Good afternoon, ladies and gentlemen. And welcome to Rubrik, Inc. Fourth Quarter and Fiscal Year 2025 Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, March 13, 2025. I would now like to turn the conference over to Melissa Franchi. Please go ahead.

Hello, everyone. Welcome to Rubrik, Inc.'s fourth quarter and fiscal year 2025 financial results conference call. On the call with me today are Bipul Sinha, CEO, Chairman and Co-Founder of Rubrik, Inc. and Kiran Chaudhry, Chief Financial Officer. Our earnings press release was issued today after the market closed, and may be downloaded from the Investor Relations page at ir.rubrik.com. Also on this page, you'll be able to find a slide deck with financial highlights, that, along with our earnings release, includes a reconciliation of GAAP to non-GAAP financial results. These measures should not be considered in isolation from, or as a substitute for financial information prepared in accordance with GAAP. During this call, we will make forward-looking statements including statements regarding our financial outlook, for the first quarter and full fiscal year 2026, our expectations regarding market trends, our market position, opportunities, including with respect to generative AI, growth strategy, product initiatives, and expectations regarding those initiatives. And our go-to-market motion. These statements are early predictions that are based on what we believe today. And actual results may differ materially. These forward-looking statements are subject to risks, and other factors could affect our performance and financial results which we discuss in detail with our filings with the SEC. Rubrik, Inc. assumes no obligation to update any forward-looking statements we make on today's call. With that, I'll hand the call over to Bipul.

Thank you, Melissa. I want to start by thanking everyone for joining today. The fourth quarter was an exceptional finish to what has been a milestone year for Rubrik, Inc. This quarter, we once again exceeded all top-line and profitability guided metrics. There are five key numbers. First, subscription ARR reached $1.093 billion, growing 39% year over year. Yet again, a clear indication that we are winning the cyber resilience market. Net new subscription ARR reached over $90 million in the fourth quarter, which is a record for us and a standout for a cybersecurity company at our scale. Second, our subscription revenue was $244 million, growing 54% year over year. Third, our subscription NRR remained strong above 120%. Fourth, customers with $100k or more in subscription ARR reached 2,246, growing 29% year over year. Customers with $1 million or more in subscription ARR reached 162, growing 64% year over year. Finally, on profitability, we once again made material improvement in subscription ARR contribution margin, up over 1,400 basis points year over year. On cash generation, we are very happy to report that we had over $75 million in free cash flow this quarter, and approximately $22 million in free cash flow for the full fiscal year. Overall, our total revenue grew 47% year over year. And we generated a 29% free cash flow margin in the quarter. We believe this combination of top-line growth and free cash flow margin at this scale is rare, which is truly a tremendous achievement. We continue to be very confident about our business and our leadership of the cyber resilience market. Therefore, we are guiding fiscal 2026 numbers ahead of the consensus. Now let me unpack what is fueling the strong performance of our business. I spend significant time meeting with CIOs and…

Thank you, Bipul. Good afternoon, everyone, and thank you for joining us today. Q4 was a record quarter to date. It was highlighted by solid top-line growth at scale, driven by our leadership in the growing market for cyber resilience and significant expansions within our customer base. It was also marked by strong and continued improvement in profitability. Let me start by briefly recapping our fourth quarter and full year fiscal 2025 financial results and key operating metrics, and then I'll provide guidance for the first quarter and full year fiscal 2026. All comparisons, unless otherwise noted, are on a year-over-year basis. Subscription ARR best illustrates the momentum of our business and we are very pleased to have ended Q4 with subscription ARR of $1.093 billion, growing 39%. We added $90 million in net new subscription ARR. We continue to drive adoption of our Rubrik security cloud, which resulted in $876 million of cloud ARR, up 67%. Our subscription ARR growth benefited approximately two percentage points from transitioning our declining maintenance base to subscription. We have a differentiated land and expand model where we have multiple avenues to acquire new customers and expand the relationship with our customers after the initial contract. We can expand through the growth of data in applications already secured by Rubrik, Inc. to the expansion of our footprint of applications secured and/or by the addition of more security functionality. As a result, we continue to see a strong NRR, which remained over 120% in the fourth quarter. All vectors of expansion are healthy contributors to our NRR, highlighting the meaningful runway we have to more deeply penetrate our customer base. Adoption of additional security functionality is slightly over a third of our subscription net retention rate, up from approximately 29% in the year-ago period. We…

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star one on your touch-tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star two. If you're using a speakerphone, please lift the handset before pressing any keys. Please be reminded that everybody is limited to one question only. One moment, please, for your first question. Your first question comes from Saket Kalia of Barclays. Your line is already open.

