Rubrik Inc (RBRK) 2026 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Rubrik second quarter fiscal year 2026 results conference call. (Operator Instructions) I would now like to turn the conference over to Melissa Franchi, Vice President, Head of Investor Relations. Please go ahead.

女士、先生們，下午好，歡迎參加 Rubrik 2026 財年第二季業績電話會議。（操作員指示）現在，我想將會議交給副總裁兼投資者關係主管 Melissa Franchi。請繼續。

Hello everyone. Welcome to Rubrik's seconding quarter fiscal year 2026 financial results conference call. On the call with me today are Bipul Sinha, CEO, Chairman and co-founder of Rubrik, and Kiran Choudary, Chief Financial Officer. Our earnings press release was issued today after the market closed and may be downloaded from the investor relations page at www.ir.rubrik.com.

大家好。歡迎參加 Rubrik 2026 財年第二季財務業績電話會議。今天與我一起參加電話會議的有 Rubrik 執行長、董事長兼聯合創始人 Bipul Sinha 和財務長 Kiran Choudary。我們的收益新聞稿於今天市場收盤後發布，可從投資者關係頁面 www.ir.rubrik.com 下載。

Also on this page you'll be able to find a slide deck with special highlights that along with our press release, it 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，您還可以在此頁面上找到帶有特別亮點的幻燈片，連同我們的新聞稿，它還包括 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 third quarter and 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 motions.

在本次電話會議中，我們將做出前瞻性陳述，包括有關 2026 年第三季和全年財務前景的陳述。我們對市場趨勢、市場地位、機會（包括關於產生人工智慧、成長策略、產品計劃以及對這些計劃的期望）的期望，以及我們的市場動向。

These statements are only predictions that are based on what we believe today, and actual results may differ materially. These 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 SEC. Rubrik assumes no obligation to update any forward-looking statements we may make on today's call. With that, I'll hand the call over to Bipul.

這些陳述僅是基於我們今天所相信的預測，實際結果可能存在重大差異。這些展望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。說完這些，我就把電話交給 Bipul。

Thank you, Melissa. I want to start by thanking everyone for joining us today. We are pleased with our second quarter results that once again exceeded all guided metrics across top line and profitability. Here are five key numbers. First, subscription error surpassed $1.25 billion, growing 36% year over year. Net new subscription ARR reached $71 million in the second quarter.

謝謝你，梅麗莎。首先我要感謝大家今天的出席。我們對第二季的業績感到滿意，該業績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。首先，認購錯誤超過12.5億美元，年增36%。第二季淨新訂閱 ARR 達到 7,100 萬美元。

Second, our subscription revenue was $297 million, growing 55% year over year. Third, our subscription NRR remained strong once again above 120%. Fourth, Customers with 1,000 or more in subscription ARR crossed 2,500, growing 27% year over year.

其次，我們的訂閱收入為 2.97 億美元，年增 55%。第三，我們的訂閱NRR再次保持強勁，超過120%。第四，訂閱 ARR 為 1,000 或以上的客戶數量超過 2,500，較去年同期成長 27%。

Finally, on profitability, we once again made material improvement in subscription ARR contribution margin, up about 1800 basis points year over year. On cash generation, we are very happy to report we generated over $57 million in free cash flow this quarter. This combination of top line growth and cash flow margin at our scale is rare.

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，比去年同期成長了約1800個基點。在現金產生方面，我們很高興地報告，本季我們產生了超過 5,700 萬美元的自由現金流。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。

We remain confident about the opportunity ahead and thus we are raising our outlook for the year. Let me first give you some context on where we are focused. Rubrik is evolving into the security and AI company. In the last several quarters. It is said to us that as we continue to focus on and win the vast cyber resilience market, we also have a tremendous opportunity in the enterprise AI acceleration. Let's start with cyber resilience and the broader context of the market opportunities. From our inception, Rubrik was designed to help customers achieve the fastest cyber recovery time.

我們對未來的機會仍然充滿信心，因此我們提高了對今年的展望。首先讓我向您介紹我們關注的重點。Rubrik 正在發展成為一家安全和人工智慧公司。在過去幾個季度中。我們被告知，隨著我們繼續關注並贏得廣泛的網路彈性市場，我們在企業 AI 加速方面也擁有巨大的機會。讓我們從網路彈性和更廣泛的市場機會背景開始。從一開始，Rubrik 就致力於協助客戶實現最快的網路復原時間。

To deliver this, we uniquely combined data security posture management, identity resilience, and cyber recovery natively on our Rubrik security cloud or RSP platform to achieve complete cyber resilience. And at the center of our differentiated architecture is the Rubrik preemptive recovery engine.

為了實現這一目標，我們在 Rubrik 安全雲或 RSP 平台上以獨特的方式結合了資料安全態勢管理、身分彈性和網路恢復，以實現完整的網路彈性。我們差異化架構的核心是 Rubrik 搶佔式復原引擎。

In Q2 alone, I had over 125 meetings with customers and prospects worldwide. What was abundantly clear is that IT and security leaders now have assumed breach mindset, simply meaning they are certain that cyberattacks are inevitable despite significant investments they have made in cyber prevention and detection.

僅在第二季度，我就與全球客戶和潛在客戶舉行了 125 多次會議。非常清楚的是，IT 和安全領導者現在已經採取了違規心態，這意味著儘管他們在網路預防和偵測方面投入了大量資金，但他們確信網路攻擊是不可避免的。

At the same time, these enterprises are also looking to re-platform and modernize their infrastructure in preparation for the imminent enterprise AI transformation. As companies shift deeper into cloud and Gen AI, customers continue to turn to us Rubrik for complete cyber resilience, delivering uniform and consistent data security policy control, as well as rapid accurate recoveries from cyberattacks.

同時，這些企業也尋求重新平台化和現代化其基礎設施，為即將到來的企業人工智慧轉型做好準備。隨著公司深入雲端運算和通用人工智慧，客戶繼續向我們的 Rubrik 尋求完整的網路彈性，提供統一一致的資料安全策略控制，以及從網路攻擊中快速且準確的恢復。

Concurrently, our credit acquisition, which I'll discuss later in my remarks, also allows us to deliver enterprise AI acceleration. The bottom line is this we have tremendous opportunities ahead of us. First, we continue to lead the vast cyber resilience market, and second, at the same time, we continue to build a new future for enterprise AI. Now I'll detail of the wins across our initiatives at varying scale.

同時，我們的信貸取得（我將在後面的發言中討論）也使我們能夠實現企業人工智慧加速。最重要的是，我們面前有巨大的機會。第一，我們持續引領廣闊的網路彈性市場；第二，同時，我們持續建構企業AI的新未來。現在我將詳細介紹我們在不同規模的舉措中所取得的成果。

For our cyber resilient data protection business, we continue to add solutions across new applications and workloads, leveraging the same underlying preemptive recovery engine to deliver risk and remediation capabilities. This unique architecture consistently enables us to outperform both legacy and new gen backup vendors.

對於我們的網路彈性資料保護業務，我們繼續在新的應用程式和工作負載中添加解決方案，利用相同的底層搶佔式復原引擎來提供風險和補救能力。這種獨特的架構使我們能夠始終勝過傳統和新一代備份供應商。

Let me highlight this with two illustrative customer events from the quarter. A major North American oil and gas company selected Rubrik after its legacy backup provider was unable to support a fast recovery following a disruptive cyber attack. Rubrik was selected because of our superior recovery time relative to both legacy as well as new gen alternatives.

讓我透過本季發生的兩次客戶事件來強調這一點。一家北美大型石油和天然氣公司在其傳統備份供應商無法支援破壞性網路攻擊後的快速復原後選擇了 Rubrik。選擇 Rubrik 是因為我們相對於傳統和新一代替代方案具有更出色的恢復時間。

Our comprehensive yet radically simple platform for cyber recovery across all workloads, including the cloud, was another key reason for the replacement. In another example, a Fortune 50 pharma leader turned to Rubrik to protect its critical applications, its placing its 20 year old legacy backup vendor as well as native cloud backup solutions.

