Rubrik Reports Third Quarter Fiscal Year 2025 Financial Results

05 Dec

Subscription ARR grew 38% year-over-year to $1,002.3 million
Revenue grew 43% year-over-year to $236.2 million
2,085 customers with $100K or more in Subscription ARR, up 32% year-over-year
Results exceeded all guided metrics and full year guidance raised

PALO ALTO, Calif. December 05, 2024 — / BackupReview.info / — Rubrik, Inc. (NYSE: RBRK), the Zero Trust Data Security™ company, today announced financial results for the third quarter of fiscal year 2025, ended October 31, 2024.

“We’re incredibly proud to have surpassed $1 billion in Subscription ARR, growing 38% year-over-year. This is a significant milestone achieved in just over 10 years since the company was founded. Our strong growth at scale shows that we’re winning the cyber resilience market and we’re excited to continue to execute on this new vision to define the future of the cybersecurity industry,” said Bipul Sinha, Rubrik’s Chief Executive Officer, Chairman, and Co-Founder.

Commenting on the company’s financial results, Kiran Choudary, Rubrik’s Chief Financial Officer, added, “We had another strong quarter, outperforming expectations across all metrics. In addition to strong growth, our Subscription ARR Contribution Margin was up over 1,100 basis points year-over-year, and we generated positive free cash flow. These results demonstrate our ability to drive growth at scale with improving efficiency.”

Third Quarter Fiscal 2025 Financial Highlights

Subscription Annual Recurring Revenue (ARR): Subscription ARR was up 38% year-over-year, growing to $1,002.3 million as of October 31, 2024.
Revenue: Subscription revenue was $221.5 million, a 55% increase, compared to $143.4 million in the third quarter of fiscal 2024. Total revenue was $236.2 million, a 43% increase, compared to $165.6 million in the third quarter of fiscal 2024.
Gross Margin: GAAP gross margin was 76.2%, compared to 79.6% in the third quarter of fiscal 2024. This includes $6.0 million in stock-based compensation expense, compared to $0.1 million in the year ago period, due to the vesting of certain equity awards after and as a result of the completion of our initial public offering. Non-GAAP gross margin was 79.2%, compared to 80.1% in the third quarter of fiscal 2024.
Subscription ARR Contribution Margin: Subscription ARR Contribution Margin was (3)% compared to (14)% in the third quarter of fiscal 2024, reflecting the improvement in operating leverage in the business.
Net Loss per Share: GAAP net loss per share was $(0.71), compared to $(1.41) in the third quarter of fiscal 2024. GAAP net loss includes $92.5 million in stock-based compensation expense, compared to $0.7 million in the year ago period, due to the vesting of certain equity awards after and as a result of the completion of our initial public offering. Non-GAAP net loss per share was $(0.21), compared to $(1.39) in the third quarter of fiscal 2024.
Cash Flow from Operations: Cash flow from operations was $23.1 million, compared to $6.9 million in the third quarter of fiscal 2024. Free cash flow was $15.6 million, compared to $3.5 million in the third quarter of fiscal 2024.
Cash, Cash Equivalents, and Short-Term Investments: Cash, cash equivalents and short-term investments were $632.0 million as of October 31, 2024.

Recent Business Highlights

As of October 31, 2024, Rubrik had 2,085 customers with Subscription ARR of $100,000 or more, up 32% year-over-year.
Announced Rubrik Data Security Posture Management (DSPM) for Microsoft 365 Copilot to provide greater visibility and control of sensitive data, reduce the risk of exposure, and empower organizations to quickly and securely adopt Copilot.
Announced support for Red Hat OpenShift Virtualization on Rubrik Security Cloud. General availability is expected in early 2025.
Announced a partnership with Pure Storage to offer organizations a complete cyber resilience stack. This partnership combines the strengths of Pure Storage FlashArrayTM, Rubrik Security Cloud, and Pure Storage FlashBlade® to secure data and minimize downtime.
Announced an integration with Okta’s Identity Threat Protection to help organizations identify user risks associated with sensitive data access and safeguard more effectively against identity attacks.
Hosted Rubrik’s Healthcare Summit, the company’s first industry summit in its history. This event highlighted customer case studies, the continuity of patient care during cyber incidents and the introduction of the Rubrik Security Cloud Healthcare Dashboard for Epic.
Named the 2024 Entrepreneurial Company of the Year by the Harvard Business School (HBS) Association of Northern California. Rubrik will join the ranks of past recipients, including Adobe, AWS, Cloudflare, Facebook, NVIDIA, and Salesforce.

Fourth Quarter and Fiscal Year 2025 Outlook

Rubrik is providing the following guidance for the fourth quarter of fiscal year 2025 and the full fiscal year 2025:

Fourth Quarter Fiscal 2025 Outlook:
- Revenue of $231.5 million to $233.5 million.
- Non-GAAP Subscription ARR contribution margin of approximately (3)% to (2)%.
- Non-GAAP EPS of $(0.41) to $(0.37).
- Weighted-average shares outstanding of approximately 187 million.
Full Year 2025 Outlook:
- Subscription ARR between $1,057 million and $1,061 million.
- Revenue of $860 million to $862 million.
- Non-GAAP Subscription ARR contribution margin of approximately (3)% to (2)%.
- Non-GAAP EPS of $(1.86) to $(1.82).
- Weighted-average shares outstanding of approximately 154 million.
- Free cash flow of $(45) million to $(39) million, including $22.8 million in employer payroll taxes due to the vesting of certain equity awards in connection with our initial public offering.

Additional information on Rubrik’s reported results, including a reconciliation of the non-GAAP results to their most comparable GAAP measures, is included in the financial tables below. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Rubrik’s results computed in accordance with GAAP. For example, stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of Rubrik’s Class A common stock, and Rubrik’s future hiring and retention needs, all of which are difficult to predict and subject to constant change.

