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Rubrik 8-K Report, Financial Results (Jun 11, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed June 11, 2024
Period End
June 11, 2024
Security
RBRK
In the record · 2024–202610-K210-Q88-K15

RBRK filed 2 annual reports (10-K), 8 quarterly reports (10-Q) and 15 current reports (8-K) between 2024 and 2026.

  1. Material agreement8-K · Jun ’25Jun ’25
  2. Leadership change8-K · Aug ’26Aug ’26

01—Abstract

Summary

Summary of the 8-K filed June 11, 2024. Cited figures are marked; the original filing is the authoritative source.

Rubrik, Inc. (NYSE: RBRK) filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) on June 11, 2024 to furnish a press release (Exhibit 99.1) announcing financial results for the first quarter of fiscal year 2025, ended April 30, 2024.

Subscription ARR reached $856.1 milliona, up 46% year over year, and total revenue was $187.3 million, up 38% year over year. Subscription ARR Contribution Margin improved to (11)% from (32)% in the prior-year period, and the company cited improved operating leverage. Net loss was $732.1 million, or $(11.48) per share, which includes $630.3 million of stock-based compensation tied to the vesting of equity awards in conjunction with the company's initial public offering.

Non-GAAP net loss per share was $(1.58), compared with $(1.48) a year earlier. Cash flow from operations was $(31.4) million and free cash flow was $(37.1) million, or $(16.5) million excluding $20.6 millionb of employer payroll taxes tied to the IPO-related equity vesting. Cash, cash equivalents and short-term investments totaled $606.3 million as of April 30, 2024.

The filing notes the IPO of 23,500,000 Class A shares at $32.00c per share, with net proceeds of $710.3 million, and the NYSE listing on April 25, 2024. Management guided to second-quarter fiscal 2025 revenue of $195 million to $197 million and full-year fiscal 2025 revenue of $810 million to $824 million, with full-year Subscription ARR expected between $983 million and $997 million and full-year free cash flow of $(115) million to $(95) million, including $23 million of one-time payroll taxes related to the public offering.

02—Key points

Key Highlights

  1. Subscription ARR of $856.1 million for the quarter ended April 30, 2024, up 46% year over year.
  2. Total revenue of $187.3 million, up 38% year over year; subscription revenue of $172.2 million, up 59%.
  3. 1,859 customers with Subscription ARR of $100,000 or more, up 41% year over year.
  4. GAAP net loss of $732.1 million, or $(11.48) per share, driven by $630.3 million of IPO-related stock-based compensation; non-GAAP net loss per share was $(1.58).
  5. Free cash flow of $(37.1) million; cash, cash equivalents and short-term investments of $606.3 million as of April 30, 2024.
  6. Full-year fiscal 2025 guidance: revenue of $810 million to $824 million, Subscription ARR of $983 million to $997 million, and free cash flow of $(115) million to $(95) million.
  7. IPO net proceeds of $710.3 million from 23,500,000 Class A shares at $32.00 per share, plus approximately $104.9 million from the underwriters' May 2024 option exercise.

03—Questions

Frequently Asked Questions

  1. How fast is Rubrik's recurring revenue base growing?

    Subscription ARR reached $856.1 million as of April 30, 2024, up 46% year over year. Net new Subscription ARR was $72 million in the quarter, up 32% year over year, according to the CFO's comments in the release.

  2. Is Rubrik moving toward profitability on an operating basis?

    The company reported Subscription ARR Contribution Margin of (11)% versus (32)% a year earlier, which management attributed to improved operating leverage. Non-GAAP net loss per share was $(1.58) versus $(1.48) in the prior-year quarter, while GAAP net loss was $732.1 million, largely due to IPO-related stock-based compensation.

  3. What drove the large GAAP net loss this quarter?

    GAAP net loss included $630.3 million of stock-based compensation expense, compared with $0.5 million a year earlier, due to the vesting of certain equity awards in conjunction with the initial public offering. The release also cited $22.8 million of related employer payroll taxes that affected the margin metric.

  4. What is the company's cash position and cash burn?

    Cash flow from operations was $(31.4) million and free cash flow was $(37.1) million for the quarter. Cash, cash equivalents and short-term investments totaled $606.3 million as of April 30, 2024. The full-year fiscal 2025 free cash flow outlook is $(115) million to $(95) million, including $23 million of one-time payroll taxes.

  5. What guidance did Rubrik provide for the rest of fiscal 2025?

    For the second quarter, revenue is expected at $195 million to $197 million and non-GAAP EPS at $(0.50) to $(0.48). For full-year fiscal 2025, revenue is expected at $810 million to $824 million, Subscription ARR at $983 million to $997 million, and non-GAAP EPS at $(2.35) to $(2.25).

04—Continue

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