我們為所有工作負載（包括雲端）提供全面且極為簡單的網路恢復平台，這是更換的另一個主要原因。另一個例子是，財富 50 強制藥公司的領導者轉向 Rubrik 來保護其關鍵應用程式、其擁有 20 年歷史的傳統備份供應商以及原生雲端備份解決方案。

We also competed newgen backup vendors for this opportunity. Rubrik was selected due to not only our ability to deliver greater cyber resiliency in the face of escalating cyber risk but also more efficient cloud storage costs. Let me now talk about innovations in cloud protection that are delivered from RSC, which is a single unique platform across data center, cloud, task, and identity workloads.

我們也與新一代備份供應商競爭此機會。選擇 Rubrik 不僅是因為我們能夠在不斷升級的網路風險面前提供更強的網路彈性，而且還具有更有效率的雲端儲存成本。現在讓我來談談 RSC 提供的雲端保護創新，RSC 是一個跨資料中心、雲端、任務和身分工作負載的獨特平台。

We continue to expand our purpose-built cloud data protection solution to more applications, services, and databases in the public cloud. This quarter we expanded our cyber protection of AWS RDS database and added comprehensive protection for Amazon Dynamo TV, strengthening Rubrik leadership in cyber resilience for cloud databases. We'll continue to build upon our code to cloud cyber resilience platform. Which offers protection from the first line of code to full stack of applications in production across the major hyper scales.

我們繼續將我們專門建構的雲端資料保護解決方案擴展到公有雲中的更多應用程式、服務和資料庫。本季度，我們擴展了對 AWS RDS 資料庫的網路保護，並為 Amazon Dynamo TV 增加了全面的保護，增強了 Rubrik 在雲端資料庫網路彈性方面的領導地位。我們將繼續建構基於程式碼的雲端網路彈性平台。它為從第一行程式碼到跨主要超大規模生產中的整套應用程式提供保護。

Now let me highlight a few customer events with cloud and SA protection. First, a global Fortune 500 transportation organization increased their investment in Rubrik this quarter, adding M365 protection for Azure workloads, code-based recovery for GitHub, and Azure DevOps, as well as Jira protection.

現在讓我重點介紹一些具有雲端和 SA 保護的客戶事件。首先，一家全球財富 500 強運輸組織本季增加了對 Rubrik 的投資，為 Azure 工作負載增加了 M365 保護，為 GitHub 和 Azure DevOps 增加了基於程式碼的恢復，以及 Jira 保護。

This expansion bolsters the company's cyber resilience and reduces recovery times across its critical cloud applications. Another example is with the Fortune 500 logistics and supply chain company that also expanded its partnership with Rubrik by fortifying its mission critical data state in Agger and M65 applications. After adding Rubrik to safeguard its data center applications in the past.

此次擴展增強了公司的網路彈性，並縮短了關鍵雲端應用程式的復原時間。另一個例子是財富 500 強物流和供應鏈公司，該公司還透過強化 Agger 和 M65 應用程式中的關鍵任務資料狀態來擴大與 Rubrik 的合作夥伴關係。先前曾加入 Rubrik 來保護其資料中心應用程式。

Furthermore, the customer added identity recovery, reducing recovery time of active directory and in ID from several weeks to mere hours.

此外，客戶還增加了身分恢復功能，將活動目錄和 ID 的恢復時間從幾週縮短至幾個小時。

Rubrik cyber resilience platform now avoids an estimated $65 million losses per day for this customer in case of downtime due to cyber attacks. Now let's go to our opportunity in identity resilience in just a couple of quarters of general availability we have. Notable momentum for Rubrik identity recovery now over 200 customers. Rubrik is addressing a critical need for enterprises by enabling the rapid recovery of their identity services following cyber attacks or operational failure so that they can return to business as usual. We are the only vendor in the market that delivers rapid recovery of both Active Directory and intra ID in a hybrid cloud manner, the backbone of identity worldwide.

Rubrik 網路彈性平台現在可避免因網路攻擊而導致的停機，每天為該客戶造成約 6,500 萬美元的損失。現在讓我們來看看我們在身份彈性方面的機會，這些機會將在短短幾個季度內普遍可用。Rubrik 身分恢復發展動能顯著，目前顧客數量已超過 200 家。Rubrik 正在滿足企業的一項關鍵需求，即在網路攻擊或營運故障後快速恢復企業的身份服務，以便企業能夠恢復正常業務。我們是市場上唯一以混合雲方式提供 Active Directory 和內部 ID 快速復原的供應商，是全球身分認證的支柱。

Let me give you two specific customers in identity.

我給大家舉兩個身分上比較特殊的客戶。

This quarter, a leading UK financial services company strengthened its partnership with Rubrik by adopting Rubrik identity recovery prompted by a recent cyber attack on a major UK retailer. The company evaluated vulnerabilities within its own active directory environment. They recognized that these weaknesses could lead to significant post-attack disruption, resulting in substantial market cap declines. Potentially affecting millions of pensioners by consolidating data and identity protection with Rubrik, this company now considers Rubrik one of its top 3 strategic IT vendors.

本季度，一家英國領先的金融服務公司透過採用 Rubrik 身分恢復技術加強了與 Rubrik 的合作夥伴關係，這是由於最近英國一家大型零售商遭受了網路攻擊。該公司評估了其自身活動目錄環境中的漏洞。他們認識到這些弱點可能會導致嚴重的攻擊後混亂，從而導致市值大幅下降。該公司透過與 Rubrik 整合數據和身分保護，可能影響數百萬退休金領取者，目前已將 Rubrik 視為其三大策略 IT 供應商之一。

In another example, a Fortune 500 financial institutions in the US turned to Rubrik after an audit uncovered that its active directory recovery would take upwards of 7 days with millions of dollars at risk each day. By adding Rubrick identity recovery, they reduced recovery times to under two hours, preventing potentially significant business disruption and satisfying board mandates.

另一個例子是，美國一家財富 500 強金融機構在審計發現其活動目錄恢復需要 7 天以上時間，並且每天面臨數百萬美元的風險後，轉向 Rubrik。透過增加 Rubrick 身分恢復，他們將恢復時間縮短至兩小時以內，從而防止了潛在的重大業務中斷並滿足了董事會的要求。

We continue to invest in our identity solutions. We deepened our innovation with the general availability of Rubrik identity resilience. Like I mentioned in the last quarter's earnings call, we are bringing together Rubrik's identity and DSPM solutions.

我們將繼續投資於我們的身份解決方案。我們透過 Rubrik 身分彈性的普遍可用性深化了我們的創新。正如我在上個季度的財報電話會議上提到的那樣，我們正在整合 Rubrik 的身份和 DSPM 解決方案。

Our latest Rubrik Identity resilience solution brings together data security context and identity intelligence for the first time. Similar to how we monitor and sustain data, Rubrik Identity resilience continuously monitors and protects human and non-human identities, tracking this configurations as well as high risk and malicious changes in the active directory and ID. It also ties identity-based information like privileged access to rubrics, DSPM, sensitive data context and activity to strengthen this posture and accelerate cyber recovery.

我們最新的 Rubrik Identity 彈性解決方案首次將資料安全環境和身分智慧結合在一起。與我們監控和維護資料的方式類似，Rubrik Identity 彈性持續監控和保護人類和非人類身份，追蹤這些配置以及活動目錄和 ID 中的高風險和惡意變化。它還將基於身分的資訊（如特權存取規則、DSPM、敏感資料上下文和活動）連結起來，以加強這種態勢並加速網路復原。

Next, let's talk about our innovation in the Gen AI space. As I noted during our IPO, Rubik by design perpetually lives on the frontier of innovation, and our long term success depends upon our ability to create and commercialize pioneering products. As part of this, we continue to build a portfolio of innovation at different stages and at different levels of risk. This approach allows us to stack multiple S curves to maintain maximum momentum while preparing for what's next. Along these lines, I will talk about our longer term initiatives for GenAI.

