Thank you, Melissa, and thank you all for joining us today. We are off to a strong start to fiscal 2027 with a record Q1. I'm proud to announce that we have once again exceeded all guided metrics across top line and profitability. Here are the five key numbers. First, subscription ARR reached $1.57 billion, growing 32% year-over-year. Second, our subscription revenue was $374 million, growing 41% year-over-year. Third, our subscription NRR remained strong at approximately 120%. Fourth, customers with 100,000 or more in subscription ARR reached 2,946, growing 24% year-over-year. Finally, on profitability, we once again made material improvement in subscription ARR contribution margin, up over 500 basis points year-over-year. We generated $74 million in free cash flow this quarter. Let me start with a few observations. We are now in a new era of cybersecurity. Today, AI agents are attacking us. These autonomous agents can intrude, breach, and encrypt at machine speed. Mythos was a powerful wake-up call for the cybersecurity industry, but it is already something of the past. Better, faster model versions are already in development. Mythos has proven that attack detection is near impossible, and cyber resilience is now the most fundamental cybersecurity requirement for the AI era. In fact, Mythos is driving more customer conversations around cyber resilience and recovery, and that is one of the reasons why we have raised our top-line guidance for the rest of the year. At the same time, AI agents are increasingly running business processes, workflows that assume identities, access sensitive data, and take autonomous action. Once compromised, these agents can potentially inflict 10 times more damage in 1/10 of the time. As you can see, both threat actors and business operators are now agentic. This is not about instilling fear. This is about helping institutions be better prepared and putting every effort into staying ahead of the new cyber risk that could dramatically affect their operations. As I mentioned before, in this new cyber reality, prevention and detection are no longer enough. What you will need, in addition, is preemptive risk assessment, real-time guardrail, and machine-speed system remediation. In short, agentic cyber resilience. Rubrik has led in cyber resilience for years, delivering machine speed, cyber recovery for thousands of businesses around the world. That work helped us build for AI agents and have full awareness that technology leaps like Mythos were on their way. While this may seem grim, we believe Rubrik is and will continue to be the answer to helping institutions stay ahead. Along these lines, Rubrik recently joined Anthropic's Project Glasswing and received early access to the Claude Mythos Research P review, putting the new models to work directly to ensure we can serve our customers better when cyber breaches inevitably happen. This partnership aligns to our vision of agentic cyber resilience, defending a world where AI agents are both the cyber attacker as well as the business executor. It is clear that cyber resilience is now the most fundamental cybersecurity strategy for the agentic era. Let me talk about why our products are transformative. We are a multi-product company built on a unique and differentiated platform that solves the most consequential problems across data, identity, and AI. On top of this platform, we deliver two solution suites, Rubrik Security Cloud for cyber resilience and Rubrik Agent Cloud for trusted, accelerated AI transformation. Let me start with Rubrik Security Cloud, or RSC. Our platform has the unique ability to bring together time series data and metadata across complex enterprise environments spanning on-premises, sovereign, cloud, SaaS, and identity providers. We believe our depth and breadth of enterprise context is unmatched by other solutions in the marketplace. This architectural advantage allows us to deliver our proprietary Preemptive Recovery Engine, which continuously pre-calculates clean points of recovery across data and identity before an attack occurs. The Preemptive Recovery Engine is the backbone of Rubrik agentic cyber resilience. Our RSC platform orchestrates resilience continuously and proactively, not reactively, post-breach. This is how we deliver record-fast recovery when our customers are breached or agents get compromised. This is why we continue to grow while the competition has stalled. There are many examples I can talk about, but let me just share two specific customer examples of legacy replacement in very large enterprises. First, a large U.K. public sector organization chose Rubrik this quarter to fully displace a decade-long legacy incumbent across on-premises, cloud, NAS, and identity workloads. Outcompeting several legacy and new-gen vendors, Rubrik was recognized for delivering comprehensive cyber resilience across every workload. With Rubrik, this customer can consolidate a fragmented environment of 400+ legacy backup policies into a single unified platform. Second, a Global 2000 insurer chose Rubrik this quarter to displace a legacy incumbent and native cloud backup across their full enterprise footprint, including on-premises and cloud workloads. Rubrik was selected for our single pane of glass across all key workloads and for our ability to deliver demonstrable cyber recovery readiness, unmatched by incumbent and competitive alternatives. The cyber resilience market is consolidating around platforms, not point solutions. When CIOs and CSOs rationalize their vendor portfolios, Rubrik wins because we deliver complete cyber resilience across on-premises, sovereign, cloud, SaaS, and identity in a single unified architecture. This is because Rubrik is built on the principle of