Core Insights - Rubrik and Sophos have formed a strategic partnership to deliver Sophos M365 Backup and Recovery powered by Rubrik, marking the first Managed Detection and Response (MDR)-optimized Microsoft 365 backup and recovery solution integrated into Sophos Central [1][2] - The partnership aims to enhance cyber resilience against various threats, including ransomware and data loss, by providing a unified platform for IT and cybersecurity teams [1][3] Company Overview - Rubrik is focused on securing data with its Zero Trust Data Security™ approach, helping organizations achieve resilience against cyberattacks and operational disruptions [10] - Sophos is a leader in advanced security solutions, recently acquiring Secureworks to enhance its Managed Detection and Response (MDR) capabilities, now supporting over 30,000 organizations [12] Product Features - The new solution will enable fast and secure recovery of Microsoft 365 data for Sophos' more than 75,000 MDR and XDR customers, integrating Rubrik's SaaS-based protection into the Sophos Central platform [2][6] - Key features include secure, immutable backups with air-gapped storage and multifactor authentication, fast recovery options for various Microsoft 365 applications, and automated protection that reduces manual effort [7] Market Context - The State of Ransomware report indicates that nearly 50% of organizations impacted by ransomware opted to pay the ransom, yet only 54% relied on backups for data restoration, highlighting a gap in effective cyber resilience practices [4] - Research shows that 60% of Microsoft 365 tenants have faced account takeovers, and 81% have experienced email compromise, underscoring the urgent need for robust data protection solutions [5]

Core Viewpoint - There is a significant gap between the support for a ban on ransomware payments and the willingness to comply with such a ban in practice, particularly in the private sector [1][3]. Group 1: Survey Findings - 96% of UK business leaders from companies with revenues over £100 million believe that ransom payments should be banned in both public and private sectors [1][3]. - 99% of respondents support a ban on ransom payments in the private sector, while 94% support a ban in the public sector [1][3]. - Despite the strong support for a ban, only 10% of private sector respondents indicated they would comply with a ban if attacked, while 15% were neutral on compliance [3]. Group 2: Government and Cybersecurity Implications - The proposed ban would legally prohibit ransom payments by public sector organizations and critical national infrastructure operators, requiring other businesses to notify the government of any intent to pay a ransom [2]. - Over a third (34%) of those supporting the ban believe it would lead to increased government support for cyber resilience, while another third (33%) think it would reduce the frequency of attacks by removing incentives for attackers [4]. Group 3: Cybersecurity Landscape - The latest Cyber Security Breaches Survey 2025 reported that approximately 43% of UK businesses (around 612,000) experienced a cyber security breach or attack in the past year [5]. - Almost all respondents (98%) indicated that cyber readiness and recovery would be a top spending priority, emphasizing the need for resilience over reactive payments [6]. - Recovery from a cyberattack takes an average of 24 days, which can lead to significant financial losses for large organizations and potential bankruptcy for smaller ones [7]. Group 4: Expert Opinions - Experts suggest that paying a ransom rarely guarantees recovery and may increase the likelihood of future attacks, advocating for a well-enforced ban alongside greater investment in prevention and recovery [8]. - The ongoing threat of ransomware and cyberattacks necessitates that companies enhance their emergency preparedness and cyber resilience to maintain operations during incidents [8]. Group 5: Research Methodology - The survey was conducted by Censuswide, involving 1,000 UK business leaders from companies with revenues exceeding £100 million, including various executive roles [9][10]. Group 6: Company Overview - Commvault is recognized as a leading provider of cyber resilience and data protection solutions, serving over 100,000 organizations globally [11].