Conference Call Information
Rubrik will host a conference call to discuss results for the third quarter of fiscal year 2025, as well as its financial outlook for the fiscal fourth quarter and fiscal year 2025 today at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. Open to the public, analysts and investors may access the webcast, results press release, and investor presentation on Rubrik’s investor relations website at https://ir.rubrik.com. A replay of the webcast will also be accessible from Rubrik’s investor relations website a few hours after the conclusion of the live event.

Rubrik uses its investor relations website and may use certain social media accounts including X (formerly Twitter) (@rubrikInc and @bipulsinha) and LinkedIn (https://www.linkedin.com/company/rubrik-inc and https://www.linkedin.com/in/bipulsinha) as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Forward-Looking Statements
This press release and the related conference call contain express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Rubrik’s financial outlook for the fourth quarter of fiscal year 2025 and full fiscal year 2025, Rubrik’s market position, market opportunities, and growth strategy, product initiatives, go-to-market motions and market trends. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “outlook,” “guidance,” or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond Rubrik’s control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements. Risks include but are not limited to Rubrik’s limited operating history, the growth rate of the market in which Rubrik competes, Rubrik’s ability to effectively manage and sustain its growth, Rubrik’s ability to introduce new products on top of its platform, Rubrik’s ability to compete with existing competitors and new market entrants, Rubrik’s ability to expand internationally and its ability to utilize AI successfully in its current and future products. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended July 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to Rubrik at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Rubrik assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Non-GAAP Financial Measures
Rubrik has provided in this press release financial information that has not been prepared in accordance with GAAP. Rubrik uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Rubrik’s financial results with other companies in its industry, many of which present similar non-GAAP financial measures.

Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with Rubrik’s condensed consolidated financial statements prepared in accordance with GAAP. A reconciliation of Rubrik’s historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation.

Free Cash Flow. Rubrik defines free cash flow as net cash provided by (used in) operating activities less cash used for purchases of property and equipment and capitalized internal-use software. Rubrik believes free cash flow is a helpful indicator of liquidity that provides information to management and investors about the amount of cash generated or used by Rubrik’s operations that, after the investments in property and equipment and capitalized internal-use software, can be used for strategic initiatives, including investing in Rubrik’s business and strengthening its financial position. One limitation of free cash flow is that it does not reflect Rubrik’s future contractual commitments. Additionally, free cash flow is not a substitute for cash used in operating activities and the utility of free cash flow as a measure of Rubrik’s liquidity is further limited as it does not represent the total increase or decrease in Rubrik’s cash balance for a given period.

Non-GAAP Subscription Cost of Revenue. Rubrik defines non-GAAP subscription cost of revenue as subscription cost of revenue, adjusted for amortization of acquired intangibles, stock-based compensation expense, stock-based compensation from amortization of capitalized internal-use software, and other non-recurring items.

Non-GAAP Operating Expenses (Research and Development, Sales and Marketing, General and Administrative). Rubrik defines non-GAAP operating expenses as operating expenses (research and development, sales and marketing, general and administrative), adjusted for, as applicable, stock-based compensation expense, and other non-recurring items.

Subscription Annual Recurring Revenue (“ARR”) Contribution Margin. Rubrik defines Subscription ARR Contribution Margin as Subscription ARR contribution divided by Subscription ARR at the end of the period. Rubrik defines Subscription ARR Contribution as Subscription ARR at the end of the period less: (i) non-GAAP subscription cost of revenue and (ii) non-GAAP operating expenses for the prior 12-month period ending on that date. Rubrik believes that Subscription ARR Contribution Margin is a helpful indicator of operating leverage. One limitation of Subscription ARR Contribution Margin is that the factors that impact Subscription ARR will vary from those that impact subscription revenue and, as such, may not provide an accurate indication of Rubrik’s actual or future GAAP results. Additionally, the historical expenses in this calculation may not accurately reflect the costs associated with future commitments.

Key Business Metrics
Subscription ARR. Rubrik calculates Subscription ARR as the annualized value of our active subscription contracts as of the measurement date, assuming any contract that expires during the next 12 months is renewed on existing terms. Subscription contracts include cloud-based contracts for Rubrik’s subscription offerings and products sold on top of its Rubrik Security Cloud (“RSC”) platform, prior sales of CDM sold as a subscription term-based license with associated support, and standalone sales of Rubrik’s SaaS subscription products like Anomaly Detection (previously known as Ransomware Monitoring & Investigation) and Sensitive Data Monitoring (previously known as Sensitive Data Monitoring & Management).

Cloud ARR. Rubrik calculates Cloud ARR as the annualized value of its active cloud-based subscription contracts as of the measurement date, based on Rubrik’s customers’ total contract value and, assuming any contract that expires during the next 12 months is renewed on existing terms. Rubrik’s cloud-based subscription contracts include RSC and RSC-Government (excluding RSC-Private) and SaaS subscription products like Ransomware Monitoring & Investigation (now known as Anomaly Detection) and Sensitive Data Monitoring & Management (now known as Sensitive Data Monitoring).

Average Subscription Dollar-Based Net Retention Rate. Rubrik calculates Average Subscription Dollar-Based Net Retention Rate by first identifying subscription customers (“Prior Period Subscription Customers”) which were subscription customers at the end of a particular quarter (the “Prior Period”). Rubrik then calculates the Subscription ARR from these Prior Period Subscription Customers at the end of the same quarter of the subsequent year (the “Current Period”). This calculation captures upsells, contraction, and attrition since the Prior Period. Rubrik then divides total Current Period Subscription ARR by the total Prior Period Subscription ARR for Prior Period Subscription Customers. Rubrik’s Average Subscription Dollar-Based Net Retention Rate in a particular quarter is obtained by averaging the result from that particular quarter with the corresponding results from each of the prior three quarters.

