恢復，同時避免惡意軟體再次引入。

This transforms our entity recovery times from weeks to under and half. I already mentioned a few customer wins for identity recovery. But let me add a few more.

這使得我們的實體恢復時間從幾週縮短至不到半週。我已經提到了一些客戶在身分恢復方面所取得的成就。但請容許我再補充幾點。

A major US hospital network added Rubrik identity recovery in Q1, choosing Rubrik over a stand-alone identity recovery competitor. This represents the customer's third expansion since their initial purchase in August of last year. Traditionally large US state counties expanded with Rubrik to bolster its cyber resilience, after a significant ransom attack impacted a nearby county.

美國一家大型醫院網路在第一季增加了 Rubrik 身份恢復功能，選擇 Rubrik 而不是獨立的身份恢復競爭對手。這是該客戶自去年八月首次購買以來的第三次擴張。在附近一個縣遭受重大勒索攻擊後，美國傳統大型州縣開始與 Rubrik 合作，以增強其網路彈性。

This customer added Rubrik AD Forest Recovery and added RSC Enterprise Edition to ensure minimal disruption in the face of an inevitable cyber-attack.

該客戶添加了 Rubrik AD Forest Recovery 並添加了 RSC Enterprise Edition，以確保在不可避免的網路攻擊面前將中斷降至最低。

Lastly, I'll spend a minute talking about some of our longer-term initiatives, such as Rubrik Annapurna. Rubrik Annapurna is designed to help break through the barriers preventing GenAI's applications from broad-based enterprise deployment. This solution enables secure and scalable Gen AI by leveraging Rubrik's unique ability to extract, manage, and secure business data -- the most important real estate in Gen AI.

最後，我將花一點時間談談我們的一些長期計劃，例如 Rubrik Annapurna。Rubrik Annapurna 旨在協助突破阻礙 GenAI 應用程式廣泛企業部署的障礙。該解決方案利用 Rubrik 提取、管理和保護業務資料（Gen AI 中最重要的資產）的獨特能力，實現了安全且可擴展的 Gen AI。

Annapurna now integrates with Google Agentspace, facilitating secured Gen AI deployment on Google Cloud.

Annapurna 現已與 Google Agentspace 集成，促進在 Google Cloud 上安全地部署 Gen AI。

We are in the early phases of optimizing product market fit for Rubrik Annapurna. We plan to add more capabilities and investments to help organizations deliver secure Gen AI applications faster.

我們正處於優化 Rubrik Annapurna 產品市場適應性的早期階段。我們計劃增加更多功能和投資，以幫助組織更快地交付安全的 Gen AI 應用程式。

As a reminder: this is a multi-year initiative to bring our AI solutions from zero to 1; and then, to a scale; just as our successes in cyber resilience was built through the years of dedicated effort and calculated market risk.

提醒一下：這是一項多年的計劃，旨在將我們的人工智慧解決方案從零提升到一，然後擴大規模；就像我們在網路彈性方面的成功是透過多年的專注努力和計算的市場風險建立起來的一樣。

In closing, I would like to share my personal gratitude.

最後，我想分享我個人的感激之情。

First, thank you to my fellow Rubrikans for your unwavering customer focus and disciplined execution have given us an incredibly strong start to the year. As a result, we continue to win the cyber resilience market. And I believe our opportunity is bigger than ever.

首先，感謝我的 Rubrikans 同胞們，你們堅定不移的客戶關注和嚴謹的執行為我們今年帶來了非常強勁的開端。因此，我們持續贏得網路彈性市場。我相信我們的機會比以往任何時候都更大。

Also, a big thank you to our customers and partners. Your trust in us to secure your data and business [possess] us to continue to define the frontiers of cybersecurity.

同時，我們也非常感謝我們的客戶和合作夥伴。您信任我們能保護您的資料和業務，這讓我們有動力繼續開拓網路安全的前沿。

And, lastly, thank you to you, our shareholders, for your continued support and trust. We are just getting started. The best is yet to come.

最後，感謝我們的股東對我們持續的支持與信任。我們才剛開始。最好的尚未到來。

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

我很高興將其交給我們的財務長 Kiran Choudary。

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

謝謝你，Bipul。大家下午好。感謝您今天加入我們。

Q1 was a strong start to our fiscal year, demonstrating our continued leadership in the growing market for cyber resilience. Strong market drivers, a competitive positioning, and a unique land-and-expand strategy fueled another quarter of solid top-line growth, at scale.

第一季是我們財年的強勁開端，顯示我們在不斷成長的網路彈性市場中持續保持領先地位。強大的市場驅動力、競爭定位以及獨特的「登陸與擴張」策略推動了公司又一個季度的大規模穩健營收成長。

We also saw strong and continued improvement in profitability. We are pleased to have exceeded all guided metrics in Q1. And we are raising our outlook.

我們也看到獲利能力強勁且持續的改善。我們很高興第一季的所有指導指標均超額完成。我們正在提高我們的視野。

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

首先，我簡要回顧我們 2026 財年第一季的財務表現和關鍵營運指標；然後，我將為 2026 財年第二季和全年提供指導。

All comparisons, unless otherwise noted, are on a year-over-year basis.

除非另有說明，所有比較均以同比為基礎。

We are very pleased to have ended Q1 with Subscription ARR of $1.18 billion, growing 38%. We added $89 million in net new Subscription ARR.

我們非常高興第一季的訂閱 ARR 達到 11.8 億美元，成長了 38%。我們增加了 8900 萬美元的淨新訂閱 ARR。

We continue to drive adoption of our Rubrik's Equity Cloud, which resulted in $72 million of cloud ARR up 60%.

我們繼續推動 Rubrik 的 Equity Cloud 的採用，這使得雲端 ARR 成長了 60%，達到 7,200 萬美元。

Our differentiated land-and-expand model benefits from multiple avenues to gain new customers and grow our footprint, after the initial contract.

在最初的合約之後，我們差異化的登陸和擴張模式受益於多種途徑來獲得新客戶並擴大我們的足跡。

Expansion occurs through increased data in existing applications, securing more applications, or adding more security functionality. As a result, we continue to see a strong Subscription net retention rate, which remained over 120% in the first quarter.

擴展是透過增加現有應用程式中的資料、保護更多應用程式或添加更多安全功能來實現的。因此，我們繼續看到強勁的訂閱淨保留率，第一季仍維持在 120% 以上。

All vectors of expansion are healthy contributors to our NRR, highlighting the meaningful runway -- we have to more deeply penetrate our customer base.