Okay. Great. Hey, guys. Thanks for taking my question here, and nice finish to the year.

Thank you. Thank you.

Absolutely. Bipul, I'll keep it to one question, and maybe it's for you. So spend a lot of time with customers. How are you feeling about the TAM here for data protection? You know, you talked about how customers need a more modern data protection tool as they move to the cloud and deliver Gen AI. I think we see the share shift in numbers but curious if you feel the TAM here is expanding through that sort of cloud and Gen AI transition as well.

Thanks, Saket. As you might recall, during the IPO roadshow and in our subsequent quarterly updates, we have done a fundamental transformation of the traditional data protection market. We brought DSPM and cyber recovery together to create a new platform to deliver cyber resilience. And this platform, Rubrik Security Cloud, is a true data security platform. So by bringing this idea of data risk, data set, and cyber recovery on a single platform, we massively expanded the TAM for our market. And as we had mentioned in our IPO process, what is exciting is that as customers are taking the Gen AI journey and preparing for Gen AI as well as doing cloud transformation, the need for cyber resilience and data security is only increasing. As they are adopting more SaaS platforms, they need to secure that data to ensure that the right data is available to the right user on the right platform at the right time for the right duration. And all of it is expanding the TAM for us. So from where we sit and as you can see from this quarter's results, we are not opportunity constrained. We are the only cybersecurity company that sits at the intersection of data security and AI. And it is on us going forward to prioritize our product development as well as inorganic tuck-ins to really accelerate our journey to the AI future.

Very helpful. Thanks, guys.

Your next question comes from Kash Rangan of Goldman Sachs. Your line is already open.

Hi. Thank you very much. Congratulations on the end of the fiscal year. Spectacular finish. Or a year it's been you in public. You've put up a few quarters. Nice performance. Bipul and team, as you look into the next fiscal year and beyond, there's a core piece of why Rubrik, Inc. has worked so well for your customers. You've been at least two to three years ahead of your industry and I hope you continue to be that way. But as you look at customers evolving requirements, what are the new battles to be fought and won? As you look to your most cutting-edge customers that are leading the company into your next two or three years of strategy, what are your leading-edge customers telling you as to what the leading-edge requirements are? Because we all know that one way to look at this market is it's merely a replacement market of old technology being replaced with new. But then that's not always right. There are things that you've been doing with your DSPM, etcetera, to extend the frontiers. What are your best customers telling you as to what you need to be doing for the next two to three years? And, finally, if you can, if you have the time to comment, your take on the tariffs, etcetera, impacting the economy, and what are your customers saying about their spending priorities with RSC? Thank you so much.

Thank you, Kash. Let me focus on the first question first. If you look at Rubrik, Inc., again, our core focus is cyber resilience. And if you look at cyber resilience, what we are telling our customers is that assume breaches will happen to you. And if you have to have an assumed breach posture, how do you ensure that you understand the risk in your most critical asset? As well as your services, and how do you ensure that your services are up and running even when confronted with cyber attacks? And this is where we are doubling down on building, like, our data security platform to deliver cyber resilience across cloud, across SaaS, and enterprise. And if you think about the fundamental risk to the data, it comes from the user interaction with the data. Both user could be human or nonhuman identities. That's why we are also focused on building the next curve around identity-related threats and whether it's Active Directory or EntraID. And we are seeing interesting momentum in that market. We launched the first identity recovery product about a year ago, and it had very significant traction. And then our recent forest recovery release has really proven that we are on the right track with respect to identity. So around cyber resilience, continue to focus on data security, identity security, and delivering cyber recovery and risk posture. And then we also have this other unique opportunity because we have all of the customer data and plus the governance and security and integrity on the data. And our Annapurna platform is that how do we leverage this data lake, the NextGen data lake that we are naturally creating to deliver cyber recovery because we have the source of truth for the data. To power customers' AI…

Terrific. Very clear answers. Thank you so much, Bipul.

Thank you, Kash. Your next question comes from Fatima Boolani of Citigroup. Your line is already open.