Financial Data and Key Metrics Changes - Total Annual Recurring Revenue (ARR) grew 24% to $996 million, with Subscription ARR increasing 33% to $844 million [4][19] - Total revenue increased 26% to $282 million, driven by a 46% rise in subscription revenue [4][20] - Non-GAAP EBIT grew 21% to $58 million, with a non-GAAP EBIT margin of 20.7% [24][25] - Gross margins for fiscal Q1 were 82.4%, consistent with expectations [24] Business Line Data and Key Metrics Changes - Subscription revenue increased 46% to $182 million, with SaaS ARR soaring 63% to $307 million [5][19] - The number of subscription customers approached 13,000, with approximately 700 net new subscription customers added [20] - SaaS net dollar retention was 125%, indicating strong customer expansion [20] Market Data and Key Metrics Changes - The company achieved triple-digit growth in marketplace transactions, with multiple six-figure and seven-figure deals [6] - Significant growth was observed across geographies, industries, and customer segments, from enterprise to SMB [7] Company Strategy and Development Direction - The company is focused on the booming cyber resilience market, enhancing offerings to meet the needs of CIOs and CISOs [8][12] - Strategic partnerships were formed with Deloitte, CrowdStrike, and HPE to enhance cyber resilience and data protection capabilities [11][12] - The company plans to acquire Satori Cyber to strengthen data security offerings and support responsible AI usage [14][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for the cyber resilience platform and the ability to capture market share [31] - The company raised its fiscal year 2026 guidance, expecting total ARR growth of 18% year-over-year [29][30] - Management noted that the overall market strength is driving performance, with no signs of budget pull-forward from customers [82] Other Important Information - The company ended Q1 with no debt and a cash position of $363 million, with free cash flow of $30 million [26] - The company repurchased $15 million of stock during the quarter [26] Q&A Session Summary Question: Revenue contributions from the Satori acquisition - Management indicated that the Satori acquisition will not materially impact revenue guidance [34] Question: Cross-sell and upsell opportunities - Management reported a 45% increase in customers using two or more products, with strong traction in cross-sell initiatives [35] Question: Bundling strategy - The company offers logical bundles that enhance customer experience, with plans for more integrated offerings in the future [39] Question: Future growth through M&A - Management highlighted past acquisitions that enhanced core capabilities and indicated a focus on integrating new technologies into the platform [46] Question: Net new ARR dynamics - Management noted that the SaaS business performed as expected, with strong performance in software contributing to net new ARR [52] Question: Federal business performance - The federal business performed in line with expectations, benefiting from FedRAMP High certification [58] Question: Operating margins and performance - Management explained that operating expenses included planned headcount growth and higher commissions, balancing growth and profitability [60] Question: Contribution of newer solutions - Older products like M365 and AirGap Protect continue to dominate ARR, but newer security offerings are also growing significantly [67] Question: Customer budget pull-forward - Management confirmed no evidence of budget pull-forward, attributing strong performance to overall market strength [82]

