Group 1: Company Overview - NetApp, Inc. (NASDAQ:NTAP) specializes in software, systems, and services for managing and sharing data on-premises, as well as providing private and public cloud solutions globally [3]. Group 2: Recent Developments - On March 24, 2026, NetApp announced a partnership with Elastio to integrate Elastio's Provable Recovery Control into its Ransomware Resilience Service, aiming to enhance cyber resilience by extending defense from production storage to recovery data [1]. - The company reported third-quarter fiscal 2026 earnings of $1.71 billion in net revenue, reflecting a 4% year-on-year increase, with GAAP EPS of $1.67 and a record non-GAAP EPS of $2.12 [2]. - All-flash array revenue increased by 11% to a record $1.0 billion, while public cloud revenue rose by 27% year on year to $174 million [2]. Group 3: Financial Performance - NetApp posted billings of $1.89 billion, marking a 10% rise, and reported GAAP operating income of $434 million, with non-GAAP operating income reaching $533 million [2]. - The CEO, George Kurian, attributed the company's rapid growth to all-flash arrays, cloud services, and AI demand, emphasizing the company's operational discipline and positioning as an AI data backbone [2].

Core Insights - NetApp, Inc. and Commvault have formed an alliance to provide an integrated solution aimed at enhancing enterprise data protection and cyber resilience [1][9] - The partnership addresses the growing need for proactive cyber resilience strategies in response to the rapid increase of unstructured and mission-critical data driven by AI, analytics, video, and IoT workloads [2][3] Partnership Details - The collaboration combines Commvault's data protection and recovery capabilities with NetApp's intelligent data infrastructure and AI-driven ransomware detection, creating a comprehensive cyber resilience solution [3][4] - A significant feature of this partnership is a closed-loop recovery architecture that connects early ransomware detection with automated recovery workflows, thereby reducing data loss and downtime [4][5] Technological Integration - The integration of NetApp's Autonomous Ransomware Protection with Commvault's threat-aware backup capabilities enhances recovery speed and minimizes data loss, supporting improved recovery point objectives and better data preservation [4][5] - Future innovations will include the incorporation of NetApp ONTAP restore technology to further enhance recovery capabilities [5] Market Context - NetApp is experiencing growth due to the rising adoption of public cloud storage and AI solutions, bolstered by partnerships with hyperscalers [7] - For the fourth quarter of fiscal 2026, NetApp anticipates revenues between $1.795 billion and $1.945 billion, with total expected revenues for fiscal 2026 ranging from $6.772 billion to $6.922 billion [7] Competitive Landscape - Currently, NetApp holds a Zacks Rank of 3 (Hold), with its shares having decreased by 10.2% over the past six months, contrasting with the 115.3% growth of the Zacks Computer-Storage Devices industry [8]

Core Insights - Commvault has announced an expanded integration with Microsoft Security to enhance cyber resilience operations by connecting threat detection with trusted recovery [1][4] - The integration utilizes Microsoft Sentinel and Microsoft Security Copilot to streamline resilience operations and provide real-time data insights for faster threat validation and data restoration [1][2] Integration Details - The new integration allows for coordinated workflows between security and recovery teams, with security alerts from Commvault Cloud being ingested into Microsoft Sentinel for enhanced incident analysis [2] - Insights gained from this integration will enable automated, policy-based recovery workflows, thereby accelerating clean recovery processes [2][3] Strategic Importance - Commvault emphasizes that this integration is a blueprint for future resilience operations, addressing the need for unified and automated workflows in the face of evolving cyber threats [4] - The collaboration aims to reduce the time between threat detection and recovery, enhancing collaboration between IT and security teams [4] Product Features - The updated Microsoft Sentinel connector streams alerts related to malware detections and backup anomalies in real time, providing visibility into backup-related risks [7] - Commvault's Investigation Agent in Microsoft Security Copilot autonomously analyzes suspicious activities and correlates insights with broader Microsoft security signals to streamline recovery processes [7] Availability - The updated Microsoft Sentinel connector and Investigation Agent are currently in early access, with general availability expected in the summer of 2026 [4]

