Rubrik (RBRK) Barclays 23rd Annual Global Technology Conference summary

Market opportunity and business overview

• Focus on delivering cyber resilience and recovery to organizations globally, evolving into a data and identity cyber resilience platform.

• Launched Rubrik Agent Cloud, a new platform in beta, aimed at securing and accelerating agentic work adoption.

• Positioned as a security and AI operations company, targeting both cyber resilience and AI acceleration.

Financial performance and highlights

• Achieved a record quarter in net new ERR of $94 million, reaching $1.35 billion in ERR, up 34%.

• Subscription ERR contribution margin improved to over 10% year-over-year.

• Record free cash flow exceeded $75 million, with net retention rate above 120% and strong customer growth.

Industry trends and legacy displacement

• Accelerating displacement of legacy players like Dell, Veritas, and IBM Tivoli, driven by differentiated cyber resilience offerings.

• Large market opportunity remains, with current penetration just over $1 billion in a $50 billion market.

• Recent mergers among legacy competitors have led to increased customer migration to newer solutions.