Financial Data and Key Metrics Changes - Total Annual Recurring Revenue (ARR) grew 24% to $996 million, with Subscription ARR increasing 33% to $844 million [3][17] - Total revenue increased 26% to $282 million, driven by a 46% rise in subscription revenue [4][20] - Non-GAAP EBIT grew 21% to $58 million, with a non-GAAP EBIT margin of 20.7% [24] - Gross margins for Q1 were 82.4%, consistent with expectations [24][29] Business Line Data and Key Metrics Changes - Subscription revenue increased 46% to $182 million, with SaaS ARR soaring 63% to $307 million [4][19] - The number of subscription customers approached 13,000, with approximately 700 net new subscription customers added [20] - SaaS net dollar retention rate was 125%, indicating strong customer expansion [20] Market Data and Key Metrics Changes - The company achieved triple-digit growth in marketplace transactions, with multiple six-figure and seven-figure deals [5] - Significant growth was observed across geographies, industries, and customer segments, from enterprise to SMB [6] Company Strategy and Development Direction - The company is focused on the booming cyber resilience market, enhancing offerings to meet the needs of CIOs and CISOs [7][10] - Strategic partnerships were formed with Deloitte, CrowdStrike, and HPE to enhance cyber resilience and data protection capabilities [11][12] - The company plans to acquire Satori Cyber to strengthen data security offerings and support responsible AI usage [14][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for the cyber resilience platform and the ability to capture market share [30] - The updated guidance reflects confidence in future opportunities despite broader macroeconomic considerations [30] Other Important Information - The company ended Q1 with no debt and a cash position of $363 million, with free cash flow of $30 million [25] - The acquisition of Satori Cyber is expected to be modestly dilutive to margins for the next several quarters [26][29] Q&A Session Summary Question: Revenue contributions from Satori acquisition - Management indicated that the Satori acquisition will not materially impact revenue guidance [33] Question: Cross-sell and upsell opportunities - Management reported a 45% increase in customers using two or more products, with a focus on expanding this further [35] Question: Bundling strategy - The company has logical bundles that make sense for customers, with more capabilities expected to be integrated [38] Question: Future growth through M&A - Management highlighted a focus on core security and cloud-native capabilities for future acquisitions [42] Question: Federal business performance - The federal business performed in line with expectations, with strong seasonality anticipated for the first half of the year [57] Question: Net new ARR dynamics - The SaaS business performed as expected, with strong performance in software contributing to net new ARR [50] Question: Pull forward of customer budgets - Management stated there is no evidence of budget pull forward, attributing strong performance to overall market strength [81]

Group 1 - Corero Network Security has been named a Certified Partner in the World Wide Technology (WWT) ecosystem, enhancing its visibility and availability to WWT customers [1][2] - The partnership aligns with WWT's 2025 cybersecurity priorities, focusing on optimizing security toolsets and building comprehensive cyber resilience strategies [2][3] - Corero's SmartWall ONE™ platform provides scalable, automated DDoS mitigation that integrates into existing environments, supporting on-premises, edge, and hybrid-cloud deployments [2][3] Group 2 - The partnership enhances the value of Business and Cyber Resilience for WWT's clients, recognizing the need for protection across various components of the customer's value chain, especially for new AI workloads [3] - Corero's technology is designed to protect against both external and internal DDoS threats, ensuring internet service availability in complex environments [4] - Corero's existing alliances with technology partners like Juniper and Akamai further strengthen the interoperability of its solutions within the WWT ecosystem [3]

Core Insights - Commvault and Kyndryl are partnering with Pure Storage to enhance cyber resilience and assist organizations in meeting regulatory requirements [1][3] - The collaboration aims to provide advanced services for incident recovery, managed backup, and hybrid platform recovery [2][4] - The partnership addresses the increasing complexity of data management and the persistent threat of cyberattacks, including ransomware [4] Regulatory Compliance - The partnership will help organizations comply with regulations such as the EU's DORA, NIS2, PSD2, NYDFS NYCRR 500, and Australia's APRA CPS 230 [3][5] - The services will be showcased at the Pure//Accelerate Conference in Las Vegas from June 17 to 19 [3] Service Offerings - Commvault and Pure Storage provide a modular, four-layer architecture that streamlines compliance and accelerates recovery in hybrid cloud environments [4][5] - Key offerings include automated and continuous testing for cyber recovery, supporting compliance with DORA Chapter II and IV [5] Availability and Support - Services are available across North America, Europe, and the Asia-Pacific region [6] - Channel partners can access resources through Commvault's Partner Advantage program, Kyndryl's go-to-market teams, and Pure Storage's Partner Portal [7] Technical Features - Cyber Resilient Vault protects backup data using zero-trust principles [8] - Clean Recovery Zone allows for forensic analysis and validation of backups [8] - Production Rapid Restore and Immutable Snapshot Recovery enable fast restoration of large datasets and application-consistent snapshot replication [8]

