Rubrik Inc (RBRK) 2026 Q3 法說會逐字稿

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

女士們、先生們，午安。歡迎參加 Rubrik 2026 財年第三季業績電話會議。

(Operator Instructions) This call is being recorded on Thursday, December 4, 2025.

（操作員指示）本次通話於2025年12月4日星期四錄音。

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

現在我將把會議交給投資者關係副總裁兼主管梅麗莎·弗蘭奇 (Melissa Franchi) 主持。請繼續。

Hello, everyone. Welcome to Rubrik's third-quarter fiscal year 2026 financial results conference call.

大家好。歡迎參加 Rubrik 2026 財年第三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 Karen Choudary, Chief Financial Officer.

今天與我通話的是 Rubrik 的執行長、董事長兼聯合創始人 Bipul Sinha；以及財務長 Karen Choudary。

Our earnings press release was issued today after the market closed and may be downloaded from the Investor Relations page at www.ir.rubrik.com. Also on this page, you'll be able to find a slide deck with financial highlights that, along with our earnings release, includes a reconciliation of GAAP to non-GAAP financial results. These measures should not be considered in isolation from or as a substitute for financial information prepared in accordance with GAAP.

我們的獲利新聞稿已於今日股市收盤後發布，您可造訪 www.ir.rubrik.com 的投資者關係頁面下載。該頁面還提供一份包含財務亮點的演示文稿，其中除了盈利新聞稿外，還包括GAAP與非GAAP財務業績的調節表。這些措施不應脫離依照公認會計原則編製的財務資訊而單獨考慮，也不應作為其替代品。

During this call, we will make forward-looking statements, including statements regarding our financial outlook for the fourth-quarter and full fiscal year 2026 -- our expectations regarding market trends; our market position; opportunities, including with respect to Generative AI; growth strategies; current initiatives and expectations regarding those initiatives; and our go-to-market motions.

在本次電話會議中，我們將發表前瞻性聲明，包括有關我們對 2026 財年第四季和全年財務展望的聲明－我們對市場趨勢的預期；我們的市場地位；機遇，包括生成式人工智慧方面的機會；成長策略；當前舉措以及對這些舉措的預期；以及我們的市場推廣策略。

These statements are only predictions that are based on what we believe today. Actual results may differ materially. These forward-looking statements are subject to risks and other factors that could affect our performance and financial results, which we discuss in detail in our filings with the SEC.

這些說法只是基於我們今天所相信的預測。實際結果可能與實際情況有重大差異。這些前瞻性聲明受到風險和其他因素的影響，這些因素可能會影響我們的績效和財務結果，我們在提交給美國證券交易委員會的文件中對此進行了詳細討論。

Rubrik assumes no obligation to update any forward-looking statements we may make on today's call.

Rubrik不承擔更新我們在今天電話會議上可能作出的任何前瞻性聲明的義務。

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

這樣，我就把電話交給比普爾了。

Thank you, Melissa. Thank you, all, for joining us today.

謝謝你，梅麗莎。感謝各位今天蒞臨。

Let me start by saying, our third-quarter results were exceptional. Every quarter for the past several quarters, we have successfully delivered, in many cases, record numbers. In fact, this quarter has been our best ever. We have not only added record net new Subscription ARR but also generated tremendous free cash flow.

首先我想說的是，我們第三季的業績非常出色。在過去的幾個季度裡，我們每個季度都取得了成功，在許多情況下都創下了紀錄。事實上，本季是我們有史以來業績最好的一個季度。我們不僅實現了創紀錄的淨新增訂閱ARR，而且還產生了巨大的自由現金流。

I'm happy to report we, once again, exceeded all guided metrics across top line and profitability. Here are five key numbers:

我很高興地報告，我們在營收和獲利能力方面再次超額完成了所有預期指標。以下是五個關鍵數字：

First, Subscription ARR reached $1.35 billion, growing 34% year over year. Net new Subscription ARR reached a record $94 million.

首先，訂閱 ARR 達到 13.5 億美元，年增 34%。訂閱淨新增 ARR 達到創紀錄的 9,400 萬美元。

Second, our Subscription revenue was $336 million, growing 52% year over year.

其次，我們的訂閱收入為 3.36 億美元，較去年同期成長 52%。

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

第三，我們的訂閱淨收入再次保持強勁，超過 120%。

Fourth, customers with [100,000] or more in Subscription ARR reached 2,638, growing 27% year over year.

第四，訂閱 ARR 達到 10 萬美元或以上的客戶數量達到 2,638 家，較去年同期成長 27%。

Finally, on profitability, we, once again, made material improvement in Subscription ARR contribution margin, up about 1,400 basis points year over year.

最後，在獲利能力方面，我們再次實現了訂閱 ARR 貢獻利潤率的實質提高，年增約 1400 個基點。

We generated a record $77 million in free cash flow this quarter. This combination of top-line growth and cash flow margin at our scale is best-in-class.

本季我們創造了創紀錄的7700萬美元自由現金流。在我們這樣的規模下，營收成長和現金流利潤率的結合是同類最佳的。

We remain confident about the opportunity ahead. Thus, we are again raising our outlook for the year.

我們對未來的機會依然充滿信心。因此，我們再次上調了今年的業績預期。

But let me begin by providing some additional context on our market opportunity, as well as our areas of focus.

但首先，我想就我們的市場機會以及我們的重點領域提供一些補充背景資訊。

Our mission is to lead Rubrik into our next era as the, let me repeat, security and AI operations company. My discussions with IT and security leaders consistently reveal and assume breach mentality, which means being prepared for the inevitable reality that every enterprise will face a successful cyber breach.

我們的使命是帶領 Rubrik 進入下一個時代，成為一家（讓我再說一次）安全和人工智慧營運公司。我與 IT 和安全領導者的討論不斷揭露並假定他們具有安全漏洞意識，這意味著要做好準備，迎接每個企業都將面臨網路攻擊的必然現實。

This preparation includes two things:

這項準備工作包括兩方面：

First, understanding the risk of a cyber breach, in terms of both data content and identities.

首先，要了解網路攻擊的風險，包括資料內容和身分外洩的風險。

Second, the ability to remediate and recover from the breach to ensure business continuity.

其次，具備從安全漏洞中恢復和補救的能力，以確保業務連續性。

But the landscape in which these threats occur has dramatically evolved. Organizations are now facing a new cyber landscape, with AI potentially enabling threat actors to inflect 10 times more damage in one-tenth of the time.

但是，這些威脅發生的環境已經發生了巨大的變化。如今，各組織正面臨全新的網路環境，人工智慧有可能使威脅行為者在十分之一的時間內造成十倍的破壞。

Alongside these challenges, enterprises are also focused on modernizing their infrastructure in anticipation of the impending enterprise AI transformation. While AI presents 100 times more risk, the AI transformation promises 100 times more opportunities, much like every big generational shift in enterprise technology.

除了這些挑戰之外，企業還專注於對其基礎設施進行現代化改造，以迎接即將到來的企業人工智慧轉型。雖然人工智慧帶來的風險是原來的 100 倍，但人工智慧的變革也帶來了 100 倍的機遇，就像企業科技每一次重大的世代變革一樣。

When cloud redefined IT, Rubrik ensured simple and reliable recovery. When cyber threat surged, we extended our Rubrik Security Cloud product suite across data and identity to deliver two cyber resilience.

當雲端運算重新定義 IT 時，Rubrik 確保了簡單可靠的恢復。當網路威脅激增時，我們將 Rubrik 安全雲端產品套件擴展到資料和身分領域，從而提供雙重網路彈性。

Now, with the rise of AI agents, a new transformation is underway. AI transformation presents unique challenges. An agent operates within an organization's enrollment; runs business processes; assumes identity; touches critical data; and impacts mission-critical applications at unprecedented speed and scale.

如今，隨著人工智慧代理的興起，一場新的變革正在進行中。人工智慧轉型帶來了獨特的挑戰。代理在組織的註冊系統中運作；執行業務流程；冒用身分；接觸關鍵資料；並以空前的速度和規模影響關鍵任務應用程式。

These agents are effectively superhuman. But organizations don't yet have the guardrails to monitor and contain what they do.

這些特工實際上擁有超人的能力。但目前各組織還沒有有效的監管機制來監控和控制他們的行為。

We need to think about AI agents very differently. Through this AI transformation, Rubrik's mission and it's strategy remains the same: to accelerate our customers' journey to AI enterprise. I will delve deeper into our AI agent innovations later in my remarks.

我們需要用完全不同的觀點來看人工智慧代理。透過此次人工智慧轉型，Rubrik 的使命和策略保持不變：加速客戶邁向人工智慧企業之路。我稍後將在發言中更深入地探討我們的人工智慧代理創新。

As companies shift deeper into cloud and AI, customers continue to turn to Rubrik for complete cyber resilience, which includes two key set of capabilities:

隨著企業在雲端運算和人工智慧領域不斷深入發展，客戶持續尋求 Rubrik 的全面網路彈性解決方案，其中包括兩大關鍵功能：

First, consistent data and identity security policy control.

首先，要建立一致的資料和身分安全策略控制。

Second, rapid and accurate recovery from cyber attacks.

第二，能夠快速且準確地從網路攻擊中恢復。

While we believe we have a tremendous opportunity in enterprise AI acceleration, we continue to focus on (inaudible) the vast cyber resilience market, which includes our core Data Protection solutions and Identity Resilience.

雖然我們相信在企業人工智慧加速方面擁有巨大的機遇，但我們仍將專注於（聽不清楚）龐大的網路彈性市場，其中包括我們的核心資料保護解決方案和身分彈性解決方案。

Let me provide some more details across our three businesses: Data Protection, Identity Resilience, and AI Operations.