Customers with $100K or More in Subscription ARR. Customers with $100K or more in Subscription ARR represent the number of customers that contributed $100,000 or more in Subscription ARR as of period end.

About Rubrik
Rubrik (NYSE: RBRK) is on a mission to secure the world’s data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, and SaaS applications. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked.

Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Revenue
Subscription	$	221,511		$	143,363		$	585,021		$	379,217
Maintenance		4,342			8,979			15,027			31,861
Other		10,325			13,262			28,396			41,801
Total revenue		236,178			165,604			628,444			452,879

Cost of revenue
Subscription		46,486			22,697			166,006			67,538
Maintenance		824			1,398			5,473			5,418
Other		8,836			9,613			35,814			32,033
Total cost of revenue		56,146			33,708			207,293			104,989

Gross profit		180,032			131,896			421,151			347,890
Operating expenses
Research and development		80,050			51,372			451,657			147,400
Sales and marketing		158,907			120,847			706,163			353,824
General and administrative		65,862			24,956			281,248			70,061
Total operating expenses		304,819			197,175			1,439,068			571,285

Loss from operations		(124,787	)		(65,279	)		(1,017,917	)		(223,395	)
Interest income		7,468			2,934			17,688			8,296
Interest expense		(10,310	)		(9,006	)		(31,179	)		(20,711	)
Other income (expense), net		(1,333	)		104			(3,406	)		(1,574	)
Loss before income taxes		(128,962	)		(71,247	)		(1,034,814	)		(237,384	)
Income tax expense		1,948			15,020			5,117			19,277
Net loss	$	(130,910	)	$	(86,267	)	$	(1,039,931	)	$	(256,661	)
Net loss per share attributable to common shareholders, basic and diluted	$	(0.71	)	$	(1.41	)	$	(7.27	)	$	(4.25	)
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted		183,590			61,023			142,985			60,425

Rubrik, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited)

	October 31,			January 31,
	2024			2024
Assets
Current assets
Cash and cash equivalents	$	103,896		$	130,031
Short-term investments		528,081			149,220
Accounts receivable, net of allowances		147,684			133,544
Deferred commissions		85,647			72,057
Prepaid expenses and other current assets		78,383			63,861
Total current assets		943,691			548,713
Property and equipment, net		49,294			47,873
Deferred commissions, noncurrent		124,280			113,814
Goodwill		100,343			100,343
Other assets, noncurrent		51,083			62,867
Total assets	$	1,268,691		$	873,610
Liabilities, redeemable convertible preferred stock and stockholders’ deficit
Current liabilities
Accounts payable	$	9,382		$	6,867
Accrued expenses and other current liabilities		121,164			122,934
Deferred revenue		686,010			526,480
Total current liabilities		816,556			656,281
Deferred revenue, noncurrent		597,233			579,781
Other liabilities, noncurrent		58,998			55,050
Debt, noncurrent		316,991			287,042
Total liabilities		1,789,778			1,578,154

Redeemable convertible preferred stock		—			714,713
Stockholders’ deficit
Preferred stock		—			—
Common stock		—			1
Convertible founders stock		—			—
Class A common stock		2			—
Class B common stock		2			—
Additional paid-in capital		2,202,169			265,494
Accumulated other comprehensive loss		(816	)		(2,239	)
Accumulated deficit		(2,722,444	)		(1,682,513	)
Total stockholders’ deficit		(521,087	)		(1,419,257	)
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit	$	1,268,691		$	873,610

Rubrik, Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited)

	Nine Months Ended October 31,
	2024			2023
Cash flows from operating activities:
Net loss	$	(1,039,931	)	$	(256,661	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		21,542			17,788
Stock-based compensation		827,875			2,284
Amortization of deferred commissions		66,372			56,692
Non-cash interest		29,127			10,117
Deferred income taxes		1,527			1,298
Other		(4,670	)		(1,222	)
Changes in operating assets and liabilities:
Accounts receivable		(14,312	)		13,138
Deferred commissions		(90,428	)		(75,802	)
Prepaid expenses and other assets		(14,291	)		5,861
Accounts payable		3,888			(450	)
Accrued expenses and other liabilities		950			(20,740	)
Deferred revenue		176,982			230,409
Net cash used in operating activities		(35,369	)		(17,288	)
Cash flows from investing activities:
Purchases of property and equipment		(11,296	)		(9,335	)
Capitalized internal-use software		(6,902	)		(6,616	)
Purchases of investments		(641,292	)		(221,602	)
Sale of investments		27,978			7,503
Maturities of investments		243,912			198,379
Payment for business combination, net of cash acquired		—			(90,328	)
Net cash used in investing activities		(387,600	)		(121,999	)
Cash flows from financing activities:
Proceeds from initial public offering and underwriters’ exercise of over-allotment option, net of underwriting discounts and commissions		815,209			—
Taxes paid related to net share settlement of equity awards		(432,512	)		—
Proceeds from exercise of stock options		6,592			3,081
Proceeds from issuance of common stock under employee stock purchase plan		11,064			—
Payments for deferred offering costs, net		(3,545	)		(2,939	)
Proceeds from issuance of debt, net of discount		—			96,525
Payments for debt discount costs		(475	)		—
Payments for debt issuance costs		(233	)		(225	)
Net cash provided by financing activities		396,100			96,442
Effect of exchange rate on cash, cash equivalents, and restricted cash		898			(94	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		(25,971	)		(42,939	)
Cash, cash equivalents, and restricted cash, beginning of year		137,059			140,606
Cash, cash equivalents, and restricted cash, end of year	$	111,088		$	97,667

Rubrik, Inc. GAAP to Non-GAAP Reconciliations (in thousands, except percentages and per share data) (unaudited)