Afternoon. Thank you so much for taking my questions. Kiran, this one's for you. I wanted to drill in on the very substantial improvement in subscription ARR contribution margin both in period over the course of last year in this period and what you're contemplating in the outlook. I know you did discuss a lot of the high-level drivers and it seems like the confluence of the business hitting a bigger scale and more rigorous expense management are contributing factors. But I was hoping you could drill in on maybe some micro-level factors with respect to sales efficiency potentially being an area where you're seeing some outsized or better leverage, as well as just maybe the inference that your deal sizes are getting bigger, your average transaction sizes. So I was hoping we could add a little bit more color outside of just some of those other broader stars aligning and just more disciplined expense management. If there's anything intrinsically inflecting in the business from a deal size perspective. Thank you.

Sure, Fatima. Thanks for your question. So we are really pleased with the progression we've had in profitability. As you know from the results we are subscription ARR contribution margin positive. As of the reported quarter as well as cash flow positive for the full year. And we've been hard at work on a number of fronts to achieve that. And we've accelerated our path to profitability for the past year. We improved our subscription ARR contribution margins 1,400 basis points year over year. And the guide for fiscal 2026 will indicate further improvement. I think you addressed the broader areas in setting up the question. The key leverage areas of efficiency came from big investment areas in sales and marketing and R&D. Out of the 1,400 basis points in margin, 1,200 basis points approximately came just from sales and marketing. And the number of drivers there one is productivity. I think you've mentioned sales efficiency. Productivity is a key driver of sales efficiency. As Bipul has talked about, we are investing in multiple different levels from a product perspective. And more products to sell drives greater productivity. We're also investing in enablement to make our reps and sales team more productive in the messaging around cyber resilience. I'll also add that there's a natural leverage we're getting in our model at scale, which is the growth and renewals still a minority of our revenue in ARR base, but it's fairly efficient from an investment perspective in renewing in our market and our product areas. So that is giving us quite a bit of efficiency as well. And then the last point I would say in R&D, talked about previously as well, we hire from a global talent pool. And in addition to being able to attract great talent outside the HQ, we are also able to get more cost leverage as well. By leveraging our presence in India and Israel. I think your point, your question around deal sizes and ASPs as well. The one metric I'd point to is, you know, we reported in our earnings transcript that the contribution from $100k last customers is actually growing year over year. It's now 84%. And that just implies that we are becoming more strategic to customers and we're able to do larger transactions both land and expand.

Very helpful. Thank you.

Thank you, Fatima. Your next question comes from John DiFucci of Guggenheim Securities. Please go ahead.

Thank you. Thank you. My question, I think, is it's for Kiran. Kiran, the top line was really impressive as you guys have pointed out, but also the other questions on the call. I kinda think I wanna lean more into a little bit more into Fatima's question. By the way, the top line was actually the best we've seen across our entire coverage universe this period. But cash flow was also impressive. Like, I mean, you're a year ahead of what you thought you'd be at perhaps a year ago. And I know, like, the top line and because we know the greatest expense in any software company is sales and marketing. And it's that's all spent on new business. And your new business is really what stood out this quarter. At the same time, when you look at your balance sheet, you see accounts receivables up by much more sequentially than they have been in the last two fourth quarters, which I so I was kinda glad it made sense that you said the first quarter and the fourth quarter would be the strongest for cash flow, and you feel good about that for next quarter. But how should we be thinking about that, especially in the context of your annual guide? For moderation of cash flow in fiscal 2026. Is that just sort of a place to start at the beginning of the fiscal year? Or is it just you know, is it prudent? Or there's something else we should be thinking about when it comes to cash expenses.

Sure. Excellent question, John. So very pleased with the progression on cash flow for the past year. It's a meaningful year-over-year improvement, 600 basis points improvement. The guide would imply another couple of hundred basis points of or little higher improvement as well. The key drivers in our business for cash flow are scale of the top line, leverage, best indicated by margin, subscription contribution margin, and then timing of collections. As you know, timing of collections, we largely still majority of our contracts are multi-year and multi-year collections upfront. But we have been experiencing over the past couple of years a billings duration compression gradually. Would say high single digits compression mid to high single digits compression year over year. And we are assuming that continues. Obviously, that varies quarter to quarter. So we have assumed some further compression as we look to do to the guide. That was early in the year. We're just starting our first full year guidance as a public company. Want to be really thoughtful? And that's where we wanted to start.

Makes total sense. Thank you very much. Nice job, guys.

Your next question comes from Andrew Nowinski of Wells Fargo. Your line is already open.