讓我詳細介紹我們的三大業務：資料保護、身分彈性以及人工智慧營運。

Our cyber-resilient data protection journey remains in its early stages, particularly as data availability and security become the most crucial element for AI. We continue to add new solutions across data center, cloud, and SaaS workloads, leveraging the same underlying pre-emptive recovery engine to deliver complete risk and remediation capabilities. Our unique architecture consistently enables us to outperform both legacy and new-gen back-up vendors.

我們的網路彈性資料保護之旅仍處於早期階段，尤其是在資料可用性和安全性成為人工智慧最關鍵要素的情況下。我們不斷在資料中心、雲端和 SaaS 工作負載中增加新的解決方案，利用相同的底層搶佔式復原引擎來提供完整的風險和補救能力。我們獨特的架構使我們能夠始終超越傳統備份供應商和新一代備份供應商。

In fact, in the third quarter, bookings from legacy replacements accelerated year on year, surpassing the growth rates seen in the first half of the year. Let me provide two specific examples of legacy replacements in very large enterprises:

事實上，第三季傳統設備替換訂單量較去年同期成長，超過了上半年的成長速度。讓我舉兩個大型企業中傳統系統替換的具體例子：

First, one of the largest banks in Asia and worldwide selected Rubrik as the strategic cyber resilience partner, replacing a longstanding legacy vendor. We outcompeted several new-gen back-up vendors for this opportunity. Rubrik's platform now provides data protection across its data center and cloud workloads for mission-critical applications. The customer also chose the Rubrik Identity Recovery solution for over 250,000 users.

首先，亞洲乃至全球最大的銀行之一選擇 Rubrik 作為其戰略網路彈性合作夥伴，取代了其長期合作的傳統供應商。我們擊敗了多家新一代備援設備供應商，贏得了這個機會。Rubrik 的平台現在為其資料中心和雲端工作負載的關鍵任務應用程式提供資料保護。該客戶還為超過 25 萬用戶選擇了 Rubrik 身分恢復解決方案。

The second, a Fortune 250 professional services firm selected Rubrik to displace its 15-year legacy back-up vendor. Rubrik again, outcompeted several new-gen competitors for this opportunity. Rubrik will provide a unified cyber resilience platform across the customer's rapidly evolving hybrid and multi-cloud environments.

第二家公司是財富 250 強專業服務公司，該公司選擇 Rubrik 取代其使用了 15 年的傳統備份供應商。Rubrik再次擊敗了幾個新一代的競爭對手，贏得了這個機會。Rubrik 將為客戶快速發展的混合雲端和多雲環境提供統一的網路彈性平台。

Let me now talk about the momentum we are seeing in cloud protection. Many sophisticated cyber attack inevitably occurs, organizations need to recover quickly and seamlessly, which is difficult across multiple workloads, tools, and interfaces.

現在讓我來談談我們在雲端保護領域看到的發展動能。許多複雜的網路攻擊不可避免地會發生，組織需要快速且無縫地恢復，但這在多個工作負載、工具和介面之間是很難實現的。

Rubrik Security Cloud delivers complete cloud and SaaS protection from a single platform that understands the relationship among data, applications, and identities, regardless of where they live.

Rubrik Security Cloud 透過單一平台提供完整的雲端和 SaaS 保護，該平台了解資料、應用程式和身分之間的關係，無論它們位於何處。

We continue to build upon our core-to-cloud cyber resilience offerings, which delivers protection from the first line of code to full-stack application in production across the major hyperscalers.

我們不斷完善從核心到雲端的網路彈性解決方案，為各大超大規模資料中心提供從第一行程式碼到生產環境中全端應用程式的全面保護。

For example, we recently announced Rubrik DevOps Protection for Azure, DevOps, and GitHub. This new solution is designed to ensure our customers' most valuable intellectual property and development pipeline are protected and preserved.

例如，我們最近發布了適用於 Azure、DevOps 和 GitHub 的 Rubrik DevOps Protection。這項新方案旨在確保我們客戶最有價值的智慧財產權和研發管線得到保護和保存。

Now, let me illustrate our momentum in Cloud Protection with two specific customer wins:

現在，讓我用兩個具體的客戶成功案例來說明我們在雲端保護領域的進展：

A health and wellness technology company chose Rubrik Cloud Protection to protect a multi-petabyte mission-critical workload containing user data. Rubrik offered not only cyber resilience but also, a significant cost reduction compared to cloud-native back-up solutions due to our unique platform. With Rubrik, this customer can confidently meet their minimal viable business plans with our immutable and secure Data Protection solution.

一家健康科技公司選擇 Rubrik 雲端保護來保護包含使用者資料的數 PB 級關鍵任務工作負載。由於我們獨特的平台，Rubrik 不僅提供了網路彈性，而且與雲端原生備份解決方案相比，還顯著降低了成本。借助 Rubrik，該客戶可以憑藉我們不可篡改且安全的資料保護解決方案，自信地實現其最低可行業務計劃。

Second, a Fortune 150 biopharmaceuticals company strengthened their partnership with Rubrik this quarter by adding Cloud Protection for its multi-petabyte public cloud data estate. We not only replaced native back-up solutions but also outcompeted [new-gen] vendors. Rubrik was selected due to the strength of our cyber resilience capabilities, as well as lower TCO, with an estimated 30% annual cost savings.

其次，一家財富 150 強生物製藥公司在本季加強了與 Rubrik 的合作關係，為其多 PB 級公有雲資料資產增加了雲端保護功能。我們不僅取代了原生備份解決方案，而且在與（新一代）供應商的競爭中獲勝。之所以選擇 Rubrik，是因為我們擁有強大的網路彈性能力，以及較低的整體擁有成本，預計每年可節省 30% 的成本。

Next, let's talk about our Identity business. As we have discussed, our comprehensive Identity Resilience platform uniquely combines identity posture and recovery with the Data Security Posture Management, or DSPM, to deliver complete identity risk and remediation solutions.

接下來，我們來談談我們的身分識別業務。正如我們所討論的，我們全面的身份彈性平台獨特地將身份狀態和恢復與資料安全狀態管理（DSPM）相結合，從而提供完整的身份風險和補救解決方案。

Our Identity line of business has been highly successful in garnering budget from CISOs, extending Rubrik beyond our traditional CIO and CTO buying personas.

我們的身分識別業務線在從首席資訊安全長 (CISO) 獲得預算方面取得了巨大成功，使 Rubrik 的客戶群體擴展到了我們傳統的資訊長 (CIO) 和首席技術長 (CTO) 購買角色之外。

This business has achieved significant momentum in just over three quarters of the first general availability, reaching about $20 million in Subscription ARR. In Q3 alone, we more than doubled the total number of Identity customers. In fact, 40% of those Identity customers added in the third quarter were net new to Rubrik.

該業務在首次全面開放後的短短三個多月內就取得了顯著的成長勢頭，訂閱 ARR 達到約 2,000 萬美元。光是第三季度，我們的身分識別客戶總數就增加了一倍以上。事實上，第三季新增的識別客戶中有 40% 是 Rubrik 的新客戶。

As you might recall, we started our Identity journey with the release of Identity Recovery. which provides the rapid recovery of identity services, following cyber attacks or operational failures, to minimize business disruption.

您可能還記得，我們​​身分管理之旅始於身分復原功能的發布。此功能可在網路攻擊或營運故障後快速恢復身分識別服務，從而最大限度地減少業務中斷。

This quarter, we announced support for Okta Identity, making Rubrik the only Identity Recovery solution to support Okta, Active Directory, and Entra ID recovery.

本季度，我們宣布支援 Okta Identity，使 Rubrik 成為唯一支援 Okta、Active Directory 和 Entra ID 復原的身份復原解決方案。

We also announced a new identity integration with CrowdStrike this quarter. With this integration, our customers can not only detect identity threats in real time with Falcon Next-Gen Identity Security but also surgically roll back malicious changes and restore their identity system to a safe operational state with Rubrik Security Cloud.

本季我們也宣布與 CrowdStrike 進行新的身分整合。透過此次集成，我們的客戶不僅可以使用 Falcon Next-Gen Identity Security 即時偵測身分威脅，還可以使用 Rubrik Security Cloud 精準地回滾惡意更改，並將他們的身分系統恢復到安全運行狀態。

CISOs are increasingly turning to Rubrik for a more comprehensive identity strategy. This quarter, we launched Rubrik Identity Resilience, a higher-tier addition above Identity Recovery. This solution monitors and protects both human and non-human identities; tracks misconfigurations and high-risk or malicious changes within Active Directory and Entra ID. It also enhances risk posture and accelerates cyber recovery by linking identity-based information, such as privileged access, with Rubrik's DSPM's sensitive data context and activity.

資訊安全長們越來越傾向於使用 Rubrik 來制定更全面的身份策略。本季度，我們推出了 Rubrik Identity Resilience，這是比 Identity Recovery 更高一級的附加功能。此解決方案可監控和保護人類和非人類身分；追蹤 Active Directory 和 Entra ID 中的錯誤配置和高風險或惡意變更。它還透過將基於身分的資訊（例如特權存取）與 Rubrik 的 DSPM 的敏感資料上下文和活動聯繫起來，增強風險態勢並加快網路復原。

In just one quarter of selling, we closed 65 deals for Identity Resilience. This early momentum makes us very excited about what's ahead for Identity Resilience.

僅一個季度，我們就為 Identity Resilience 達成了 65 筆交易。這種早期動能讓我們對身分韌性的未來充滿期待。

Let me share two illustrative customer wins:

讓我分享兩個能說明問題的客戶成功案例：

Our UK government agency added Identity Resilience for its large user base, alongside Cloud Data Protection for Azure and AWS, as they sought to bolster resilience for critical national infrastructure amid rising cyber attacks in the UK. This agency also consolidated several disparate tools with the Rubrik platform and replaced native cloud back-up solution, which proved unscalable for the customer's massive and complex data estate.