complementary network effects. What that means is, every new product we build makes every other product on the platform more powerful. When a customer adopts Rubrik, they are not just buying a solution, they are stepping into an ecosystem. For example, when a Rubrik data protection customer adopts Rubrik's Identity Resilience product, they not only achieve cyber resilience across data and identity, but also gain a complete understanding of the blast radius and characteristics of a cyber attack across data and identity through the Rubrik platform. This is the additional platform value. Customers do not simply use Rubrik, they rely on it to deliver resilient, minimal viable business. The more they use it, the more indispensable it becomes. That is the value creation that endures. Now let's talk about our identity business. Our identity solutions continue to gain momentum as the rise in identity-based attacks has increased the need to protect both data and identity simultaneously. Identity continues to be highly successful in garnering budgets from CSOs, extending Rubrik beyond our traditional CIO and CTO buying personas. We have been rapidly disrupting the identity protection market with our identity recovery and resilience products. In fact, our identity business grew 38% sequentially quarter-over-quarter to reach over $50 million in subscription ARR in Q1. Let me give you a representative identity win. A large U.S. agricultural organization and existing Rubrik customer expanded into Identity Resilience this quarter. They added Entra ID and Okta protection after a ransomware attack on their Active Directory environment. That attack created significant operational downtime and financial loss, while also exposing critical cyber resilience gaps. The customer chose Rubrik's Identity Resilience as the cornerstone of their identity modernization initiative. Now, let's talk about how Rubrik accelerates trusted AI transformation with Rubrik Agent Cloud. As we have said before, while agents promise 100 times more productivity, they also introduce 100 times more risk. Agents breaking existing controls, agents tricked into leaking confidential information, agents deleting entire code bases. These kinds of events are becoming more common. If agents assume your identity, access your sensitive data, and take real-world action, who governs them? It's clear that while AI gives you a better, faster car, you need an intelligent, autonomous driving system for control to steer, change lanes, and brake safely. We believe enterprises need a comprehensive AI operations platform that can dynamically monitor, control, and remediate agentic actions. You need to have visibility into what agents, sanctioned or unsanctioned, exist in your environment and what they are doing. You also need real-time guardrails to dynamically authorize agentic interactions that comply with your company's policies and industry regulations. If agents get compromised or hallucinate, you need a rewind button to undo destructive actions. That is why we designed Rubrik Agent Cloud, the comprehensive AI operations platform. This is the intelligent autonomous driving system that we provide so customers can safely drive fast with AI agents. Our Predibase acquisition, which developed a LLM fine-tuning and inference serving platform, provides the AI firepower required to dynamically govern agentic interactions. This technology underpins our Semantic AI Governance Engine, or SAGE, which is the industry's first AI governance engine purpose-built to guardrail autonomous agents in real time. By leveraging AI to control agentic work, agents can't leak sensitive data, can't say the wrong thing, and can't take the wrong action. AI controlling AI agents is key. We believe that understanding intent is critical to controlling probabilistic agents at scale. In just one quarter of selling, we are already seeing early POCs convert to production deployments. The next example is a critical evidence of the customer interest in this product. A U.S. financial services firm, an existing Rubrik customer, committed to Rubrik Agent Cloud this quarter, moving from AI experimentation to full production deployment across AWS Bedrock and Microsoft Copilot. The customer chose RAC for its unified visibility and monitoring of AI agents across all platforms, policy-based guardrail controls, and ability to rewind and remediate agent actions, which they identified as the essential capability for scaling AI safely in a regulated environment. In closing, I leave you with three takeaways. First, Rubrik is winning the cyber resilience market across data and identity. In the age of Mythos and frontier AI models, cyber resilience is paramount for cybersecurity, which is why thousands of customers rely on our unique architecture and platform depth. Second, we continue to grow while the competition has stalled. Our unique solution at the convergence of data, identity, and AI positions us to solve cyber resilience across all three domains. Third, we are establishing Rubrik as the data and identity infrastructure platform for the AI era, with a platform for agentic operation and resilience that no competitor can match. While the world is going through the AI transformation, we are steadfast in helping our customers embrace that transformation with a greater degree of confidence. That is why we are extremely optimistic about the future of Rubrik. Having said that, thank you to all our shareholders for your trust. We are just getting started in this new era. We look forward to seeing some of you at our Analyst Day on June 10th in Las Vegas, where we'll unpack our vision for agentic cyber resilience. Lastly, to the entire Rubrik team, thank you. Your work made these results