Core Insights - Commvault is showcasing its cyber resilience and data protection solutions at HPE Discover Las Vegas 2025, emphasizing its Cloud platform's ability to enhance cyber resilience for HPE customers [1][5] - The company will host a speaking session titled "3 Things You're Probably Not Doing That Would Cut Your Recovery Time in Half," focusing on strategies to quickly recover from disasters like ransomware attacks [2] - Attendees can engage with Commvault's full platform at booth 2055, which includes features like Cloud Rewind and Air Gap Protect, along with opportunities for giveaways and demos [4][5] Company Overview - Commvault is recognized as a leader in cyber resilience, serving over 100,000 organizations and providing a comprehensive platform for data security and rapid recovery across various workloads [6] - The company claims to offer the lowest total cost of ownership (TCO) for its cyber resilience solutions, positioning itself as a gold standard in the industry [6]

Core Insights - Commvault will showcase its cyber resilience and data protection solutions at AWS re:Inforce from June 16-18, 2025, in Philadelphia [1][2] Company Highlights - Commvault is a leading provider of cyber resilience solutions, helping over 100,000 organizations maintain data safety and business continuity [6] - The company offers a comprehensive cyber resilience platform that integrates data security and rapid recovery across various workloads, emphasizing low total cost of ownership (TCO) [6] Event Participation - Commvault will exhibit at booth 631, providing product demonstrations of its Cloud platform and discussing the benefits of its solutions for early threat detection, accelerated response, and fast recovery of clean data [2][3] - A speaking session featuring Commvault CSO Bill O'Connell is scheduled for June 17 at 3:00 pm, focusing on current cybersecurity challenges and best practices for AWS customers [3] - Commvault CTO Brian Brockway will present on June 17 at 12:00 pm at booth 1322, discussing the integration of Commvault Cloud with Wiz and its impact on cyber resiliency and recovery [4] Product Offerings - Commvault's solutions include Cleanroom Recovery for testing cyber recovery plans, Clumio Backtrack for rapid recovery of datasets in Amazon S3, Cloud Rewind for restoring clean data, Air Gap Protect for immutable data storage, and Threat Scan for active threat monitoring [6]

Core Insights - Commvault is showcasing its cyber resilience and data protection solutions at Pure//Accelerate 2025 in Las Vegas from June 17-19, 2025 [1] - The partnership between Commvault and Pure Storage focuses on enhancing cyber readiness and resilience, particularly for financial organizations facing compliance challenges [2] - Commvault's speaking session titled "The Future Belongs to the Resilient" will take place on June 18 at 1:30 p.m., discussing co-engineered solutions with Pure Storage [3] Company Overview - Commvault is recognized as a leader in cyber resilience, serving over 100,000 organizations and providing a comprehensive platform for data security and rapid recovery across various workloads [4] - The company emphasizes its ability to address challenges such as ransomware, compliance demands, and hybrid complexity, transforming them into a foundation of confidence for organizations [5] - Commvault's integrated solutions aim to enable organizations to achieve data recovery in minutes, enhancing overall operational confidence [5]

Core Insights - Rubrik, Inc. reported better-than-expected first-quarter results, with losses of 15 cents per share, surpassing the analyst consensus estimate of 32 cents losses. Quarterly revenue reached $278.48 million, exceeding the Street estimate of $260.35 million [1][3]. Financial Performance - The company raised its fiscal 2026 adjusted EPS guidance to a range of losses between $1.02 and $0.96, compared to the previous estimate of losses of $1.15. Additionally, Rubrik increased its fiscal revenue outlook to between $1.18 billion and $1.19 billion, up from the $1.16 billion estimate [3]. Market Reaction - Following the earnings announcement, Rubrik shares gained 2.6%, trading at $100.93 [3]. Analyst Ratings - Rosenblatt analyst Blair Abernethy maintained a Buy rating on Rubrik and raised the price target from $82 to $110. Keybanc analyst Eric Heath also maintained an Overweight rating, increasing the price target from $98 to $113 [8]. CEO Commentary - CEO Bipul Sinha emphasized the strong first-quarter results, highlighting the company's focused innovation and execution in the cyber resilience market, suggesting that the opportunity for growth is larger than ever [2].