英國政府機構為龐大的用戶群增加了身分彈性功能，同時也為 Azure 和 AWS 提供了雲端資料保護，以增強關鍵國家基礎設施的彈性，應對英國日益嚴重的網路攻擊。該機構還將幾個不同的工具整合到 Rubrik 平台，並替換了原生雲端備份解決方案，該解決方案已被證明無法滿足客戶龐大而複雜的資料環境的需求。

Second, a US state agency turned to Rubrik this quarter after the rise of cyber attacks on governments nationwide; in particular, after a recent incident that impacted a critical state agency. Seeking to bolster its cyber strategy and reduce recovery times, the agency chose Rubrik identity resilience and M365 protection for [100,000] users, replacing their native cloud protection and traditional data center identity back-up. With Rubrik, cyber recovery times will move to mere hours compared to months with the incumbent solution.

其次，本季度美國一家州政府機構在全國範圍內遭受網路攻擊後轉向了 Rubrik；尤其是在最近一起影響到一個重要州政府機構的事件發生後。為了加強其網路安全策略並縮短復原時間，該機構為 [100,000] 用戶選擇了 Rubrik 身分彈性和 M365 保護，取代了其原生雲端保護和傳統的資料中心身分備份。使用 Rubrik，網路安全恢復時間將縮短至短短幾小時，而使用現有解決方案則需要數月時間。

Lastly, I will talk about our innovations in the AI space. As I mentioned earlier, Agentic A I can unlock significant new efficiencies for every organization. But it also introduces considerable risks, including threats by bad actors and the issue of hallucinations.

最後，我將談談我們在人工智慧領域的創新。正如我之前提到的，Agentic A 可以為每個組織釋放顯著的新效率。但它也帶來了相當大的風險，包括來自不法分子的威脅和幻覺問題。

To help accelerate AI transformation, we recently launched Rubrik Agent Cloud, or RAC, a new product suite that enables enterprises to deploy AI agents safely and confidently at scale.

為了幫助加速人工智慧轉型，我們最近推出了 Rubrik Agent Cloud（簡稱 RAC），這是一個新的產品套件，使企業能夠安全、自信地大規模部署人工智慧代理。

With the release of Rubrik Agent Cloud, Rubrik now operates two complementary product suites built on the same Rubrik platform, which combines application, data, and identity contacts across all enterprise workloads:

隨著 Rubrik Agent Cloud 的發布，Rubrik 現在經營兩個基於相同 Rubrik 平台構建的互補產品套件，該平台整合了所有企業工作負載中的應用程式、數據和身分聯絡人：

First, Rubrik Security Cloud for cyber resilience and accelerated cloud adoption. Second, Rubrik Agent Cloud for AI resilience and accelerated AI agent adoption.

首先，Rubrik 安全雲用於增強網路彈性並加速雲端採用。其次，Rubrik Agent Cloud 可增強 AI 的韌性並加速 AI 代理的採用。

Our competitive advantage is Rubrik's core platform that sits in the center of data application and identity.

我們的競爭優勢在於 Rubrik 的核心平台，該平台位於資料應用和識別的中心。

Following the acquisition of Predibase last quarter, we now have agent contacts in the mix, as well. Together, this forms the Rubrik Agent Cloud, the first integrated enterprise control layer for managing the AI agent life cycle.

繼上季收購 Predibase 之後，我們現在也有了代理商聯絡人。這些共同構成了 Rubrik Agent Cloud，這是第一個用於管理 AI 代理生命週期的整合企業控制層。

RAC answers the three most critical questions currently facing every CIO and CISO:

RAC 回答了目前每位資訊長 (CIO) 和首席資訊安全長 (CISO) 面臨的三個最關鍵的問題：

Number one, what agents do I have? What are their capabilities and activities?

首先，我有哪些經紀人？他們的能力和活動有哪些？

Number two, what data are these agents allowed to access? Are they operating within the enterprise guardrails?

第二，這些代理人被允許存取哪些資料？他們的營運是否符合企業規範？

Number three, if something goes wrong, can I undo it?

第三，如果出了問題，我可以撤銷嗎？

RAC provides organization with the ability to answer these questions through its core capabilities; namely, agent monitoring, agent governance, and full agent remediation. This includes Rubrik Agent Rewind, which we announced last quarter. Agent Rewind helps customers undo the mistakes of AI agents, which is crucial for a scalable and secure AI adoption.

RAC 透過其核心功能（即代理監控、代理治理和全面代理修復）為組織提供回答這些問題的能力。這其中包括我們上個季度發布的 Rubrik Agent Rewind。Agent Rewind 可以幫助客戶撤銷 AI 代理的錯誤，這對於可擴展且安全的 AI 採用至關重要。

We also recently announced that Rubrik Agent Cloud will integrate with Microsoft Copilot Studio and AWS Bedrock.

我們最近也宣布，Rubrik Agent Cloud 將與 Microsoft Copilot Studio 和 AWS Bedrock 整合。

As we have said previously, we are still in the initial phase of a multiyear effort to scale Rubrik's AI solutions. Rubrik Agent Cloud is currently in beta. But we are very excited about the early customer enthusiasm.

正如我們之前所說，我們仍處於擴展 Rubrik 人工智慧解決方案的多年努力的初始階段。Rubrik Agent Cloud目前處於測試階段。但我們對早期客戶的熱情感到非常興奮。

Looking ahead, we plan to expand our capabilities and investments to enable confident enterprise AI transformation and Agentic work adoption.

展望未來，我們計劃擴大自身能力和投資，以實現企業人工智慧轉型和智能體工作的順利開展。

In closing, I would like to share my gratitude to my fellow Rubrikans. Rubrik continues to win the cyber resilience market. At the same time, we are defining the AI enterprise future. Rubrikan's collective focus and disciplined execution always inspired me.

最後，我要向我的 Rubrikans 同胞們表達我的感激之情。Rubrik 繼續在網路安全彈性市場中佔據領先地位。同時，我們正在定義人工智慧企業的未來。魯布里坎的集體協作和嚴謹執行力一直激勵著我。

Also, I extend my sincere gratitude to our customers and partners. Your confidence in us motivates our continuous effort to lead and shape the future of cybersecurity and enterprise AI.

此外，我還要向我們的客戶和合作夥伴致以誠摯的謝意。您對我們的信任激勵我們不斷努力，引領和塑造網路安全和企業人工智慧的未來。

Lastly, of course, thank you to you, our shareholders, for your continued support and trust. A number of you have mentioned to me the consistency with which we have been delivering the beat-and-raise cadence since our IPO. This is true. We have done so quarter after quarter.

最後，當然要感謝各位股東一直以來的支持與信任。許多人都向我提到，自從我們上市以來，我們一直保持著超預期成長和融資的節奏。這是真實的。我們已經連續幾個季度這樣做了。

We are confident in closing out this year strong and continuing our great momentum into the next year and beyond.

我們有信心以強勁的勢頭結束今年，並將這種良好勢頭延續到明年及以後。

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

接下來，我很高興將發言權交給我們的財務長 Kiran Choudary。

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

謝謝你，比普爾。大家下午好。感謝您今天蒞臨。

We had a very strong Q3, marked by record net new Subscription ARR and continued improvement in profitability metrics. These results reinforce our leading position in the large and expanding cyber resilience market.

第三季業績非常強勁，新增淨訂閱 ARR 創歷史新高，獲利指標也持續改善。這些成果鞏固了我們在龐大且不斷成長的網路彈性市場中的領先地位。

We are raising our Q4 outlook, as we look forward to a strong close to the fiscal year.

我們上調了第四季度業績預期，因為我們期待本財年能強勁收官。

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

首先，讓我簡單回顧一下我們 2026 財年第三季的財務表現和關鍵營運指標。然後，我將提供 2026 財年第四季和全年的業績指引。

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

除非另有說明，所有比較均以同比計算。

We are very pleased to have ended Q3 with Subscription ARR of $1.35 billion, growing 34%. We added $94 million in net new Subscription ARR, a record amount for Rubrik.

我們非常高興地宣布，第三季訂閱 ARR 達到 13.5 億美元，成長了 34%。我們新增了 9,400 萬美元的淨訂閱 ARR，創下了 Rubrik 的紀錄。

We continue to drive adoption of our Rubrik Security Cloud, which resulted in $1.17 billion of cloud ARR, up 53%. Our differentiated land-and-expand model benefits from multiple avenues to gain new customers and grow our footprint after the initial contract.

我們持續推動 Rubrik 安全雲端的普及，實現了 11.7 億美元的雲端 ARR，成長了 53%。我們獨特的「先佔領後擴張」模式，讓我們能夠在初始合約簽訂後，透過多種途徑獲得新客戶並擴大商業版圖。

Expansion occurs through data growth in existing applications, securing more applications or identities, or adding more security products. As a result, we continue to see a strong Subscription net redemption rate, which remained over 120% in the third quarter.

擴展是透過現有應用程式的資料成長、保護更多應用程式或身份，或添加更多安全產品來實現的。因此，我們繼續看到強勁的訂閱淨贖回率，第三季仍維持在 120% 以上。

We are very proud of the high customer retention and expansion dynamics of our business.

我們為公司客戶留存率高和業務擴張勢頭強勁而感到非常自豪。

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

所有擴張方向都對我們的淨收入成長做出了積極貢獻，這凸顯了我們在更深入滲透客戶群方面還有很大的發展空間。

Adoption of additional security products contributed over 40% of our Subscription net retention rate in the quarter, up from 32% in the year-ago period.