Okay. Thank you for the question this afternoon. And congrats on good results. Wanted to ask about the divergence between revenue growth and ARR. It looks like you know, you guided to about 30% revenue growth for this coming year and 24% ARR growth. I was thinking maybe it's related to the mix of on-prem and cloud, but and how that revenue is recognized. But I'm just wondering if you could provide any more color on what might be driving that divergence between the two growth rates. Thank you.

Sure, Andrew. I'll take that one. So as you're familiar with our business, we are progressing through a cloud transformation, which we started two years back. We're in the third year of it. In the early part of the transformation, revenue growth lagged subscription ARR. And that's why we run our business on subscription ARR because it truly represents the momentum of the business. Now as we progress towards the latter half of the transformation, revenue growth is catching up and it's actually benefiting now. And that's what you'll see even in this quarter. Total revenue growth of 47% versus ARR of 39%. And that is what is represented in the guide as well. Are we guiding to the midpoint of what 30% revenue versus ARR of 24%? There was one point I made in the prepared remarks as well. The Q4 revenue growth benefited for about four points of nonrecurring upfront revenue from material rights to the cloud customer transformation, and we expect that to continue in fiscal 2026 as well, a few points of growth. And that's adding further tailwinds to revenue.

Thank you very much.

Thank you, Andrew. Your next question comes from Brad Zelnick of Deutsche Bank. Your line is already open.

Perhaps what an amazing end to a great year. My question is for, I guess, for Bipul and Kiran. We'd love to hear whoever wants to speak to it. But I'm curious why now is the right time to move from six-month comp plans to twelve-month comp plans? And what behavior you're incentivizing this year and what impact do you expect that these changes might have beyond the seasonality impact that you've called out? Thanks.

Hi, Brad. Thanks for the question. Let's get on and I'll address it. So as you know, we run our business on annual net new ARR. And that's what we've been focused on for a few years now. As we move to a subscription model. And having an annual comp plan best aligns the sales team and execution in the field to how we run the business, how we plan, and how we invest. So that is a goal we had in mind. For some time. And we are basically transitioning to that in terms of this change we're making in the company. And when you look at it, and we'll we did benchmark as well when you look at companies our size, a billion-dollar plus, this is more common. So we feel good about making the decision. Obviously, had some impact on seasonality, which we have factored into our guidance on the top line as well as free cash flow, but that's the really the driver is to align it with the way we run the business.

And, Brad, in terms of, like, our sales team, our sales leader has come from at-scale companies. Where they have run the business on an annual basis. And so we are essentially, like, following large-scale software SaaS companies, how they align, their yearly net new ARR number. With the sales team quota and how they proceed through the year.

Oh, that makes perfect sense, and I appreciate it. And we've seen it as companies mature, and any company of your scale would typically do this. Was also asking beyond that, at the beginning of a fiscal year is often when we see companies make changes to go to market you know, other changes to the comp plan and which was just asking if there's any other behaviors that also you were looking to incent. But that was very clear. Thank you.

Thank you. Your next question comes from Eric Heath of KeyBanc Capital Markets. Your line is already open.

Hey. Thanks for taking the question. But I thought it was interesting in terms of the announcement you made with DSPM and making it native inside the RSC console. So just curious if you could talk about the benefit you expect to see and how maybe this could accelerate adoption now that it's native into the console and then users could probably more easily pivot and explore and think with that new capability.

Thanks, Eric. Rubrik, Inc. always had this platform strategy. We want to give a single platform for all the data security capabilities to deliver complete cyber resilience and now AI to Annapurna. So our idea is that our customers can easily enable DSPM directly on their existing RSCs. Instance. Be able to secure and understand the risk in their data. And if you combine the DSPM plus cyber recovery, Rubrik Security Cloud is unique. In terms of delivering complete cyber resilience. And as Gen AI acceleration is happening within the enterprise, we believe that DSPM is a critical piece of that puzzle to be able to secure the data before the data is fed into models or RAG. And an enterprise delivers a responsible AI. Just to give you an example, a financial services organization added DSPM. This quarter for Microsoft Copilot. Essentially, our DSPM empowered them to quickly and securely adopt Copilot and realize the full productivity gains that they anticipated from Copilot. And that's the story that we believe is going to be critical. As businesses adopt AI, they need to understand the security of the data. They need to understand the sensitivity of the data. And ensure that only the right data is delivered to the right users.

Thanks, Bipul.

Your next question comes from Gregg Moskowitz of Mizuho. Your line is already open.