	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Reconciliation of GAAP total gross profit to non-GAAP total gross profit:
Total gross profit on a GAAP basis	$	180,032		$	131,896		$	421,151		$	347,890
Add: Stock-based compensation expense		5,955			48			61,900			58
Add: Stock-based compensation from amortization of capitalized internal-use software		119			15			149			139
Add: Amortization of acquired intangibles		923			753			2,749			753
Non-GAAP total gross profit	$	187,029		$	132,712		$	485,949		$	348,840
GAAP total gross margin		76	%		80	%		67	%		77	%
Non-GAAP total gross margin		79	%		80	%		77	%		77	%

Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
Research and development operating expense on a GAAP basis	$	80,050		$	51,372		$	451,657		$	147,400
Less: Stock-based compensation expense		23,088			191			275,562			994
Non-GAAP research and development operating expense	$	56,962		$	51,181		$	176,095		$	146,406

Sales and marketing operating expense on a GAAP basis	$	158,907		$	120,847		$	706,163		$	353,824
Less: Stock-based compensation expense		27,468			268			301,611			1,030
Non-GAAP sales and marketing operating expense	$	131,439		$	120,579		$	404,552		$	352,794

General and administrative operating expense on a GAAP basis	$	65,862		$	24,956		$	281,248		$	70,061
Less: Stock-based compensation expense		36,016			145			188,802			202
Non-GAAP general and administrative operating expense	$	29,846		$	24,811		$	92,446		$	69,859

Reconciliation of GAAP operating loss to non-GAAP operating loss:
Operating loss on a GAAP basis	$	(124,787	)	$	(65,279	)	$	(1,017,917	)	$	(223,395	)
Add: Stock-based compensation expense		92,527			652			827,875			2,284
Add: Stock-based compensation from amortization of capitalized internal-use software		119			15			149			139
Add: Amortization of acquired intangibles		923			753			2,749			753
Non-GAAP operating loss	$	(31,218	)	$	(63,859	)	$	(187,144	)	$	(220,219	)

Reconciliation of GAAP net loss to non-GAAP net loss:
Net loss on a GAAP basis	$	(130,910	)	$	(86,267	)	$	(1,039,931	)	$	(256,661	)
Add: Stock-based compensation expense		92,527			652			827,875			2,284
Add: Stock-based compensation from amortization of capitalized internal-use software		119			15			149			139
Add: Amortization of acquired intangibles		923			753			2,749			753
Income tax expenses effect related to the above adjustments		(441	)		(48	)		(664	)		(106	)
Non-GAAP net loss	$	(37,782	)	$	(84,895	)	$	(209,822	)	$	(253,591	)
Non-GAAP net loss per share, basic and diluted	$	(0.21	)	$	(1.39	)	$	(1.47	)	$	(4.20	)
Weighted-average shares used to compute non-GAAP net loss per share, basic and diluted		183,590			61,023			142,985			60,425

The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (unaudited, in thousands, except percentages):

	Three Months Ended October 31,						Nine Months Ended October 31,
	2024			2023			2024			2023
Net cash provided by/(used in) operating activities	$	23,095		$	6,917		$	(35,369	)	$	(17,288	)
Less: Purchases of property and equipment		(5,069	)		(1,468	)		(11,296	)		(9,335	)
Less: Capitalized internal-use software		(2,458	)		(1,994	)		(6,902	)		(6,616	)
Free cash flow	$	15,568		$	3,455		$	(53,567	)	$	(33,239	)
Free cash flow margin		7	%		2	%		(9	)%		(7	)%
Net cash used in investing activities	$	(72,139	)	$	(99,781	)	$	(387,600	)	$	(121,999	)
Net cash provided by financing activities	$	11,726		$	95,716		$	396,100		$	96,442

The following table presents the calculation of Subscription ARR Contribution Margin for the periods presented as well as a reconciliation of (i) non-GAAP subscription cost of revenue to cost of revenue and (ii) non-GAAP operating expenses to operating expenses (in thousands, except percentages):

	Twelve Months Ended October 31,
	2024			2023
Subscription cost of revenue	$	196,395		$	87,061
Stock-based compensation expense		(45,360	)		(45	)
Stock-based compensation from amortization of capitalized internal-use software		(163	)		(212	)
Amortization of acquired intangibles		(3,672	)		(869	)
Non-GAAP subscription cost of revenue	$	147,200		$	85,935

Operating expenses	$	1,657,219		$	747,628
Stock-based compensation expense		(769,401	)		(3,761	)
Non-GAAP operating expenses	$	887,818		$	743,867

Subscription ARR	$	1,002,252		$	724,811
Non-GAAP subscription cost of revenue		(147,200	)		(85,935	)
Non-GAAP operating expenses		(887,818	)		(743,867	)
Subscription ARR Contribution	$	(32,766	)	$	(104,991	)
Subscription ARR Contribution Margin		(3	)%		(14	)%

Investor Relations Contact
Melissa Franchi
VP, Head of Investor Relations, Rubrik
781.367.0733
IR@rubrik.com

Public Relations Contact
Jessica Moore
VP, Global Communications, Rubrik
415.244.6565
jessica.moore@rubrik.com

Source: Rubrik, Inc.

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Wasabi Expands Data Management Offerings for UK Customers

05 Dec

Liverpool Football Club will leverage Wasabi AiR to securely power AI-driven content

BOSTON, MA — December 5, 2024 — / BackupReview.info / — Wasabi Technologies, the hot cloud storage company, today announced it is expanding their data management offerings for customers with the addition of IBM (NYSE: IBM) Cloud’s London data center to Wasabi’s storage regions. Wasabi’s ability to leverage IBM’s Multizone Region (MZR) addresses the need to help joint customers address their evolving regulatory requirements and leverage AI and other emerging technologies with a secured, enterprise cloud platform.