本季度，採用其他安全產品對我們的訂閱淨留存率貢獻了 40% 以上，高於去年同期的 32%。

In the third quarter, we saw significant growth in our largest accounts, with the number of customers contributing $100,000 or more in Subscription ARR rising 27% to 2,638. These large customers now represent 86% of our Subscription ARR, an increase from 83% a year ago. Furthermore, we added a record 23 new customers with Subscription ARR of $1 million or more, driving over 50% growth in our $1 million subscription base.

第三季度，我們最大的客戶數量顯著增長，訂閱 ARR 達到 10 萬美元或以上的客戶數量增長了 27%，達到 2638 家。這些大客戶目前占我們訂閱 ARR 的 86%，比一年前的 83% 有所成長。此外，我們新增了 23 位訂閱 ARR 達到或超過 100 萬美元的客戶，創下歷史新高，使我們的 100 萬美元訂閱用戶群成長超過 50%。

For our third quarter, Subscription revenue was $336 million, up 52%. Total revenue was $350 million, up 48%. Revenue in Q3 primarily benefited from a strong ARR growth. However, we again had tailwinds from our cloud transformation, resulting in higher non-recurring revenue, which is accounted for as material rights.

第三季度，訂閱收入為 3.36 億美元，成長 52%。總營收為 3.5 億美元，成長 48%。第三季營收主要得益於年度經常性收入（ARR）的強勁成長。然而，我們的雲端轉型再次帶來了順風，導致非經常性收入增加，這部分收入計入了實質權利。

Material rights contributed approximately $25 million to revenue this quarter, modestly ahead of our expectation. Revenue growth normalized for material rights was approximately 36% in the quarter.

本季度，版權收入貢獻了約 2500 萬美元，略高於我們的預期。扣除版權費用後，本季營收成長率約為 36%。

Turning to the geographic mix of revenue, revenue from the Americas grew 51% to $256 million. Revenue from outside the Americas grew [41%] to $94 million.

從地域收入組成來看，美洲地區的收入成長了 51%，達到 2.56 億美元。來自美洲以外地區的收入成長了 41%，達到 9,400 萬美元。

Before turning to gross margins, expenses, and profitability, I would like to note that I'll be discussing results in a non-GAAP basis, going forward.

在討論毛利率、費用和獲利能力之前，我想指出，今後我將以非GAAP準則來討論業績。

Our non-GAAP gross margin was 83% in the third quarter compared to 79% 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.

第三季我們的非GAAP毛利率為83%，去年同期為79%。我們的毛利率受益於收入的超預期表現，包括更高的非經常性收入和客戶支援部門效率的提高。

As a reminder, we look at Subscription ARR contrition margin as a key measure of operating leverage.

再次提醒，我們將訂閱 ARR 損耗率視為衡量營運槓桿的關鍵指標。

We believe the improvement in our Subscription ARR contribution margin demonstrates our ability to drive operating leverage and profitability at scale. Subscription ARR contribution margin was positive 10% in the last 12 months ended October 31 compared to negative 3% in the year-ago period, an improvement of approximately 1,400 basis points.

我們相信，訂閱 ARR 貢獻利潤率的提高表明了我們有能力大規模地提高營運槓桿和獲利能力。截至 10 月 31 日的過去 12 個月中，訂閱 ARR 貢獻利潤率為正 10%，而去年同期為負 3%，改善了約 1,400 個基點。

When normalizing for the $23 million in employee payroll taxes associated with the IPO in the prior period, the improvement was approximately 1,200 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.

如果將上一時期與首次公開募股相關的 2,300 萬美元員工薪資稅進行正常化處理，則改善幅度約為 1,200 個基點。訂閱 ARR 貢獻利潤率的提高得益於銷售額的成長、規模效益以及業務效率和成本管理的提高。

Free cash flow was $77 million compared to $16 million in the third quarter of fiscal 2025. This increase was driven by higher sales improving operating leverage and optimizing our capital structure.

自由現金流為 7,700 萬美元，而 2025 財年第三季為 1,600 萬美元。這一增長得益於銷售額的提高，從而改善了經營槓桿並優化了我們的資本結構。

Turning to our balance sheet, we ended the third quarter in a strong cash position, with $1.6 billion in cash, cash equivalents, restricted cash, and marketable securities; and $1.1 billion in convertible debt.

從資產負債表來看，第三季末我們的現金狀況良好，擁有現金、現金等價物、受限現金和有價證券共 16 億美元；以及可轉換債券 11 億美元。

Let me now provide some context on our guidance. We are confident in our outlook, driven by the robust cyber resins market and strong demand for our unique offerings. We expect these factors, combined with our consistent and effective execution, to deliver strong Subscription ARR growth ahead.

現在讓我來介紹一下我們所提供的指導原則的背景。我們對前景充滿信心，這得益於強勁的賽博樹脂市場和對我們獨特產品的旺盛需求。我們預期這些因素，再加上我們持續有效的執行，將帶來強勁的訂閱 ARR 成長。

We plan to continue making operational investments across two key areas:

我們計劃繼續在兩個關鍵領域進行營運投資：

First, we'll continue to invest in R&D to accelerate innovation in the large but developing markets of data security and AI.

首先，我們將持續加大研發投入，以加速資料安全和人工智慧這兩個規模龐大但發展中市場的創新。

Second, we will invest in our go-to-market, specifically targeting regions and verticals that offer the most attractive ROI.

其次，我們將加強對市場推廣的投入，並專注於那些能夠提供最具吸引力的投資報酬率的地區和垂直產業。

These go-to-market investments will also focus on achieving product market fit and scaling our newer innovations, such as Identity Resilience platform and Rubrik Agent Cloud.

這些市場推廣投資也將專注於實現產品市場契合度，並擴大我們較新的創新成果的規模，例如身分彈性平台和 Rubrik Agent Cloud。

Now, turning to guidance for the fourth-quarter and full-year fiscal 2026, in Q4, we expect revenue of $341 million to $343 million, up 33% or approximately 30% when normalized for material rights. We expect non-GAAP EPS of negative $0.12 to negative $0.10, based on approximately 201 million weighted average shares outstanding.

現在，讓我們來看看 2026 財年第四季和全年的業績指引。第四季度，我們預計營收為 3.41 億美元至 3.43 億美元，年增 33%；如果扣除重要權益，則年增約 30%。根據約 2.01 億股加權平均流通股計算，我們預期非 GAAP 每股盈餘為 -0.12 美元至 -0.10 美元。

For the full-year fiscal 2026, we now expect Subscription ARR in the range of $1.439 billion to $1.453 billion, reflecting a year-over-year growth rate of approximately 32%. We expect total revenue for the full-year fiscal 2026 in the range of $1.280 billion to $1.282 billion, up approximately 44% or 35% when normalized for material rights. We expect material rights related to our cloud transformation to contribute approximately $68 million to revenue in fiscal year 2026.

我們現在預計 2026 財年全年訂閱 ARR 將在 14.39 億美元至 14.53 億美元之間，年成長率約為 32%。我們預計 2026 財年全年總收入將在 12.8 億美元至 12.82 億美元之間，如果扣除實質權利，則分別增長約 44% 或 35%。我們預計與雲端轉型相關的實質權利將在 2026 財年為公司帶來約 6,800 萬美元的收入。

We expect non-GAAP Subscription ARR contribution margins of approximately 9%. We expect non-GAAP EPS of negative $0.20 to negative $0.16, based on approximately $197 million weighted average shares outstanding for the full year.

我們預期非GAAP訂閱ARR貢獻利潤率約為9%。我們預計全年非GAAP每股收益為-0.20美元至-0.16美元，基於全年約1.97億股加權平均流通股數。

We expect free cash flow of $194 million to $202 million.

我們預計自由現金流為 1.94 億美元至 2.02 億美元。

As we progress through the final stages of our successful cloud journey, our reported revenue growth has seen significant tailwinds from our cloud transformation, including material rights in fiscal 2026.

隨著我們成功邁入雲端轉型的最後階段，我們報告的營收成長得益於雲端轉型帶來的顯著利好，包括 2026 財年的重大收益。

In fiscal 2027, dynamics related to our successful cloud transformation and a substantial reduction in material rights revenue will represent a headwind to our reported revenue growth.

2027 財年，與我們成功的雲端轉型相關的動態以及材料版權收入的大幅減少將對我們報告的收入成長構成不利影響。

As a result, we anticipate that revenue growth, on a reported basis, will lack Subscription ARR growth by a few percentage points in fiscal 2027. However, normalized revenue growth will be ahead of Subscription ARR growth.

因此，我們預計 2027 財年按報告計算的營收成長將比訂閱 ARR 成長低幾個百分點。然而，正常化收入成長將領先於訂閱 ARR 成長。

As we have always communicated, Subscription ARR is the primary top-line metric to evaluate our business performance, as it is not impacted by the aforementioned accounting dynamics related to our cloud transformation.

正如我們一直以來所溝通的那樣，訂閱 ARR 是評估我們業務績效的主要指標，因為它不受上述與我們的雲端轉型相關的會計動態的影響。

In terms of profitability, we will continue to stay focused on taking advantage of the market opportunity in cybersecurity and AI, while balancing growth with improved efficiency. Based on our current investment plans, we expect to deliver modest improvement in our Subscription ARR contribution margin and modestly higher free cash flow for the fiscal year 2027. In addition, we included some additional modeling notes in our investor presentation.

在獲利能力方面，我們將繼續專注於掌握網路安全和人工智慧領域的市場機會，同時在提高效率的同時實現成長。根據我們目前的投資計劃，我們預計 2027 財年訂閱 ARR 貢獻率將略有提高，自由現金流也將略有增加。此外，我們在投資者簡報中還加入了一些額外的建模說明。

In closing, we are pleased with our strong performance in the third quarter. We look forward to finishing the year strong, given our leadership, innovation, and ability to execute on a large and growing market opportunity.