possible. I couldn't be happier with our first quarter results, and I'm excited about what's ahead. With that, I'm pleased to pass it to our Chief Financial Officer, Kiran Choudary. Thank you, Bipul. Good afternoon, everyone, and thank you for joining us today. We had a strong Q1, exceeding all of our guided metrics and demonstrating continued execution in the large and growing cyber resilience market. We are pleased with our solid start to fiscal year 2027 and are raising our outlook for the year. Let me start by briefly recapping our first quarter fiscal 2027 financial results and key operating metrics. Then I'll provide guidance for the second quarter and full year fiscal 2027. All comparisons, unless otherwise noted, are on a year-over-year basis. We are very pleased to have ended Q1 with subscription ARR of $1.57 billion, growing 32% year-over-year. We added $103 million in net new subscription ARR, a record for Q1. Continued adoption of Rubrik Security Cloud resulted in $1.39 billion of cloud ARR, up 43%. We are at the tail end of our cloud transition, with cloud ARR now representing 89% of subscription ARR as of Q1. We did not see a material impact to our business from rising hardware costs or supply constraints. As a reminder, we are in the business of selling software either in the cloud or self-hosted. Moving along, our differentiated land and expand model benefits from multiple avenues to gain new customers and grow our footprint after the initial contract. Expansion occurs through data growth in existing applications, securing more applications or identities, adding more security products, or adding Rubrik Agent Cloud. As a result, we continue to see a strong subscription net retention rate, approximately 120% in the first quarter. We are very proud of the high customer retention and expansion dynamics of our business. All vectors of expansion are healthy contributors to our NRR, highlighting the meaningful runway we have to more deeply penetrate our customer base. We ended the first quarter with 2,946 customers with subscription ARR of $100,000 or more, up 24%. These larger customers now contribute 88% of our subscription ARR, continuing to grow as we become an increasingly strategic partner to our enterprise customers. Customers with subscription ARR of $1 million or more grew over 50%. For our first quarter, subscription revenue was $374 million, up 41%. Total revenue was $387 million, up 39%. Revenue in Q1 primarily benefited from our strong ARR growth. Material rights related to our cloud transformation contributed approximately $8.5 million to revenue in the quarter, a substantial reduction compared to the prior quarter, reflecting the near completion of our cloud transition. Revenue normalized for material rights increased 43%. Turning to the geographic mix of revenue from the Americas grew 38% to $279 million. Revenue from outside the Americas grew 43% to $108 million. Before turning to gross margins, expenses, and profitability, I would like to note that I'll be discussing results on a non-GAAP basis going forward. Our non-GAAP gross margin was 82.9% in the first quarter, compared to 80.5% in the year ago period. Our gross margin benefited from the revenue outperformance, greater efficiency in our cloud hosting costs, and the improved productivity of our customer support organization. As a reminder, we look at subscription ARR contribution margin as a key measure of operating leverage. We believe the improvement in our subscription ARR contribution margin demonstrates our ability to drive operating leverage and profitability at scale. Subscription ARR contribution margin was 13.2% in the last 12 months ended April 30th, compared to 8% in the year ago period, an improvement of over 500 basis points. The improvement was driven by higher sales, the benefits of scale, and improving efficiencies and cost management across the business. Free cash flow was $74 million compared to $33 million in the first quarter of fiscal 2026. The increase was driven by higher sales and improved operating leverage. Turning to our balance sheet, we ended the first quarter in a strong cash position with $1.7 billion in cash equivalents, restricted cash, and marketable securities, and $1.1 billion in convertible debt. Let me now provide some context on our guidance. We are confident in our outlook fueled by our robust cyber resilience market, our differentiated technology platform, and the scaling of our Identity Resilience and Rubrik Agent Cloud offerings. This momentum, coupled with our consistent and effective execution, positions us to achieve strong subscription ARR growth ahead. We plan to continue making operational investments across two key areas. First, we will continue to invest in R&D to accelerate innovation in the large but developing markets of data, security, and AI. Second, we will invest in our go-to-market, specifically targeting regions and verticals that offer the most attractive ROI. These go-to-market investments will also focus on scaling our newer innovations, including our Identity Resilience platform and Rubrik Agent Cloud. Turning to our guidance for the second quarter and full year fiscal 2027. In Q2, we expect revenue of $395 million-$397 million, up 27%-28%. We expect material rights related to our cloud transformation to contribute $3 million-$4 million to revenue in Q2. We expect non-GAAP subscription ARR contribution margins of 11%-12%. We expect non-GAAP EPS of $0.03-$0.05 based on approximately 224 million weighted average shares outstanding. For the full year FY 2027, we expect subscription ARR in the range of $1,854 million-$1,862 million, reflecting a year-over-year growth rate of approximately 27%. We expect total revenue for the full year FY 