Rubrik, Inc. · NYSE:RBRK

Rubrik — Q1 2025 Earnings Presentation

42 slides from Rubrik's earnings presentation, Jun 11, 2024

Slide 2: Important Notice and Disclaimers
Important Notice and Disclaimers Forward-Looking Statements This presentation includes express and implied forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on Rubrik, Inc.'s ("Rubrik" or the "Company") management’s beliefs and ass
Slide 4: Rubrik by the Numbers
Rubrik by the Numbers $856M 46% >120% 1,859 Subscription ARR Subscription ARR YoY Average Subscription Customers with $100K+ Growth Dollar-Based NRR in Subscription ARR $53 billion projected market opportunity by 2027 1 Note: Numbers are rounded for presentation purposes. Please see Appendix for des
Slide 6: Data, Data Regulations, and Data Attacks are Exploding
While Data, Data Regulations, and Data Attacks are Exploding Data is Exploding1 Data Regulations are Exploding2 Data Attacks are Exploding3 Increased Ransomware 291 ZB 137 Every Every # of Countries Zettabytes Countries 14 2 Seconds Seconds in 2019 in 2031 2027 2021 1. Worldwide IDC Global DataSpher
Slide 7: Data Security is Slipping Through the Cracks
Data Security is Slipping Through the Cracks Traditional Cybersecurity Approach Legacy Backup & Recovery Approach Perimeter Network Application Endpoint Identity Data Data Management Data Copyright © Rubrik 2024 Copyright 2024 77
Slide 10: Introducing Rubrik Security Cloud
Introducing Rubrik Security Cloud Data Resilience Data Observability Data Remediation Automated Data Security Cloud Native Platform Zero Trust Design Secure data uniformly across enterprise, cloud, and SaaS Unique metadata and data converged architecture Business resilience to withstand cyber breach
Slide 11: An Enterprise's Data is Everywhere
An Enterprise’s Data is Everywhere… 0101 0101 10 10 10 10 0101 0101 0101 10 10 10 10 10 10 Enterprise Cloud Cloud SaaS Enterprise 0101 0101 10 10 10 10 Enterprise U ser U ser SaaS 0101 0101 0101 10 10 10 10 10 10 0101 0101 10 10 10 10 Cloud SaaS Cloud Cloud Enterprise Copyright © Rubrik 2024 11 11
Slide 12: The Enterprise's Surface Area of Attack has Expanded
The Enterprise’s Surface Area of Attack has Expanded Enterprise Cloud Cloud SaaS Enterprise ! ! Where is my sensitive data? Who has access to it? Enterprise U ser Am I securing it? U ser SaaS Cloud SaaS Cloud Cloud Enterprise Copyright © Rubrik 2024 12 12
Slide 13: Rubrik Security Cloud: Holistic Cyber Resilience
Rubrik Security Cloud: Holistic Cyber Resilience Enterprise Cloud Cloud SaaS Enterprise Enterprise U ser U ser SaaS Cloud SaaS Cloud Cloud Enterprise Copyright © Rubrik 2024 13 13
Slide 14: The Rubrik Platform
The Rubrik Platform Anomaly Detection Cloud Data SaaS Data Sensitive Data Threat Protection Protection Threat Monitoring Monitoring Containment Enterprise Data Unstructured Data Cyber Recovery Threat Hunting User Intelligence Protection Protection Simulation Data Threat Data Security Cyber Additiona
Slide 16: Large and Growing Market Opportunity
Large and Growing Market Opportunity 2024 Total Addressable Market Total Addressable Market Projected Growth $53Bn 1, 2, 3, 4 R G CA % 13 $36Bn 1, 2, 3, 4 $36Bn 1 Total Addressable Market 1 2024 2 2027 Security 2, 3 Data Management 4 1. Gartner, Inc., Forecast: Enterprise Infrastructure Software, Wo
Slide 17: A Recognized Leader in Cyber-Recovery
A Recognized Leader in Cyber-Recovery IDC MarketScape: Worldwide Cyber-Recovery 2023 Vendor Assessment, November 2023, IDC #US49787923. IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology uti
Slide 18: Rubrik and Generative AI
Rubrik and Generative AI NEW DEMAND AMPLICATION Ruby: AI Data Defense & Recovery Unstructured Data Protection & Security Ruby leverages GenAI (Microsoft Azure LLM / AI models require massive OpenAI) to help automate cyber resilience and unstructured data. We protect this data. recovery. Copyright ©
Slide 19: GenAI is a significant catalyst for our growth
AI Data Trust LLM / AI adoption requires data security. Enterprises need user access and content We believe GenAI is a sensitivity. significant catalyst for our growth. New Data Security Products AI drives new products for evolving threat landscape. Copyright © Rubrik 2024 19 19
Slide 22: High Growth Subscription Business at Scale
High Growth Subscription Business at Scale $856M $606M > 120% Subscription ARR Average Subscription Cloud ARR Dollar-Based NRR 46% YoY 1,859 75% >80 Customers with $100K or Net Promoter Score1 Non-GAAP Gross Margin More in Subscription ARR Note: Numbers are rounded for presentation purposes. Except
Slide 23: Our Business Model
ARR Revenue Profitability Metrics Gross Margin Our Free Cash Flow Subscription Business Subscription ARR Revenue Subscription ARR Model Contribution Margin Copyright © Rubrik 2024 Note: Please see Appendix for descriptions of Free Cash Flow, Subscription ARR, and Subscription ARR Contribution Margin
Slide 24: Financial Impact of Cloud Transformation
Financial Impact of Cloud Transformation % Subscription Gross Margin Revenue Subscription ARR ARR Revenue % Ratable Profitability Subscription ARR Contribution Margin Cloud ARR Other Revenue (Maintenance & Other Products) Free Cash Flow CONFIDENTIAL Copyright © Rubrik 2023 Copyright 2024 24