接下來，我們來談談我們在 Gen AI 領域的創新。正如我在首次公開募股期間所指出的，Rubik 的設計永遠處於創新的前沿，而我們的長期成功取決於我們創造和商業化先鋒產品的能力。作為其中的一部分，我們將繼續建構不同階段、不同風險等級的創新組合。這種方法使我們能夠堆疊多個 S 曲線以保持最大動力，同時為下一步做好準備。沿著這些思路，我將談論我們對 GenAI 的長期計劃。

While Gen AI can unlock significant new efficiencies for every organization. There are significant barriers like accuracy, cost, and security, which hinder its adoption beyond proof of concept. We are addressing these challenges by leveraging our unique ability to extract, manage, and secure business data. Rubrik's data platform not only delivers robust cyber recoveries, but also provides clean, secure data with the necessary permission and policy enforcement to power genetic AI applications.

而 Gen AI 可以為每個組織帶來顯著的新效率。準確性、成本和安全性等重大障礙阻礙了其在概念驗證之外的採用。我們正在利用我們獨特的提取、管理和保護業務資料的能力來應對這些挑戰。Rubrik 的資料平台不僅提供強大的網路復原功能，還提供乾淨、安全的資料以及必要的權限和策略實施，以支援基因 AI 應用程式。

This ensures only the right person has access to the sensitive data. Our recent acquisition of Predibase furthers this vision. Just as Rubrik is working to simplify secure data access for Gen AI, Predibase works to solve performance and cost issues around deploying Gen AI models for proprietary AI applications.

這確保只有合適的人才能存取敏感資料。我們最近對 Predibase 的收購進一步推進了這個願景。正如 Rubrik 致力於簡化 Gen AI 的安全資料存取一樣，Predibase 致力於解決為專有 AI 應用程式部署 Gen AI 模型的效能和成本問題。

The Predibase platform allows enterprises to fine tune NAI models and run an optimized inference stack for faster accurate results at a lower cost. We believe the combination of Rubrik and Predibase is incredibly powerful in accelerating Gen AI from proof of concept to full production and value realization. We welcome the Predibase team to Rubrik.

Predibase 平台讓企業可以微調 NAI 模型並運行最佳化的推理堆疊，以更低的成本更快地獲得準確的結果。我們相信 Rubrik 和 Predibase 的結合對於加速 Gen AI 從概念驗證到全面生產和價值實現具有極其強大的作用。我們歡迎 Predibase 團隊加入 Rubrik。

Where they have hit the ground running and continue to innovate and define new frontiers in enterprise agency AI, we recently announced Agent rewind, built on our Rubrik secure data platform underpinned by Predibase's AI technologies.

他們已經開始行動並繼續創新並定義企業機構 AI 的新領域，我們最近宣布了 Agent rewind，它建立在我們的 Rubrik 安全資料平台上，並以 Predibase 的 AI 技術為基礎。

We have spent years helping our customers recover from cyber attacks and operational errors. With Agent Rewind, we can now help customers undo the mistakes of AI agents without full system rollbacks, which is crucial for a scalable and secure AI adoption.

我們花了數年時間幫助客戶從網路攻擊和操作錯誤中恢復。借助 Agent Rewind，我們現在可以幫助客戶消除 AI 代理的錯誤，而無需進行完整的系統回滾，這對於可擴展且安全的 AI 採用至關重要。

We are still in the early stages of optimizing product market fit for our AI solutions, including agent rewind. We plan to add more capabilities and investments to enable confident enterprise AI transformation and agentic work adoption.

我們仍處於優化 AI 解決方案產品市場適應性的早期階段，包括代理倒帶。我們計劃增加更多功能和投資，以實現自信的企業 AI 轉型和代理商工作採用。

This is our multi-year initiative to scale rubrics AI solutions. In closing, I would like to share my gratitude. First, thank you to all my fellowbricants. Rubrik continues to win the cyber resilience market because of Rubrikant's collective focus and disciplined execution. We continue to break new grounds for enterprise AI acceleration.

這是我們為擴展 rubrics AI 解決方案而開展的多年計劃。最後，我想表達我的感激之情。首先，感謝我所有的同胞。由於 Rubrikant 的集體關注和嚴格的執行，Rubrik 繼續贏得網路彈性市場。我們不斷為企業AI加速開闢新天地。

And you know what, it's still early days for all the opportunities ahead of us. Also, a big thank you to all our customers and partners. Your trust inspires us to continue to lead and define the future of cybersecurity and enterprise AI. And lastly, of course, thank you to you, our shareholders, for your continued support and trust. With that, I'm pleased to pass it over to our Chief Financial Officer, Kiran Chodary.

你知道嗎，我們面前的所有機會都還處於初期階段。同時，我們也衷心感謝我們所有的客戶和合作夥伴。您的信任激勵我們繼續引領和定義網路安全和企業人工智慧的未來。最後，當然，感謝我們的股東對我們一直以來的支持與信任。我很高興將其交給我們的財務長 Kiran Chodary。

Thank you. Good afternoon, everyone, and thank you for joining us today.We had a strong Q2, which was highlighted by solid growth at scale and continued improvement in profitability. We continue to benefit. From our leadership in the growing market for cyber resilience. And we are pleased to raise our outlook for the year. Let me start by briefly recapping our second quarter fiscal 2026 financial results and key operating metrics.

謝謝。大家下午好，感謝大家今天的到來。我們第二季表現強勁，規模穩定成長，獲利能力持續改善。我們繼續受益。源自於我們在日益增長的網路彈性市場中的領導地位。我們很高興提高對今年的展望。首先，我簡要回顧我們 2026 財年第二季的財務表現和關鍵營運指標。

And then I'll provide guidance. For the third quarter and full year fiscal 2026. All comparisons, unless otherwise noted are on a year over year basis.

然後我會提供指導。2026財年第三季及全年。除非另有說明，所有比較都是按同比進行的。

We are very pleased to have entered Q2 with subscription ARR of over $1.25 billion, growing 36%. We added $71 million in net new subscription ARR. \We continue to drive adoption of a Rubrik Security cloud, which resulted in $1.1 billion of Cloud ARR up 57%. Our differentiated land and expand model benefits from multiple avenues to gain new customers and grow our footprint after the initial contract.

我們很高興進入第二季度，訂閱 ARR 超過 12.5 億美元，成長 36%。我們增加了 7,100 萬美元的淨新訂閱 ARR。我們繼續推動 Rubrik Security 雲端的採用，這使得雲端 ARR 成長了 57%，達到 11 億美元。我們差異化的土地和擴張模式受益於多種途徑來獲得新客戶並在初始合約後擴大我們的足跡。

Expansion occurs through increased data, existing applications, securing more applications or identities, or adding more security functionality. As a result, we continue to see a strong subscription retention rate, which remained over 120% in the second quarter. All vectors of expansion are healthy contributors to our NRR highlighting the meaningful runway. We have to more deeply penetrate our customer base.

擴展是透過增加資料、現有應用程式、保護更多應用程式或身分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保留率，第二季仍保持在 120% 以上。所有擴張載體都是我們 NRR 的健康貢獻者，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 approximately 35% of our subscription net retention rate in the quarter. We ended the second quarter with 2,505 customers with subscription ARR of $100,000 or more, up 27%. These larger customers now contribute 85% of our subscription arar, up from 82% in the year ago period as we become an increasingly strategic partner to our enterprise customers. For our second quarter, subscription revenue was $297 million up 55%. Total revenue was $310 million up 51%.

採用額外的安全功能對我們本季的訂閱淨保留率貢獻了約 35%。截至第二季度，我們擁有 2,505 名訂閱 ARR 為 100,000 美元或以上的客戶，成長 27%。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費用的 85%，高於去年同期的 82%。我們第二季的訂閱收入為 2.97 億美元，成長 55%。總營收為 3.1 億美元，成長 51%。

Revenue in Q2 benefit from a strong ARR growth and tailwinds from our cloud transformation journey. We also saw a higher non-recurring revenue which was accounted for as material rights related to a crowd transformation.

第二季的營收受益於強勁的 ARR 成長和我們雲端轉型之旅的順風。我們也看到了更高的非經常性收入，這被記為與人群轉型相關的重大權利。

This contributed approximately 7% points to the revenue growth this quarter, which was a few percentage points above our expectation. Adjusting for the benefit from material rent CO2, total revenue grew approximately 44%. Turning to the geographic mix of revenue from the Americas grew 53% to $225 million. Revenue from outside the Americas grew 46% to $85 million.

