Slide 1: Investor Presentation Second Quarter Fiscal 2025
Investor Presentation Second Quarter Fiscal 2025 Copyright © Rubrik 2024 Copyright © Rubrik 2024 11
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 3: Our Mission: Securing the World's Data
Our Mission Securing the World’s Data Copyright © Rubrik Copyright Rubrik 2024 2024 3
Slide 4: Q2 FY25 Rubrik by the Numbers
Q2 FY25 Rubrik by the Numbers $919M 40% >120% 1,969 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
Slide 5: Despite High Security Spend, Attacks Continue to Surge
Despite High Security Spend, Attacks Continue to Surge Worldwide Information Security Spend is Up1 Ransomware on a Tear2 $210+ Bn 620+ Million Ransomware Attacks Worldwide Spend 2024 2021 1. Gartner Forecast: Information Security and Risk Management, Worldwide, 2022-2028, 1Q24 Update, March 2024. 2.
Slide 6: Plenty of focus on Attack Prevention. Not enough on Cyber Recovery.
Plenty of focus on Attack Prevention. Not enough on Cyber Recovery. Copyright Copyright © Rubrik Rubrik 2024 2024 66
Slide 7: A New Architecture Purpose-Built for Cyber Resilience
A New Architecture Purpose-Built for Cyber Resilience Copyright Copyright © Rubrik Rubrik 2024 2024 77
Slide 8: Introducing Rubrik Security Cloud
Introducing Rubrik Security Cloud Data Risk Data Threat Cyber Recovery 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 breaches Copyright ©
Slide 9: 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 99
Slide 10: Rubrik Platform = DSPM + Cyber Recovery
Rubrik Platform = DSPM + Cyber Recovery Enterprise On-prem CYBER INTEGRATIONS Palo Alto Networks Cloud Anomaly Detection Cloud SaaS Threat Sensitive Data Threat Data Protection Data Protection Monitoring Monitoring Containment Enterprise Unstructured Data Threat Cyber Recovery Data Protection Huntin
Slide 11: We believe 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 11 11
Slide 12: Cyber Resilience is the Future of Cybersecurity
Cyber Resilience is the Future of Cybersecurity PREVENTION RESILIENCE NETWORK CLOUD ENDPOINT DATA Copyright © Rubrik 2024 12 12
Slide 13: Financial Overview
Financial Overview CONFIDENTIAL Copyright Copyright © Rubrik Rubrik 2024 2023 2024 13
Slide 14: High Growth Subscription Business at Scale
High Growth Subscription Business at Scale $919M $678M > 120% Subscription ARR Cloud ARR Average Subscription 80% YoY Dollar-Based NRR 40% YoY 1,969 77% >80 Customers with $100K+ Net Promoter Score1 Non-GAAP Gross Profit2 in Subscription ARR Note: Numbers are rounded for presentation purposes. Excep
Slide 15: 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 16: Rapid Subscription ARR Growth at Scale
Rapid Subscription ARR Growth at Scale 40% YoY Growth1 (2.5 pts benefit from subscription transition) $919 $856 $784 $725 $655 $587 $533 $460 $382 $316 $272 $215 $184 Subscription ARR $153 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Note: FYE January 31. Please see Appendix for des
Slide 17: Subscription ARR and Cloud ARR Overview
Subscription ARR and Cloud ARR Overview Today Targeted Future Model2 Subscription ARR Subscription ARR $919 million1 Cloud ARR Cloud ARR $678 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 18: 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 2024 18 18
Slide 19: ...Expanding and Extending...
…Expanding and Extending… Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Copyright © Rubrik 2024 Copyright © Rubrik 2023 2024 19 19
Slide 20: ...Expanding and Extending...