The influx of data associated with AI has the potential to fuel numerous business innovations, but it also introduces complexities where data resides and requires regulatory and global compliance considerations. Wasabi’s deployment of a new storage region in IBM’s London MZR aims to help new and existing UK customers utilizing Wasabi AiR, an intelligent media storage solution for the sports, media, and entertainment segment, address their data residency requirements. Wasabi AiR customers such as Liverpool Football Club (LFC) in the Premier League, will be able to access and leverage key sports data securely across a hybrid cloud infrastructure, and unlock the joint power of this expansion. This underscores Wasabi’s role as a trusted Official Partner and provider for LFC, reinforcing its strategic positioning within the industry.

“We are storing and processing an incredible amount of club media content, and we have partnered with Wasabi because they provide the level of hot cloud storage and AI processing needed to manage our media assets securely and at scale,” said Drew Crisp, senior vice president, digital, at Liverpool Football Club. “Our use of Wasabi AiR’s AI technology allows us to efficiently manage our massive library of media assets, quickly access relevant content segments, and streamline content creation. We want to continue providing our fans globally with the best content in the business, and our partnership with Wasabi is helping us achieve that.”

IBM and Wasabi are both committed to helping clients innovate with AI while addressing the data management and resiliency needs of their workloads. IBM Cloud MZRs are composed of three or more data center zones with each being an Availability Zone. This is designed so that a single failure event can affect only a single data center rather than all zones – the aim is to deliver consistent cloud services and greater resiliency. Clients hosting workloads on IBM Cloud MZRs in any country can run mission-critical workloads to keep business up and running.

“Wasabi’s expanded footprint with IBM’s London data region allows Wasabi to address the evolving regulatory and performance needs of our UK customers,” said Marty Falaro, executive vice president and chief operating officer of Wasabi. “By leveraging IBM’s Multizone Region infrastructure, we’re able to support AI-driven requirements with secured, high-performance storage. We’re excited to work closely with IBM to deliver scalable data solutions that empower organizations to unlock the full potential of their data.”

Last year, IBM and Wasabi began collaborating to drive data innovation across hybrid cloud environments for sports, media and entertainment clients such as the Boston Red Sox. This collaboration is designed to enable enterprises to run applications across any environment—on premises, in the cloud or at the edge—and help users to cost efficiently access and use key business data and analytics in real time.

“We’re excited to support Wasabi’s growth into the IBM Cloud London MZR,” Alan Peacock, general manager, IBM Cloud. “We’ve invested to help ensure partners have access to a diverse set of capabilities in the regions they operate in. Our work with Wasabi will enable their clients to benefit from the security, resiliency and performance capabilities of our cloud platform.”

For more information about IBM’s collaboration with Wasabi, visit HERE.

About Wasabi Technologies
Recognized as one of the technology industry’s fastest growing companies, Wasabi is on a mission to store the world’s data by making cloud storage affordable, predictable and secure. With Wasabi, visionary companies gain the freedom to use their data whenever they like without being hit with unpredictable fees or vendor lock-in. Instead, they’re free to build best-of-breed solutions with the industry’s fastest-growing ecosystem of independent cloud application partners. Customers and partners all over the world trust Wasabi to help them put their data to work so they can unlock their full potential. Visit wasabi.com to learn more.

About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.

Contact:
Wasabi Technologies public relations
press@wasabi.com

Source: Wasabi

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Infinidat Receives Multiple Awards at the 2024 SDC Awards

05 Dec

WALTHAM, Mass., Dec. 05, 2024 — / BackupReview.info / — Infinidat, a leading provider of enterprise storage solutions, today announced that it has won multiple awards at the prestigious 2024 SDC Awards competition, which is one of the most highly regarded in the IT industry. SDC Magazine’s award competition recognized Infinidat as the best for channel storage and technological innovation for the most secure enterprise storage on the market today.

Infinidat was honored for its highly differentiated and reliable enterprise storage solutions at the 15th annual SDC Magazine Award by one of the UK’s leading business technology publishers at a gala dinner on November 28th in London. Awards for 2024 continue with SDC’s mission to recognize innovation, expertise, and success within the IT industry.

Infinidat Winner

Channel Storage Company of the Year
Cloud Security Innovation of the Year

Infinidat Runner Up

Storage Hardware Innovation of the Year

Eric Herzog, CMO at Infinidat, said, “We’re excited that Infinidat continues to win major awards for our enterprise storage solutions, in this case for both the channel storage company of the year and for the cyber security innovation of the year. The SDC Awards amplify our leadership for cyber storage resilience, next-generation data protection, hybrid multi-cloud storage, 100% availability, and the highest real-world application and workload. We appreciate the latest recognition of Infinidat by SDC Magazine.”

Phil Alsop, Editor of SDC Channel Insights and SDC Awards Judge at Angel Business Communications, said, “Infinidat is consistently among the top storage companies for market leadership and innovation. Infinidat’s commitment to the channel stands out as a model for empowering partner excellence and engagement. At the same time, their leap forward with their most recent advancements innovating in cloud cyber security and storage systems for the enterprise market affirm the company’s well-deserved reputation as a trailblazer.”

“Infinidat offers state-of-the art solutions, perfect for channel partners to lead with and exceed their customers enterprise storage infrastructure requirements. As part of Infinidat’s ecosystem, it’s gratifying to see Infinidat recognized for the high value of its broad solution portfolio. Winning more SDC awards is further validation that Infinidat is an excellent enterprise storage solution provider to partner with,” said Liam Mugford, Head of Partner Development at CMS Distribution.