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。調整材料租金二氧化碳收益後，總收入成長約 44%。從地理分佈來看，美洲地區的營收成長了 53%，達到 2.25 億美元。來自美洲以外地區的營收成長 46%，達到 8,500 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. Our non-GAAP gross margin was 82% in the second quarter compared to 77% in the year ago period. Our gross margin benefited from the revenue of performance, including higher non-return revenue.

在討論毛利率、費用和獲利能力之前，我想指出的是，我將討論未來非公認的會計準則結果。我們第二季的非公認會計準則毛利率為 82%，去年同期為 77%。我們的毛利率受益於業績收入，包括更高的未回報收入。

Reduced hosting costs from new cloud contracts, including a one-time hosting cost credit 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.

透過新的雲端合約降低託管成本，包括一次性託管成本信用和提高客戶支援組織的效率。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 error contribution margin as a key measure of operating leverage. We believe the improvement in our subscription AAR contribution margin demonstrates our ability to drive operating leverage and profitability at scale. Subscription AAR contribution margin was 9% in the last 12 months ended July 30s compared to 8% in the year ago period, and improvement of approximately 1800 basis points.

提醒一下，我們將認購錯誤貢獻利潤率視為衡量營運槓桿的關鍵指標。我們相信，訂閱 AAR 貢獻利潤率的提高證明了我們能夠大規模推動營運槓桿和獲利能力。截至 7 月 30 日的 12 個月內，訂閱 AAR 貢獻利潤率為 9%，而去年同期為 8%，提高了約 1800 個基點。

When normalizing for the $23 million in employer payroll taxes associated with the IPO in the prior period, the improvement was approximately 1,500 basis points. The improvement in subscription era contribution margin was driven by higher sales, the benefits of scale, and improving efficiencies and management of costs across the business. Pre-cash flow positive $57.5 million compared to negative $32 million in the second quarter of fiscal 2025.

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，改善幅度約為 1,500 個基點。訂閱時代貢獻利潤率的提高得益於更高的銷售額、規模效益以及整個業務的效率和成本管理的提高。預現金流為正 5,750 萬美元，而 2025 財年第二季為負 3,200 萬美元。

This increase was driven by higher sales, including timing of renewals, improved operating leverage, and optimizing our capital structure.Turning the balance sheet, we ended the second quarter in a strong cash position with $1.5 billion in cash equivalents, restricted cash, and marketable securities, and $1.1 billion in convertible debt. Let me now provide some context for our outlook for fiscal 2026. We remain confident about our outlook given the strength of the fiber resilience market and demand for our differentiated offerings.

這一成長是由銷售額的增加所推動的，包括續約時機、提高的營運槓桿以及優化我們的資本結構。從資產負債表來看，我們在第二季結束時擁有強勁的現金狀況，擁有 15 億美元的現金等價物、限制性現金和有價證券，以及 11 億美元的可轉換債務。現在，讓我提供一些有關 2026 財年展望的背景資訊。鑑於纖維彈性市場的強勁表現以及對我們差異化產品的需求，我們對我們的前景仍然充滿信心。

We believe these drivers alongside our strong and consistent execution will deliver strong subscription growth ahead. 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.

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成長。在營運投資方面，我們將繼續投資研發，以推動我們在數據、安全和人工智慧等領域運營的龐大且不斷增長的市場的創新。

We'll also continue to make investments and 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. Let me discuss our current outlook on quarterly seasonality. After a strong first and second quarter, we anticipate Q3 will contribute approximately 21% to 22% of full year net new subscription error.

我們也將繼續進行投資並進入市場，在特定地區和垂直領域看到最引人注目的投資報酬率，並找到適合的產品市場並擴大我們的新創新。讓我來討論一下我們對季度季節性的當前展望。在第一季和第二季表現強勁之後，我們預計第三季將佔全年淨新訂閱錯誤量的約 21% 至 22%。

In addition, subscription era contribution margin has some seasonality due to the timing of net new subscription error and operating expenses each quarter. Based on our current net new era 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，由於每季淨新訂閱誤差和營運費用的時間不同，訂閱時代的貢獻利潤率具有一定的季節性。根據我們當前的新時代淨線性和投資計劃，我們繼續預計訂閱貢獻利潤率將在第三季度達到季節性最低水平，然後在第四季度走高。

In terms of revenue, we now expect material rights related to our cloud transformation to contribute approximately 6% points to revenue growth for the full year, up from a prior expectation of a few percentage points. As a reminder, the revenue related to material rights is non-recurring, and we expect minimal revenue contribution from material rights in fiscal 2027.

在收入方面，我們現在預計與雲端轉型相關的實質權利將為全年收入成長貢獻約 6%，高於先前預期的幾個百分點。提醒一下，與重大權利相關的收入是非經常性的，我們預期 2027 財年重大權利的收入貢獻很小。

Please see additional modeling points for fiscal 2026 in our investor presentation, which can be found on our investor relations website. Now turning to our guidance for the third quarter and full year fiscal 2026. In Q3, we expect revenue of $319 million to $321 million up 35% to 36%, which includes a few percentage points, higher benefit from material rights than previously expected.

請參閱我們投資者介紹中有關 2026 財年的其他建模要點，該介紹可在我們投資者關係網站上找到。現在談談我們對 2026 財年第三季和全年的指導。在第三季度，我們預期營收為 3.19 億美元至 3.21 億美元，成長 35% 至 36%，其中包括幾個百分點，來自實質權利的收益高於先前的預期。

We expect non-GAAP subscription error contribution margins of approximately 6.5%. We expect non-GAAP earnings per share of negative $0.18 to negative $0.16 based on approximately 200 million weighted average shares outstanding.

我們預計非公認會計準則認購誤差貢獻利潤率約為 6.5%。基於約 2 億股加權平均流通股，我們預期非 GAAP 每股盈餘為負 0.18 美元至負 0.16 美元。

For the full year fiscal 2026, we expect subscription ARR in the range of $1,408 million to $1,416 million, reflecting a year over year growth rate of 29% to 30%. We expect total revenue for the full year fiscal 2026 in the range of $1,227 million to $1,237 million.

對於 2026 財年全年，我們預計訂閱 ARR 在 14.08 億美元至 14.16 億美元之間，年成長率為 29% 至 30%。我們預計 2026 財年全年總營收將在 12.27 億美元至 12.37 億美元之間。

Reflecting a year over year growth rate of 38% to 40% or 32% to 34% without the benefit from material rights in fiscal year 2026, we expect non-GAAP subscription error contribution margins of approximately 7%. We expect non-gap earnings per share of negative $0.50 to negative $0.44 based on approximately $197 million weighted average shares outstanding for the full year.

考慮到 2026 財年的年成長率為 38% 至 40% 或不計重大權利收益的年成長率為 32% 至 34%，我們預期非 GAAP 認購誤差貢獻利潤率約為 7%。基於全年約 1.97 億美元的加權平均流通股數，我們預期非缺口每股盈餘為負 0.50 美元至負 0.44 美元。

We expect free cash flow of $145 million to $155 million. Finally, we are pleased with our execution in the first half of the year as we continue to deliver cyber resilience to organizations around the world. With that, we'd like to open up the call for any questions.

我們預計自由現金流為 1.45 億美元至 1.55 億美元。最後，我們對上半年的執行感到滿意，我們將繼續為世界各地的組織提供網路彈性。好了，我們現在可以開始回答任何問題了。

Thank you. Ladies and gentlemen, we will now begin the question and answer session.

謝謝。女士們、先生們，我們現在開始問答環節。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Okay, great. Hey guys, thanks for taking my question here and another nice job this quarter.

好的，太好了。嘿夥計們，感謝你們在這裡回答我的問題，希望本季你們能做得更好。

Okay.

好的。

Absolutely. Guys, the number that really jumped out to me the most of all was the free cash flow margin at 19% in the quarter. I think that's now four consecutive quarters of positive free cash flow. B, maybe the question is what's changed strategically in driving that type of profitability? And Kiran, is there anything that we should think about in the second half on free cash flow as we fine tune our models?