2027 in the range of $1,638 million-$1,648 million. As a reminder, in FY 2027, the substantial reduction in material rights revenue will represent a meaningful headwind to our reported revenue growth. We expect material rights related to our cloud transformation to contribute approximately $17 million to revenue for the full year. Revenue growth normalized for material rights is expected to outpace our subscription ARR growth rate. As we have communicated, subscription ARR is the primary top-line metric to evaluate our business performance, as it is not impacted by accounting dynamics related to our cloud transformation. In terms of profitability, we will continue to stay focused on taking advantage of the market opportunity in cybersecurity and AI while balancing growth with improved efficiency. Based on our current investment plans, we expect non-GAAP subscription ARR contribution margins of approximately 14% for the full year fiscal 2027. We expect non-GAAP EPS of $0.25 - $0.35 based on approximately 228 million weighted average shares outstanding for the full year. We expect free cash flow of $293 million - $303 million. As always, we have included additional modeling notes in our investor presentation. In closing, we are pleased with our strong start to fiscal year 2027 and remain confident in our ability to deliver durable and efficient growth as the market leader in cyber resilience. We look forward to sharing more about our opportunity and strategy at our upcoming Analyst Day at our FORWARD user conference. With that, we'd like to open up the call for any questions. We will now begin the question -and -answer session. We ask that you please limit yourself to one question. If you would like to ask a question, please press star one to raise your hand, and to withdraw your question, press star one again. For optimum sound quality, please pick up your handset when asking a question, and if muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Saket Kalia with Barclays. Your line is open. Please go ahead. Okay, great. Hey, guys. Thanks for taking my question here. I'll keep it to one. Bipul, maybe for you. Can you just dig a little bit more into how the dynamics of the hardware market are potentially impacting customer buying behavior in the cyber resilience market? It's just been such a key question through the quarter. I'd love to get your perspective so we're all on the same page. Thanks, Saket. Good to hear from you. To start with, Rubrik has no real impact from the hardware market dynamics. As you might reckon, Rubrik is a software company, and moreover, the enterprise data protection part of our business is a relatively smaller part of our business now that we have cloud, SaaS, identity, M365, and number of other solutions that Rubrik sells. If you look at our customers, they are holistically looking at cyber resilience across all these platforms because cyberattacks are not choosing just the data center or just the cloud. We sell a comprehensive solution, and as a software company, again, Rubrik has no real impact on the hardware dynamics. Just to add for what Bipul said, Saket, I want to reemphasize that this is the same message as of last quarter too, no material impact, and the sales cycles over the past few quarters have been stable, even with this dynamic in the broader environment. We remain confident on our outlook based on what we see in our pipeline and our multi-product platform motion. Super helpful, guys. Thank you. Your next question comes from Matt Martino with Goldman Sachs. Your line is open. Please go ahead. Hey, good afternoon. Thank you guys for taking the question. Bipul, you've described a world where AI makes everything more dangerous, more data, more agents, more surface area to cover. If that's the arc, does cyber resilience become a bigger line item in the enterprise over the next couple of years? Does Rubrik's role start shifting from an insurance policy to something more central to how companies actually run? Curious to see how resilience is evolving as the enterprise goes fully agentic. Thank you. Thanks, Matt. What I'll say is cyber security strategy has moved from being a prevention detection-oriented strategy to squarely now as a cyber resilience strategy. What Mythos and other frontier AI models have done, they have accelerated this transformation because with Mythos, cyber detection is almost impossible. As soon as intrusion happens, breach will happen. As Gartner also sent out note to all the clients that the real answer to Mythos is a cyber resilience is a must. Preemptive technologies have to be explored, both for patching as well as cyber recovery. If you look at Rubrik, call it vision, call it luck, call it right time, right place. Two years ago, we launched something called Preemptive Recovery Engine, which does all the work of cyber recovery in the peacetime before attack happens, so that when attack happens, you are ready to recover at AI speed. In this new era of AI, Mythos, and AI-powered attacks, recovery at AI speed is critical, and Rubrik has a unique technology to deliver that for our customers. In fact, our vision is attacks will be continuous, and recovery has to be continuous. At any given point in time, you have to be ready to recover at AI speed. That's what our Preemptive Recovery Engine delivers. That's what we are educating our customers on. If you just look at what has happened post-Mythos, I have personally done 140 CIO and CISO meetings in the last quarter. That is up 50% sequentially quarter-over-quarter. Cyber Resilience is the only cybersecurity strategy that is viable for the AI era. We created the Cyber Resilience category, and we are taking our customers on this agentic Cyber Resilience journey. Thank