Click here to see the complete list of winners and runners up — https://sdcawards.com/home

About Infinidat
Infinidat provides enterprises and service providers with a platform-native primary and secondary storage architecture that delivers comprehensive data services based on InfiniVerse®. This unique platform delivers outstanding IT operating benefits, support for modern workloads across on-premises and hybrid multi-cloud environments. Infinidat’s cyber resilient-by-design infrastructure, consumption-based performance, 100% availability, and cyber security guaranteed SLAs align with enterprise IT and business priorities. Infinidat’s award-winning platform-native data services and acclaimed white glove service are continuously recommended by customers, as recognized by Gartner® Peer Insights reviews. For more information, visit www.infinidat.com

Connect with Infinidat

Media Contact
Infinidat
Sapna Capoor
Director of Global Communications
scapoor@infinidat.com I Mobile: +44 (0) 7789684159

Source: Infinidat

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News Summary Podcast for December 04, 2024

04 Dec

These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

Click on the company links to read their press releases.

Listen to the podcast:

1/ Veeam Software, a global leader in data resilience, has secured a $2 billion secondary equity offering, raising its valuation to $15 billion. This move signifies Veeam’s dominance in the data resilience market and fuels its future growth and innovation strategy.

2/ Scality, known for its cyber-resilient storage software, has partnered with Climb Channel Solutions to broaden its reach across North America. The collaboration focuses on delivering scalable and secure storage solutions for AI and cyber resilience.

3/ Pure Storage and Kioxia have announced a collaboration to develop cutting-edge storage technology for hyperscale data centres. Their aim is to create a high-performance, scalable, and efficient platform that outperforms traditional HDD-based solutions.

4/ Box, Inc., a leading Intelligent Content Management platform, announced strong financial results for its third quarter of fiscal year 2025. The company showcased its robust financial performance, including revenue growth and record operating margins.

5/ Pure Storage has secured a design win from a top-four hyperscaler for its DirectFlash technology. The company also reported strong third-quarter financial results, highlighting revenue growth and operating income.

Listen to the podcast:

Thanks for listening!

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Veeam, the World’s #1 Leader in Data Resilience, Welcomes New Investors with a $15 Billion Valuation

04 Dec

Insight Partners owned Veeam expands investor base in a $2 billion secondary equity offering led by TPG with participation from Temasek, Neuberger Berman Capital Solutions, and others

SEATTLE, WA – December 4, 2024 — / BackupReview.info / — Veeam® Software, the #1 global leader in Data Resilience by market share, announced an expansion of its shareholder base in a $2 billion secondary offering, valuing the company at $15 billion. This transaction was led by TPG (NASDAQ: TPG) with participation from Temasek, Neuberger Berman Capital Solutions, and other key investors, reinforcing Veeam’s position as a global leader in the rapidly growing data resilience market.

In a digital world, protecting data from outages and cyber threats is critical for ensuring business continuity. As executives grapple with the explosion in the volume of data, IT and regulatory complexity, and a surge in ransomware attacks, 77% of the Fortune 500 and over 550,000 organizations rely on Veeam’s suite of data resilience solutions to protect their businesses.

As of September, Veeam has generated $1.7 billion in annualized recurring revenue (ARR), with a 18% year-over-year growth rate including 31% year-over-year growth for the Software + SaaS subscription business and 30% EBITDA margins – exceeding the Rule of 40 – demonstrating a track record of sustained profitable growth. This growth has enabled Veeam to invest boldly in security, cloud, and AI-driven innovation, positioning the company as the leading provider for data resilience globally.

“In a digital-first world, data is the foundation of your business. If you lose access to that data, your business stops,” said Anand Eswaran, CEO at Veeam. “As enterprises embrace AI and digital initiatives, the volume and value of data continues to grow, along with the risks – ransomware, cyber threats, and other outages. Our 550,000 customers and over 34,000 partners trust Veeam to keep their data resilient and their businesses running. That trust has made us the #1 global leader in Data Resilience and fuels our commitment to propel the industry forward.”

Veeam is the Global #1
Veeam has been recognized as the #1 provider in the Data Replication & Protection software category, according to the 2024 H1 IDC Semiannual Software tracker. Veeam is unique in safeguarding the digital world by powering data resilience for over 550,000 organizations, spanning governments, large enterprises, and small businesses worldwide. It does this through delivering industry-leading capabilities from Data Backup to Data Recovery, Data Portability, Data Security, and Data Intelligence, ensuring data is always available.

Veeam delivers these Data Resilience capabilities to customers with complete flexibility, whether customers prefer it as-a-service from Veeam, through Veeam Cloud & Service Providers, or as self-managed software.

The Veeam Data Platform (VDP) delivers top-tier data security, rapid recovery and hybrid cloud protection; including advanced ransomware defenses that help businesses mitigate risks and recover rapidly. As Veeam expands its cloud-first offerings, it is uniquely positioned to meet the complex demands of today’s enterprise customers.

Veeam launched the Veeam Data Cloud (VDC) earlier this year, offering a Backup-as-a-Service (BaaS) platform that combines powerful data protection with simple and seamless user experience in the cloud. The Veeam Data Cloud Vault, introduced in March 2024, provides customers with secure, cloud-based backup and always-immutable storage options for peace of mind.

“As businesses transform digitally, a data protection strategy that evolves with them, no matter where their data resides, is more critical than ever. Veeam understands the trend toward migration to the cloud and is poised to gain share with their new cloud-first offerings,” said Arun Agarwal, Partner at TPG.

“TPG has a long and successful track record of backing companies that are transforming the software and cybersecurity landscape and we’re excited to partner with Anand and his team, Insight, and the investor group to accelerate the company’s momentum and growth in the years ahead,” added Nehal Raj, Co-Managing Partner of TPG Capital, TPG Tech Adjacencies (TTAD) and TPG Hybrid Solutions.

TPG’s investment is funded by TTAD, the firm’s strategy dedicated to providing flexible capital solutions to the technology industry, and TPG’s new Hybrid Solutions strategy, a collaboration between the firm’s Private Equity and Credit Solutions teams.

