Core Insights - Commvault has achieved GovRAMP Authorized status at a High Impact Level, making it the only cyber resilience vendor to hold this designation, along with FedRAMP High Authorization and FIPS 140-3 validation for its SaaS solutions [1][4][5] Group 1: Achievements and Significance - The GovRAMP Authorized status signifies that Commvault Cloud meets the highest security and risk management standards, reinforcing its commitment to cyber resilience in the public sector [3][4] - This achievement allows state and local government agencies, as well as educational institutions, to securely manage critical data while adhering to stringent security verification standards [1][2] Group 2: Benefits for Customers - Commvault Cloud's GovRAMP Authorized status provides significant advantages for SLED organizations, including enhanced data protection against breaches and unauthorized access [8] - The authorization supports compliance with federal and state regulations, thereby reducing non-compliance risks [8] - It builds trust among government agencies by adhering to recognized security frameworks, facilitating easier procurement and implementation of secure solutions [8] Group 3: Customer Testimonials - Customers, such as the Chief of Information Technology at the State of Delaware Department of Corrections, have noted that Commvault's solutions have significantly improved their cyber resilience capabilities and operational continuity [6][7]

Core Insights - Commvault and CrowdStrike have expanded their partnership to provide a unified set of services focused on incident response, cyber recovery, and resilience, enabling organizations to recover faster and be better prepared for cyberattacks [1][2][4] Group 1: Partnership Overview - The collaboration combines CrowdStrike's elite incident response services with Commvault's recovery expertise, addressing the entire lifecycle of a cyber incident from preparation to recovery [1][4] - The partnership aims to improve readiness, response times, and recovery outcomes for joint customers, reflecting the increasing demand for integrated cybersecurity solutions [2][3] Group 2: Service Offerings - The unified suite includes CrowdStrike's incident response services and Commvault's Guardian retainer-based services, which encompass readiness assessments, recovery validation, and incident response recovery assistance [5][7] - The integration between Commvault Cloud and CrowdStrike's AI-native Falcon® platform enhances the ability to identify malicious activities and restore compromised data [5] Group 3: Market Context - Ransomware attacks occur every 14 seconds, with average recovery times of 24 days, highlighting the critical need for effective cyber resilience strategies [3][10] - The partnership addresses both pre-attack preparedness and post-attack recovery, which are essential for organizations facing sophisticated cyber threats [3][4] Group 4: Customer Benefits - Customers will experience faster incident response and recovery through real-time threat visibility and rapid restoration capabilities [7] - Enhanced risk mitigation is achieved through joint cyber resilience maturity assessments and continuous recovery testing [7] - The collaboration provides tailored support and scalability, ensuring that services meet specific resilience needs of each customer [7] Group 5: Industry Engagement - Commvault will showcase the integrated offerings at the RSAC Conference from April 28 to May 1, 2025, providing opportunities for attendees to learn more about the partnership and its solutions [8]

Core Insights - Varonis Systems, Inc. has announced a partnership with Pure Storage to enhance data security and cyber resilience for customers [1][2] - The collaboration allows Varonis to integrate its AI-powered data security platform with Pure Storage's advanced data storage solutions, enabling proactive data protection and rapid recovery from cyber incidents [2][6] Company Overview - Varonis is recognized as a leader in data security, focusing on discovering and classifying critical data, removing exposures, and detecting advanced threats using AI automation [3][4] - Pure Storage is a leading provider of advanced data storage solutions, known for its simplicity and flexibility, and has been recognized as a leader in the 2024 Gartner Magic Quadrant for Primary Storage Platforms [2][5] Partnership Benefits - The partnership aims to empower organizations to secure sensitive data, detect threats, and recover quickly from cyber incidents, addressing the rising risks of ransomware [2][6] - Varonis' platform will enable Pure Storage customers to automate security outcomes such as data classification, access governance, and threat detection [4][6] Technology Integration - Varonis will scan data in Pure Storage systems in real-time, matching classification results with identities and permissions to identify and mitigate data exposure risks [6] - The integration includes features like mapping complex permissions, right-sizing access, and using AI to analyze user behavior for threat detection [6]