絕對地。夥計們，最讓我印象深刻的數字是本季的自由現金流利潤率為 19%。我認為這是連續四個季度的正自由現金流。B，也許問題是，在推動這種獲利能力方面，策略上發生了哪些變化？那麼 Kiran，在我們調整模型時，下半年我們應該考慮自由現金流方面的什麼問題嗎？

Thanks, okay. As I've said before, I'm a capitalist and I love profitability and cash flow. But look, we are in a very large and expanding market of cyber resilience, and as customers are looking to transform their businesses into AI enterprises, they are doing multiple transformations around cloud, around infrastructure, and cyber resiliency is the number one topic for them because if your data doesn't have integrity or availability, none of the AI will be useful or helpful.

謝謝，好的。正如我之前所說，我是一名資本家，我喜歡獲利能力和現金流。但是，我們正處於一個非常龐大且不斷擴大的網路彈性市場中，隨著客戶希望將他們的業務轉變為人工智慧企業，他們正在圍繞雲端、基礎設施進行多項轉型，而網路彈性是他們的首要主題，因為如果您的資料不具有完整性或可用性，那麼任何人工智慧都不會有用或有幫助。

So they're helping do that cyber resilience transformation for our customers, giving them like AI based ransomware detection, fast recovery capabilities like that, and that's what is helping us win in this large market and as we are scaling our business, the efficiencies are kicking in. I would love to have Kiran add some more from finance perspective.

因此，他們正在幫助我們的客戶實現網路彈性轉型，為他們提供基於人工智慧的勒索軟體檢測、快速恢復等功能，這就是幫助我們在這個龐大的市場中取勝的原因，隨著我們業務的擴大，效率也在不斷提高。我希望 Kiran 從財務角度補充更多內容。

Bipul and hi Saket. I'll just give you a little bit more context both for the cash flow in the quarter and assumptions on the guide. So I'm super pleased with the $58 million we generate in free cash flow this quarter, as you said, 19%.

Bipul 和你好 Saket。我只是想給你一些有關本季度現金流和指南假設的更多背景資訊。因此，我對本季產生的 5,800 萬美元自由現金流感到非常滿意，正如您所說，成長了 19%。

It was 3,500 basis points improvement year over year and then from 700 basis points from last quarter to 1.

與去年同期相比提高了 3,500 個基點，比上一季提高了 700 個基點，降至 1。

A few reasons for that starting off with stronger ARR performance than anticipated, and then the margin improvement as well as 9% sub AAR margin, that will be driver for the cash flow. In addition to that, you would have seen we made some capital structure optimization in the quarter. We settled.

原因有幾個，首先是 ARR 表現強於預期，其次是利潤率的提高以及 9% 的 AAR 利潤率，這些將成為現金流的驅動力。除此之外，您還會看到我們在本季進行了一些資本結構優化。我們安頓下來了。

A private company debt, which has a higher interest coupon with a 0% convertible, so we had more cash on the balance sheet and less interest expense, which we, sometimes pay out in cash. So that helped as well. And then on the duration front, we were, we saw favorable duration this quarter.

私人公司債務具有更高的票面利率和 0% 的可轉換性，因此我們的資產負債表上有更多的現金和更少的利息支出，有時我們會以現金支付。所以這也有幫助。從持續時間來看，本季我們看到了有利的持續時間。

As we increasely sell cloud native products which tend to have a short contract length as well as shorter payment terms, and we didn't see that, compression duration this quarter. And the last thing I'll say is that there's probably more timing related, but we saw more early renewals related to the usual trend and, some of which was multi year as well. This was in the context, mostly of customers cotering. Renewals with active expansion.

由於我們越來越多地銷售雲端原生產品，這些產品的合約期限往往較短，付款期限也較短，因此我們本季沒有看到壓縮期限。我最後要說的是，這可能與時間有關，但我們看到更多與通常趨勢相關的早期續約，其中一些也是多年的。這是在客戶大多聚集的背景下發生的。積極拓展，持續更新。

So, all of that really drove the cash flow of performance to 19% margin this this quarter. When you look at the guide we are happy to raise the guidance for the year. We previously had guided to around 6% margin and we're adding to 12%, and that's a 1000 basis point or 10% points improvement year over year. .

因此，所有這些都真正推動了本季業績現金流利潤率達到 19%。當您查看指南時，我們很高興提高今年的指導。我們之前預計的利潤率約為 6%，現在我們將提高到 12%，這意味著同比增長 1000 個基點或 10%。。

Some of the trends continue obviously, it's based on Our guide as well as the higher investments we are making in the second half from an OpEx perspective, obviously the capital structure portion will continue, but specifically in the duration, we are not assuming the favorable compression continues. We are modeling in a little bit more compression, I would say load to mid single digits through the rest of the year, and that is all the assumptions we have made in the patents.

一些趨勢顯然會持續下去，這是基於我們的指南以及從營運支出角度來看我們在下半年進行的更高投資，顯然資本結構部分將會持續下去，但具體到持續時間內，我們並不假設有利的壓縮會持續下去。我們正在對更多的壓縮進行建模，我想說在今年剩餘時間內負載將達到中等個位數，這就是我們在專利中所做的所有假設。

Super helpful guys thank you.

非常有幫助的傢伙，謝謝。

Yes I can.

是的，我可以。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Okay, good afternoon. I just wanted to say I think the net new in Q2 is really impressive considering you went through a sales comp change, moving to annual sales comp plans this year, and so I know I, the change really didn't have an impact on your year to year growth in Q2, but I was wondering if you could just talk about whether you saw any impact from that and, whether you're expecting higher seasonality in Q4 because of that change. Thank you.

好的，下午好。我只是想說，考慮到你們經歷了銷售補償變化，今年轉向年度銷售補償計劃，我認為第二季度的淨新增量確實令人印象深刻，所以我知道，這種變化實際上並沒有對你們第二季度的同比增長產生影響，但我想知道你是否可以談談你是否看到了這種變化的影響，以及你是否預計第四季度的季節性會更高。謝謝。

Let me give you some qualitative perspective on it and I'll let them provide some more details. Look, we have been running our business on a per year net ARR basis, and it jumps this quarter, that quarter, depending upon the deal timing and deal closure, but we run our business on a full year new ARR and we used to do a quota compensation for our sales team on a half-yearly basis. So starting this fiscal year fiscal year '26.

讓我給你一些定性的觀點，然後讓他們提供更多的細節。你看，我們一直在以每年淨 ARR 為基礎開展業務，根據交易時間和交易結束情況，這個季度、那個季度的 ARR 會有所增長，但我們是以全年新 ARR 為基礎開展業務的，而且我們過去每半年都會為銷售團隊提供配額補償。因此從本財年開始就是 26 財年。

We decide the line how we run the business with how we compensate our sales team. And that change in the first half so far has not brought out any material impact to how we see our business or or their achievement. Obviously, we have the rest of the year in front of us and we'll know more about them by the end of this year, but so far it has gone well.

我們決定如何經營業務以及如何補償我們的銷售團隊。到目前為止，上半年的這項變更尚未對我們看待業務或其成就產生任何實質影響。顯然，我們還有今年剩餘的時間，到今年年底我們就會對他們有更多的了解，但到目前為止一切進展順利。

Yeah. I'll just have a few more thoughts here. So, there are of course some shifts in seasonality, but it's only the first half, so we can give you a full update on our first year with this sales compliant change at the end of the year, but so far it's been smooth and there's been minimal disruption. But from a modeling perspective.

是的。我在這裡只想再說幾點想法。因此，當然會有一些季節性變化，但這只是上半年，所以我們可以在年底為您提供有關我們第一年銷售合規變化的完整更新，但到目前為止一切順利，幹擾最小。但從建模的角度來看。

Since we don't have a Q2 accelerator as we had in the previous half year plans, Q2 and Q3 will look somewhat similar, and that is reflecting our guidance, but Q4 will be seasonally strong. And this is reflected both in our subscription guidance as well as the margins and free cash flow.Thank you very much.

由於我們沒有像之前的半年計劃那樣設置 Q2 加速器，因此 Q2 和 Q3 看起來會有些相似，這反映了我們的指導，但 Q4 將會具有季節性的強勁表現。這既反映在我們的認購指南中，也反映在利潤率和自由現金流中。非常感謝。

Thank you.

謝謝。

[John De Fucci], Guggenheim.