“We are honored to have supported Veeam’s rise to global market leadership over the past four years,” said Mike Triplett, Managing Director at Insight Partners. “Veeam’s comprehensive solution and expansive market reach have established the company as a trusted enterprise partner with some of the largest organizations in the world. This success is a testament to both the strength of its management team and the world-class technology platform they have built. We look forward to continued success together as Veeam embarks on the next wave of growth with its recently introduced cloud-first offerings.”

“We are excited to partner with management, as well as Insight, TPG, and Temasek to support Veeam in its next phase of growth. We have long admired the company and believe Veeam’s demonstrated track record of innovation and high-quality service will continue to be valued by customers in the years to come,” said Nikhil Krishnan, Managing Director, Neuberger Berman Capital Solutions.

Morgan Stanley & Co. LLC served as the exclusive financial advisor to Veeam. The transaction is expected to close in Q1 2025 and is subject to customary closing conditions and regulatory approvals.

New Opportunities and Strategic growth
With this expanded investor base, Veeam has increased flexibility for pursuing strategic partnerships, acquisitions, and enhanced capitalization opportunities in the future. Insight Partners remains the largest shareholder, highlighting the long-standing trust in Veeam’s leadership and vision.

This announcement signals a transformative chapter for Veeam. As it continues to lead the industry in data resilience as the #1 leader in market share, Veeam is committed to delivering industry-defining solutions that safeguard the digital world with exceptional resilience and intelligence.

For more information about Veeam, visit www.veeam.com

About Veeam Software
Veeam®, the #1 global market leader in data resilience, believes every business should be able to bounce forward after a disruption with the confidence and control of all their data whenever and wherever they need it.Veeam calls this radical resilience, and we’re obsessed with creating innovative ways to help our customers achieve it.

Veeam solutions are purpose-built for powering data resilience by providing data backup, data recovery, data freedom, data security, and data intelligence. With Veeam, IT and security leaders rest easy knowing that their apps and data are protected and always available across their cloud, virtual, physical, SaaS, and Kubernetes environments.

Headquartered in Seattle with offices in more than 30 countries, Veeam protects over 550,000 customers worldwide, including 74% of the Global 2000, that trust Veeam to keep their businesses running. Radical resilience starts with Veeam. Learn more at www.veeam.com or follow Veeam on LinkedIn @veeam-software and X @veeam.

About TPG
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $239 billion of assets under management and investment and operational teams around the world. TPG invests across a broadly diversified set of strategies, including private equity, impact, credit, real estate, and market solutions, and our unique strategy is driven by collaboration, innovation and inclusion. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams, and communities. For more information, visit www.tpg.com

Forward-Looking Statements
This communication may contain forward-looking statements that involve risks and uncertainties, including, but not limited to, those statements regarding the proposed transaction, including: (i) the expected timing of the closing of the transaction and (ii) expectations for Veeam following the closing of the transaction. There can be no assurance that the transaction will in fact be consummated. Risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements, in addition to those identified above, include (i) the possibility that the conditions to the closing of the transaction are not satisfied, including the risk that required regulatory approvals to consummate the transaction are not obtained, on a timely basis or at all and (ii) the diversion of Veeam management’s time and attention from ongoing business operations and opportunities. All forward-looking statements in this communication are based on information available to Veeam as of the date of this communication, and Veeam does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Contact:
Heidi Monroe Kroft
Veeam Software
Global Corporate Communications / Public Relations
(614) 339-8200
heidi.kroft@veeam.com

Source: Veeam

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Scality and Climb Channel Solutions Partner to Reimagine Distribution for AI and Cyber-resilient Storage Software

04 Dec

SAN FRANCISCO, CA – December 4, 2024 — / BackupReview.info / — Scality, a global leader in cyber-resilient storage software for the AI era, today announced a new partnership with Climb Channel Solutions, a prominent value-added distributor specializing in emerging and innovative technologies. This strategic collaboration aims to expand Scality’s reach across North America, enabling organizations to access scalable, secure, and high-performance storage solutions for their growing data needs.

Under this agreement, Climb Channel Solutions will distribute Scality’s portfolio of enterprise-grade storage and backup solutions, including its award-winning Scality ARTESCA and RING solutions, to address organizational needs for IT solutions that ensure efficient AI data pipelines and cyber-resilient data protection.

“Partnering with Climb Channel Solutions underscores our commitment to expanding the reach of our technology across North America to help organizations overcome their data storage challenges,” said Wally MacDermid, vice president world-wide alliances and distribution, Scality Inc. “Climb’s distinct approach to IT distribution—anchored with a mindset of delivering value to both vendors and resellers—makes them a standout partner. By reimagining the traditional distribution model and providing the tools, expertise, and personalized support their partners need to thrive, Climb is perfectly positioned to help us accelerate our growth.”

Climb Channel Solutions brings decades of experience in helping resellers deliver innovative IT solutions to their customers. By adding Scality to its portfolio, Climb enhances its data storage offerings, providing channel partners with industry-leading solutions tailored for data-intensive AI workloads and modern infrastructures. These solutions are bolstered by robust cyber-resilience features to help enterprises safeguard against emerging ransomware threats.

“We are thrilled to welcome Scality to our family of innovative technology providers,” said Dale Foster, CEO at Climb Channel Solutions. “This partnership delivers solutions that align perfectly with the demands of our partners and their customers. We look forward to helping more businesses achieve greater efficiency for their AI data pipelines while safeguarding business-critical data against ransomware.”

Scality’s robust portfolio of products (RING, RINGXP and ARTESCA) are now available to Climb Channel Solutions’ extensive network of resellers, VARs, and managed service providers.

For more information about Scality’s products, visit Scality’s website. To learn more about Climb Channel Solutions, visit Climbcs.com.

