Rubrik is flying right now

Rubrik released Q1 Numbers….. And they’re really good.

tldr;

• 54% ARR Growth

• 120% NRR

• 27 Month CAC Payback

• 120 Rule of X

• 12% FCF Margin

• $332K ARR Per Employee

Rubrik is flying at the moment.

Just listen to these YOY growth rates for the last 6 quarters.

61%, 59%, 50%, 55%, 54%, 54%

They added about $375M in net new ARR over the last 12 months

That takes them to over $1B in ARR.

They spent about $658M on S&M to generate that growth over the last 12 months.

That gives them CAC payback of 27 months over the last 12 months.

As a percentage of revenue they spent a shitload on S&M.

In Q1 this came in at 61% of revenue.

If you can believe it that's actually down over the last few quarters

It got as high as 74% of revenue in Q4 of 23.

One of the key contributors to this high growth rate is their NRR.

That came in at 120% for Q1.

This is significantly higher than the median of the basket of companies that we track.

Some other metrics of note:

FCF margin of 12% in Q1

$332K in ARR per employee

Rule of X of 120

Still running big operating losses.

That came in at $93M for the quarter or about 33% of revenue

So Rubrik is bucking the trend in a lot of ways.

Really high growth rates.

High NRR.

Big operating losses.

They're trading at $18B or about 17X Q1 ARR