[約翰‧德富奇]，古根漢。

Great, thank you. This is Howard Ma on for John. I guess either for people or Karen, can you help us understand how you're leverage to data growth? For instance, there's an aspect to your pricing model that's based on volunteers, which you could argue is directly tied to data growth, and then there's a user-based element, especially with securing fast apps. So what is the mix today and is there opportunity for a purely consumption-driven component that gets bigger over time?

太好了，謝謝。我是 Howard Ma，代替 John 發言。我想無論是對於人們還是 Karen，您能否幫助我們了解您如何利用數據成長？例如，您的定價模型中有一個基於志願者的方面，您可以說這與數據成長直接相關，然後還有一個基於用戶的元素，特別是在確保快速應用程式方面。那麼，今天的組合是什麼樣的呢？純粹消費驅動的組成部分是否有機會隨著時間的推移而變得更大？

So rubrics products are a combination of data volume and data security features and capability that we attach to it, and the combination of the two is the pricing for our different edition like enterprise edition, Foundation edition. So we don't separate the two and we help our customers identify all of the critical data. And deliver all our security capabilities on those critical data and as the data grows, as their applications or number of users grows, as they adopt more workload for Rubrik we grow. So we have multiple growth vectors in Rubrik.

因此，rubrics 產品是我們附加的資料量和資料安全特性和功能的組合，兩者的組合就是我們不同版本（如企業版、基礎版）的定價。因此，我們不會將兩者分開，而是幫助我們的客戶識別所有關鍵數據。並在這些關鍵數據上提供我們所有的安全功能，隨著數據的增長、應用程式或用戶數量的增長以及他們為 Rubrik 承擔更多的工作量，我們也在不斷發展。因此我們在 Rubrik 中有多個成長向量。

One vector is organic data growth within a workload and applications that we are already securing. The new workloads that is coming to Rubrik or existing application which is moving to Rubrik and then the third piece is attaching the data security products for a products such as M365 which is tied to the number of users, we have a licensing model that aligns to that SAS program. So we'll make it easy for our customers to adopt Rubrik and for them to understand the pricing model and expense. Based on how they pay for their core. Does that answer your question?

一個向量是我們已經保護的工作負載和應用程式中有機的資料成長。即將進入 Rubrik 的新工作負載或正在遷移到 Rubrik 的現有應用程序，然後第三部分是附加與用戶數量相關的產品（例如 M365）的資料安全產品，我們有一個與該 SAS 程式相一致的許可模型。因此，我們將使客戶能夠輕鬆採用 Rubrik，並讓他們了解定價模式和費用。根據他們如何支付其核心費用。這回答了你的問題嗎？

Yes, it does.

是的。

Thank you so much.

太感謝了。

Thank you, Howard.

謝謝你，霍華德。

Eric Heath, Keybank.

艾瑞克‧希思（Eric Heath），Keybank。

Hey guys, thanks for taking the question and congrats on the results again. Karen. I want to ask a few different questions on the model if I could. Could you just help us understand maybe what drove some of the early renewal activity given some of the sales com structure changes to make it more year end? I would have thought the opposite would have happened given the com structure change and if you could just speak to what what's driving the decline in non-cloud air our recorders.

嘿夥計們，感謝你們回答這個問題，並再次祝賀你們所取得的成果。卡倫。如果可以的話，我想問幾個有關該模型的不同問題。您能否幫助我們理解，鑑於銷售網路結構發生了一些變化，是什麼推動了一些提前續約活動，使其更接近年底？我原本以為，鑑於通訊結構的變化，情況會恰恰相反，如果您能談談導致非雲空氣記錄器數量下降的原因，我們會怎麼做？

A little bit bigger than one and and lastly if I could if I get a if I could push it, but on the material rights just what's driving that higher material rights activity that you're not necessarily expecting or you weren't expecting thanks.

比一稍微大一點，最後，如果我可以的話，如果我可以推動它，但在物質權利方面，是什麼推動了更高的物質權利活動，這是你不一定期望的，或者你沒有期望的，謝謝。

Sure. So I'll take them in order. So from a yeah, from a renewal perspective, we always see some early renewals. In every quarter. I mean some of this is timing, right? We have some on-time renewals which is the majority and some early and some late.

當然。所以我會按順序進行。所以從更新的角度來看，我們總是會看到一些早期的更新。每個季度都有。我的意思是，這其中有些是時機問題，對吧？我們有一些按時續約，這是大多數，有些是提前續約，有些是延遲續約。

But the renewals which occurred this time were more related to our expansion deals which were in process with the same customers and typically customers quote term. The real activity with the expansion itself. So that was really the driver of the early renewals. And I also pointed out that some of these renewals are multi in nature. So that obviously impacted cash flow because of the higher buildings.

但這次的續約更與我們與同一客戶進行的擴張交易有關，通常是客戶報價期限。擴張本身的實際活動。所以這確實是早期更新的驅動力。我還指出，其中一些更新具有多重性質。由於建築物較高，這顯然影響了現金流。

So and just to add one more point, that is not related to the com structure changes because that is tied to, expansions which is occurring along with renewal, so I won't relate those 22 activities and the second question, the non-cloud ARR. Most of our, since we're about 85% cloud right now, most of the cloud.

因此，再補充一點，這與 com 結構變化無關，因為這與隨著更新而發生的擴展有關，所以我不會將這 22 項活動與第二個問題（非雲端 ARR）聯繫起來。由於我們現在大約 85% 都是雲，因此大部分都是雲。

ARR is net new in the sense that it's either coming from new customers or expansion with current customers, but there's still a small element of migrations which are happening from the non-cloud part. So you still see that declining a little bit and at some point we're getting towards the, I would say the point where it optimizes to a more steady rate. Maybe it's a few points more than 84% after which you'll see the non-cloud grow as well.

ARR 是全新的，因為它要么來自新客戶，要么來自現有客戶的擴展，但仍有一小部分遷移發生在非雲端部分。因此，您仍然會看到它略有下降，並且在某個時候，我們會達到，我想說，它會優化到更穩定的速度。也許它會比 84% 多出幾個點，之後你會看到非雲也會成長。

And then on the last point on the material rights just to give some context, and these are related to some qualified customers who had gotten some credits at the time we started our cloud transformation. And those credits are beginning to expire in some cases where the qualification is possible, the customers use the credits to purchase.

關於實質權利的最後一點，我們僅提供一些背景信息，這些內容與我們開始雲轉型時獲得一些信用的一些合格客戶有關。在某些情況下，這些積分開始過期，在符合資格的情況下，客戶可以使用積分進行購買。

Some new or expanded products. In other cases, they expire, so the accountant treatment is slightly different. When those credits are used to purchase something versus when it expires. So that drives variability as well, and there's some timing element to that too, which we saw performance this quarter.

一些新的或擴展的產品。在其他情況下，它們會過期，因此會計處理略有不同。當這些積分用於購買某物時以及其到期時。因此，這也會帶來變化，其中也存在一些時間因素，我們在本季度看到了其表現。

Thanks, Kiran. I threw a lot at you, but I appreciate that thank you.

謝謝，Kiran。我向你傾訴了很多，但我很感激你的感謝。

Thank you. Yeah, thank you.

謝謝。是的，謝謝。

Your next question comes from the line of Kash Rangan, Goldman Sachs.

您的下一個問題來自高盛的卡什·蘭根 (Kash Rangan)。

Hey guys, this is [Matt Martino] on for Kash. Thanks for taking my question. B, Rubrik's brought to market a slew of new innovations across identity, AI, and data security. As you expand from a core product to a multi-product platform, how do you see your go to market and sales motion evolving to effectively sell this broader, more complex vision to the C-suite?

大家好，我是 [Matt Martino]，為 Kash 報道。感謝您回答我的問題。B，Rubrik 向市場推出了一系列涉及身分識別、人工智慧和資料安全的新創新。當您從核心產品擴展到多產品平台時，您如何看待您的行銷和銷售策略的發展，以便有效地向高階主管推銷這個更廣泛、更複雜的願景？

Thanks. So, we have been doing multi-product sales for some time now because we started with our core, data protection business for data center as well as cloud, then we added M365, then we added like Salesforce, then we added identity recovery, identity resilience. We are now building solutions for AI, so we have a kind of like a pipeline of three stages.