所有擴張載體都對我們的 NRR 做出了健康的貢獻，凸顯了有意義的跑道——我們必須更深入地滲透我們的客戶群。

Adoption of additional security functionality contributed slightly more than 30% of our Subscription net retention rate in the quarter.

採用額外的安全功能對我們本季的訂閱淨保留率貢獻了 30% 多一點。

We ended the first quarter with 2,381 customers, with Subscription ARR of $100,000 or more, up 28%. These larger customers now contribute 85% of our Subscription ARR, up from 81% in the year ago period, as we become an increasingly strategic partner to our enterprise customers.

截至第一季度，我們擁有 2,381 名客戶，訂閱 ARR 達到或超過 10 萬美元，成長 28%。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 85%，高於去年同期的 81%。

Our first quarter Subscription revenue was $266 million, up 54%. Total revenue, $278 million, up 49%. Revenue in Q1 benefited from our strong ARR growth and tailwinds from our cloud transformation journey.

我們第一季的訂閱收入為 2.66 億美元，成長 54%。總收入2.78億美元，成長49%。第一季的營收受益於我們強勁的 ARR 成長以及雲端轉型之旅的順風。

We also saw higher non-recurring revenue, which was accounted for as material rights related to our cloud transformation. This contributed approximately 7 percentage points to revenue growth this quarter, which was a few percentage points above our expectation.

我們也看到了更高的非經常性收入，這被算作與我們的雲端轉型相關的重大權利。這為本季的營收成長貢獻了約7個百分點，比我們的預期高出幾個百分點。

Turning to the geographic mix of revenue. Revenue from the Americas grew 51% to $203 million Revenue from outside the Americas grew 43% to $75 million.

轉向收入的地理分佈。來自美洲的營收成長 51%，達到 2.03 億美元；來自美洲以外的營收成長 43%，達到 7,500 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.

在討論毛利率、費用和獲利能力之前，我想指出，我將討論非公認會計準則的結果。

Our non-GAAP gross margin was 80.5% in the first quarter compared to 75.4% in the year ago period. Our gross margin benefited from the revenue outperformance, including higher non-recurring revenue and the improved efficiency of our customer support organization. We anticipate total gross margin to remain within our long-term target of 75% to 80% in fiscal 2026.

第一季我們的非公認會計準則毛利率為 80.5%，去年同期為 75.4%。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和客戶支持組織效率的提高。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。

As a reminder: we look at Subscription ARR contribution margin as a key measure of operating leverage. We believe the improvement in our Subscription ARR contribution margin demonstrates our ability to drive operating leverage and profitability, at scale.

提醒一下：我們將認購 ARR 貢獻利潤率視為衡量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營運槓桿和獲利能力的能力。

Subscription ARR contribution margin was positive 8% in the last 12 months ended April 30, compared to negative 11% in the year ago period, an improvement of over 1,800 basis points.

截至 4 月 30 日的 12 個月內，認購 ARR 貢獻利潤率為正 8%，而去年同期為負 11%，改善了 1,800 多個基點。

When normalizing for the $23 million in employer payroll taxes associated with the IPO in the prior period, the improvement was over 1,500 basis points. 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.

當將上一時期與 IPO 相關的 2,300 萬美元雇主工資稅標準化時，改善幅度超過 1,500 個基點。訂閱 ARR 貢獻利潤率的提高得益於銷售額的增加、規模效益以及整個業務效率和成本管理的提高。

Free cash flow was positive $33 million compared to negative $37 million in the first quarter of fiscal 2025; or negative $16, million when adjusting for the $21 million in employer payroll taxes associated with our IPO. This increase was driven by higher sales and improved operating leverage offset by an increasing mix of annual and monthly payment terms and shorter contract terms related to the year ago period.

自由現金流為正 3,300 萬美元，而 2025 財年第一季為負 3,700 萬美元；如果根據我們 IPO 相關的 2,100 萬美元雇主工資稅進行調整，則為負 1,600 萬美元。這一增長是由銷售額增加和經營槓桿提高所推動的，但與去年同期相比，年度和月度付款條件組合增加以及合約期限縮短抵消了這一增長。

Turning to our balance sheet. We ended the quarter in a strong cash position with $762 million in cash, cash equivalents, restricted cash, and marketable securities; and $323 million in debt.

轉向我們的資產負債表。本季末，我們的現金狀況良好，擁有 7.62 億美元的現金、現金等價物、受限現金和有價證券；以及 3.23 億美元的債務。

Let me now provide some context on our outlook for fiscal 2026. We remain confident about the strength of the cyber resilience market and demand for our differentiated offerings.

現在，讓我提供一些有關 2026 財年展望的背景資訊。我們仍然對網路彈性市場的實力和對我們差異化產品的需求充滿信心。

We believe these drivers, alongside our strong and consistent execution, will deliver strong Subscription ARR growth ahead.

我們相信，這些驅動因素加上我們強大且持續的執行力，將帶來未來強勁的訂閱 ARR 成長。

In terms of operating investments, we'll continue to invest in R&D to drive innovation in the large and growing markets we operate in, across data, security, and AI. We'll also continue to make investments in go-to-market, where we see the most compelling ROI across select regions; and verticals and to find product market fit and scale our new innovations.

在營運投資方面，我們將繼續投資研發，推動我們營運的龐大且不斷成長的市場在數據、安全和人工智慧方面的創新。我們也將繼續對市場進入進行投資，在特定地區和垂直領域，我們看到了最引人注目的投資回報率，並找到了適合產品市場的產品並擴大了我們的新創新。

Let me discuss our current outlook on quarterly seasonality.

讓我來討論一下我們對季度季節性的當前展望。

After a strong Q1, we anticipate that the first half of the fiscal year will contribute approximately 46% of the total net new Subscription ARR, with the remaining approximately 54% expected in the second half.

在經歷了強勁的第一季之後，我們預計本財年上半年將貢獻總淨新​​認購 ARR 的約 46%，預計剩餘的約 54% 將出現在下半年。

In addition, Subscription ARR contribution margin has some seasonality, due to the timing of net new Subscription ARR and operating expenses each quarter. Based on our current net new ARR linearity and investment plans, we continue to anticipate that Subscription contribution margins will be the seasonally lowest in Q3, before moving higher in Q4.

此外，由於每季淨新訂閱 ARR 和營運費用的時間不同，訂閱 ARR 貢獻利潤率具有一定的季節性。根據我們目前的淨新 ARR 線性和投資計劃，我們繼續預計訂閱貢獻利潤率將在第三季達到季節性最低水平，然後在第四季度走高。

We see additional modeling points for fiscal 2026, on slide 31 of our investor presentation, which can be found on our Investor Relations website.