最後，我們對第三季的強勁表現感到滿意。憑藉我們的領導地位、創新能力以及把握巨大且不斷增長的市場機會的能力，我們期待以強勁的勢頭結束今年。

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

接下來，我們歡迎大家提出任何問題。

(Operator Instructions)

（操作說明）

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay. Great. Nice quarter.

好的。偉大的。不錯的街區。

Bipul, maybe for you. It's very clear that you're taking share in the core cyber resilience, right? The first of three pillars. But you're also growing other businesses, like Identity.

比普爾，也許適合你。很明顯，你們正在參與核心網路彈性建設，對嗎？三大支柱中的第一根。但你們也在發展其他業務，例如身分驗證業務。

And so I'm curious: How additive can Identity be to an average data protection deal? Maybe relatedly, is Identity replacing any established tools or is that creating new budget, as you sell increasingly to CISOs?

所以我很好奇：身分認證對一般的資料保護協定能起到多大的作用？或許相關的問題是，身分識別功能是否正在取代任何現有工具，或者隨著你們越來越多地向首席資訊安全長 (CISO) 銷售產品，這是否正在創造新的預算？

Identity is completely additive to the deal. It is a net new buyer for Rubrik. We are selling identity to the CISO organization, to [IM] persona. In some cases, we are replacing legacy or new-gen vendor -- a new-gen Identity recovery vendor. In other cases, it's a white space.

身分資訊完全是交易的附加項。這是 Rubrik 的新增買家。我們正在向首席資訊安全官 (CISO) 組織出售身份，即 [IM] 角色。在某些情況下，我們正在取代傳統供應商或新一代供應商—新一代身分恢復供應商。在其他情況下，則是一片空白。

Nevertheless, it's a net new buyer for Rubrik, which is a CISO organization; and a net new solution that we have created completely from scratch. In fact, this product went into [GA] -- first GA in December last year. We are seeing -- 40% of new customers last quarter is net new to Rubrik. So this is very exciting.

不過，對於Rubrik（一家CISO組織）來說，這是一個全新的客戶；而且這是我們完全從零開始創建的全新解決方案。事實上，該產品已經進入正式版（GA）階段——第一個正式版於去年 12 月發布。我們發現，上個季度新增客戶中有 40% 是 Rubrik 的新客戶。這真是太令人興奮了。

Saket, this is Kiran. I also wanted to add that in my prepared remarks, I had mentioned that our NRR was, again, 120%-plus for the quarter. While all the drivers were good contributors, the security component crossed [40%]. Identity is one of the key components of that or drivers for that.

薩凱特，這位是基蘭。我還想補充一點，我在事先準備好的發言稿中提到，本季我們的淨收益率再次超過了 120%。雖然所有司機都做出了貢獻，但安全部件卻出現了問題。[40%]。身份是其中的關鍵組成部分或驅動因素之一。

That's super helpful. I would love to squeeze in just one housekeeping question, Kiran, maybe if I can, for you.

這太有幫助了。Kiran，如果可以的話，我想問你一個家務事的問題。

The SaaS ARR line really speaks for itself. But I was wondering if you could just comment on the non-SaaS ARR line, right? There's an element of there that's conversion. There's also some natural churn.

SaaS ARR 數據本身就足以說明一切。但我很想知道您能否只就非 SaaS ARR 這部分發表一下看法，好嗎？這裡麵包含著轉化的因素。當然，也存在一些自然的人員流動。

Since we're all together here on the call, can you just talk about how we should think about modeling that going into Q4 and then, maybe into next year?

既然我們都在這裡參加電話會議，您能不能談談我們應該如何考慮對第四季度以及明年的情況進行建模？

Sure, Saket. I'll add my thoughts to that.

當然，薩凱特。我也會補充一些我的想法。

As you know, we are predominantly a cloud SaaS business now. We are very pleased with how the cloud transformation has progressed in the last few years. This quarter, we were around 87%. Cloud ARR as a percentage of Subscription -- we grew 53%.

如您所知，我們現在主要是一家雲端SaaS企業。我們對過去幾年雲端運算轉型的進展感到非常滿意。本季度，我們的完成率約為 87%。雲端 ARR 佔訂閱收入的百分比——我們成長了 53%。

When you look at the non-cloud run, that is one of the lines which is also contributing to the cloud ARR growth; one with smaller components but is contributing. As a result, that declines. That's declined now for a few quarters.

從非雲端業務來看，這也是對雲端業務 ARR 成長做出貢獻的因素之一；雖然組成部分較小，但確實有所貢獻。因此，這種情況會下降。這種情況已經連續幾季下降了。

We'll continue a bit more because we believe there is more room to run in our cloud ARR -- the cloud business as a percentage of subscription ARR.

我們將繼續努力，因為我們相信雲端業務 ARR（雲端業務佔訂閱 ARR 的百分比）還有很大的成長空間。

Matt Martino, Goldman Sachs.

馬特馬蒂諾，高盛集團。

Bipul, though your comment that bookings from legacy replacement accelerated year over year stood out to me, from your perspective, what's driving the acceleration there? Is it the modernization ahead of AI that you flagged in the prepared remarks or maybe a growing recognition from CIOs that they simply can't wait to modernize due to the growing threat vectors out there?

Bipul，雖然你提到傳統替代產品的預訂量逐年增長，這一點讓我印象深刻，但從你的角度來看，是什麼因素推動了這種增長呢？您在準備好的演講稿中提到的是人工智慧之前的現代化進程，還是資訊長們日益認識到，由於日益增長的威脅因素，他們迫不及待地想要進行現代化改造？

Thanks. It's both. It's definitely preparing for AI and modernizing the infrastructure. That's a big driver. The other driver is, cyber attacks are inevitable.

謝謝。兩者兼具。它顯然是在為人工智慧做準備，並進行基礎設施現代化改造。這是一個重要的驅動因素。另一個原因是，網路攻擊不可避免。

Rubrik has a unique platform that delivers cyber recovery, leveraging our pre-emptive recovery engine that is unique in the marketplace. Our speed of recovery is the key factor in making this decision.

Rubrik 擁有獨特的平台，可提供網路復原服務，利用我們在市場上獨一無二的先發製人的復原引擎。我們的復甦速度是做出這項決定的關鍵因素。

CIOs and CISOs are looking at their legacy landscape, including new-gen vendors, and saying that I'm at risk. Cyber attacks are going to come to me. If I can't keep my business up and running, it threatens the very existence of the business.

資訊長和資訊安全長正在審視他們的傳統系統，包括新一代供應商，並表示他們面臨風險。網路攻擊終將找上我。如果我無法維持企業的正常運作，那麼企業的生存就會受到威脅。

That's what is also driving legacy replacement.

這也是推動傳統設備被淘汰的原因之一。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Bipul, this one, I want to direct to you.

比普爾，這個我想轉交給你。

Since your IPO, there has been an absolute avalanche of new product introductions and new capabilities. You're showing and putting points on the board, with respect to installed base and new customer uptake in adoption.

自貴公司上市以來，新產品和新功能層出不窮，令人目不暇給。您正在展示並記錄已安裝用戶群和新客戶採用情況方面的資料。

What I wanted to ask you was just, with respect to the platform having expanded so dramatically in the span of the last 18 months, I'm curious how that's influencing your overall sales strategy?

我想問的是，鑑於該平台在過去 18 個月中發展如此迅猛，我很好奇這會對你們的整體銷售策略產生怎樣的影響？

Really, the spirit of the question here is, what's become very involved in, certainly, the companies we cover and the broader enterprise software is this notion of providing flex or consumption-oriented-type vehicles to enable customers to have a more fulsome and frictionless access to the full portfolio. So a long-winded way to ask you, is that something that you would potentially consider, just given how quickly and how robustly the platform's expanded? How would you idea around that?

實際上，這個問題的本質是，我們所報道的公司以及更廣泛的企業軟體領域，都非常關注提供靈活或以消費為導向的車輛，使客戶能夠更全面、更順暢地訪問全部產品組合。所以，我囉嗦了這麼多，其實是想問您，鑑於該平台發展如此迅速且穩健，您是否會考慮這樣做？你會如何想辦法解決這個問題？

Thanks, Fatima.

謝謝你，法蒂瑪。

If you look at Rubrik from day 1, our strategy has been a true platform company. You might ask, what is a platform company? Our definition of a platform company is a product when -- a platform when the customer adopts more than one product, their value from the platform goes up.

從 Rubrik 成立之初來看，我們的策略就是成為一家真正的平台公司。你可能會問，什麼是平台公司？我們對平台公司的定義是：當客戶採用多個產品時，他們從該平台獲得的價值就會增加，而平台公司就是一個產品平台。

I'll give you an example. When our customers buy Rubrik's Security Cloud for both data center, as well as AWS or Azure cloud, if there is a threat actor in the cloud and same threat actors in the data center, we can auto-correlate threat and give you the full cyber resilience intelligence and recovery on that threat actor. You don't have to pull the logs into Splunk and then, try to analyze and figure out what's going on. Rubrik automatically does that for you.

我給你舉個例子。當我們的客戶購買 Rubrik 的安全雲端服務，用於資料中心以及 AWS 或 Azure 雲端時，如果雲端存在威脅行為者，資料中心也存在相同的威脅行為者，我們可以自動關聯威脅，並為您提供有關該威脅行為者的完整網路彈性情報和復原資訊。您無需將日誌匯入 Splunk，然後嘗試分析並弄清楚發生了什麼。Rubrik 會自動為您完成這些操作。

Now, the same platform is expanded into Identity. Now, you can actually see what's happening to your Identity vis-à-vis data when the privilege gets escalated.

現在，同一平台已擴展到身份驗證領域。現在，當權限提升時，您可以清楚地看到您的身分和資料發生了什麼變化。

Now, the same platform, we have launched a new product suite in Rubrik Agent Cloud. Now, we have two distinct product suite: Rubrik Security Cloud for cyber resilience, Rubrik Agent Cloud for enterprise AI acceleration.