Core Insights - The inaugural TIME and Commvault CISO of the Year Award aims to recognize Chief Information Security Officers (CISOs) who are redefining cyber resilience amidst increasing threats [1][4] - The award highlights the evolving role of CISOs, who must balance board accountability, regulatory compliance, and rapid recovery in a complex threat landscape [2][4] Group 1: Award Details - The CISO of the Year Award will spotlight leaders transforming cybersecurity into a driver of trust and operational strength, emphasizing practices like Resilience Operations (ResOps) [3][4] - Nominations for the award will be accepted from March 23 to June 20, 2026, with finalists announced in July and the winner in September 2026 [4][6] Group 2: Selection Criteria - Nominees must hold a CISO or equivalent title and demonstrate leadership aligned with ResOps principles, focusing on business outcomes, team collaboration, and readiness for disruption [5][6] - The award criteria emphasize confidence over fear, encouraging organizations to innovate while maintaining resilience against threats [6] Group 3: Company Background - Commvault is recognized as a leader in unified resilience at enterprise scale, providing solutions for data security, identity resilience, and cyber recovery on a cloud-native, AI-enabled platform [8] - TIME, a global media brand, reaches over 120 million audiences and aims to tell essential stories that shape the world [9]

Core Insights - Rackspace Technology and Rubrik have launched the UK Sovereign Cyber Recovery Cloud, a ransomware recovery solution aimed at protecting UK public sector and regulated workloads within hours of an attack [1][2][3] Group 1: Product Features - The UK Sovereign Cyber Recovery Cloud offers a dedicated, automated "clean room" recovery environment that operates entirely within UK borders, featuring pre-built runbooks for immediate activation [2][3] - The solution integrates Rubrik Security Cloud with Rackspace UK Sovereign Services to create a secure, isolated recovery environment, ensuring that all sensitive data and support remain within UK jurisdiction and offline from external threats [3][7] - Key features include rapid cyber recovery that reduces recovery times from days or weeks to hours, regulatory alignment with the National Cyber Security Centre's Cyber Assessment Framework, and continuous operations through 24/7 monitoring [7] Group 2: Strategic Importance - The launch comes at a critical time as the UK implements new legislation mandating higher standards for organizational resilience and recovery, positioning the UK Sovereign Cyber Recovery Cloud as a vital tool for compliance [2][4] - The partnership between Rackspace and Rubrik is highlighted as a significant advancement in national cyber resilience, providing UK enterprises with the autonomy to recover from cyber threats while adhering to stringent digital sovereignty standards [4][5]

Core Insights - Rubrik reported a strong performance in Q4, with subscription ARR reaching $1.46 billion, a 34% increase year over year, and total revenue of $378 million, up 46% [2][5][19] - The company added a record $115 million in net new subscription ARR during the quarter, marking the highest quarterly record in its history [2][5] - Subscription net retention remained robust at over 120%, driven by data growth and increased adoption of security products, which contributed over 45% to net retention [2][4] Customer and Revenue Growth - Rubrik ended the quarter with 2,805 customers generating $100,000 or more in subscription ARR, a 25% increase year over year, representing 87% of total subscription ARR [1] - The company added 32 customers with $1 million or more in subscription ARR, resulting in over 50% growth in that segment [1] - Cloud ARR reached $1.29 billion, accounting for 88% of subscription ARR, with a 48% increase [6][4] Financial Performance - Subscription revenue for the quarter was $365 million, reflecting a 50% increase, while total revenue was $378 million, up 46% [2][5] - Free cash flow for the fiscal year was approximately $238 million, significantly up from $22 million in the previous year [8][5] - The company reported a non-GAAP gross margin of 84%, an increase from 80% a year earlier, benefiting from improved hosting efficiency and revenue outperformance [7][5] Future Guidance - For FY27, Rubrik guided subscription ARR to be between $1.829 billion and $1.839 billion, indicating a growth rate of approximately 25% to 26% [3][19] - Total revenue is expected to be between $1.597 billion and $1.607 billion, with a non-GAAP subscription ARR contribution margin of around 13% [19] - The company anticipates free cash flow of $265 million to $275 million for FY27 [19] Product and Market Strategy - Rubrik's product strategy focuses on cyber resilience, identity management, and AI controls, with competitive win rates exceeding 90% [10][11] - The company has seen significant growth in its identity solutions, surpassing 900 customers, and is positioned as a leader in identity recovery [11] - The Rubrik Agent Cloud has moved to general availability, with multiple proofs of concept underway with enterprise clients [12][10] Market Trends and Challenges - Executives noted that demand for cyber resilience is accelerating alongside AI adoption and rising threats, emphasizing the importance of their offerings in this context [13] - The company is closely monitoring hardware component pricing but has not observed significant impacts on business results [15] - Rubrik is investing in R&D and go-to-market strategies to scale newer offerings while not assuming significant contributions from AI in the near term [20]

