Rubrik Inc at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : Yes, 2013 or '14, you had started the company, it was an idea. I still remember literally how there was a white board and you drew on a white board, the idea of behind Rubrik, and I was just spellbound -- So distributed systems in a cloud world, I mean, this is like yet another technology inflection and yet another idea that is poised to benefit from the new architectural approach to how everything changes with the cloud. And 12 years later, they are a public company. I was delighted to work on your IPO. And the IPO is not everybody got it. It was a tough idea to buy into. But here, you are one of the more enviable multiples of revenue and cash flow. So congratulations on turning over to the investor sentiment and earning a credible spot on people's mind. I mean that's really well that of very well.

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : I like that, and I'm going to ask you my opening question. We've not even opened this conversation yet, it's just going to get started, but I have to tell you something that came out of our firesite chat last year. You've been on the fireites as a private company and every time we do this, I learned something about Rubric and I learned something about you. But last year you said that, somebody said I should go get an MBA, so I decided to go to MBA at Wharton and I said how did it go? It's too easy. Compared to engineering, which is too easy, and decided to come back and do something at tech. I found it very. On that note, how has the vision of rubric changed in the last few years? And one of the things about you that I like is you you adapt, you adapt. Some entrepreneurs are stuck with a vision when they found the company, and it's that vision and it's they just march towards it, whether it comes to fruition or not, whether they have made course corrections or not, they don't generally do a great job being flexible, but you've been so flexible in adapting. How do you see the last few years for roadrick and how do you see the road ahead to the extent that you can for the next four to five years?

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : That's great. And my colleague, Matt Martino watch this space. It's going to be a big shot one day. But before I haven't joined the discussion, I wanted to sound like I'm half as smart as Matt Martino and ask you a couple of questions. The installed base of this industry has been around for a very, very long time. One of the things that I remember we're telling me several years ago is that this is a B+ space, and we want to be an A+ company to B+ space, right? When you look at the installed base that's still running decades long legacy, what is the path ahead for Rubrik? How easy has it become to displace in compense and become the new system of choice?

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : So Bipul, is this white space? Is this new budget that you're unlocking? Or is this displacement spend like maybe peel that back a little bit for investors to understand kind of the TAM opportunity here.

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : I want to touch on that security budget point. You've talked a lot about in the past of moving deeper into CISO led budgets. How far along is rubric in that transition today? And at maturity, what does that mix look like between traditional IT spend and security budget?

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : I just had one interjection for it to turn back to Matt. How much is the agenetic application discussion a part of your sales cycles? Are people actually making decisions tilting towards Rubrik based on the perceived threat from agents? Or is that something that is at the back of your head and you say, okay, when agents get deployed, we're ready to tell our story. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 4:30PM, RBRK.N - Rubrik Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : So aren't rogue agents playing the role of bad actors, but in an agentic world. So you think the purpose takeaway here is that something bad is going to happen in a enicor and you're going to have to trace it back to the data, recover the data. So it's almost like you would benefit if agents go rogue. Just don't -- which is not what you want to have happen, but the assumption is that cybersecurity has failed to solve the problem proactively, but we are here to fix it. So the same kind of logic applies in a perfect agentic world.

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : Agent rewind, sounds - good. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 4:30PM, RBRK.N - Rubrik Inc at Goldman Sachs Communacopia & Technology Conference

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : I had a question, if I could interject. I think you invented the term of Cyber Resilience. I mean, so you're not only good technologies, but you're a good marketer as well. At your customer base, 7,000 customers, it would seem to me that if this Cyber Resilience category were the campaign stream like databases or firewall that you should have a customer base that should be 100,000-plus. So what are you looking to do as you scale the business from $1 billion to $10 billion plus? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 4:30PM, RBRK.N - Rubrik Inc at Goldman Sachs Communacopia & Technology Conference What are the things that you should be doing from an operational standpoint, executive alignment, bringing in new people, channels, market awareness, integration, partnerships, how do these things change for the company?

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : Well, on that note, we wish you really well in your journey to 10 times. So...

Question: Kasthuri Rangan - Goldman Sachs Group Inc. - Analyst : I hope you got to be a 10 times from here. My best wishes, and thank you for your support in Goldman Sachs, and we'll have you back next year with this guy driving a lot of it that leadership, hopefully.