我們在投資者簡報的第 31 張投影片上看到了 2026 財年的更多建模點，可以在我們的投資者關係網站上找到。

Now, turning to our guidance for the second-quarter and full year fiscal 2026.

現在，讓我們來談談我們對 2026 財年第二季和全年的指導。

In Q2, we expect revenue of $281 million to $283 million, up 37% to 38%. We expect non-GAAP Subscription ARR contribution margins between 4.5% and 5.5%. We expect non-GAAP earnings per share of negative $0.35 to negative $0.33, based on approximately 196 million weighted average shares outstanding.

我們預計第二季營收為 2.81 億美元至 2.83 億美元，成長 37% 至 38%。我們預期非 GAAP 認購 ARR 貢獻利潤率在 4.5% 至 5.5% 之間。基於約 1.96 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 0.35 美元至負 0.33 美元。

For the full-year fiscal 2026, we expect Subscription ARR in the range of $1.380 billion to $1.388 billion, reflecting a year-over-year growth rate of 26% to 27%. We expect total revenue for the full-year fiscal 2026 in the range of $1.179 billion to $1.189 billion, reflecting a year-over-year growth rate of 33% to 34%.

對於 2026 財年全年，我們預計認購 ARR 在 13.80 億美元至 13.88 億美元之間，年成長率為 26% 至 27%。我們預計 2026 財年全年總營收將在 11.79 億美元至 11.89 億美元之間，年增 33% 至 34%。

We expect non-GAAP Subscription ARR contribution margins of approximately 6%. We expect non-GAAP earnings per share of negative $1.02 to negative $0.96, based on approximately 198 million weighted average shares outstanding for the full year.

我們預期非 GAAP 認購 ARR 貢獻利潤率約為 6%。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 1.02 美元至負 0.96 美元。

We expect free cash flow of $65 million to $75 million.

我們預計自由現金流為 6,500 萬至 7,500 萬美元。

In closing, we are pleased with a strong start to our second year as a public company and a higher outlook for fiscal 2026. We remain confident in our ability to deliver efficient and durable growth, as a market leader in cyber resilience.

最後，我們很高興看到公司作為上市公司的第二年取得了良好的開端，並且對 2026 財年有了更高的展望。身為網路彈性領域的市場領導者，我們對自己實現高效持久成長的能力充滿信心。

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

好了，我們現在可以開始回答任何問題了。

(Operator Instructions)

（操作員指示）

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. A nice start to the year.

好的。偉大的。新的一年有一個美好的開始。

Bipul, maybe, I'll make the one question for you. I think we all think about the share shift that's happening in this market, from legacy to next gen, which is clearly benefiting Rubrik.

Bipul，也許，我會問你一個問題。我想我們都考慮過這個市場正在發生的份額轉移，從傳統產品到下一代產品，這顯然對 Rubrik 有利。

But I'm curious how long of a runway do you think that has? And, particularly, with some of the points that you're making on identity, do you think the move to cyber resilience is expanding this TAM, at all, that's available for conversion? Does that make sense?

但我很好奇，您認為這條跑道有多長？特別是，根據您在身分認同方​​面提出的一些觀點，您是否認為網路彈性的轉變是否會擴大可供轉換的 TAM？這樣有道理嗎？

Absolutely. Saket, if you take a step back, Rubrik is a true platform company. We actually took on legacy back-up and recovery and transform that into a data security platform to deliver cyber resilience.

絕對地。Saket，如果你退一步來看，Rubrik 是一家真正的平台公司。我們實際上承擔了傳統的備份和恢復，並將其轉變為資料安全平台，以提供網路彈性。

This Rubrik Security Cloud has built in pre-emptive recovery engine that takes the cyber recovery time from weeks and months to hours. And that is what is making us win.

Rubrik Security Cloud 內建了先發制人的復原引擎，可將網路復原時間從數週和數月縮短至數小時。這就是我們取得勝利的原因。

We are the only vendor that provides comprehensive cyber resilience across data and identity, both across risk and remediation.

我們是唯一一家提供跨資料和身分、跨風險和補救的全面網路彈性的供應商。

Because of our unique offering and platform approach, we are winning customers and we are winning a vast majority of the deal in head-to-head competition.

由於我們獨特的產品和平台方法，我們贏得了客戶，並在正面競爭中贏得了絕大多數交易。

This new Identity Resilience angle is expanding our TAM. Because not only data risk comes from ransomware and other data sensitivity but the identity stealing and identity-based attacks are on the rise, in a very significant way.

這個新的身分彈性角度正在擴大我們的 TAM。因為資料風險不僅來自勒索軟體和其他資料敏感性，而且身分竊取和基於身分的攻擊也在顯著增加。

And we are giving our customer a peace of mind against those attacks. That's what is helping us to deliver end-to-end cyber resilience, which is very unique in the marketplace. We are the only ones doing it.

我們讓客戶安心免受這些攻擊。這有助於我們提供端到端的網路彈性，這在市場上非常獨特。我們是唯一這樣做的人。

To give you an example: a world-renowned cancer medical center replaced their legacy back-up vendor. We also outcompeted an associated new-gen vendor. And they chose RSC Enterprise Edition because of our demonstrated ability to not only deliver the fastest cyber recovery, at scale; but, also, give them the complete risk information.

舉個例子：一家世界知名的癌症醫療中心更換了其原有的備用供應商。我們也擊敗了相關的新一代供應商。他們之所以選擇 RSC 企業版，是因為我們不僅能夠大規模地提供最快的網路恢復，而且還能為他們提供完整的風險資訊。

So this is an example of why customers are choosing us, how we are displacing legacy vendors, and expanding the market and TAM by combining data and identity.

這就是客戶選擇我們的原因，我們如何取代傳統供應商，並透過結合數據和身分來擴大市場和 TAM。

Kasthuri Rangan, Goldman Sachs.

卡斯圖裡·蘭甘，高盛。

Congratulations to the Rubrik team on a spectacular start to the fiscal year.

恭喜 Rubrik 團隊在本財年取得了良好的開端。

Bipul, one for you. As you continue to innovate, add functionality at a pretty rapid pace; and the market continues to be receptive in that this is not just a replacement TAM but replacement TAM and some more, what is happening to sales cycles, the broader awareness of what Rubrik can do, replacement cycles of older legacy technology?