Financial Data and Key Metrics Changes - The company ended Q4 with a record net new subscription ARR growth of $115 million, significantly exceeding expectations [5] - Subscription ARR reached $1.46 billion, growing 34% year-over-year [20] - Subscription revenue was $365 million, up 50% year-over-year, contributing to total revenue of $378 million, which increased by 46% [22] - Free cash flow for Q4 was $70 million, while for the full fiscal year, it was $238 million, compared to $22 million in the prior fiscal year [25][29] - Non-GAAP gross margin improved to 84% from 80% year-over-year [23] Business Line Data and Key Metrics Changes - The adoption of Rubrik Security Cloud resulted in $1.29 billion of cloud ARR, up 48%, representing 88% of subscription ARR [21] - The number of customers contributing $100,000 or more in subscription ARR rose by 25% to 2,805, now representing 87% of subscription ARR [22] - The identity line of business saw rapid growth, crossing 900 customers in just a few quarters [49] Market Data and Key Metrics Changes - Revenue from the Americas grew 45% to $268 million, while revenue from outside the Americas grew 51% to $109 million [23] - The company reported a strong subscription net retention rate of over 120% [21] Company Strategy and Development Direction - The company is focused on advancing its mission to secure and accelerate AI transformation, with a unique platform that integrates data, identity, and application context [6][19] - Rubrik is positioning itself as a leader in the cyber resilience market, leveraging its differentiated technology platform to capture emerging opportunities in AI and identity security [20][29] - The company plans to invest in R&D and go-to-market strategies to target regions and verticals with attractive ROI [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust cyber resilience market and the company's ability to achieve strong growth in subscription ARR [26] - The company anticipates continued operational investments to drive innovation in data security and AI [26] - Management highlighted the importance of maintaining a strong cash position and optimizing capital structure to support growth [25] Other Important Information - The company has made Rubrik Agent Cloud generally available, with ongoing POCs across early AI adopters and Fortune 500 companies [17] - The company is actively engaged in the emerging sovereign cloud market, responding to geopolitical concerns regarding data sovereignty [39][41] Q&A Session Summary Question: Insights on Agent Cloud POCs with Fortune 500 and AI startups - Management indicated that customers are focused on understanding and controlling the agents in their systems, with monitoring and guardrail solutions being high priorities [32][34] Question: Customer impetus for Rubrik Sovereign Cloud - Management noted that geopolitical concerns have driven countries to seek data sovereignty, leading to the development of dedicated products in this area [39][41] Question: Concerns about AI impacting core business value - Management reassured that Rubrik's complex software and its role as a system of record for data and identity will remain critical, even as AI evolves [70][71] Question: Dynamics of Q4 performance and Q1 guidance - Management clarified that while Q4 was strong, they do not expect significant pull-forward effects impacting Q1 guidance [78] Question: Competitive environment and legacy vendor displacement - Management stated that they are early in the legacy replacement process, with a win rate exceeding 90% against data protection vendors [83]