現在，我們已在 Rubrik Agent Cloud 平台上推出了一套新的產品套件。現在，我們有兩個不同的產品套件：用於網路彈性的 Rubrik Security Cloud，用於企業 AI 加速的 Rubrik Agent Cloud。

Our strategy has always been, give customer a comprehensive platform and be the strategic IT vendor for that customer for years and years to come. Obviously, we want to make it easier for our customers to consume Rubrik product, try new Rubrik product. We don't easily lose customers because we provide a mission-critical solution. Customer retention has been one of the hallmarks of Rubrik.

我們的策略始終是，為客戶提供一個全面的平台，並在未來多年成為該客戶的策略性 IT 供應商。顯然，我們希望讓我們的客戶更容易消費 Rubrik 產品，嘗試新的 Rubrik 產品。我們不會輕易失去客戶，因為我們提供的是關鍵任務解決方案。顧客留存率一直是 Rubrik 的標誌性特點之一。

So we are looking at all avenues, going forward, to make it easier for our customers to adopt Rubrik, consume Rubrik, because we are -- selling is only 5% of my job, 95% of my job is to ensure customer delight, the first-use experience, repeated-use experience, expansion experience; and providing end-to-end cyber resilience.

因此，我們正在探索各種途徑，讓我們的客戶更容易採用 Rubrik，使用 Rubrik，因為——銷售只占我工作的 5%，我 95% 的工作是確保客戶滿意，包括首次使用體驗、重複使用體驗和擴展體驗；以及提供端到端的網路彈性。

John DiFucci, Guggenheim.

約翰·迪富奇，古根漢美術館。

This is an impressive quarter. I'd just like to congratulate the extended Rubrik team beyond even those on this call.

這是一個令人印象深刻的季度。我只想向 Rubrik 團隊的所有成員表示祝賀，而不僅僅是參加這次電話會議的成員。

Bipul, I want to go high-level with you on something because you hit something that everybody is hitting now. We are just trying to figure out.

Bipul，我想和你深入探討某個問題，因為你觸及了現在每個人都在關注的重點。我們只是想弄清楚。

It seems really early when it comes to securing AI agents. But things can move really fast. It seems that everybody in security is saying they're best positioned to serve this role, which looks like it can be huge, right?

現在就保障人工智慧代理的安全似乎還為時過早。但事情發展得很快。似乎所有從事保全工作的人都說自己最適合擔任這個角色，這看起來意義重大，對吧？

Can you explain why Rubrik is well positioned to capture this opportunity; or maybe even just part of the opportunity? If that's the case, what else do customers -- what else will they need to have, beyond Rubrik, to solve this problem?

您能否解釋一下為什麼 Rubrik 有能力抓住這個機會；或者即使只是抓住部分機會？如果是這樣，除了 Rubrik 之外，客戶還需要什麼才能解決這個問題？

Thanks, John. That's a really good question.

謝謝你，約翰。這真是個好問題。

If you take a step back, Rubrik is all about data, identity, and business applications. These are the three main things (inaudible) to deliver AI.

從本質上講，Rubrik 的核心是資料、身分和業務應用。這是實現人工智慧的三大主要要素（聽不清楚）。

AI is not a purely security question. Neither it is purely operations question. AI sits at the intersection of security, which is risk management and governance; plus the operations, which is how do you deliver the accurate AI; how do you fine-tune the model; how do you create real-time operational guardrails and observability and undue action if they misbehave because of cyber compromise or hallucination?

人工智慧不僅僅是一個安全問題。這不僅僅是一個操作問題。人工智慧處於安全（即風險管理和治理）和營運（即如何提供準確的人工智慧；如何微調模型；如何創建即時營運護欄和可觀察性，以及在因網路攻擊或幻覺而導致人工智慧行為異常時如何採取不當行動）的交匯點。

Rubrik is squarely at the intersection of operations and security. This is a natural place for us to deliver a complete Agentic operations platform, Agentic management platform.

Rubrik 正好處於營運和安全的交匯點。這裡是我們交付完整的 Agentic 營運平台和 Agentic 管理平台的理想之地。

If I can be so bold to call it: Agentic ERP.

如果我大膽地稱之為：代理型企業資源規劃 (ERP)。

What does Agentic ERP need to deliver? Three things:

Agentic ERP需要實現什麼功能？三件事：

How many agents do I have, including the ones that is sanctioned, as well as the ones that are non-sanctioned?

我手下有多少名特工，包括受制裁的特工和未受制裁的特工？

What the h*** they are doing? What do I want them to do, in terms of my operational guardrail? Are they hallucinating? Can I make them more accurate so that humans can be confident of the results of the AI agents?

他們到底在幹嘛？就我的操作規範而言，我希望他們做什麼？他們是不是出現了幻覺？我能否提高它們的準確性，使人類對人工智慧代理的結果充滿信心？

If they misbehave, can I press the rewind button and take away the effect of them -- of misbehaving agents?

如果他們行為不端，我可以按下倒帶鍵，消除他們（行為不端的代理人）的影響嗎？

This requires an end-to-end complete platform across monitor, govern, and remediate. This is a very natural extension to Rubrik's core strategy.

這需要一個涵蓋監控、管理和修復的端到端完整平台。這是 Rubrik 核心策略的自然延伸。

You know what? On top of it, Rubrik is also a secure data lake. We have additional opportunity to bring Rubrik data to do fine-tuning of the model to deliver more accuracy. With ready-base acquisition, we have the ability to virtualize GPU; to reduce the cost; or to multiplex different training model to be able to deliver perfect guardrail for our customers to have confidence in the Agentis actions.

你知道嗎？除此之外，Rubrik 還是一個安全的資料湖。我們還有機會引入 Rubrik 數據來對模型進行微調，以提高準確率。透過現成的資源獲取，我們能夠虛擬化 GPU；降低成本；或重複使用不同的訓練模型，從而為我們的客戶提供完美的保障，讓他們對 Agentis 的行動充滿信心。

We believe that we are strongly positioned to deliver this new infrastructure product suite, Rubrik Agent Cloud. And then, we are integrating this across the ecosystem. You saw our announcement with Copilot Studio, with AWS Bedrock. We are extending and expanding this platform across all the tools that users can use to build agents. This is, again, a (inaudible) opportunity, just like cyber resilience.

我們相信，我們已做好充分準備，交付這款全新的基礎設施產品套件－Rubrik Agent Cloud。然後，我們將這項技術整合到整個生態系統中。您已經看到了我們關於 Copilot Studio 和 AWS Bedrock 的公告。我們正在擴展和完善這個平台，使其涵蓋用戶可以用來建立代理的所有工具。這又是一個（聽不清楚）的機會，就像網路韌性一樣。

Across all business applications, Rubrik Agent Cloud is product suite across all agent tool builders, whether it's AWS, Azure, GCP, M365, Salesforce, Agentforce. No matter whether it is Infrastructure-as-a-Service agent or Platform-as-a-Service agent, Rubrik Agent Cloud is giving our customers the confidence to do the AI transformation, deploy agents at a scale, and truly take advantage of this AI opportunity.

Rubrik Agent Cloud 是一款適用於所有業務應用程式的產品套件，適用於所有代理工具建構器，無論是 AWS、Azure、GCP、M365、Salesforce 還是 Agentforce。無論採用基礎設施即服務代理或平台即服務代理，Rubrik Agent Cloud 都能讓我們的客戶有信心進行 AI 轉型，大規模部署代理，並真正利用 AI 帶來的機會。

That is the first time I've heard anything about this described in a way that I can [stand]. So thank you very much.

這是我第一次聽到有人用這種方式描述這件事，我可以理解。[站立]。非常感謝。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Excellent. I echo my congrats, as well. What a great quarter.

出色的。我也向你表示祝賀。真是個精彩的季度！

My question actually follows on what John just asked about Rubrik Agent Cloud, across monitor, govern, and remediate. I reflect on the announcement this week, adding Amazon Bedrock along with Copilot Studio support.

我的問題其實是約翰剛才問的關於 Rubrik Agent Cloud 的問題的後續，涉及監控、治理和修復。我回顧本週的公告，公告中增加了對 Amazon Bedrock 和 Copilot Studio 的支援。

Bipul, how are these partnerships structured with the AI platforms? Is there a co-investment in go-to-market and co-innovation on product? What are the ways you'll monetize Rubrik Agent Cloud, along with the platforms?

Bipul，這些與人工智慧平台的合作關係是如何建構的？是否有市場推廣的共同投資和產品的共同創新？除了平台之外，你們將透過哪些方式實現 Rubrik Agent Cloud 的獲利？

Thanks, Brad.

謝謝你，布拉德。

We have been working with hyperscalers for a number of years. Our initial -- our big partnership started with cyber resilience. We have found tremendous success. We have hundreds, if not thousands, of customers with them; and joint customers, where we are helping hyperscalers deliver a complete business transformation, cloud transformation, with confidence on cyber resilience.

我們與超大規模資料中心營運商合作已有多年。我們最初的－我們的大型合作始於網路彈性。我們取得了巨大的成功。我們與他們有成百上千的客戶；我們還有共同的客戶，我們正在幫助超大規模企業實現完整的業務轉型和雲端轉型，並確保網路彈性。

Now, we are expanding on that partnership to bring Rubrik Agent Cloud. And so the idea is if you develop your agents on AWS Bedrock or on Copilot Studio, you can manage that on Rubrik Agent Cloud. And so we have prebuilt go-to-market partnership with hyperscalers. We expect to leverage those existing infrastructure with the new teams that are involved on the AI side to expand the go-to-market.