謝謝。因此，我們現在已經進行了多產品銷售，因為我們從核心資料保護業務開始，針對資料中心和雲，然後我們添加了 M365，然後我們添加了 Salesforce，然後我們添加了身份恢復和身份彈性。我們現在正在為人工智慧建立解決方案，因此我們有一個類似於三個階段的管道。

So the stage number one is what we call Rubrik X, that actually is the incubation phase of new products and go to market. And then the next phase is PLS, which is our product line line sales team that takes the early, majority of product to scale it to be ready for the core sales team and then we transfer it to the core sales team. That's how we kind of scale our multi-product go to market strategy.

因此，第一階段就是我們所說的 Rubrik X，這實際上是新產品的孵化階段並進入市場。下一階段是 PLS，這是我們的產品線銷售團隊，負責早期大部分的產品擴展，為核心銷售團隊做好準備，然後我們將其轉移到核心銷售團隊。這就是我們擴大多產品市場策略的方式。

Obviously we are doing all our products in a single platform, Rubrik Security cloud, so that when our customers adopt more of Rubrik's evolution, our platforms get smarter and smarter and delivers more value. For example, if our customers have M365 as well as on-premises data center solutions. Then if there is a threat actor on both sides, we will be smart, we'll be giving our customers smarter information about the complete picture of the data security and cyber resilience as opposed to dumping logs and having them analyzed separately. So that's the platform strategy that we have taken from day one and that's how we are building multi-product portfolio but driving the value from a single platform.

顯然，我們將所有產品部署在 Rubrik 安全雲端這個單一平台上，這樣當我們的客戶採用更多 Rubrik 的演進時，我們的平台就會變得越來越智能，並能提供更多價值。例如，如果我們的客戶擁有 M365 以及內部部署資料中心解決方案。那麼，如果雙方都有威脅行為者，我們就會很聰明，我們會向我們的客戶提供有關數據安全和網路彈性完整情況的更智能的信息，而不是轉儲日誌並對其進行單獨分析。這就是我們從第一天起就採取的平台策略，這就是我們如何建立多產品組合但從單一平台推動價值。

Very helpful.

非常有幫助。

Thank you, Ben.

謝謝你，本。

Gregg Moskowitz, Mizuo.

格雷格·莫斯科維茨，Mizuo。

Great, thank you for taking the question and very nice quarter, guys. I wanted to ask about DSPM first of all, how it is in the, Q2, but, more broadly because it remains a hot area within cybersecurity, but these days almost all the larger vendors have. Some sort of offering, clearly a significant majority of enterprises have yet to implement SPM. When I think about Rubrik, I, you have a differentiated position here, but is there a point at which you think we'll see an inflection in the SPM market adoption? How do you think this will all evolve?

太好了，謝謝大家回答這個問題，大家表現得非常出色。首先，我想問 DSPM，它在第二季度的情況如何，但更廣泛地說，因為它仍然是網路安全領域的熱門領域，但如今幾乎所有大型供應商都有。某種形式的產品，顯然絕大多數企業尚未實施 SPM。當我想到 Rubrik 時，我認為你們在這裡有一個差異化的立場，但是你們認為我們是否會在某個時候看到 SPM 市場採用的轉折點？您認為這一切會如何發展？

We have a belief that cyber resilience requires both data resilience and identity resilience. And combining DSPM, which is the data security port with identity information, is needed to provide complete cyber resilience because when a privilege gets escalated for a user inside your active directory, you may want to understand what new sensitive data is now being exposed to this customer and what is the blast should the customer credential. Compromised, bringing the identity intelligence and data security intelligence in a single platform is differentiated. We have this new unique vision in this market, and we believe that the future is going to be holistic view for the customers from data, identity and cyber recovery to be able to drive complete cyber resilience, and that's what we are driving for.

我們相信，網路彈性需要資料彈性和身分彈性。並且需要將 DSPM（資料安全連接埠與身分資訊）結合起來以提供完整的網路彈性，因為當活動目錄中的使用者權限升級時，您可能希望了解現在向該客戶暴露了哪些新的敏感數據，以及客戶憑證的爆炸性影響是什麼。受到損害的是，將身分智慧和資料安全智慧整合到單一平台中是有區別的。我們在這個市場上有新的獨特願景，我們相信未來客戶將從資料、身分和網路復原等方面獲得全面的視角，從而能夠實現完整的網路彈性，這就是我們所追求的。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Thanks, Gregg.

謝謝，格雷格。

Todd Coupland, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Todd Coupland。

Great, good evening everyone. You gave a number of examples on competitive wins this quarter. Could you just talk about, the environment and, your major sources of share and, update us on your deal win rate. Thanks a lot.

太好了，大家晚上好。您給出了本季競爭勝利的許多例子。您能否談談環境和主要份額來源，並向我們介紹您的交易成功率。多謝。

As far as we are concerned, there is no change in the competitive environment. We still win vast majority of deal against all competition, legacy as well as new gen vendors, and it is due to our unique platform. Security cloud is underpinned by preemptive recovery engine that pre-calculates a clean data state even before the cyber attack happens so that our customers are ready to recover as soon as they have a successful cyber attack. \

就我們而言，競爭環境沒有改變。我們仍然在與所有競爭對手（包括傳統供應商和新一代供應商）的競爭中贏得絕大多數訂單，這要歸功於我們獨特的平台。安全雲以搶佔式恢復引擎為基礎，該引擎甚至在網路攻擊發生之前就預先計算出乾淨的資料狀態，以便我們的客戶在遭受網路攻擊後能夠立即恢復。\

As a result, many of our customers are not in the news even when they are confronted with significant cyberattack and they are not disrupted. And that's what is differentiated about Rubrik. And again, we are equal opportunity replacer both legacy solutions as well as new gen solutions because they lack. Cyber resilience capabilities in a way of preemptive recovery engine.

因此，即使我們的許多客戶遭遇重大網路攻擊並且業務沒有受到干擾，他們也不會成為新聞焦點。這就是 Rubrik 的與眾不同之處。再次強調，我們有平等的機會取代傳統解決方案和新一代解決方案，因為它們缺乏。以搶先恢復引擎的方式實現網路彈性能力。

Just to give an example, a European multinational industrial company replaced the legacy backup vendor with a Rubrik cyber resilience platform because a third party audit found that they were not ready to recover upon a cyber attack and they needed to upgrade their resilience posture. And they chose Rubrik for fast recovery for a simplified software platform for cyber resilience.

舉個例子，一家歐洲跨國工業公司用 Rubrik 網路彈性平台取代了傳統的備份供應商，因為第三方審計發現他們還沒有準備好在網路攻擊後恢復，需要升級他們的彈性態勢。他們選擇 Rubrik 來實現快速恢復，這是一個簡化的網路彈性軟體平台。

So that's what we see in the marketplace. Again, our win rate comes from a very differentiated platform that we envisioned and built in the last 10 years.

這就是我們在市場上看到的。再次強調，我們的成功率來自於我們在過去 10 年中所設想和建構的一個高度差異化的平台。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

Thank you. (Operator Instructions) Junaid Siddiqui, Truist.

謝謝。（操作員指示）Junaid Siddiqui，Truist。

Great, thanks for taking my question. As the MCP protocol adoption gains traction across the cybersecurity ecosystem, do you view it as a strategic growth lever that could expand Rubrik's role from, data protection into a broader security orchestration platform?

太好了，感謝您回答我的問題。隨著 MCP 協定在整個網路安全生態系統中的採用越來越受到關注，您是否將其視為一種策略性成長槓桿，可以將 Rubrik 的角色從資料保護擴展到更廣泛的安全編排平台？

The way we see Rubrik is we are not in the prevention and detection business. We are in the cyber resilience business because we have a fundamental belief that you can't prevent unpreventable, and the world requires a cyber resiliency and cyber recovery capabilities, and that's what we are focused on. Having said that, if you take a step back, Rubrik is really a secure data lake, and we use that data lake data to recover applications and recover your systems.