Bipul，給你一個。隨著您不斷創新，以相當快的速度添加功能；並且市場繼續接受，因為這不僅僅是替代 TAM，而是替代 TAM 等等，銷售週期、對 Rubrik 功能的更廣泛認識、舊遺留技術的替代週期會發生什麼變化？

Could we be at a point where we're at the front end of what could be an S-curve of adoption? And we, maybe, are at a point, where what used to be obscure in the back orders is now, all of a sudden, more front and center?

我們是否正處於採用 S​​ 曲線的前端？也許，我們正處於這樣一個階段：以前在積壓訂單中不太明顯的東西，現在突然變得更重要了？

Maybe, I'm overstating the case. But I'm sure you have a strong view on that.

也許，我有些誇大其詞了。但我確信你對此有強烈的看法。

Absolutely, Kash. If you think about the current market environment we are in, which is Generative AI and productivity gains, Generative AI is pushing all enterprises and governments to really re-platform and modernize their infrastructure to take advantage of Generative AI opportunity.

當然，卡什。如果你考慮我們目前所處的市場環境，即產生人工智慧和生產力提升，那么生成人工智慧正在推動所有企業和政府真正重新平台化和現代化其基礎設施，以利用產生人工智慧的機會。

But GenAI is all about data and understanding data -- integrating in the data and security in the data.

但 GenAI 的全部內容都是關於數據和理解數據——整合數據和確保數據安全。

And that's Rubik's business. We have pegged our whole company on data security. That's why we built a data security platform by transforming legacy back-up and recovery.

這就是 Rubik 的業務。我們整個公司都高度重視資料安全。這就是我們透過轉變傳統備份和復原來建立資料安全平台的原因。

So we definitely believe that we are on the front end of a very long, large secular trend around data, security, and AI. And, as our customers transform and adopt more cloud as they use Gen AI, we are actually helping them have confidence and peace of mind that their services will be up; they can actually feed safe data into their GenAI application.

因此，我們堅信，我們正處於數據、安全和人工智慧領域一個非常長期、巨大的長期趨勢的前沿。而且，隨著我們的客戶在使用 Gen AI 時轉型並採用更多的雲，我們實際上是在幫助他們建立信心和安心，相信他們的服務將會正常運行；他們實際上可以將安全數據輸入到他們的 GenAI 應用程式中。

Just to give you a sense of what is happening with replacement: a very large Japanese industrial company that had multiple native cloud back-up tools -- they replaced all of them with Rubrik Security Cloud Protection to safeguard critical AWS, Azure; plus, Oracle workloads.

只是為了讓您了解更換的情況：一家擁有多個原生雲端備份工具的大型日本工業公司——他們用 Rubrik Security Cloud Protection 全部替換了這些工具，以保護關鍵的 AWS、Azure；以及 Oracle 工作負載。

And Rubrik was selected over new-gen vendors because of our unique ability to mitigate cyber threats and deliver cyber resilience, cyber recovery at lower cost. We are saving cloud costs.

Rubrik 之所以在新一代供應商中脫穎而出，是因為我們具有獨特的能力，能夠以較低的成本減輕網路威脅並提供網路彈性和網路復原。我們正在節省雲端成本。

So, in some ways, we are delivering a double impact: cyber resilience, plus cost savings, and making our customers secure and giving them the ability to take secured data and feed it into Gen AI; giving them the ability to confidently do cloud transformation.

因此，從某種程度上來說，我們實現了雙重影響：網路彈性，加上成本節約，並確保我們的客戶安全，並使他們能夠獲取安全數據並將其輸入 Gen AI；使他們能夠自信地進行雲端轉型。

These are some of the trends that are propelling us.

這些是推動我們前進的一些趨勢。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Great quarter. I wanted to ask another question around Identity Resilience that you introduced at RSA. I think it's a really interesting product. It really could be a game changer because no one else is combining identity with cyber resilience.

很棒的一個季度。我想問另一個有關您在 RSA 上介紹的身份彈性的問題。我認為這是一款非常有趣的產品。它確實可能會改變遊戲規則，因為沒有人將身分與網路彈性結合。

So I'm wondering: first, is the integration with Laminar complete? And then, would this new capability allow customers to replace any point products they may be using with other identity security vendors?

所以我想知道：首先，與 Laminar 的整合是否完成？那麼，這種新功能是否允許客戶用其他身份安全供應商的產品取代他們正在使用的任何點產品？

Thank you for this question. Let me give you a broader sense of our the strategy and what we are doing.

感謝您的提問。讓我向您更廣泛地介紹我們的策略和我們正在做的事情。

As I said before, Rubrik pegged its future on data security. But the source of data risk is both from the intrinsic data sensitivity, plus the identity interaction on the data. And we have this strong point of view that to secure data, you need to understand data and understand data risk, as well as understand identity risk on data.

正如我之前所說，Rubrik 將其未來寄託在資料安全上。但資料風險的來源既有資料本身的敏感性，也有資料上的身份互動。我們有這樣一個堅定的觀點：要保護數據，您需要了解數據、了解數據風險以及了解數據的身份風險。

The first step of this strategy was to acquire DSPM -- a Laminar product -- that we have fully, now, integrated on the Rubrik platform. In fact, our DSPM and ARR was up over year over year this quarter.

該策略的第一步是收購 DSPM（Laminar 的一款產品），現在我們已將其完全整合到 Rubrik 平台上。事實上，本季我們的 DSPM 和 ARR 年成長。

But that's not the point. The point is cyber resiliency requires both data resilience and identity resilience, together. Together, in a single platform; delivered, in a single way, because you need to understand what data you have, what is the sensitivity of the data, who has access to the data, and who is doing what to your data.

但這不是重點。關鍵在於網路彈性需要資料彈性和身分彈性的共同作用。將它們整合在一個平台上，以單一方式交付，因為您需要了解您擁有哪些資料、資料的敏感度如何、誰有權存取資料以及誰對您的資料做了什麼。

And, by combining identity security with data context and data security -- essentially, identity plus DSPM -- together, we are forging a whole new world of data security, which is complete and comprehensive.

而且，透過將身分安全與資料環境和資料安全（本質上是身分加上 DSPM）結合起來，我們正在打造一個全新的、完整而全面的資料安全世界。

And that is our opportunity to replace point products across DSPM or purely identity recovery because these two separate products don't create as much value when you bring in identity and data, altogether.