you. Very clear. Thank you, Matt. Your next question comes from Brad Zelnick with Deutsche Bank. Your line is open. Please go ahead. Oh, great. Hey, guys. Congrats on a really nice start to the year. Bipul, my question for you, and I know we're going to dive into it next week at FORWARD, so I'm looking for the expanded version, but maybe just for today, and it speaks to a lot of the comments you've already made. We've heard competing claims from vendors across the security and IT stack over who has the right to win as the AI control plane. Why does Rubrik stand to be a leader in this category against vendors like ServiceNow, for example, where we've heard convincing arguments that agentic control is a CMDB problem at its core? Thanks, Brad. Here is what I'll tell you. Delivering a comprehensive agentic security and resilience requires a comprehensive platform. Just doing observability on agents is not enough. Just doing posture management on identity for agents is not enough. Just doing real-time, runtime, agentic security guardrail is not enough. When all of these things fail, you need to also deliver fundamental Agent Rewind, so that you can bring your systems back into a clean state and continue operating with other agents. Rubrik has a comprehensive platform to deliver to each one of these aspects, from monitoring to security controls, real-time security, to Agent Rewind. We believe that we have the most comprehensive solution to sell in this marketplace, and that's why we are seeing strong customer interest in our Rubrik Agent Cloud solution. Let me give you an example. A financial services company adopted Rubrik Agent Cloud this past quarter. This particular company was very slow in adopting AI because of their concerns around compliance, governance, and security. Moreover, they were worried about, what if the agent bypasses all of this and does real damage? How do I bring the systems back into order? With Rubrik Agent Cloud, we deliver not only the fastest way and safest way to deliver security and compliance rollout, but with Rubrik Agent Rewind, they saw this as a must-have capability that should the agent skip those steps because of hallucination or otherwise, they have peace of mind that they can also deliver Agent Rewind. I will repeat, Rubrik delivers monitoring, guardrail, and security for runtime, as well as Agent Rewind. We have the most comprehensive solution in the marketplace, unmatched by any other vendor. Very, very clear. Thank you for that, Bipul, and look forward to seeing you out in Vegas. Thanks. Thank you, Brad. Your next question comes from John DiFucci with Guggenheim Securities. Your line is open. Please go ahead. Thank you. Nice job on this. I don't always say that, but really, your results here were strong and subscription ARR was what we thought you could do, which is the scenario we think maybe they can do it. However, the mix was different than we thought we'd see, with on-prem better than what we expected and cloud a little bit below what we expected. I was just wondering if you could talk about the dynamics of that and how we should think about it going forward. Sure, John. That's good. I can take that. Overall, we're very pleased with the quarter. You saw the results. Pleased with both the cloud portion as well as the non-cloud portion. This quarter, we were at 89% cloud. I think if you're looking at the growth rates for cloud ARR year-over-year, one thing I just want to remind, that now we are nearing our end of our transition. Last Q1, we had 82% cloud as percent of sub-ARR, we are 89%. If you actually back out the migrations, we actually grew cloud ARR a little bit faster than subscription ARR. It was a very strong quarter. At the same time, non-cloud ARR also grew. You would've seen that on a dollar basis, that's because we are nearing the end of our migrations as well. We had a strong quarter there as well. Just wanted to clarify that. That's actually really helpful, Kiran. Thank you for reminding us of that. Same question. On the non-cloud stuff, as we think of that going forward, how should we think about that? Thank you. When we talked about it the past few quarters, there were declines quarter-over-quarter as the migrations were still continuing, but we had talked about a time at some point it stabilizes, and then there is growth from there. There's a very small but meaningful business there of selling our software to customers who are self-hosted, especially in the three-letter agencies, government, as well as regulated industries. We are at that point right now where we expect it to grow, but obviously there could be some quarter-to-quarter variance. There's a little bit of migrations left as well. Generally, I would say over the multi-quarter period, the trend line is upward. Great. Thank you. One thing I'll add to this, John, is what we are seeing also is an interest in Europe and Middle Eastern countries around sovereign infrastructure. Which is nothing but an environment that is controlled by the customer, and call it as a non-cloud solution. If that trend continues because of geopolitics, data locality, sovereignty, we might see, again, increase in non-cloud portion. As Kiran said, it'll first stabilize, and then it might grow. All really helpful. Thank you very much, and nice job, guys. Thanks, John. Thanks, John. Thank you. Your next question comes from Eric Heath with KeyBanc Capital Markets. Your line is open. Please go ahead. Great. Thanks for taking the question. I wanted to maybe follow up on Brad's question in a slightly different way. Bipul, the early customers that are adopting the Rubrik Agent Cloud, who are you competing with there? As Brad kind of alluded, there's lots of vendors coming at this from every angle