現在，我們正在擴大這種合作關係，推出 Rubrik Agent Cloud。因此，如果您在 AWS Bedrock 或 Copilot Studio 上開發代理，則可以在 Rubrik Agent Cloud 上對其進行管理。因此，我們已經與超大規模資料中心供應商建立了預先建立的市場推廣合作夥伴關係。我們期望利用現有的基礎設施，結合人工智慧的新團隊，擴大市場推廣範圍。

From a monetization standpoint, Bipul, these are dedicated SKUs that are incremental. The strategy isn't necessarily to migrate customers up different tiers of the core product. Is there anything we should know about the way that you'll monetize?

從獲利角度來看，Bipul，這些都是增量的專用 SKU。該策略並非一定要將客戶遷移到核心產品的不同層級。關於你們的獲利模式，有什麼我們該了解的嗎？

Rubrik Agent Cloud is a completely separate product suite. It is early, where the product is in beta. But we are getting very strong customer feedback on these products.

Rubrik Agent Cloud 是一個完全獨立的產品套件。目前產品仍處於早期測試階段。但我們收到了客戶對這些產品的非常正面的回饋。

I'll give you a couple of examples:

我舉幾個例子：

A very large healthcare organization said that they are slow to adopt agents because they have yet to find a platform that they can confidently operationalize agents, which means that monitor and have visibility into agents.

一家規模非常大的醫療機構表示，他們採用代理商的速度很慢，因為他們還沒有找到一個可以讓他們放心地經營代理商的平台，這意味著可以監控代理商並了解代理商的情況。

There was another pharma company where the exec said that why are we not having a product like Rubrik Agent Cloud already? They said that they see our vision as really enabling them to an Agentic future. This is the right idea.

另一家製藥公司的高層曾問，為什麼我們還沒有像 Rubrik Agent Cloud 這樣的產品？他們表示，他們認為我們的願景能夠真正幫助他們走向一個自主的未來。這是個好主意。

Obviously, all of this is very early. But we are very encouraged by the reaction. Obviously, we'll update you as we make progress. But I anticipate there to be a separate product suite that we'll sell.

顯然，這一切都還處於非常早期的階段。但我們對這樣的反響感到非常鼓舞。當然，我們會隨時向您報告進度。但我預計我們會推出一套獨立的產品組合來銷售。

Eric Heath, KeyBanc.

Eric Heath，KeyBanc。

All right. Great. Kiran, I wanted to follow up on your comments about the strong beat-and-raise cadence that you've acknowledged and the outlook for Q4.

好的。偉大的。Kiran，我想就你提到的強勁的業績成長和第四季的展望做個後續評論。

When I look at the guide, it's showing a seasonally stronger growth rate than 3Q, which hasn't historically been the case. Can you just talk about the dynamic there? Is that purely a function of the sales comp change this year? Is it more so a reflection of the strong pipeline you see? Or anything else to call out?

我查看了這份指南，發現其顯示的季節性成長率高於第三季度，而歷史上並非如此。您能談談那裡的情況嗎？這完全是今年銷售佣金調整的結果嗎？這更反映了你所看到的強勁的管道建設勢​​頭嗎？還有其他需要指出的地方嗎？

Thanks, Eric. This is Kiran. I'll take that one.

謝謝你，埃里克。這是基蘭。我選那個。

We're very pleased with the Q3 results we delivered, in terms of scale and growth. That gave us the confidence to raise Q4, as well. It's about a 3% raise on the net new ARR; 3%-plus, based on the implied Q4 guide from the last quarter's call.

就規模和成長而言，我們對第三季的業績感到非常滿意。這使我們有信心上調第四季預期。這相當於淨新增 ARR 成長約 3%；根據上一季電話會議中隱含的第四季業績指引，成長幅度將超過 3%。

But, as you know, we run the business on an annual basis on net new ARR. We have spoken about that in the past, as well. We look at the total net new ARR for the year. Really, that's what we plan for and look to deliver.

但是，正如您所知，我們按年度淨新增 ARR 來經營業務。我們以前也討論過這個問題。我們來看看全年新增淨ARR總額。事實上，這正是我們計劃要實現的目標。

The annual comp plan changes have progressed really nicely. But we have to finish the year, as well. We can give you an update on that, after Q4.

年度薪酬方案調整進展非常順利。但我們還得把這一年做完。我們可以在第四季度結束後向您提供最新進展。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，瑞穗銀行。

Congratulations on the strong execution.

恭喜你們出色地完成了任務。

I'd like to go back to Identity because Identity Recovery is off to a really strong start. By the way, the feedback was also positive at AWS re:Invent this week.

我想回到身分管理領域，因為身分恢復功能目前發展勢頭強勁。順便一提，本週在 AWS re:Invent 大會上也獲得了正面的回饋。

Bipul, when you look ahead, Rubrik has many thousands of customers that you can potentially cross-sell into; and, as you've noted, you're already landing with identity, as well.

Bipul，展望未來，Rubrik 擁有成千上萬的客戶，你可以向他們進行交叉銷售；而且，正如你所指出的，你也已經在身分識別方面取得了成功。

When you look at Identity Recovery and now, Identity Resilience, in addition, how are you thinking about penetration rates for this part of the platform, going forward?

當您審視身份恢復以及現在的身份彈性時，您認為該平台這一部分的滲透率未來會如何？

We believe that Identity Recovery is a widely applicable (inaudible) platform, in terms of the identity security strategy that we have. Going from Identity Recovery to Identity Resilience, we are really adding before-and -during pieces to ensure that if there is a privilege escalation, what sensitive data gets exposed [to]? That's where we are bringing the DSPM capabilities with Identity capabilities to expose the full risk.

我們認為，就我們現有的身分安全策略而言，身分恢復是一個應用廣泛的（聽不清楚）平台。從身分恢復到身分彈性，我們實際上是在權限提升之前和期間增加了一些措施，以確保在權限提升發生時，哪些敏感資料會被洩露。[到]？這就是我們將 DSPM 功能與識別功能結合，以揭示全部風險的地方。

Because if you take a step back, cyber resilience assumes that attacks will happen to you. If you know that attacks will happen to you, you have to understand the risk of the attack and be able to remediate.

因為退一步講，網路韌性的前提是你會遭受攻擊。如果你知道自己會遭受攻擊，就必須了解攻擊的風險並能夠採取補救措施。

The risk of the attack, you need to understand data risk and you need to understand the identity risk. Because you can't understand the full risk without understanding data and (inaudible) entity, both.

要了解攻擊風險，你需要了解資料風險和身分風險。因為如果不了解資料和（聽不清楚的）實體，就無法全面了解風險。

And then, in terms of remediation, you have to remediate both. You need to do a cyber recovery on all the data to ensure that your applications are up and running, plus you have to also recover identity system partially or fully.

然後，就補救措施而言，你必須同時補救這兩方面。您需要對所有資料進行網路恢復，以確保您的應用程式能夠正常運行，此外，您還需要部分或全部恢復身分識別系統。

We believe that for full cyber resilience, both identity and data is applicable everywhere. Obviously, these are early days. We are just over three quarters into it. We are just about $20 million in Subscription ARR.

我們認為，要實現全面的網路彈性，身分和資料都適用於任何地方。顯然，現在還處於早期階段。我們已經完成了四分之三多一點。我們的訂閱 ARR 收入接近 2000 萬美元。

We doubled our number of customers in Q3. The customer excitement is very, very high. I'll give you an example:

第三季我們的客戶數量翻了一番。顧客的熱情非常非常高漲。我舉個例子：

A European consumer technology company, they were really worried about -- is scattered as spider because one of your suppliers got hit. As you know, scattered as spider is detrimental to identity systems, as well as virtual machines, because they are bypassing the traditional EDR.

一家歐洲消費科技公司，他們非常擔心——就像蜘蛛一樣四處逃散，因為他們的一家供應商受到了攻擊。如您所知，像蜘蛛一樣分散的攻擊對身份系統以及虛擬機都是有害的，因為它們繞過了傳統的 EDR。

There is increased awareness of importance of identity systems, both full availability of the identity system plus the escalations, which are illegal; and how data gets impacted. So we have a full vision to really create full cyber resilience solution.

人們越來越意識到身分識別系統的重要性，包括身分系統的完全可用性以及非法升級行為；以及資料會受到怎樣的影響。因此，我們有一個完整的願景，那就是真正打造一個全面的網路彈性解決方案。

As we said, we are also partnering with CrowdStrike ITDR solution to provide end-to-end confidence for our customers saying that Falcon will detect and will help roll back bad changes.

正如我們所說，我們還與 CrowdStrike ITDR 解決方案合作，為我們的客戶提供端到端的信心，即 Falcon 將檢測並幫助回滾錯誤的變更。

Todd Coupland, CIBC.

Todd Coupland，加拿大帝國商業銀行。

I wanted to ask about net new. That's been a little bit lumpy the last few quarters.

我想問一下淨新增量是多少。過去幾季情況有些波動。

I'm just wondering if the acceleration that you experienced this quarter and going into Q4 -- is that the new normal? Or should this still be considered an area of volatility, as we think about '27?

我只是想知道，你們本季以及進入第四季所經歷的加速成長——這是否是新的常態？或者，當我們展望 2027 年時，這是否仍然應該被視為一個波動性較大的領域？

This is Kiran. I'll take that one.

這是基蘭。我選那個。

Very pleased with the Q3. Net ARR was a record for the company, $94 million.

對Q3非常滿意。公司淨年度經常性收入創歷史新高，達到 9,400 萬美元。

But the way to look at net new, really, in our business is on an annual basis. That's the number we planned for, when we start a year. There's obviously shifts between quarter to quarter because of deals pipeline, et cetera.

但實際上，在我們這個行業，衡量淨新增業務的標準是按年計算的。這是我們年初計劃的數字。由於交易管道等因素，每個季度之間顯然會有一些變化。

So I would focus on the annual number, including the guide; and then, there's going to be some quarterly movements because of compares to previous years and timing.