Slide 25: Rapid Subscription ARR Growth at Scale
Rapid Subscription ARR Growth at Scale 46% YoY Growth1 (3 pts benefit from subscription transition) $856 $784 $725 $655 $587 $533 $460 $382 $316 $272 $215 $184 $153 Subscription ARR Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Note: FYE January 31. Please see Appendix for description o
Slide 26: Subscription ARR and Cloud ARR Overview
Subscription ARR and Cloud ARR Overview Today Targeted Future Model2 Subscription ARR Subscription ARR $856 million1 Cloud ARR Cloud ARR $606 million1 RSC, SaaS/Cloud Data Protection, Data Security Products Note: FYE January 31. Please see Appendix for description of Subscription ARR and Cloud ARR.
Slide 27: Drivers of ARR Growth: Landing
Drivers of ARR Growth: Landing… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Copyright © Rubrik 2024 Copyright © Rubrik 2023 27 27
Slide 28: Expanding and Extending
…Expanding and Extending… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Copyright © Rubrik 2024 Copyright © Rubrik 2023 28 28
Slide 29: Still Expanding and Extending
…Still Expanding and Extending… > 120% Average Subscription Dollar-Based NRR Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Note: FYE January 31. Data as of April 30, 2024. Please see Appendix for description of Average Subscription Dollar-Based NRR. Copyrig
Slide 30: Strong Customer Growth and Expansion
Strong Customer Growth and Expansion Subscription ARR Cohort Analysis Customers with $100k or More in Subscription ARR 1,859 1,742 1,314 1,204 628 309 1 23 137 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 Q1 FY24 Q1 FY25 CONFIDENTIAL
Slide 31: Subscription Revenue Driving Revenue Mix Shift
Subscription Revenue Driving Revenue Mix Shift $ in Millions $538 Subscription Revenue $385 Maintenance $261 Revenue $155 $172 Other Products $138 Revenue $91 $108 $76 $12 $15 $6 $9 $39 $51 FY 2022 FY 2023 FY 2024 Q1 FY 2024 Q1 FY 2025 Subscription Revenue as a % of Total Revenue 51% 64% 86% 80% 92%
Slide 32: Strong Gross Margins And Approaching Free Cash Flow Breakeven
Strong Gross Margins And Approaching Free Cash Flow Breakeven Non-GAAP Gross Margin (%) Non-GAAP FCF1 Margin (%) 77% 75% 74% 71% 70% (3)% (4)% (9)% (17)% (20)% (20)% FY22 FY23 FY24 Q1 FY24 Q1 FY25 Q1 FY25 FY22 FY23 FY24 Q1 FY24 Q1 FY25 Adj. 2 Note: FYE January 31. Please see Appendix for reconciliat
Slide 33: Operating Leverage Continues to Improve with Scale & Efficiency
Operating Leverage Continues to Improve with Scale & Efficiency Non-GAAP Subscription ARR Contribution Margin (%) Subscription ARR (-) LTM Non-GAAP Subscription Cost of Revenue (12)% (11)% (8)% LTM Non-GAAP (-) (38)% Operating Expenses Subscription ARR Contribution Margin Better indicator of operati
Slide 34: Q2 FY25 and FY25 Guidance
Q2 FY25 and FY25 Guidance Q2 FY2025 FY2025 Subscription ARR $983M - $997M Total Revenue $195M - $197M $810M - $824M Subscription ARR (13.5)% - (12.5)% (12.5)% - (11.5)% Contribution Margin1 Non-GAAP EPS $(0.50) - $(0.48) $(2.35) - $(2.25) Weighted Average Shares ~179M ~154M Outstanding Free Cash Flo
Slide 36: Key Business Metrics Glossary
Key Business Metrics Glossary Subscription ARR Subscription ARR is calculated as the annualized value of our active subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include offerings f
Slide 37: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures Free Cash Flow Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquid
Slide 38: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) FY 2022 FY 2023 FY 2024 Q1 FY24 Q1 FY25 GAAP Gross Profit $ 353,185 $ 417,805 $ 482,930 $ 99,849 $ 91,336 Amortization of Acquired Intangibles 944 822 1,676 0 903 Stock-based Compensation Expense 2,737 514 216 67 48,914 Non-GAAP Gross Pro
Slide 39: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2022 FY 2023 FY 2024 Q1 FY24 Q1 FY25 GAAP Research & Development Expense $ 159,576 $ 175,057 $ 206,527 $ 46,266 $ 285,379 Stock-based Compensation Expense (16,064) (3,044) (3,590) (167) (224,149) Non-GAAP Research & Development E
Slide 40: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Loss from Operations ($ in thousands) FY 2022 FY 2023 FY 2024 Q1 FY24 Q1 FY25 GAAP Loss from Operations $ (249,790) $ (261,548) $ (306,506) $ (84,596) $ (724,837) Amortization of Acquired Intangibles 944 822 1,676 0 903 Stock-based Compensation Expense 45,327 7,241 5,
Slide 41: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) LTM as of Q1 LTM as of Q1 FY 2022 FY 2023 FY 2024 FY24 FY25 GAAP Subscription Cost of Revenue $ 32,385 $ 62,294 $ 97,927 $ 72,267 $ 150,015 Amortization of Acquired Intangibles (944) (822) (1,676) (592) (2,579) Sto
Slide 42: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Free Cash Flow ($ in thousands) FY 2022 FY 2023 FY 2024 Q1 FY24 Q1 FY25 Net Cash Used in Operating Activities $ (82,785) $ 19,287 $ (4,518) $ (17,457) $ (31,381) Purchase of Property and Equipment (14,986) (25,017) (12,333) (3,373) (3,639) Capitalized Internal-Use Sof