trying to secure agents, whether that's the identity endpoint or elsewhere. Just curious what that competitive landscape is and why the Rubrik angle is resonating with customers thus far. No, it's a really insightful question. Whenever a new market or area starts, you have lots of different approaches that people bring. As Brad mentioned, you have larger companies that are coming into this market from observability angles. You have starters coming into this market from identity angle. You have companies starting in this market through just giving the posture management, or some companies are looking at it from the shadow IT perspective. What we are hearing consistently from our customers is that they do not want point solution. They do not want to stitch together five solutions to create full agentic security. It is not dissimilar to what happened in the cloud security. Remember in the cloud security, you had five or six different companies coming in with five or different parts of the market, Palo Alto and later Wiz consolidated with a platform solution end-to-end. We believe that from observability to identity posture, to real-time security, to the Rewind, which is undoing of the agentic action that is not desirable, has to be delivered in a single platform in an end-to-end solution. That's where we see our unique advantage because of the predibase acquisition. We have the best runtime AI guarding agent solution combined with Rewind, which is our heritage in the Rubrik backup, plus the observability through our proxy and gateway. We believe that we have the most comprehensive solution. Because of our comprehensive nature of the solution and end-to-end security compliance plus Rewind, we are winning deals. Thanks for the understanding. Thanks, Bipul. Thank you, Eric. Your next question comes from Gregg Moskowitz with Mizuho. Your line is open. Please go ahead. Great. Thank you very much, and nice job on the quarter. Bipul, this is perhaps not a very easy question to answer, but you have two really exciting initiatives with identity recovery and resilience, and of course, Rubrik Agent Cloud. If you were to look out over the next two to three years, which opportunity do you personally think is the larger one for Rubrik? Obviously, AI market is going to be very, very massive. Rubrik Agent Cloud is the linchpin for our customers to succeed in delivering trusted agents at a scale. That is definitely a massive opportunity. Having said that, identity is both a risk and enabler to enterprise agents because identity-based attacks have become the norm, the number one attack vector. Should an agent get compromised, you have massive insider attack. Identity is paramount. On the other side, identity and data interaction is core to agentic security because agent assume identity and take autonomous action on sensitive data. That is the reason that we believe Rubrik is uniquely positioned to win in this market, because Rubrik's heritage is data. Now with identity, particularly Identity Resilience, both posture and recovery, we have created over $50 million ARR business in just four or five quarters. We grew 38% sequentially between Q4 and Q1. Q1 typically is the start of the fiscal year. Because of this data and identity strongholds that Rubrik has, it uniquely positions us with the previous acquisition to create this platform. We are very excited about both of these opportunities. They are intertwined. They reinforce each other. It actually enables us to have conversation outside of our traditional core, which is CTO and CIO organization, to have conversations with CISO organizations, with identity teams. As you know, agentic rollout and security and compliance also sits at the intersection of CTO and CISO organizations. In many ways, we are positioned with our buyer in the right way. We have the right platform and technology to deliver the solution in the right way. Most importantly, we have the most comprehensive platform for our customers to do end-to-end agentic security compliance as well as rewind. Really helpful perspective. Thanks for that, Bipul. Thank you, Gregg. Your next question comes from Jason Ader with William Blair. Your line is open. Please go ahead. Yeah. Thank you. Good afternoon. For Rubrik Agent Cloud, can you talk about the sales strategy there? Is it mostly cross-sell? Is it a lot of new customers? Is there an overlay organization? Just wondering, is this the same kind of sales reps that are selling Agent Cloud as are selling the Security Cloud? Jason, as you might recall, Rubrik has two teams to take our products to market. One we call forward team, and their job is to amplify our current successes. Then we have a lateral team that incubate new products into the marketplace and scale it before handing it over to the forward team. We have incubated data security products, our enterprise edition through this team, M365 through this team, cloud security through this team, Identity Resilience through this team, and now the same team is actually taking the Rubrik Agent Cloud into the market. This is a separate team. They actually take new products, figure out the product market fit, figure out the messaging, get the initial customer scale, and that's the team that is focused on selling Rubrik Agent Cloud because lingo is different. Again, what customers are buying this product for, the use case is different. Many customers are interested in this product that is outside of the Rubrik core customer base. Many of our existing customers are interested in this product. This is a very exciting time for this team. Again, new product, early go to market, but there is a significant interest and market awareness that without a proper agent security governance rewind platform, they