Financial Data and Key Metrics Changes - Subscription ARR reached approximately $1,200 million, growing 38% year over year [7][33] - Subscription revenue was $266 million, growing 54% year over year [7][35] - Subscription NRR remained strong above 120% [7][34] - Free cash flow was over $33 million, a significant improvement from negative $37 million in the same quarter last year [8][38] - Non-GAAP gross margin improved to 80.5% from 75.4% year over year [36] Business Line Data and Key Metrics Changes - Cloud ARR reached $972 million, up 60% [34] - Customers with subscription ARR of $100,000 or more increased to 2,381, growing 28% year over year [7][35] - Subscription ARR contribution margin improved by over 1,800 basis points year over year [8][37] Market Data and Key Metrics Changes - Revenue from the Americas grew 51% to $203 million, while revenue from outside the Americas grew 43% to $75 million [36] - The company operates in a $50 billion market for cyber resilience, with significant growth opportunities in identity resilience [78] Company Strategy and Development Direction - The company focuses on cyber resilience as a top priority, leveraging a unique platform that combines data and identity security [10][76] - The strategy includes a two-platform approach, transforming legacy backup into a comprehensive data security platform [51][102] - Investments in R&D and go-to-market strategies will continue to drive innovation and market penetration [39][91] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the cyber resilience market and the demand for differentiated offerings [39][78] - The company anticipates strong subscription ARR growth and has raised its guidance for the fiscal year [41][42] - Management noted that the current market environment is favorable for the adoption of generative AI and modernization of infrastructure [58][60] Other Important Information - The company has successfully integrated its DSPM Laminar product, resulting in a 300% year-over-year increase in DSPM ARR [66] - The company is focused on combining identity security with data security to create a comprehensive solution for customers [66][118] Q&A Session Summary Question: How long is the runway for the shift from legacy to next-gen solutions? - Management indicated that the shift is expanding the total addressable market (TAM) due to rising identity-based attacks and the need for comprehensive cyber resilience [50][52] Question: What is happening to sales cycles and awareness of Rubrik's capabilities? - Management believes they are at the front end of a significant trend in data security and AI, with increasing awareness leading to faster sales cycles [56][60] Question: How does Rubrik differentiate in identity resilience? - The company combines identity and data security on a single platform, allowing for faster recovery times and preventing malware reintroduction [117][118] Question: What is the demand environment for cybersecurity? - Management stated that cyber resilience is a top priority for CIOs and CSOs, with no change in demand environment observed [77][78] Question: What are the top priorities for Rubrik in the next 12-18 months? - The focus will be on creating a unified platform for data and identity security, ensuring comprehensive risk management and recovery capabilities [102][103]

Financial Performance - Rubrik reported quarterly losses of 15 cents per share, beating the analyst consensus estimate of losses of 32 cents [1] - Quarterly revenue was $278.48 million, exceeding the Street estimate of $260.35 million [1] Management Commentary - CEO Bipul Sinha highlighted that the first-quarter results surpassed all guided metrics, emphasizing the company's success in the cyber resilience market and the growing opportunity [2] Future Outlook - Rubrik raised its fiscal 2026 adjusted EPS guidance to a range of losses of $1.02 to losses of 96 cents, compared to the previous estimate of losses of $1.15 [3] - The company increased its fiscal revenue outlook to between $1.18 billion and $1.19 billion, surpassing the previous estimate of $1.16 billion [3] Subscription Metrics - Subscription ARR grew by 38% year-over-year, reaching $1.18 billion as of April 30, 2025 [4] - Subscription revenue increased by 54%, amounting to $265.7 million compared to $172.2 million in the first quarter of fiscal 2025 [4] - Non-GAAP gross margin improved to 80.5%, up from 75.4% in the first quarter of fiscal 2025 [4]

Company Overview - Commvault (NASDAQ: CVLT) is recognized as the gold standard in cyber resilience, serving over 100,000 organizations to ensure data safety and business continuity [2] - The company provides a unique cyber resilience platform that integrates top-tier data security and rapid recovery capabilities at an enterprise scale, applicable across any workload and location, while maintaining the lowest total cost of ownership (TCO) [2] Upcoming Events - Jen DiRico, Chief Financial Officer of Commvault, is scheduled to present at the William Blair Growth Stock Conference on June 4 at 11:00 a.m. EST, with live webcast access available for investors [1]

