Rubrik
Rubrik reported Q126 and it was great in all areas.
- Sub Rev +54%, total rev +49%
- Sub ARR +38%
- Contrib Margin 8.0% +17pp
- FCF 33M
- large custs +28%
- healthy +$28M to both FY revenue & ARR guides, now +34.1% and +27.0%
- new partnership with Google & Mandiant, with Annapurna spreading from Azure/AWS to GCP, and was GCP partner of the year
- new partnerships with Deloitte, NTT Data, Rackspace
- new Chief Transformation Officer (ex-Zscaler) aka Chief C-suite advocate
Samsara
Samsara reported Q126 (its seasonally weakest Q every year) and it was solid … but the market is way over-reacting. It’s currently -11% afterhrs.
I guess it was due to wanting a bigger Q2 guide off the weaker Q1. Last year’s guide was +3.3% seq in Q2, this year is +1.7%. Yet the FY guide +$22M increase was their biggest raise in 7Qs.
- Revenue re-accel to +27.7%, or +6.0% seq (vs +1.6% last year, a bad Q1)
- Q2 guide was same as Q1’s, +1.7% seq
- FY26 guide raised +$22M to +24.5%
- ARR +30.6%, or +5.3% (vs +6.7% last yr … seasonally weakest)
- op margin +12pp to 13.9%, TTM rose to 11.9%
- FCF margin +6pp to 12.5%, TTM rose to 10.4%
- Rule of 40 hit (after slipping to 39 last Q), TTM stayed at 42
- large custs +34%, net new 132 (improvement over 116 last yr … seasonally weakest)
- Beyond conf is later this month so will see all their big new announcements then