can't really roll out agent with the proper permission without the confidence. Thank you. Thank you, Jason. Your next question comes from Todd Coupland with CIBC. Your line is open. Please go ahead. Yeah, good evening, everyone. I had an Agent Cloud go-to-market question as well. To augment your incubator team, can you imagine creating partnerships with some of the larger players in this market to accelerate enterprise take-up? On top of that, will this take as long, or will it be shorter to get to that $50 million mark that you saw on the identity side? Thanks a lot. Thank you, Todd. Let me start with this question. Obviously, what we are doing is to discovering all the agents that exist in the enterprise environment. For that, we actually integrate with platforms such as Bedrock, Microsoft Copilot Studio, Google, and other platforms. Definitely, we believe that there's an opportunity for a deeper partnership and go to market together across all of that. We really want to build an ecosystem because we have a platform play. We are not just doing one thing, but we are creating a comprehensive solution, and it is important to have this full partnership end to end. In terms of how fast it will go, I can't predict the future. We are very excited about this opportunity. We see a market, again, demand for such a product, and we are pushing as hard as possible. Thank you, Todd. Next question. Your next question comes from Junaid Siddiqui with Truist. Your line is open. Please go ahead. Great. Thank you for taking my question. Bipul, as Rubrik expands beyond backup into data security, governance, and AI trust, how do you think about moving further up the security stack in a way that is differentiated from established security vendors, particularly in areas like identity, data security posture, and threat response? What specific capabilities or outcomes allow you to displace or win alongside those vendors, rather than just merely augment them? Thank you, Junaid. Rubrik, our approach has always been that we want to be a resilience platform. We are not a prevention and detection solution. We partner with CrowdStrike, we partner with Palo Alto Networks, we partner with Okta, and all of the players that are in the business of doling out identity or preventing and detecting attacks. We believe that the cyber resilience is a much bigger opportunity because, again, Mythos and AI models are proving that resilience against the AI attacks and resilience against the agentic compromise. These two are very, very large problems to be solved, and Rubrik is uniquely positioned to solve these problems. We'll continue to focus on resilience, both against AI attacks as well as agentic compromise or overreach, and we'll continue to build solutions around it. Partner with, again, as I said, prevention, detection, identity infrastructure companies to ensure that our customers have an end-to-end solution so that they're not having a fragmented experience. Thank you. Thank you, Junaid. Your next question comes from Keith Bachman with BMO. Your line is open. Please go ahead. Hi, many thanks and congratulations on the result. Bipul, I wanted to go back to the supply chain if I could. I understand your answer is that you're not impacted by the cost of servers or storage media, and that you're not in that business. When customers like the Bank of Montreal think about deploying Rubrik, it is part of the total cost of ownership. For instance, you can deploy on Dell servers, and servers have doubled in price. When I think about storing on the cloud, HDDs, flash, and DRAM have all increased by 100% or close thereabout. That is a cost that's borne by the solution. When you say you're not impacted by it, is it because that, if we exclude servers even, is it because you have contracts in place where you're not exposed to those costs? Is it because it's a relatively small part of the total cost of ownership? I'm just trying to flush out why, in some ways, it isn't impacting. Is it a timing issue, or you think it's a permanent thing whereby Rubrik won't feel the consequences, so to speak, of, in particular, the cost of storage media? First of all, our customers, if they are actually buying Rubrik for their data center enterprise data protection, then they are exposed to the server cost. Outside of it, they're not exposed because they are now consuming cloud and cloud service, and they have long-term contracts. We never take the ownership of the data in the cloud environment, unless they have a SaaS application where they don't have the infrastructure to store data. We are purely delivering our solution in the cloud, in the customer's own environment, and the customer's own environment within their data center. Many of our customers have long-term contracts with server vendors, and we are not mandating a crazy configuration. It fits into their own configurations that they purchased in the past or will purchase in the future. As well as the data center is a relatively smaller part of our business because we have now so many different solutions. If you think about it, our customers are buying Rubrik solution on AWS, Azure, GCP. They're buying M365. They're buying Google Workspace. They're buying identity solution, Okta. They're buying Active Directory, Entra ID. Rubrik now has such a comprehensive platform. We are not like Rubrik of 10 years ago, which we were purely in the data center because our customers were in the data center. Given all the dynamics, given that we are a software company, given that our customers have contracts with the server manufacturer, or they are in the cloud and both places they have long-term contracts, the impact for us is immaterial. That's why we believe that we are confident about our