Financial Data and Key Metrics Changes - Total revenue increased by 23% to $275 million, driven by a robust 45% increase in subscription revenue [4][22] - Total ARR improved by 21% to $930 million, with subscription ARR growing by 31% to $780 million, and SaaS ARR jumping by 68% to $281 million [21][22] - Fiscal Q4 gross margins were 83.1%, reflecting a strong mix of term software sales [27] - Non-GAAP EBIT grew by 31% to $59 million, with margins up 130 basis points year over year to 21.5% [28] Business Line Data and Key Metrics Changes - Subscription revenue growth was driven by momentum across the SaaS platform and expansion with existing customers [22] - Revenue from term software transactions over $100,000 increased by 38%, benefiting from both volume and average transaction size [22] - Q4 saw the best volume quarter of the year for term software transactions under $100,000, adding 700 new subscription customers, surpassing 12,000 worldwide [23] Market Data and Key Metrics Changes - Strong growth was noted in EMEA and APAC regions, with notable customer wins in highly regulated industries like healthcare and financial services [10][75] - The company is well-positioned to support compliance with regulations such as GDPR and DORA, contributing to strong international growth [9][10] Company Strategy and Development Direction - The company aims to capitalize on strong secular tailwinds tied to cyber resilience and continuous business availability [6][11] - Commvault is focused on expanding its partner ecosystem and enhancing its offerings to address evolving customer needs [5][19] - The total addressable market is estimated to be approximately $24 billion, with plans to invest in cloud and data security integrations [19][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for cyber resilience products and the company's ability to execute its growth strategy [39][40] - The company is closely monitoring the macro environment but remains optimistic about its growth trajectory [30][34] Other Important Information - The company repurchased $165 million of stock, representing 81% of free cash flow, exceeding its guidance to return at least 75% [29] - The company plans to continue investing in cloud and data security integrations across its partner ecosystem [19][34] Q&A Session Summary Question: Customer sentiment regarding macroeconomic conditions and sales cycles - Management indicated that cyber resilience remains a priority for customers, with no significant changes observed in sales cycles or close rates [38][39] Question: Clumio's contribution and integration - Clumio is expected to provide a positive impact on total revenue, with unique capabilities enhancing the company's offerings [48][49] Question: Cross-sell and upsell opportunities within the SaaS portfolio - The company reported a steady net dollar retention rate of 127%, with a mix of two-thirds upsell and one-third cross-sell [53] Question: Competitive landscape and market positioning - Management emphasized the company's focus on resilience and its ability to recover from cyber attacks, highlighting healthy double-digit growth [61] Question: Future product capabilities and market focus - The company is enhancing its capabilities to support emerging workloads, particularly in AI and cloud environments [64][65]

Financial Data and Key Metrics Changes - Total revenue increased by 23% to $275 million, driven by a robust 45% increase in subscription revenue [5][23] - Total ARR improved by 21% to $930 million, with subscription ARR growing by 31% to $780 million, and SaaS ARR jumping by 68% to $281 million [22][23] - Fiscal Q4 gross margins were 83.1%, reflecting a strong mix of term software sales [27] Business Line Data and Key Metrics Changes - Subscription revenue growth was driven by momentum across the SaaS platform and expansion with existing customers [23] - Revenue from term software transactions over $100,000 increased by 38%, with more than a dozen transactions exceeding $1 million [23] - Q4 saw the addition of 700 new subscription customers, surpassing 12,000 worldwide [24] Market Data and Key Metrics Changes - Strong customer wins included notable companies such as American Tower and Cinemark Holdings, reflecting current tailwinds in the industry [9] - EMEA and APAC regions showed balanced growth, with EMEA having a particularly strong quarter [72] Company Strategy and Development Direction - The company is focused on cyber resilience as a top strategic priority, addressing increasing ransomware and sophisticated cyber attacks [9] - Plans to continue investing in cloud and data security integrations across the partner ecosystem, expanding the total addressable market to approximately $24 billion [20][30] - The company aims to drive increased multi-product adoption of its SaaS offerings, with a strategic priority to enhance cross-sell opportunities [26][81] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the guidance for fiscal year '26, citing strong demand for cyber resilience products and internal execution [41][42] - The macro environment is being monitored closely, but no significant changes in customer sentiment were noted between Q4 and Q1 [39][41] - The company expects total revenue for Q1 to be in the range of $266 million to $270 million, representing a 19% year-over-year growth at the midpoint [30] Other Important Information - The company ended the quarter with no debt and $302 million in cash, with a free cash flow of $76 million for Q4 [28][29] - Fiscal year '26 total ARR growth is expected to be between 16% to 17% year-over-year, driven by subscription ARR growth of 22% to 23% [32][33] Q&A Session Summary Question: Customer sentiment regarding macroeconomic conditions and cyber resilience - Management indicated that cyber resilience remains a priority for customers, with no significant changes in sales cycles or close rates observed [39][41] Question: Operating margin guidance and growth versus margin trade-off - Management emphasized a balance between continued investment in growth opportunities and maintaining overall profitability [42][43] Question: Contribution of Clumio acquisition to revenue - Clumio is expected to contribute approximately 100 basis points to total revenue, with excitement about its unique capabilities [47][49] Question: Cross-sell and upsell opportunities within the SaaS portfolio - The company reported a SaaS net dollar retention rate of 127%, with a focus on increasing multi-product adoption among customers [52][81] Question: Competitive landscape and response to acquisitions in the industry - Management highlighted a focus on resilience and the ability to recover from cyber attacks, asserting that the company is gaining market share despite a flat overall on-premise market [59] Question: Future focus on workloads and capabilities - The company plans to enhance capabilities that support AI and emerging workloads, emphasizing the importance of resilience in their offerings [61][62]