Okay. Thank you. And I'll add my congratulations on a very good Q4 and a terrific year. Bipul, you alluded to this briefly, I think, in your script, but what are you hearing or seeing so far from your European customers following the implementation of DORA, the Digital Operational Resilience Act? And what do you think the impact of DORA will be on Rubrik, Inc. going forward?

Thanks. If you think about regulatory tailwinds, data compliance and resilience requirements are very, very important to every business with any data or application of any significance. And CISOs have this as a high priority because it concerns the obviously, continuing operation of the business as well as having the regulatory audit. Pass the regulatory audit. And they believe that this is a secular tailwind for our business from a variety of drivers including financial regulations such as DORA. Just to illustrate, a European insurance company we had a win there this quarter, and DORA was a key factor for that deal. So obviously, regulation is an aspect of the cyber attack and cyber resiliency and recovery in addition to the business imperative of being an ongoing operation. So we feel very good about how we have created our offering. And our customers have an easier time passing the DORA audit because of this cyber resilience including cyber recovery capabilities that we are driving.

Great. Thank you.

You bet. Your next question comes from Joel Fishbein of Truist. The line is already open.

Thank you, and congrats on a great quarter and solid execution. My question is around sales capacity and channel with the traction with the channel partners. If you could just give us an update there on how you're thinking about your coverage for, you know, 2026 and 2027. From a sales capacity perspective, that'd be great. Thank you.

Thank you, Joel. In terms of the sales capacity, we believe that we have the right capacity on the ground to execute the opportunity. But at the same time, as any prudent business would, we always look for fast ROI market pockets where we can make an investment. Investment and take advantage of the growth opportunity that could be in front of us. We continue to ensure that we look at the market and we are appropriately investing in the GTM capacity. In terms of our channel partner, we have the right number of channel partners in every major market we operate in. We have the right routes to market identified. And we want to double, triple down on our existing partners to ensure that they continue to build a big business around Rubrik, Inc. and drive an ecosystem.

Great. Thank you.

Thank you, Joel. Your next question comes from Keith Hackman of BMO. Your line is already open.

Yes. Thank you very much for taking the question. Kiran, I think this is for you. I wanted to understand a little bit of context around the guidance. So in this past year, you did $309 million of net new, two really strong quarters. To end the year, not just Q4, Q3 was very strong. And you're guiding to $265 million, call it, of net new at the midpoint. So lower year over year and we've gone through quite a few things on this call, including DSPM and how it's adding to the capability and sales capacity. Just wondering if there's anything you wanted to call out about why net new would be lower year over year in 2026 versus 2025 given all the tailwinds that seem to be at your back. For example, was there any deals that may have closed early in the January quarter or anything you want to call out about why net new would be down year over year. Many thanks.

Sure, Keith. Let me give you some thoughts on that. So really pleased with the growth we witnessed in fiscal 2025. Obviously, as I said earlier, we planned the business on Netgear ARR and it has strong growth and delivered ahead of our expectations. A few things to call out to give context on the guidance. One, we've talked about, earlier as well, and I mentioned that in the script, we got about two points of benefit to our ARR growth in fiscal 2025 from the remaining part of the maintenance to subscription transition. That impact on net new ARR is higher. Than the ARR base. I'll also say that we are early in the year. We are giving our first annual guide as a public company. Want to be really thoughtful. As Bipul has talked about, we see strong demand, continued demand for cyber resilience. But also want to put numbers we feel really confident about and look forward to finishing the year strong.

Okay. Many thanks.

Thank you, Keith. Your next question comes from James Fish of Piper Sandler. Your line is already open.

Hey, guys. Nice way to finish the year. First, just wanted to understand what you're seeing on the competitive landscape in DSPM given competitors, and in some cases here, partners are more like data in motion players than sort of data at rest. And second, any way to think about the penetration of DSPM either into the entire install base or even just the greater than $100k ARR customer cut especially as you guys think about that enterprise plus edition being bundled.

Thank you, James. In terms of the DSPM, I would say it's still a very early market. The awareness of this market is building. And now people are realizing that they need to understand the data risk, data being the core asset of the business. And our strategy was to combine DSPM with cyber recovery to create a true cyber resiliency platform where customers can assume breach and understand what risk that entails. And to be able to deliver complete cyber preparedness and cyber recovery. So that's the angle we are taking. We are not competing with infrastructure security players who have the DSPM solution. Because their use case is different. If you look at the reason for success for Rubrik, Inc., the reason for success for Rubrik, Inc. is around driving this complete cyber resilience and combining DSPM and data and cyber recovery on a single platform. And that's what is driving our success in the marketplace. And if you look at the displacement we are doing for the legacy platform as well as the new-gen vendor, a lot of it is because of this complete cyber resiliency that we are driving. To be able to give them peace of mind that their business will be up and running. No matter what attack happens.

