Rubrik Transitions to Subscription Model, Shares Drop 4.76%

By Ahmed Jameison • Monday, June 09 15:43 • Permanent Link

Rubrik, Inc. has recently released its 10-Q report, providing a detailed insight into its financial condition and operations. Rubrik, Inc. is a data security solutions provider based in Palo Alto, California. The company offers a range of data protection solutions, including enterprise data protection, unstructured data protection, cloud data protection, SaaS data protection solutions, and identity provider services protection. Rubrik, Inc. serves various sectors such as financial, retail, transportation, healthcare, and technology.

In the 10-Q report, Rubrik, Inc. discusses its transition to a subscription pricing model, offering its Cloud Data Management (CDM) platform as a subscription term-based license. The report highlights the company's focus on migrating customers from legacy CDM capabilities to the Rubrik Security Cloud (RSC), a comprehensive Zero Trust Data Security platform. RSC is primarily adopted as a cloud-native, fully managed SaaS solution and is also available as an enterprise-ready, self-managed version for select customers.

The report emphasizes key factors affecting Rubrik's performance, including the evolution of the market and adoption of its solutions, new customer acquisition, and retaining and expanding within its existing customer base. Rubrik, Inc. also outlines key business metrics it monitors to evaluate its performance, such as Subscription ARR, Cloud ARR, average subscription dollar-based net retention rate, and the number of customers with $100,000 or more in Subscription ARR.

Rubrik, Inc. also provides non-GAAP financial measures, including free cash flow, to offer consistency and comparability with past financial performance. The company's 10-Q report provides a comprehensive overview of its financial condition, operations, and strategic initiatives, shedding light on its transition to a subscription-based model and the adoption of the Rubrik Security Cloud platform. Today the company's shares have moved -4.76% to a price of $93.25. Check out the company's full 10-Q submission here.

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