execution and how we are going to deliver this year. Here is the most important thing. We are selling cyber resilience. Cyber resilience is not a discretionary purchase. You have to be in the business first and foremost to be even able to adopt AI. Cyber resilience is an higher priority for the customer than adopting AI, because everybody's worried about I remember talking to a very large transportation company CEO, and his first thing was that the cybersecurity is the number one business risk for me. This is a number one business risk for almost every business. Every board is asking that, can you recover from a cyber attack? What's your bounce back plan? It's not a discretionary product. It's the highest priority. If you look at all things combined, that's why we are confident about our execution. That also demonstrates, if you look at the cybersecurity industry, we deliver the best result in the cybersecurity industry. If you look at our magnitude of net new ARR of $103 million, at our scale, we are unmatched by any company that you see in the cybersecurity industry. That is not an accident. That is purely a result of what we deliver, and we deliver peace of mind to our customers so that they can deploy AI with confidence and also have sleep easy at night because Rubrik is watching for AI attacks. Not watching as in preventing, but watching as in we can bring their business back up and running. That's why we believe we are uniquely positioned to help our customers and continue to grow our business. Okay. Thank you, Bipul. Thank you, Keith. Next question. Your next question comes from Joseph Gallo with Jefferies. Your line is open. Please go ahead. Hey, guys. Thanks for the question. Really appreciate it. You made some sales leadership changes last quarter. I was just wondering if you could talk a little bit more about the go-to-market high level. Any changes expected now that Jesse has been in the seat for three months? Are you still hiring on the sales capacity side? How do we think about leverage in the sales and marketing line going forward? Thank you. Jesse has settled very well, as you can see from the results of our first quarter. There's no changes that we anticipate in our sales leadership under Jesse. The team has settled well. We are executing in high resonance. Again, we are opportunistic in terms of ROI. If we see opportunity to increase sales capacity in markets where we see high ROI, we're definitely looking to invest. One thing that we are mindful is we want to grow, and we want to take advantage of this market opportunity, but not take the approach that grow at all cost. If you look at our cash flow and how responsibly we are managing our business while generating a very high top-line growth, it demonstrates the discipline and controls that we are applying in our business to create a long-term profitable growth business. Thank you. Your next question comes from Jim Fish with Piper Sandler. Your line is open. Please go ahead. Hey, guys. This is Tim on for Jim Fish. I just was hoping that you could speak to a little bit about what you're seeing in terms of the demand pipeline, now you're really only kind of raising guide by about twice of what the first quarter upside was, which is what you've done historically. Any color on what you're seeing in the demand pipeline would be helpful. Thank you so much. We are definitely seeing strong demand for cyber resilience in the marketplace. We are also seeing stronger demands for the agent security and governance in the marketplace. Also Mythos and what has happened with frontier models, it has brought the awareness onto cyber resilience. As I said, we are seeing increased number of meetings and increased customer interest and understanding of how they can keep their businesses up and running when you have these models that can actually find toxic combination of vulnerability through reasoning and chaining, and do attack very fast at AI speed. Because of all of that, this is one of the reasons that we have increased our outlook for the year. We have raised our outlook for the year because we are confident about the market demand and confident about our execution, and we are feeling great about finishing the year strong. Thank you. We have reached the end of the Q&A session. I will now turn the call back to Bipul Sinha, CEO, for closing remarks. In closing, I'll say thank you so much to all our investors and our analyst friends for their continued support for Rubrik. We see tremendous opportunity in a world where AI is attacking us and AI is also increasingly running our business processes. The demand and the need for cyber resilience, both against AI attacker as well as agentic compromise, have never been higher. All of us Rubrikans are hard at work to deliver innovation on behalf of our customers at rapid speed. We are looking at both organic and inorganic opportunities in terms of teams, product, technology to add onto our platform to accelerate the roadmap for our customers. This is the most exciting time for Rubrik. Everything that we envisioned in terms of cyber resilience and this AI agentic world is coming to fruition. We were ahead of the market in terms of Preemptive Recovery Engine and thinking through what it means to deliver cyber resilience in this era where attack detection and attack prevention is near impossible. We are, again, very encouraged by our customers' interest in Rubrik's product. Many customers are coming in our direction. We have a very exciting user conference coming up in FORWARD. I'm looking forward to seeing lots of you there. Thank you again for your continued support. We are just getting started. Go Rubrik. This concludes today's call. Thank you for attending. You may now disconnect.