…Expanding and Extending… > 120% Average Subscription Dollar-Based NRR Rubrik Security Cloud Enterprise Cloud SaaS Unstructured Data New Customers CONFIDENTIAL Copyright © Rubrik 2024 Copyright © Rubrik 2023 Note: FYE January 31. Data as of July 31, 2024. Please see Appendix for description of Avera
Slide 21: Strong Customer Growth and Expansion
Strong Customer Growth and Expansion Subscription ARR Cohort Analysis Customers with $100k or More in Subscription ARR 1,969 1,742 1,463 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 Q2 FY24 Q2 FY25 CONFIDENTIAL
Slide 22: Subscription Revenue Driving Revenue Mix Shift
Subscription Revenue Driving Revenue Mix Shift $ in Millions $538 Subscription Revenue $385 Maintenance $261 Revenue $191 $155 $138 Other Products $127 Revenue $91 $76 $13 $39 $51 $11 $5 $9 FY 2022 FY 2023 FY 2024 Q2 FY 2024 Q2 FY 2025 Subscription Revenue as a % of Total Revenue 51% 64% 86% 84% 93%
Slide 23: 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% 76% 71% 70% (3)% (4)% (13)% (12)% (20)% FY22 FY23 FY24 1H FY24 1H FY25 FY22 FY23 FY24 1H FY24 1H FY25 Adj.2 Note: FYE January 31. Please see Appendix for reconciliation of non-GAA
Slide 24: 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 (8)% (6)% (12)% LTM Non-GAAP (-) (38)% Operating Expenses Subscription ARR Contribution Margin Better indicator of operatin
Slide 25: Q3 FY25 and FY25 Guidance
Q3 FY25 and FY25 Guidance Q3 FY2025 FY2025 Subscription ARR $1,026M - $1,032M Total Revenue $216.5M - $218.5M $830M - $838M Subscription ARR (8)% - (7)% (7)% - (6)% Contribution Margin1 Non-GAAP EPS $(0.41) - $(0.39) $(2.12) - $(2.06) Weighted Average Shares ~185M ~155M Outstanding Free Cash Flow LT
Slide 26: Appendix
Appendix CONFIDENTIAL Copyright © Rubrik 2023 2024 26 26
Slide 27: Key Business Metrics Glossary
Key Business Metrics Glossary Subscription ARR Subscription ARR is calculated as the annualized value of our active subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include offerings f
Slide 28: Explanation of Non-GAAP Financial Measures
Explanation of Non-GAAP Financial Measures Free Cash Flow Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquid
Slide 29: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Gross Profit ($ in thousands) FY 2022 FY 2023 FY 2024 Q2 FY24 Q2 FY25 GAAP Gross Profit $ 353,185 $ 417,805 $ 482,930 $ 116,145 $ 149,783 Amortization of Acquired Intangibles 944 822 1,676 0 923 Stock-based Compensation Expense 2,737 514 216 67 7,061 Non-GAAP Gross Pr
Slide 30: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Operating Expenses ($ in thousands) FY 2022 FY 2023 FY 2024 Q2 FY24 Q2 FY25 GAAP Research & Development Expense $ 159,576 $ 175,057 $ 206,527 $ 49,762 $ 86,228 Stock-based Compensation Expense (16,064) (3,044) (3,590) (636) (28,325) Non-GAAP Research & Development Exp
Slide 31: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Loss from Operations ($ in thousands) FY 2022 FY 2023 FY 2024 Q2 FY24 Q2 FY25 GAAP Loss from Operations $ (249,790) $ (261,548) $ (306,506) $ (73,520) $ (168,293) Amortization of Acquired Intangibles 944 822 1,676 0 923 Stock-based Compensation Expense 45,327 7,241 5,
Slide 32: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Subscription ARR Contribution Margin ($ in thousands) LTM as of LTM as of FY 2022 FY 2023 FY 2024 Q2 FY24 Q2 FY25 GAAP Subscription Cost of Revenue $ 32,385 $ 62,294 $ 97,927 $ 81,727 $ 172,606 Amortization of Acquired Intangibles (944) (822) (1,676) (354) (3,502) Sto
Slide 33: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Free Cash Flow ($ in thousands) FY 2022 FY 2023 FY 2024 Q2 FY24 Q2 FY25 Net Cash Used in Operating Activities $ (82,785) $ 19,287 $ (4,518) $ (6,748) $ (27,083) Purchase of Property and Equipment (14,986) (25,017) (12,333) (4,494) (2,588) Capitalized Internal-Use Soft