這是我們替換 DSPM 或純身份恢復中的點產品的機會，因為當您將身份和資料放在一起時，這兩個獨立的產品不會創造那麼多價值。

That's where we are seeing great momentum in identity recovery. Just to give you an example: a very large healthcare [org] experienced an outage with Entra ID. And it took them a week to recover, with the competing solutions that they had. And they brought in Rubrik to deliver faster cyber recovery and increase their resilience [posture].

我們看到身份恢復正呈現巨大動能。舉個例子：一家非常大的醫療保健機構遇到了 Entra ID 中斷。他們花了一周的時間才利用現有的競爭解決方案來恢復。他們引入了 Rubrik 來實現更快的網路復原並提高其彈性[姿勢]。

And if you think about the identity and data combination I talked about, a European financial institution chose Rubrik to detect and mitigate acceleration risk, which is around data. That allowed them to be in compliance with [DORA].

如果你考慮我談到的身份和數據組合，一家歐洲金融機構選擇 Rubrik 來檢測和減輕圍繞數據的加速風險。這使得他們遵守[朵拉]。

So we have a number of significant tailwinds, both in and around data and identity. And we are taking this unique approach of combining these two into a singular strategy, a singular platform, singular product.

因此，我們在數據和身分方面都面臨著許多重大的順風。我們採用這種獨特的方法，將兩者結合成一個單一的策略、一個單一的平台、一個單一的產品。

And, again, we always take a very long-term view of these things. Again, we are experimenting, iterating, figuring out how we package, how we sell, which solutions work with what. And we'll update you as we evolve our strategy. But we are definitely seeing great traction in this space.

而且，我們總是以長遠的眼光看待這些事情。再次，我們正在進行實驗、迭代，弄清楚如何包裝、如何銷售、哪些解決方案與什麼一起使用。隨著我們策略的不斷演變，我們會及時向您通報最新進展。但我們確實看到這一領域的巨大發展勢頭。

John DiFucci, Guggenheim Securities.

古根漢證券公司的約翰‧迪富奇 (John DiFucci)。

My question is more of a macro question. You're near the end of the reporting companies for this quarter and we've generally seen some suppressive effects of an uncertain macro backdrop, especially in security, with, I think, one other exception, just one. It has to do with identity, which you're talking about. It was CyberArk.

我的問題更像是宏觀問題。本季報告的公司已接近尾聲，我們普遍看到不確定的宏觀背景帶來的一些抑制效應，特別是在安全領域，但我認為還有一個例外，僅此而已。這和你所說的身份有關。它就是 Cyber​​Ark。

But these suppressive effects don't show up in your numbers, at all. So, first, how would you characterize the demand environment, in general? And that's beyond Rubrik.

但這些抑制效應根本沒有體現在你的數字上。那麼，首先，您整體上如何描述需求環境？這超出了 Rubrik 的範圍。

And how are you able to execute against that environment? If you can talk about product, go-to-market prowess, and the general demand in your end markets?

您如何在這樣的環境下執行任務？您能談談產品、市場進入能力以及終端市場的整體需求嗎？

Thanks, John. That's an insightful question. Let me give you my context, my understanding of where things are.

謝謝，約翰。這是一個很有見地的問題。讓我向你介紹一下我的背景以及我對事情現狀的理解。

Rubrik is creating a new future for cybersecurity. The last 30 years of cybersecurity has been buying 80 to 100 different tools around prevention and detection of attack.

Rubrik 正在為網路安全創造新的未來。過去 30 年，網​​路安全領域已經購買了 80 到 100 種不同的工具來預防和偵測攻擊。

Everybody has in digestion, right now, different tools, different vendors. In some cases, hundreds of vendors. And what to pay, what not to take is like a Whac-A-Mole that you have a new threat and you buy a new tool to prevent and detect.

目前，每個人都在消化不同的工具、不同的供應商。在某些情況下，有數百家供應商。什麼該付，什麼不該拿，就像打地鼠遊戲一樣，當你遇到新的威脅時，你需要購買新的工具來預防和偵測。

We created this cyber resilience market. And our vision is while prevention and detection is important, you cannot prevent the unpreventable. You need to have a recovery and resilience strategy.

我們創造了這個網路彈性市場。我們的觀點是，雖然預防和檢測很重要，但無法預防不可預防的事。您需要有一個恢復和彈性策略。

And we created a purpose-built platform around cyber resilience across data, identity, risk, and remediation. Because of this comprehensive nature of our platform and what we do is not an optional thing -- it's not one of the five tools that they are buying -- and you are increasing the posture by 1%, 2%, we are a quantum shift, in terms of their security posture.

我們圍繞著資料、身分、風險和補救方面的網路彈性創建了一個專用平台。由於我們平台的綜合性，我們所做的事情並不是可有可無的——它不是他們要購買的五種工具之一——而且你將態勢提高了 1%、2%，就他們的安全態勢而言，這是一個量子轉變。

So in my discussions with CIOs and CISOs around the world, cyber resiliency is the top cybersecurity priority. And we are not seeing any change in our demand environment.

因此，在我與世界各地的 CIO 和 CISO 的討論中，網路彈性是網路安全的首要任務。我們沒有看到需求環境有任何變化。

Again, we are very confident about the numbers that we have put up. We believe that we'll end this year very strong. And we continue to transform and help our customers with cyber resilience posture, giving them peace of mind.

再次強調，我們對我們所取得的數字非常有信心。我們相信，我們將以非常強勁的成績結束今年。我們將持續轉變並幫助我們的客戶提高網路彈性態勢，讓他們安心。

What is also interesting is we are operating in a $50 billion market. Identity resilience and identity security are really expanding that market.

同樣有趣的是，我們正處於一個價值 500 億美元的市場。身份彈性和身份安全確實正在擴大該市場。

As of the end of this quarter, we have $1.2 billion ARR. So we are not opportunity-constrained. We are not market-constrained or demand-constrained.

截至本季末，我們的 ARR 為 12 億美元。因此我們不會受到機會的限制。我們不受市場或需求的限制。

We believe that we are positioned well. We have a unique offering in the marketplace. And we'll continue to innovate and scale.

我們相信我們已處於有利地位。我們在市場上提供獨特的產品。我們將繼續創新和擴大規模。

Eric Heath, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Eric Heath。

Congrats on the strong results, as well. I wanted to come back to the identity opportunity, again.

也祝賀你取得如此優異的成績。我想再次回到身分認同的機會。

Clearly, it was a huge focus in the call, today. And it's been a big focus on cyber, more broadly. So, maybe, I just want, maybe, help to contextualize the size of this opportunity, if you will. And, maybe, how we should think about this workload opportunity, relative to some other popular workloads like 365.