Rubrik — Q1 2025 Earnings Presentation on 6ix

Rubrik — Q1 2025 Earnings Presentation

Slide 1: Investor Presentation First Quarter Fiscal 2025

Slide 2: Important Notice and Disclaimers

Slide 3: Our Mission: Securing the World's Data

Slide 4: Rubrik by the Numbers

Slide 5: Data Remains at Risk

Slide 6: Data, Data Regulations, and Data Attacks are Exploding

Slide 7: Data Security is Slipping Through the Cracks

Slide 8: Prevention alone is not enough. Cyber Resilience is required.

Slide 9: A New Architecture Purpose-Built for Data Security

Slide 10: Introducing Rubrik Security Cloud

Slide 11: An Enterprise's Data is Everywhere

Slide 12: The Enterprise's Surface Area of Attack has Expanded

Slide 13: Rubrik Security Cloud: Holistic Cyber Resilience

Slide 14: The Rubrik Platform

Slide 15: Go-To-Market Motion Underpinned by Flywheel

Slide 16: Large and Growing Market Opportunity

Slide 17: A Recognized Leader in Cyber-Recovery

Slide 18: Rubrik and Generative AI

Slide 19: GenAI is a significant catalyst for our growth

Slide 20: Data Security is the Future of Cybersecurity

Slide 21: Financial Overview

Slide 22: High Growth Subscription Business at Scale

Slide 23: Our Business Model

Slide 24: Financial Impact of Cloud Transformation

Slide 25: Rapid Subscription ARR Growth at Scale

Slide 26: Subscription ARR and Cloud ARR Overview

Slide 27: Drivers of ARR Growth: Landing

Slide 28: Expanding and Extending

Slide 29: Still Expanding and Extending

Slide 30: Strong Customer Growth and Expansion

Slide 31: Subscription Revenue Driving Revenue Mix Shift

Slide 32: Strong Gross Margins And Approaching Free Cash Flow Breakeven

Slide 33: Operating Leverage Continues to Improve with Scale & Efficiency

Slide 34: Q2 FY25 and FY25 Guidance

Slide 35: Appendix

Slide 36: Key Business Metrics Glossary

Slide 37: Explanation of Non-GAAP Financial Measures

Slide 38: GAAP to Non-GAAP Reconciliation

Slide 39: GAAP to Non-GAAP Reconciliation

Slide 40: GAAP to Non-GAAP Reconciliation

Slide 41: GAAP to Non-GAAP Reconciliation

Slide 42: GAAP to Non-GAAP Reconciliation