Financial Data and Key Metrics Changes - Fourth quarter revenue grew 7% year-over-year in constant currency, with full year 2024 revenue growing 10% at constant currency [8][39] - Adjusted EBITDA for the fourth quarter was $38.1 million, reflecting a 32.7% margin, while full year adjusted EBITDA was $169.4 million, reflecting a 36.3% margin [9][43] - Annual recurring revenue (ARR) as of December 31, 2024, was $482 million, growing 10% at constant currency [8][42] Business Line Data and Key Metrics Changes - Cove Data Protection remains the largest revenue-generating product, protecting over 180,000 businesses and outpacing total company growth [17][30] - The acquisition of Adlumin has positioned it as one of the two highest booking products since its acquisition [15][16] Market Data and Key Metrics Changes - Approximately 45% of revenue was generated outside of North America in the fourth quarter, and 46% for the full year [46] - The company is focusing on expanding its presence in the North American reseller channel and international markets such as the U.K., DACH, and Australia [33][34] Company Strategy and Development Direction - The company aims to expand its security leadership, scale its go-to-market strategy, and elevate customer experience in 2025 [22][34] - The strategic acquisition of Adlumin is expected to enhance the product suite and create new growth avenues in the high-demand security market [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for growth in 2025, citing strong demand in the market and a robust business model [58][61] - The company anticipates some headwinds in the first half of 2025 due to long-term contract commitments but expects acceleration in the second half [108][110] Other Important Information - The company transitioned from less than 10% of revenue from annual contracts to over 50% in 2024, which is expected to improve customer retention [19][20] - The company is investing in technology and partnerships to enhance its serviceable addressable market and unlock significant growth potential [21][22] Q&A Session Summary Question: What was the revenue contribution from Adlumin in Q4? - The revenue contribution from Adlumin in Q4 was approximately $2.5 million from the acquisition date of November 20 through the end of the year [65] Question: Is there an expected headwind or benefit from moving customers to annual contracts? - The initiative will continue, with expectations for a natural blend up over time, but no significant uptick like in 2024 is anticipated [68] Question: How has engagement been on the partner side for Adlumin? - Resellers have been enthusiastic about the acquisition, seeing it as a partnership that provides a one-stop shop for various offerings [74] Question: What competitive landscape does Adlumin face? - Adlumin is seen as a strong competitor due to its cloud-native, AI-driven technology and endpoint-agnostic capabilities, which differentiate it from larger competitors [80][82] Question: What is the expected organic growth rate for 2025? - The company expects higher single-digit growth rates, with a focus on scaling new customer acquisition motions and leveraging the Adlumin acquisition [112] Question: How is the company exposed to the U.S. federal government market? - The company does not have direct visibility into the end customers of MSPs but expects to remain diversified and not significantly impacted by government market dynamics [127][128]