我們認為 Rubrik 並不從事預防和檢測業務。我們從事網路彈性業務，因為我們堅信你無法阻止不可預防的事情，世界需要網路彈性和網路復原能力，這就是我們關注的重點。話雖如此，如果你退一步想，Rubrik 實際上是一個安全的資料湖，我們使用該資料湖資料來恢復應用程式並恢復您的系統。

And this data is governed and secured and classified. And with Anapuna platform we built a search to deliver embeddings directly into Gen AI applications. And now Prebase, which is a fine tuning and serving platform, and now we are building agentic rewind that combines our core cyber resilience plus the AI platform technology to really deliver capabilities around undoing the action, bad actions of agents.

這些數據受到管理、保護和分類。我們利用 Anapuna 平台建立了一個搜尋功能，將嵌入直接傳送到 Gen AI 應用程式中。現在，Prebase 是一個精細調整和服務平台，現在我們正在建立 agentic rewind，它結合了我們的核心網路彈性和人工智慧平台技術，真正提供撤銷代理的行為和不良行為的能力。

So we are looking at AI in a holistic way. But we are not just focused on securing the AI. What we are focused on security, which is the cyber resilience business, as well as AI operations business, which is about agent fine tuning, serving, agent rewind plus plus. So that's why we are defining ourselves. Rubrik is the security and AI company. Thank you.

因此，我們正在以整體的方式看待人工智慧。但我們不僅關注人工智慧的安全。我們專注於安全，即網路彈性業務，以及人工智慧營運業務，涉及代理微調、服務、代理倒帶等。這就是我們定義自己的原因。Rubrik 是一家安全和人工智慧公司。謝謝。

Thank you.

謝謝。

James Fish, Piper's Sandler.

詹姆斯‧菲什 (James Fish)，派珀的桑德勒 (Piper's Sandler)。

Hey guys, sorry for any background noise here. Just want to go back to the DSPM side. Any way to think about the updated penetration here and what you're seeing competitively just within this part of the market and then additionally, what are you guys assuming you're thinking about the Fed here heading into, the big Fed and understanding it's been a small part historically, what opportunities do you actually see for maybe some disruption there. Thanks guys.

嘿，大家好，抱歉這裡有背景噪音。只想回到 DSPM 方面。有沒有辦法考慮這裡最新的滲透率，以及您在這一市場領域看到的競爭情況，此外，你們對美聯儲即將採取的行動有何看法，大美聯儲，並且了解它在歷史上只佔很小的一部分，您實際上看到了哪些可能造成一些混亂的機會。謝謝大家。

Sorry, did you say fed? Okay. As I said, we see the opportunity in the data security market around combining data and identity together because I don't believe just the data classification itself is a long term sustainable business or a platform. So our vision is that how do we combine identity and data together. To give a full picture of not just the posture of the data and identity, access to the data, but at runtime understanding what is really happening to the data and should anything bad happen, how do we do do do do data recovery or identity remediation and it's all data is the underpinning technology or the platform across all three, and that's the vision that we are driving in terms of the.

抱歉，您說的是 fed 嗎？好的。正如我所說，我們看到了資料安全市場中將資料和身分結合在一起的機會，因為我不相信資料分類本身就是一個長期可持續的業務或平台。所以我們的願景是如何將身分和數據結合在一起。不僅要全面了解資料和身分的態勢、資料存取情況，還要了解執行階段資料真正發生的情況，如果發生任何不好的事情，我們如何進行資料復原或身分補救，所有資料都是這三者的支撐技術或平台，這就是我們所推動的願景。

Again, this is still in the investment phase for us and and we are continuing to kind of build the cyber resilience, transformation for our Fed customers. It is high priority for Fed organization given the nation state actor and the threat that they face. It is, we continue to kind of invest in the growth and develop the Fed market for ourselves. We recently received FedRAM moderate.

再次重申，這對我們來說仍處於投資階段，我們正在繼續為聯準會客戶建立網路彈性和轉型。考慮到民族國家行為者及其面臨的威脅，這是聯準會組織的首要任務。是的，我們將繼續投資於成長並發展聯準會市場。我們最近收到了 FedRAM 的適度補貼。

For example, this quarter, a Fed agency, had a challenge of of deployment of a new gen vendor that they had bought a couple of years ago. So they are replacing that new gen vendor with Rubrik to protect their mission critical databases. Which is required for their cyber resilience and they picked Rubrik for our ability to deliver faster recovery times on the database.

例如，本季度，一家聯準會機構面臨部署幾年前購買的新一代供應商的挑戰。因此，他們用 Rubrik 取代新一代供應商來保護其關鍵任務資料庫。這是他們的網路彈性所必需的，他們選擇 Rubrik 是因為我們能夠加快資料庫的復原時間。

So Fed again, we continue to win in the Fed. It's still a developing market for us. We continue to invest and we believe that it will continue to be a significant opportunity for us given how important cyber resilience and cyber recovery is for this market.

因此，聯準會再次獲勝。對我們來說這仍然是一個發展中的市場。我們將繼續投資，我們相信，鑑於網路彈性和網路恢復對這個市場的重要性，這將繼續為我們帶來重要機會。

Thank you, James.

謝謝你，詹姆斯。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Great. Hey guys, this is Zach Schneider. I'm for Shrenik. Thanks for taking our question. So I believe nearly half of new deals are landing in Enterprise here with foundation still a key entry point for budget constrained customers, and please correct me if that number is wrong. But could you just walk us through how deal sizes, renewal patterns, or subsequent expansions differ across the tiers, especially over multi-year contracts.

偉大的。大家好，我是 Zach Schneider。我支持 Shrenik。感謝您回答我們的問題。因此，我相信近一半的新交易都集中在企業級，而基礎級仍然是預算受限客戶的關鍵切入點，如果這個數字有誤，請糾正我。但是，您能否向我們介紹不同層級的交易規模、續約模式或後續擴張有何不同，尤其是多年期合約。

Thanks. Hi Shriek. So this is Kiran. I'll take a question. So on the first part, it's generally the trend has been similar, close to half of our lands are coming from the present edition and then a mix of both the business and foundation with foundation being the larger of those two and the enter part, the expansion part can vary, as we are a multi-product company.

謝謝。你好，Shriek。這就是 Kiran。我要回答一個問題。因此，在第一部分，總體趨勢是相似的，我們接近一半的土地來自當前版本，然後是業務和基礎的混合，基礎是兩者中較大的一個，進入部分，擴展部分可能會有所不同，因為我們是一家多產品公司。

So customers start with one of these editions and maybe a couple of one or two of these workloads, and then they can expand by either expanding to a higher edition if they start with the foundation of business, or if they already started with enterprise, they could expand to other workloads as well. You can start with Microsoft 365, go to a native cloud workload or And Oracle workload database workload so.

因此，客戶可以從其中一個版本開始，也許可以從一兩個工作負載開始，然後他們可以透過擴展到更高的版本（如果他們從業務基礎開始）來擴展，或者如果他們已經從企業開始，他們也可以擴展到其他工作負載。您可以從 Microsoft 365 開始，然後前往原生雲端工作負載或 Oracle 工作負載資料庫工作負載。

The expansion parts are not limited just because you started in a higher edition because you can always add more workloads as well. Great, thanks a lot.

擴充部分不會因為您從更高版本開始而受到限制，因為您也可以隨時添加更多工作負載。太好了，非常感謝。

Thank you. This concludes our Q&A session. I would like to turn the call over to Bipul Sinha for closing remarks. Thank you.

謝謝。我們的問答環節到此結束。我想將電話交給 Bipul Sinha 來做最後發言。謝謝。

Thank you, everyone, for joining us today. We remain very excited about the cyber resilience opportunity as we build the future of AI transformation in terms of the enterprise AI acceleration. Much appreciate your support and trust. Again, very early days for Rubrik. We are in the first decade of our multi multi-decade history.

感謝大家今天加入我們。當我們從企業人工智慧加速的角度建構人工智慧轉型的未來時，我們對網路彈性機會仍然感到非常興奮。非常感謝您的支持與信任。再次強調，Rubrik 還處於早期階段。我們正處於數十年歷史的第一個十年。

Thank you so much for your time. Talk to you three months from today.

非常感謝您抽出時間。三個月後再和你談。

Thanks.

謝謝。

Thank you. Ladies and gentlemen, to conclude today's conference call, thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束，感謝各位的參與。您現在可以斷開連線。