顯然，這是今天電話會議的一大焦點。並且，從更廣泛的意義上來說，它一直非常關注網路問題。所以，也許，我只是想，也許，幫助您了解這個機會的規模，如果您願意的話。也許，相對於 365 等其他一些流行的工作負載，我們應該如何看待這個工作負載機會。

And, Kiran, if there's any color on how much of a contributor to that is today. That would be great.

並且，Kiran，如果有任何顏色可以表明今天對此的貢獻有多大。那太好了。

The way to think about the identity opportunity, at least, to start with, is the following:

至少，首先，思考身分機會的方式如下：

As you know, identities is at the heart of cyber strategy for every business. And identity-based compromises and attacks have turned out to be near number 1 attack vector; and, origin of identity, which is the identity service provider, has become the ground zero for cyber-attacks.

眾所周知，身分認同是每個企業網路策略的核心。基於身分的洩漏和攻擊已成為第一大攻擊媒介；而身分來源，即身分服務供應商，已成為網路攻擊的中心。

The way identity recovery or identity resilience is built is not built with the modern cyber-attack, like principles -- and how to understand data risk with identity. And that's what we are doing.

身分恢復或身分彈性的建構方式不是透過現代網路攻擊來建構的，例如原則——以及如何理解身分的資料風險。這正是我們正在做的事情。

We're bringing these two things together. Again, these are early days for us in identity. And we believe that this is a very large opportunity that we are going after.

我們將這兩件事結合在一起。再說一次，我們對於身分的認知還處於早期階段。我們相信，這是我們所追求的一個巨大機會。

We believe that the identity security and data security will eventually merge. And it will be a singular strategy around how do we protect data across human, non-human identity, across the whole enterprise.

我們相信身分安全和資料安全最終會融合。這將是一個獨特的策略，圍繞著如何保護整個企業的人類、非人類身分的資料。

Eric, this Kiran, just to add to your second part: we got off to a good start, in terms of interest and demand. But it's still very early. We'll keep you updated, as we progress more.

艾瑞克，我是基蘭，我想補充你的第二部分：就興趣和需求而言，我們已經有了一個很好的開始。但現在還為時過早。隨著我們取得更多進展，我們將及時向您通報最新進展。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

I also actually wanted to ask about Identity Resilience because it is a clearly important area within cyber; at least, identity, as a construct, overall.

我其實也想問一下身分彈性，因為它是網路領域中一個明顯重要的領域；至少，從總體來說，身分認同作為一種建構。

Bipul, can you talk about the incremental investment to go after this, including how you expect to market the solution to prospective customers?

Bipul，您能談談為此而進行的增量投資嗎，包括您預計如何向潛在客戶推銷該解決方案？

Identity is definitely an area of investment for us. We are focused on identity security, as opposed to identity infrastructure.

身分認同絕對是我們投資的一個領域。我們關注的是身分安全，而不是身分基礎設施。

We want to ensure that we combine our data security and identity security capabilities features so that we give our customers a complete business understanding of risk and how do we solve it, as opposed to different tools.

我們希望確保將我們的資料安全和身分安全功能結合起來，以便讓我們的客戶全面了解業務風險以及我們如何解決它，而不是使用不同的工具。

So you'll see a lot from us in this space as we evolve and, again, continue to build. Again, Rubrik's this -- we have this long-term vision about things. And what we truly believe is delivering the right data to the right user at the right time on the right platform for the right duration is Rubrik's business.

因此，隨著我們不斷發展和持續建設，您將在這個領域看到我們所取得的許多成就。再說一次，Rubrik 就是這樣——我們對事物有長遠的眼光。我們真正相信的是，在正確的時間、正確的平台上向正確的用戶提供正確的數據，這就是 Rubrik 的業務。

Everything that comes with it, we are going to continue to kind of to innovate and evolve. And that's what we are doing here.

對於隨之而來的一切，我們將繼續創新和發展。這就是我們在這裡所做的事情。

Obviously, a lot to share, as we make progress here.

顯然，隨著我們取得進展，有很多東西可以分享。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

I wanted to come back to what seems to be a conservative guide, even with the 7% growth headwind in Q1. Why are you thinking about the guide below trend, given all the tailwinds that we've talked about over the last 50 minutes or so?

即使第一季面臨 7% 的成長逆風，我還是想回到看似保守的指導方針。考慮到我們在過去 50 分鐘左右討論過的所有順風因素，為什麼您會考慮以下趨勢指南？

Talk about that, please.

請談論一下這個。

This is Kiran. Thanks for the question.

這是 Kiran。謝謝你的提問。

Just to clarify: the 7% we referred to was actually a tailwind to revenue growth in the quarter. And that is from an accounting concept called material rights wear to a cloud transformation.

需要澄清的是：我們提到的 7% 實際上是本季營收成長的順風。這是從稱為“物質權利磨損”的會計概念到雲端轉換的過程。

But, in terms of the guide, both from an ARR and revenue perspective -- as you know, we focus on ARR as the best performance metric for the business. Given our cloud journey, we had a strong quarter. We grew net new ARR 23%.

但是，就指南而言，無論是從 ARR 還是收入的角度來看——如您所知，我們都將 ARR 作為業務的最佳績效指標。鑑於我們的雲端運算之旅，我們本季表現強勁。我們的淨新 ARR 成長了 23%。

From a guidance perspective, we raised it a few points, in terms of total growth, as well as net new ARR; essentially, passing the full beat from Q1, as well as raising a little bit more.

從指導角度來看，我們在整體成長以及淨新 ARR 方面將其提高了幾個點；基本上，超過了第一季的全部目標，並且還提高了一點點。

Joel Fishbein, Truist Securities.

Truist Securities 的 Joel Fishbein。

Great execution.

執行得很好。

Bipul, you've covered a little bit of this but I'd love to take a broader look at the cyber resilience market, including identity, over the -- if you're looking at like 12, 18 months, how will this space evolve?

Bipul，您已經談到了這一點，但我希望更廣泛地了解網路彈性市場，包括身份，如果您展望 12 到 18 個月，這個領域將如何發展？

And, looking from that perspective, what are the top three priorities for Rubrik to continue to be the dominant share there?

從這個角度來看，Rubrik 要繼續保持在市場的主導地位，最重要的三大優先事項是什麼？

Thank you. If you look at what we have done from day 1 of Rubrik, we built a data security platform. And we took a two-platform strategy across all data landscape from enterprise data to cloud data to SaaS data.