Your next question comes from Shrenik Kothari of Baird. Your line is already open.

Hey. Yeah. Well, echo my congrats on the great quarter and execution that put you in. Thanks for taking my question. So Bipul, you mentioned about the Microsoft-related developments, the M365 Copilot data protection and Active Directory recovery. Can you elaborate on how Rubrik, Inc.'s strategic partnership with Microsoft has evolved in strengthening our position and how do you see it evolve further to address the emerging challenges, opportunities in Azure environments and in Microsoft environments? Thanks.

We have a very strong partnership with Microsoft. In fact, Microsoft is one of our strongest partners. And this partnership is based on complementary offerings that both Microsoft and Rubrik, Inc. have. Microsoft is focused on cloud security, and Rubrik, Inc. is focused on data security. And delivering cyber resilience including cyber recovery. At Microsoft, we are driving a lot of workload on Azure native applications and M365. We also at Ignite showcased Rubrik, Inc. as one of the four or five key partners that is building security graph at Microsoft. You might have noticed that. Microsoft gave Rubrik, Inc. partner of the year in the US and UK. In 2023. And last year, they gave us healthcare partner of the year. So we continue to have a deep, again, deep partnership with Microsoft co-engineered products, both on M365 as well as on Azure native. And we continue to build solutions for our customers. In fact, last quarter, we had one of the very large wins for M365. Again, delivering cyber resilience to M365 for one of the largest Microsoft customers. Leveraging the Microsoft infrastructure.

Your next question comes from Param Singh of Oppenheimer. Your line is already open.

Yeah. Hi there. Yeah. Hi. Thank you for taking my question. And so it's good to see a company execute well in a tough environment. Now my question was, you know, as you look through your quarter and towards the 26th fiscal, what part of your ARR do you think is coming from greenfield versus brownfield opportunities where you're taking share? And in that vein, have you seen any change in the competitive environment as Veeam is trying to push more upstream and now that Cohesity has closed the acquisition of Veritas. Thank you.

So Rubrik, Inc. is an equal opportunity, as I said in the past. Replacer of all technologies, including legacy and new-gen vendors. In fact, if you look at the legacy environment, a Fortune 500 biotech went all in with Rubrik, Inc. Replacing a twenty-year foothold by a legacy vendor and they wanted a single pane of glass for faster cyber recovery. And there are so many examples of it. Another example is a Fortune 500 largest company replaced, again, a legacy provider that you mentioned. With RSC as they shift workload to Google Cloud. Also selected Google for enterprise apps M365, and Google Cloud protection. And in terms of legacy versus replacement versus new workloads, obviously, as the customer takes the cloud transformation journey, we are securing their cloud as they adopt more SaaS platforms and as SaaS platforms become more mission-critical, are expanding those horizons and delivering data security. At the same time transforming their enterprise workload landscape to ensure that they can deliver complete cyber resilience including cyber recovery when confronted with successful cyber attacks.

Got it. Thank you so much, Bipul. And if I could really squeeze in one on Annapurna, I wanted to get a sense of, you know, what early conversations have you had around that, and would you need to expand Annapurna's capabilities beyond Bedrock to see more meaningful adoption? Across other LMS. Thank you.

We are early in Annapurna. We are still doing market discovery discussions, figuring things out. As I said before, Annapurna is the next three, five years strategy for us, and it is one of those initiatives that we do to ensure that we have continued growth and success in the next horizon as we create the next curve. And we see opportunity for Annapurna all across multiple clouds, including Azure and GCP. As we continue to build out the capabilities and figure out the product market fit.

Got it. Thank you so much for sharing that, Bipul. Appreciate it.

There are no further questions at this time. I would hand over the call to Bipul Sinha for closing remarks.

I wanted to thank everyone on this call, including our analyst friends who cover us. Plus Rubrik, Inc. customers, partners, and Rubrikans all around the world. For their relentless focus and diligence to help Rubrik, Inc. realize its full potential. Again, I'll repeat. It's early days for the company. Our ambitions are very, very large. We have a unique opportunity to continue to build out the company and build out the platform at the intersection of data security and AI. And I'll repeat, the best is yet to come. So stay tuned. Thank you for your continued support, and talk to you next quarter.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation and you may now disconnect.