Financial Data and Key Metrics Changes - Subscription ARR reached $1.093 billion, growing 39% year over year, indicating strong performance in the cyber resilience market [7][34] - Subscription revenue was $244 million, up 54% year over year, contributing to total revenue growth of 47% year over year [10][39] - Free cash flow for Q4 was over $75 million, with a full fiscal year free cash flow of approximately $22 million, reflecting a significant improvement from the previous year [10][44] - Non-GAAP gross margin improved to 80% from 78% year over year, benefiting from revenue outperformance and improved efficiency [41][42] Business Line Data and Key Metrics Changes - Net new subscription ARR reached over $90 million in Q4, a record for the company [8] - Customers with $100k or more in subscription ARR grew by 29% to 2,246, while those with $1 million or more increased by 64% to 162 [9][38] - Subscription ARR contribution margin improved by over 1,400 basis points year over year, indicating better operating leverage [9][43] Market Data and Key Metrics Changes - Revenue from the Americas grew 48% to $185 million, while revenue from outside the Americas grew 47% to $73 million [40] - The company reported a strong demand for its offerings, particularly in the context of cloud transformation and generative AI [11][12] Company Strategy and Development Direction - The company aims to accelerate product innovation and lay the foundation for future growth, focusing on cyber resilience and data security [31][32] - Rubrik is positioned at the intersection of data security and AI, with a strategy to expand its total addressable market (TAM) through the integration of DSPM and cyber recovery [61][62] - The company plans to continue investing in R&D while maintaining a disciplined approach to expenses [49] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the cyber resilience market and the demand for their differentiated offerings [46] - The company anticipates higher net new subscription ARR in the second half of the fiscal year, aligning with historical seasonality [47] - Management noted that cyber resilience remains a top priority for customers, regardless of economic cycles [76] Other Important Information - The company has integrated its DSPM into the Rubrik Security Cloud, enhancing data visibility and control for customers [19] - Regulatory requirements, such as DORA, are seen as tailwinds for the business, driving demand for compliance and resilience solutions [121] Q&A Session Summary Question: What is the outlook for the total addressable market (TAM) in data protection? - Management indicated that the TAM is expanding due to the need for modern data protection tools as customers transition to cloud and generative AI [59][61] Question: What are the evolving requirements from leading-edge customers? - Management emphasized the importance of cyber resilience and identity security, focusing on building capabilities around these areas [67][70] Question: Can you elaborate on the substantial improvement in subscription ARR contribution margin? - Management highlighted that sales efficiency and larger deal sizes contributed significantly to the improvement in margins [81][88] Question: What is driving the divergence between revenue growth and ARR growth? - Management explained that the company is in the midst of a cloud transformation, which has historically caused revenue growth to lag behind ARR growth [100][102] Question: Why is the company guiding for lower net new ARR in fiscal 2026 compared to fiscal 2025? - Management noted that the previous year's ARR growth benefited from a transition from maintenance to subscription, which is not expected to repeat at the same level [134][135]

Financial Data and Key Metrics Changes - Total revenue increased by 21% to $263 million, driven by a 39% increase in subscription revenue [4][21] - Non-GAAP EBIT margins were reported at 20.8%, reflecting strong profitability [4][26] - Total ARR grew by 18% to $890 million, with a constant currency increase of 21% to $911 million [23] Business Line Data and Key Metrics Changes - Subscription ARR, which includes term-based licenses and SaaS contracts, increased by 29% to $734 million, accounting for 83% of total ARR [23] - SaaS ARR grew by 71% to $259 million, with a constant currency growth of 75% [23] - Revenue from term software transactions over $100,000 increased by 18%, benefiting from a 30% rise in volume [21] Market Data and Key Metrics Changes - The company saw increased transaction volumes and strong close rates across various geographies and market segments [16] - The healthcare sector contributed to significant enterprise wins, including partnerships with major organizations [21][24] Company Strategy and Development Direction - The company is focused on capitalizing on the dynamic cyber resilience market, emphasizing the need for a unified resilience platform [5][6] - Innovations such as Cloud Rewind and enhanced Active Directory recovery capabilities are positioned as key differentiators in the market [9][12] - The strategy includes a strong go-to-market motion and an expanding partner ecosystem to scale globally [16][17] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing frequency of cyber attacks as a driving force behind demand for their solutions [46] - The company is optimistic about achieving fiscal year 2026 targets earlier than initially planned, with a focus on continued investment in growth initiatives [33][30] - The outlook for fiscal Q4 includes expected subscription revenue growth of 35% year-over-year at the midpoint [29] Other Important Information - The company ended the quarter with no debt and $240 million in cash, reflecting a strong balance sheet [27] - Free cash flow for Q3 was reported at $30 million, with stock repurchases totaling $32 million [28] Q&A Session Summary Question: Momentum in SaaS customer base - Management noted that approximately 200 of the 1,000 new subscription customers came from Clumio, with the remainder being organic growth [36] Question: Acceleration from external factors - Management attributed growth to both external market conditions and internal execution, emphasizing the importance of their platform in addressing customer needs [46] Question: Seasonality in net new ARR - Management acknowledged that Q4 is typically stronger, but emphasized strong pipeline and field execution as key factors for continued growth [48] Question: Operating leverage outlook - Management indicated that FY 2025 is a year of investment, with expectations for improved operating leverage in the future [55] Question: Greenfield opportunity for protecting SaaS apps - Management expressed confidence in expanding offerings for cloud-native workloads, highlighting recent partnerships and innovations [82] Question: Impact of foreign exchange on guidance - Management confirmed that foreign exchange impacts were considered in the revised guidance, with organic growth remaining strong [89]