謝謝。如果你看看我們從 Rubrik 成立第一天起所做的事情，你會發現我們建立了一個資料安全平台。我們採取了涵蓋所有資料環境的雙平台策略，從企業資料到雲端資料再到 SaaS 資料。

Now, identity is a single policy engine. It's a single control plane. It's a single orchestration of data security across all three.

現在，身分認同是一個單一的策略引擎。它是一個單一控制平面。這是跨三者的資料安全單一協調。

Now, we are getting into the identity. And we will cover the identity in the similar vein.

現在，我們正在討論身份。我們將以類似的方式討論身份問題。

What we see is cybersecurity market tends to be very tool-centric. And you have many, many tools.

我們看到網路安全市場往往以工具為中心。而且你還有很多很多工具。

We took the strategy of a platform. What does platform mean? Platform means that you have a single pre-emptive recovery engine, a single native data set engine across all your data landscape.

我們採取的是平台化的策略。平台是什麼意思？平台意味著您擁有一個單一的搶先恢復引擎，一個涵蓋所有資料環境的單一本機資料集引擎。

And how do you correlate those threats? How do you present a singular view of the data security without loading the logs of different tools in a third-party platform and having some other third-party tool analyze it?

您如何看待這些威脅？如何在不載入第三方平台不同工具的日誌並讓其他第三方工具進行分析的情況下呈現資料安全的單一視圖？

That, we believe is the result of a very archive development of this whole space. So we want to create a single platform around data and identity across all the data landscape, ensuring that our customers have peace of mind; that when the inevitable cyber-attacks comes to them, they can recover quickly; keep their services up and running; and, more importantly, understand the risk.

我們相信，這是整個領域的檔案開發的結果。因此，我們希望圍繞所有資料環境中的資料和身分創建一個單一平台，確保我們的客戶安心；當不可避免的網路攻擊來臨時，他們可以快速恢復；保持他們的服務正常運作；更重要的是，了解風險。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Lots of interesting growth factors. If you think about more apps, more data, you're adding identity,

許多有趣的成長因素。如果你考慮更多的應用程式、更多的數據，你就會增加身份，

Kiran, I didn't know if you would offer us some thoughts, then, on how you're thinking about the sustainability expansion. Any comments on the expansion rate, the net expansion rate?

Kiran，我不知道您是否願意就可持續性擴張問題向我們提供一些想法。對於擴張率、淨擴張率有何評論？

I understand it's a backwards-looking metric. But if you think over the next number of quarters, any comments on how you think that may evolve; particularly, given all the -- what seems to be a very interesting portfolio expansion?

我知道這是一個回顧性的指標。但是，如果您考慮接下來的幾個季度，您認為這種情況會如何發展？特別是考慮到所有——這似乎是一個非常有趣的投資組合擴張？

Thanks, Keith, for the question. We're really pleased with our [NRR] of greater than 120%, over the past four quarters.

謝謝 Keith 提出這個問題。我們對過去四個季度的 [NRR] 超過 120% 感到非常滿意。

As you know, we disclosed on average. The business model and the product platform lends itself to a higher one, as we have multi-products in the portfolio, with which you can land with, as (inaudible).

如您所知，我們披露的是平均值。商業模式和產品平台適合更高層次，因為我們的產品組合中有多種產品，你可以選擇，（聽不清楚）。

Historically, we've spoken about it. We try hard to split the growth between new and expansion. Obviously, scale expansion tends to be a little bit bigger than the new business, in terms of contribution.

從歷史上看，我們已經談論過這個問題。我們努力將成長分為新的成長和擴張的成長。顯然，規模擴張的貢獻往往比新業務的貢獻更大。

But just commenting on the expansion rate, itself: in the past, we have benefited a bit more from our model transition from maintenance to Subscription and that has normalized. But we do expect NRR to moderate over time because we (inaudible) landing bigger now, with multiple products.

但僅就擴張率本身進行評論：過去，我們從維護到訂閱的模式轉變中受益更多，並且已經正常化。但我們確實預期 NRR 會隨著時間的推移而緩和，因為我們現在（聽不清楚）的規模更大，擁有多種產品。

And that is a little bit of a headwind, too. But we still expect that to be pretty strong.

這也是一種阻力。但我們仍然預期其表現會相當強勁。

Shrenik Kothari, from Baird.

來自貝爾德的 Shrenik Kothari。

This is [Zack], on for Shrenik. Great results.

我是 [Zack]，代替 Shrenik。效果非常好。

Curious what percent of large enterprise accounts have adopted the proactive additions (inaudible) SKU, today? And are reps really leading proactive as a primary (inaudible) new ends? Or is it more of a post-land upsell motion?

好奇今天有多少百分比的大型企業帳戶採用了主動添加（聽不清楚）SKU？銷售代表是否真的將主動性作為主要的（聽不清楚）新目標？或者這更像是土地收購後的追加銷售行為？

Any color there would be great.

任何顏色都很棒。

Our strategy is that we deliver to cyber resilience. And cyber resilience has two core components: risk and cyber recovery -- cyber risk and cyber recovery.

我們的策略是實現網路彈性。網路彈性有兩個核心組成部分：風險和網路復原－網路風險和網路復原。

For the cyber risk piece, we combine SPM and identity pieces; and some of the identity piece also bleed into the cyber recovery. And then, we provide enterprise addition as a complete cyber recovery tool.

對於網路風險部分，我們將 SPM 和身分部分結合；部分身分部分也會滲透到網路復原中。然後，我們提供企業附加功能作為完整的網路復原工具。

That's the strategy we are taking across all the workloads, as we land-and-expand our customers. And that's what is leading to strong product adoption and overall strong growth.

這是我們在所有工作量中採取的策略，因為我們不斷吸引和擴大客戶。這就是導致產品採用率高和整體成長強勁的原因。

Param Singh, Oppenheimer.

帕拉姆·辛格，奧本海默。

We've talked about identity security -- (inaudible), today. But, from my understanding, resilience for Entra ID and Active Directory existed for a very long time. And it's -- instead of product available for a lot of the companies in this market.

今天，我們討論了身分安全－（聽不清楚）。但是，據我所知，Entra ID 和 Active Directory 的彈性已經存在很久了。而且它不是這個市場上許多公司都提供的產品。

What is unclear to me -- from our conversation today and from your press releases, what are some of the technical advantages and benefits that Rubrik specifically brings to the market that may not be available today?

我不清楚的是——從我們今天的談話和你們的新聞稿中，Rubrik 具體為市場帶來了哪些目前可能無法獲得的技術優勢和好處？

I'd love for you to educate me on why Rubrik should be winning in identity security and resilience.