因此，我會專注於年度數字，包括指導方針；然後，由於與往年相比以及時間因素，季度數字會有一些波動。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Bipul, with cyber insurance requirements tightening and ransomware costs increasing, are you seeing Rubrik's platform play a role in lowering those insurance premiums for customers? Do you see this convergence of identity and data security becoming a differentiator for cyber insurance and compliance frameworks?

Bipul，隨著網路保險要求的收緊和勒索軟體成本的增加，您認為 Rubrik 的平台在降低客戶的保險費方面發揮了作用嗎？您認為身份安全和資料安全的這種融合會成為網路保險和合規框架的差異化因素嗎？

Thanks, Junaid.

謝謝你，朱奈德。

Absolutely. You need to have both Identity Resilience and Cyber Recovery to be able to drive complete cyber resilience.

絕對地。要實現全面的網路彈性，您需要同時具備身分復原能力和網路復原能力。

For [insurance] company to underwrite, there is [asymmetry] of information. For them to have confidence that the customers have the right technology, it is definitely attractive for them to actually recommend Rubrik. In fact, one of the insurance companies, which is our customers, actually became our reseller to their customer base, based on that same thesis.

對於保險公司而言，在承保過程中存在資訊不對稱。為了讓他們確信客戶擁有合適的技術，他們絕對會樂於推薦 Rubrik。事實上，我們的保險公司客戶，正是基於同樣的理念，成為了我們向其客戶群的經銷商。

We believe that we are still in the early innings of cyber resilience as the very large segment -- and I would argue that the most important segment of cybersecurity -- and we believe that as this market continues to expand and as we continue to lead this market into the future around full cyber resilience across data and identity, we believe that loss of opportunities, including around insurance, for us.

我們認為，網路韌性仍處於起步階段，因為網路韌性是一個非常龐大的領域——而且我認為它是網路安全中最重要的領域——我們相信，隨著這個市場的不斷擴張，隨著我們繼續引領這個市場走向未來，圍繞數據和身分的全面網路韌性，我們相信，我們將不會失去任何機會，包括保險方面的機會。

Keith Bachman, BMO.

Keith Bachman，BMO。

I wanted to go back to the agent market. The Identity market seems like a tremendous opportunity in a natural adjacency. I still struggle a little bit with the opportunities associated with the agent market. And so I wanted to just ask it in maybe some different threads:

我想重返經紀人市場。身分識別市場似乎是一個天然的鄰近領域，蘊藏著巨大的機會。我仍然對經紀人市場帶來的機會感到有些困惑。所以我打算在不同的帖子裡問這個問題：

Is the go-to-market going to be different for the Identity? That is to say, do you anticipate it being a different buyer in the agent market? It would seem to me that it's a different buyer but I just wanted to get your perspective.

識別產品的市場推廣策略會有所不同嗎？也就是說，你預期在經紀人市場上會遇到不同的買家嗎？我覺得可能是另一個買家，但我只是想聽聽你的看法。

And b, how do you think the competitive landscape is going to shape up? It's super early. There's probably going to be more than one winner.

其次，你認為競爭格局會如何改變？現在還很早。可能會有不只一位獲勝者。

And then, finally, is there any thoughts about when you might emerge from beta to actually have production environments or fit GA into the market?

最後，對於何時結束 beta 測試階段，真正擁有生產環境或將 GA 推向市場，您有什麼想法嗎？

If you look at agents, they assume identity; they work on data; and they operate on many applications at a scale.

如果你觀察智能體，你會發現它們會假定身分；它們處理資料；並且它們可以在許多應用程式上大規模運行。

As I said before, the Rubrik platform is a combination of data, identity, and applications. So we are naturally positioned to take advantage of this agent opportunity.

正如我之前所說，Rubrik 平台是資料、身分和應用程式的組合。因此，我們自然而然地佔據了有利位置，可以抓住這個代理機會。

We are not building a platform for people to build agents. They have many platforms for them to build agents. We are helping our customers operationalize agents and have confidence and governance controls to be able to deliver the Agentic outcome because that's the biggest inhibitor, in terms of AI going into production. That's what we are focused on.

我們不是在搭建一個讓人們建構代理的平台。他們有很多平台可以用來建立代理商。我們正在幫助客戶實現代理的運營，並建立信心和治理控制，以便能夠交付代理成果，因為這是人工智慧投入生產的最大障礙。這就是我們關注的重點。

In terms of the market, obviously, we are early. As I said, we are still in beta. We expect to go GA in not too far in the future. We'll continue to learn from this market; continue to enable our customers on this journey.

就市場而言，顯然我們還處於早期階段。正如我所說，我們目前仍處於測試階段。我們預計在不久的將來實現通用航空。我們將繼續從這個市場中學習；繼續幫助我們的客戶實現這一目標。

So far, it feels like operations team, which is CTO, CIO, organization will be responsible for Agentic work transformation across line of businesses. There is a convergence in the buying persona.

目前看來，營運團隊（包括技術長、資訊長等）將負責跨業務線的代理工作轉型。購買者畫像趨於一致。

But again, it's very early. We learn in the market. But we believe that we have a very strong vision for this market.

但話說回來，現在還為時過早。我們在市場中學習。但我們相信，我們對這個市場有著非常清晰的願景。

Again, as this market evolves, we want to really take our customers on this Agentic journey.

隨著市場的發展，我們希望真正帶領我們的客戶踏上這段代理商之旅。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

Many congrats on the great execution.

恭喜你們出色地完成了任務。

Bipul, of course, you mentioned we're launching the Identity Resilience this quarter and already noted pretty strong early adoption. Can you speak to the uplift versus Identity Recovery?

Bipul，當然，你提到我們將在本季度推出身份彈性功能，並且已經注意到早期採用率相當高。您能談談身分提升和身分恢復的差異嗎？

Just on that note, Kiran highlighted that security represents over 40% now and was a major contributor to sustaining [NRR] above 120%. Just with these modules that you're adding resilience and Agent Cloud adding more breadth, like, just how should we think about the durability of that NRR?

就此而言，Kiran 強調，安全保障目前佔比超過 40%，是維持 [NRR] 超過 120% 的主要因素。僅僅透過這些模組來增強彈性，以及透過 Agent Cloud 來擴展功能，我們該如何看待 NRR 的持久性？

Kiran, do you want to take the question?

Kiran，你想回答這個問題嗎？

Yeah. Shrenik, this is Kiran. I'll just give you some thoughts on how to think about the -- obviously, we've had and continue to have strong NRR, [120%]-plus, which we see as best-in-class.

是的。Shrenik，我是 Kiran。我只想和大家分享一些關於如何看待這個問題的想法——顯然，我們一直擁有並將繼續擁有強勁的淨收入增長率（NRR），超過 120%，我們認為這是同類最佳的。

Our business lends itself to strong NRR. We have a very strong gross retention. This has been the case, historically.

我們的業務本身就適合實現較高的淨收入率。我們的毛留存率非常高。歷史上一直如此。

On top of that, we have multiple expansion vectors through different products. That helps drive the strong NRR.

除此之外，我們還可以透過不同的產品實現多種擴張途徑。這有助於推動強勁的淨收益率。

But, at the same time, we are scaling as a business, with the strong growth rates and $1.35 billion in Subscription (inaudible) this quarter. So, naturally, NRR tends to moderate, over time, at scale. But it will be as strong NRR, just given the drivers of the business.

但同時，我們的業務也不斷擴張，成長率強勁，本季訂閱收入達到 13.5 億美元（聽不清楚）。因此，隨著時間的推移，NRR 自然會逐漸趨於緩和。但考慮到業務的驅動因素，其淨收益率將同樣強勁。

And then, on the question you have on Identity Resilience, I would say, it's early. We have just launched it. Obviously, that has got more features backed into it. So there will be a price uplift. But I think we need more data points to give you a sense for the amount of uplift.

至於你提出的關於身分認同韌性的問題，我想說，現在討論這個問題還為時過早。我們剛剛發布了它。顯然，它還內建了更多功能。因此價格將會上漲。但我認為我們需要更多的數據點才能讓您了解提升的幅度。

Great. Very helpful. Thanks a lot. Congrats, again.

偉大的。很有幫助。多謝。再次恭喜。

There are no further questions at this time.

目前沒有其他問題了。

I would hand over the call to Bipul Sinha for closing remarks. Please go ahead.

我將把電話交給比普爾·辛哈，請他作總結發言。請繼續。

In closing, I would say thank you, everyone, for continuing to be on Rubrik journey.

最後，我要感謝大家繼續陪伴 Rubrik 的旅程。

As I've mentioned before, our ambition is to build the next 100-year-plus company. That 100-year plus company will be built based on all participants in the ecosystem, to our customers, to our partners, to all the Rubrikants; and our ability to continue to lead the market, imagine new product, validate that vision, and produce the product.

正如我之前提到的，我們的目標是打造下一個能持續100年以上的公司。這家擁有百年歷史的公司將建立在生態系統中所有參與者的基礎上，包括我們的客戶、合作夥伴以及所有 Rubrikants 成員；並且我們將有能力繼續引領市場，構思新產品，驗證願景，並生產產品。

I'm very excited that Rubrik is able to organically create products, such as Identity Resilience and Identity Recovery; and create an independent product line and business.

我非常高興 Rubrik 能夠自主研發出身分彈性與身分復原等產品，並打造獨立的產品線和業務。

We want to continue to be on this journey with you.

我們希望繼續與你們攜手同行。

Thank you so much for your support. It's still early days for Rubrik. Look forward to talking to you soon.

非常感謝您的支持。Rubrik 目前仍處於發展初期。期待盡快與您聯繫。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。