Financial Data and Key Metrics Changes - The company ended Q4 with a record net new subscription ARR growth of $115 million, significantly exceeding expectations [5] - Subscription ARR reached $1.46 billion, growing 34% year-over-year [20] - Subscription revenue was $365 million, up 50% year-over-year [22] - Free cash flow for Q4 was $70 million, with total free cash flow for fiscal 2026 at $238 million, compared to $22 million for fiscal 2025 [25][29] - Non-GAAP gross margin improved to 84% in Q4 from 80% in the previous year [23] Business Line Data and Key Metrics Changes - The adoption of Rubrik Security Cloud resulted in $1.29 billion of cloud ARR, up 48%, representing 88% of subscription ARR [21] - The number of customers contributing $100,000 or more in subscription ARR rose 25% to 2,805, now representing 87% of subscription ARR [22] - The identity line of business saw rapid growth, crossing 900 customers in just three to four quarters [49] Market Data and Key Metrics Changes - Revenue from the Americas grew 45% to $268 million, while revenue from outside the Americas grew 51% to $109 million [23] - The company reported a strong subscription net retention rate of over 120% in Q4, with expansion through additional security products contributing over 45% to this rate [21] Company Strategy and Development Direction - The company is focused on advancing its mission to secure and accelerate the world's AI transformation, with a strong emphasis on cyber resilience and identity protection [19][50] - Investments will continue in R&D to accelerate innovation in data security and AI, as well as in go-to-market strategies targeting high ROI regions and verticals [26][29] - The launch of Rubrik Agent Cloud aims to provide dynamic real-time AI agent controls to accelerate enterprise AI transformation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the robust cyber resilience market and the company's differentiated technology platform, expecting strong growth in subscription ARR [25][29] - The company anticipates continued operational investments and a focus on scaling emerging products like the Identity Resilience Platform and Rubrik Agent Cloud [26][29] - Management highlighted the importance of data integrity and availability as foundational for AI transformation, asserting that Rubrik's role will only grow with the rise of AI [71] Other Important Information - The company reported a competitive win rate exceeding 90% in Q4, indicating strong market positioning against legacy vendors [7][85] - The company is actively engaging with customers regarding the emerging sovereign cloud opportunity, which is still evolving [41][42] Q&A Session Summary Question: Insights on Agent Cloud POCs with Fortune 500 and AI startups - Management indicated that customers are focused on understanding the number of agents in their systems and how to control them, with real-time dynamic guardrails being a priority [33][34] Question: Customer impetus for Rubrik Sovereign Cloud - Management noted that geopolitical concerns have driven countries to seek sovereign data solutions, with significant product adaptations required [40][42] Question: Concerns about AI impacting core business value - Management reassured that Rubrik's complex software is not easily replicable by AI, emphasizing the importance of data infrastructure for AI transformation [70][72] Question: Dynamics of Q4 performance and Q1 guidance - Management clarified that while Q4 was strong, they do not expect significant pull-forward effects impacting Q1 guidance [80] Question: Competitive environment and legacy vendor displacement - Management stated that there is still a large opportunity for legacy replacement, with a high win rate against data protection vendors [85]

Investor Presentation Fourth Quarter Fiscal 2026 Copyright © Rubrik 2026 1 Copyright © Rubrik 2026 1 9-46-84 0-199-199 25-188-244 0-180-110 130-66-232 6-104-221 30-19-74 0-132-81 103-61-183 5-86-185 TEXT SECONDARY 0-149-149 4-129-186 0-100-100 18-58-123 102-221-221 117-216-248 153-233-233 117-216-248 PRIMARY 0-85-53 69-41-122 17-41-95 78-202-139 184-151-248 65-148-250 169-238-209 208-185-251 160-202-253 Important Notice and Disclaimers Forward-Looking Statements This press release and the related conference ...

Core Insights - Rubrik (RBRK) is set to announce its fourth-quarter fiscal 2026 results on March 12, with expected revenues between $341 million and $343 million, reflecting approximately 33% year-over-year growth. The anticipated non-GAAP loss per share is between 10 cents and 12 cents [1][8]. Revenue Expectations - The Zacks Consensus Estimate for Rubrik's revenues stands at $342.11 million, indicating a year-over-year increase of 332.55%. The consensus for loss per share is 11 cents, unchanged over the past month. In the same quarter last year, Rubrik reported a loss of 18 cents per share [2]. Performance Drivers - Rubrik's fourth-quarter performance is expected to benefit from its strong position in the growing cyber resilience market and increasing demand for its data security solutions [3]. - The company has shown robust subscription ARR growth, with 2,638 customers contributing over $100K in subscription ARR, marking a 27% year-over-year increase. These large customers now account for 86% of Rubrik's subscription ARR, up from 83% the previous year [4]. Customer Growth - In Q4 fiscal 2026, Rubrik added a record 23 new customers with subscription ARR of $1 million or more, leading to over 50% growth in its $1 million subscription base. The average subscription dollar-based net retention rate exceeds 120%, indicating strong customer satisfaction and consistent expansion within the existing customer base [5]. Cloud ARR Growth - Cloud ARR reached $1,175 million, representing a 53% year-over-year increase, driven by the adoption of the Rubrik Security Cloud platform. Innovations such as the Identity Resilience platform and Rubrik Agent Cloud are expected to have significantly contributed to the company's performance in the fourth quarter [6]. Competitive Landscape - Despite its growth, Rubrik faces stiff competition and a substantial increase in operating expenses, which may negatively impact its performance in the upcoming quarter [7]. Clientele Expansion - Rubrik's expanding clientele includes major industry players like Amazon Web Services (AWS), CrowdStrike, and Microsoft. The collaboration with AWS aims to enhance cyber resilience and facilitate enterprise AI adoption through Rubrik's AI portfolio [8][9].