我希望您能告訴我為什麼 Rubrik 應該在身份安全和彈性方面獲勝。

This is a really good question. As I was saying before: Rubrik combines identity and data security in a single platform. And what that allows us to do is that not only we create the back-up copy of identity in a cyber-resilient immutable way but, upon recovery, we stopped the re-introduction of malware.

這是一個非常好的問題。正如我之前所說：Rubrik 在一個平台上結合了身分和資料安全。這樣，我們不僅可以以網路彈性的不可變方式建立身分的備份副本，而且在復原後，還可以阻止惡意軟體的重新引入。

And so, if you think about that, we have a very strong end-to-end solution.

所以，如果你考慮到這一點，你會發現我們有一個非常強大的端到端解決方案。

The second thing is that we also combine Active Directory and Entra ID recoveries in a hybrid-cloud manner, which is very unique. And this hybrid-cloud (inaudible) and replicated estate -- to be able to deliver one fully-orchestrated identity recovery that takes the identity recovery time from, like, a week to 10 days to, really, minutes by creating a wizard style click, click, click on.

第二件事是我們也以混合雲的方式結合了 Active Directory 和 Entra ID 恢復，這是非常獨特的。這種混合雲（聽不清楚）和複製資產——能夠提供一個完全協調的身份恢復，透過創建嚮導式的點擊、點擊、點擊，將身份恢復時間從一周到十天縮短到幾分鐘。

And so, we have really brought the Rubrik's core simplicity, deep technology ability to deliver clean recovery, fast, into identity; and combine that with the data security.

因此，我們真正將 Rubrik 的核心簡單性和深度技術能力融入身份識別，以快速實現乾淨的恢復；並將其與資料安全相結合。

Jonathan Ruykhaver, Cantor.

喬納森·魯伊克哈弗（Jonathan Ruykhaver），領唱。

Yeah. Congrats on the good quarter.

是的。恭喜本季取得良好業績。

Bipul, your comments on (inaudible) very topical. A quote from Gartner: that pretty (inaudible) 30% of AI projects will be added, after a proof of concept this year.

Bipul，你對（聽不清楚）的評論非常具有現實意義。Gartner 的一句話是：今年經過概念驗證後，將有相當（聽不清楚） 30% 的 AI 專案加入。

One thing that we hear about from users as an impediment to those workloads is just the multitude of disparate data stores, both on-prem and in the cloud. It's specifically a challenge around real-time identification and classification, which seems increasingly foundational to building data security.

我們從用戶那裡聽說，阻礙這些工作負載的一個因素是大量不同的資料存儲，包括本地資料儲存和雲端資料儲存。這尤其對即時識別和分類提出了挑戰，這對於建立資料安全似乎越來越重要。

So what I would like to know, in more detail, is just how specifically do you see that issue? And how does Rubrik differentiate around identification and classification?

因此，我想更詳細地了解的是，您具體如何看待這個問題？Rubrik 如何區分識別和分類？

If you look at our platform, from the very beginning, we combined security and data management in a single platform. And to deliver clean recovery, we need to understand the integrity of the data, sensitivity of the data by doing the classification; and ability to have a full understanding of user and user interaction on the data.

如果你看一下我們的平台，從一開始，我們就將安全性和資料管理結合在一個平台上。為了實現乾淨的恢復，我們需要透過分類來了解資料的完整性和資料的敏感度；並且能夠充分了解使用者和使用者對資料的交互作用。

And then, a couple of years ago, we realized was that this is -- actually, data and security coming together in a compliant and a full-governance mode allows us to supply the right data to the right user on the right platform at the right time for the right duration.

然後，幾年前，我們意識到，實際上，數據和安全性以合規和全面治理的模式結合在一起，使我們能夠在正確的時間在正確的平台上向正確的用戶提供正確的數據。

It could be very appropriate for us to give this data to Generative AI applications, LLM applications.

我們將這些數據提供給生成式人工智慧應用、法學碩士應用程式是非常合適的。

And that's when we started this whole Annapurna effort. Again, it is very early in our journey.

從那時起，我們就開始整個安納普爾納峰之旅。再說一次，我們的旅程才剛開始。

We believe that we are a unique company that sits at the intersection of data security and AI. And we have a unique way to accelerate GenAI adoption by delivering input security and the data, at the same time.

我們相信，我們是一家處於資料安全和人工智慧交匯處的獨特公司。我們有一種獨特的方法，透過同時提供輸入安全性和資料來加速 GenAI 的採用。

Again, this is a long-term effort for us, three to five years out. We are figuring out product market fit. We are figuring out how customers would buy, how we do it, consume.

再說一次，這對我們來說是一項長期的努力，需要三到五年的時間。我們正在確定產品市場契合度。我們正在研究顧客如何購買、我們如何購買和消費。

Again, it is one of those S-curves that we are building as part of our portfolio of risk that we built as part of our lateral motion. And, again, we want to build the next 100-year company.

再次強調，這是我們在橫向運動中建立的風險組合中的 S 曲線之一。而且，我們再次希望打造下一個百年公司。

That long-term company will only be built if we think ahead, understand where the market trends are, align our strategy and product thinking in those lines, and deliver the right product at the right time.

只有我們具有前瞻性思維，了解市場趨勢，調整我們的策略和產品思維，並在正確的時間提供正確的產品，才能建立長期發展的公司。

There are no further questions, at this time.

目前沒有其他問題。

I'd like to turn the call over to Bipul for closing comments. Sir, please go ahead.

我想將電話轉給 Bipul 來做最後評論。先生，請繼續。

In closing, I want to thank to all Rubrikans: all our customers and partners. All of you, on this call, who help us understand the market better, keep us disciplined; and to everybody in the ecosystem.

最後，我要感謝所有 Rubrikans：我們所有的客戶和合作夥伴。參加這次電話會議的所有人，都幫助我們更了解市場，讓我們保持紀律；也感謝生態系統中的每個人。

We are very early in our journey. We are just an 11-year-old company. We have large ambitions. We want to build a platform company across data, security.

我們的旅程才剛開始。我們只是一家成立11年的公司。我們有著遠大的抱負。我們希望建立一個跨資料、安全的平台公司。

I will repeat: the best is yet to come.

我再說一次：最好的尚未到來。

Thank you so much. Have a wonderful day.

太感謝了。祝您有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you very much for your participation.

非常感謝您的參與。

You may now disconnect.

您現在可以斷開連線。