Rubrik Inc. - Ordinary Shares - Class A

Q2 results: strong growth + improving profitability + cash flow - Subscription ARR: $1.66B, +33% YoY - Net new subscription ARR: ~$96M in the quarter (highlighted as accelerated growth; +35% YoY for net new subscription ARR in Q2) - Subscription revenue: $407.2M, +37% YoY - NRR: >119% (continued strong retention/expansion) - Profitability: subscription ARR contribution margin improved ~460 bps YoY (implies meaningful operating leverage) - Free cash flow: ~$66M (Kiran also cited $65.7M) - Good/surprising: the call repeatedly emphasized “10th consecutive quarter” of beating guided metrics and another quarter of margin + cash improvement alongside growth.

Raised full-year outlook (durable execution), with AI-driven demand narrative - Management said they’re raising outlook for the year again based on performance and confidence in the market. - Key thesis: AI is shifting cyber from “prevention/detection” to “assume breach + machine-speed recovery” and from human-speed to AI-agent-speed attacks. - They cited Anthropic’s “Project Glasswing” as evidence that AI can automate vulnerability discovery → chaining → breach, and that legacy defenses may not keep up. - Opportunity framing: Rubrik positions itself as delivering agentic cyber resilience and agent security/governance, claiming customers will increasingly require this at a “board-level standard.”

Guidance: Q3 and FY27 forecasts include revenue headwinds from material rights - Q3 FY27 revenue: $429M–$431M (+23% YoY; +31% normalized for material rights) - Q3 material rights contribution: ~$2M–$3M - Q3 non-GAAP subscription ARR contribution margin: ~14% - Q3 non-GAAP EPS: $0.07–$0.09 - FY27 subscription ARR: $1.88B–$1.885B (~+29% YoY) - FY27 total revenue: $1.685B–$1.693B - FY27 material rights (headwind): ~$18M (explicitly called out as a meaningful headwind to reported revenue growth; normalized growth expected to outpace subscription ARR growth) - FY27 non-GAAP subscription ARR contribution margin: ~15.5% - FY27 non-GAAP EPS: $0.47–$0.53 - FY27 free cash flow: $323M–$333M - Good: investors were reassured that performance is strong in spite of normalization/mix mechanics and that margins/cash are improving.