About Scality
Scality solves organizations’ biggest data storage challenges — security, performance, and cost. Designed to provide the strongest form of immutability plus end-to-end cyber resilience, Scality solutions safeguard data at five core levels for unbreakable ransomware protection. Delivering utmost resilience, Scality makes storage infrastructures limitlessly scalable in all critical dimensions. The world’s most discerning companies trust Scality so they can grow faster and execute AI data-driven ideas quicker — while increasing efficiency and avoiding lock-in. Recognized as a leader by Gartner, Scality S3 object storage software is reliable, secure and sustainable. Follow us on Twitter and LinkedIn. Visit www.scality.com and our blog.

Media Contact
Corey Eldridge
corey.eldridge@nadelphelan.com

Source: Scality

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Pure Storage and Kioxia Collaborate to Drive Scalability, Efficiency, and Performance in Hyperscale Data Centers

04 Dec

SANTA CLARA, Calif., Dec. 3, 2024 — / BackupReview.info / — Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technology and services, today announced a collaboration with Kioxia Corporation (“Kioxia”), a world leader in memory solutions, to develop cutting-edge technology that addresses the growing demand for high-performance, scalable storage infrastructure among today’s hyperscale environments.

Industry Significance:
Traditional storage solutions, particularly those relying on hard disk drives (HDDs), struggle to meet the demands of hyperscale environments due to their limited speed, scalability, reliability, and excessive power consumption. HDDs are ill-equipped to handle the massive, fast-growing volumes of data generated in these environments without introducing latency and bandwidth limitations, and are difficult to scale and integrate seamlessly into modern data centers.

To eliminate these obstacles, the latest collaboration between Pure Storage and Kioxia will deliver a data storage platform engineered from the ground up to tackle the needs of hyperscale environments, allowing for rapid scale while lowering power consumption and reducing the overall physical footprint of hyperscale data centers.

News Highlights:
With the combination of Pure Storage’s advanced data storage platform with Kioxia’s industry-leading QLC flash memory, hyperscalers can now keep pace with growing data demands without sacrificing performance. Benefits include:

Increased Performance: Ultra-fast, low-latency performance for handling massive, data-intensive workloads, while enabling greater reliability to keep pace with rapidly growing customer demands.
Improved Cost Efficiency: Optimized storage costs and lower overall total cost of ownership (TCO) by reducing the need for extensive physical resources, while offering better scalability.
Lower Power and Waste: Reduced energy consumption significantly compared to traditional HDDs, lowering operational costs, leading to a smaller overall physical footprint, cutting hardware waste and supporting more sustainable data center operations.

Executive Insight:
“Collaborating with Kioxia allows Pure Storage to bring the full potential of all-flash storage technology to hyperscale environments. Pure has a decade of experience in delivering systems that manage flash for enterprise businesses. Now we’re using those innovations, and Kioxia’s latest technology, to enable the hyperscalers. Together, we’re creating a solution that will empower these organizations to manage their data seamlessly, with speed and efficiency at the core.” – Bill Cerreta, GM, Hyperscale, Pure Storage

“Our collaboration with Pure Storage marks an exciting milestone in the evolution of hyperscale storage. As data volumes continue to explode, we’re committed to delivering a solution that combines high performance with lower operational costs. All-flash technology is the future of storage, and through this collaboration, we are driving the innovation needed to address the complexities of today’s hyperscale environments.” – Caesar Ichimura, Chief Marketing Officer, Kioxia Corporation

About Pure Storage
Pure Storage (NYSE: PSTG) delivers the industry’s most advanced data storage platform to store, manage, and protect the world’s data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It’s easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.

Pure Storage, the Pure Storage P Logo, and the marks in the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks. Other names may be trademarks of their respective owners.

Analyst Recognition:

Connect with Pure

Blog — https://blog.purestorage.com/
LinkedIn — https://www.linkedin.com/company/purestorage/
X — https://twitter.com/PureStorage
Facebook — https://www.facebook.com/PureStorage/

Press Contact
Kaylin Deutscher
Pure Storage
pr@purestorage.com

Source: Pure Storage, Inc.

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Box Reports Fiscal Third Quarter 2025 Financial Results

04 Dec

Revenue of $276 Million, up 5% Year-Over-Year, up 6% in Constant Currency
Remaining Performance Obligations of $1.3 Billion, up 13% Year-Over-Year, up 14% in Constant Currency
Record GAAP Operating Margin of 8.5% and Record Non-GAAP Operating Margin of 29.1%
GAAP Net Income Per Share of $0.05 and Record Non-GAAP Net Income Per Share of $0.45

REDWOOD CITY, Calif. – December 03, 2024 — / BackupReview.info / — Box, Inc. (NYSE:BOX), the leading Intelligent Content Management (ICM) platform, today announced preliminary financial results for the third quarter of fiscal year 2025, which ended October 31, 2024.

“We delivered strong Q3 financial results and unveiled the most transformational product line-up in Box history,” said Aaron Levie, co-founder and CEO of Box. “Now businesses of all sizes will be able to realize the full value of their content and leverage the data inside their files to drive innovation, automate processes, and secure their most important information as we drive a new era of Intelligent Content Management.”

“Third quarter revenue growth of 5% year-over-year, or 6% in constant currency, came in at the high-end of our guidance,” said Dylan Smith, co-founder and CFO of Box. “With operational discipline built into the core of our company, we drove record gross and operating margins in the quarter. Our efficient cost structure enables us to continue to make meaningful investments in our sales and marketing programs and product roadmap as we deliver the leading Intelligent Content Cloud for the enterprise.”

Fiscal Third Quarter Financial Highlights

Revenue for the third quarter of fiscal 2025 was $275.9 million, a 5% increase from revenue for the third quarter of fiscal 2024 of $261.5 million, or 6% growth on a constant currency basis.
Remaining performance obligations (“RPO”) as of October 31, 2024 were $1.282 billion, a 13% increase from RPO as of October 31, 2023 of $1.131 billion, or 14% growth on a constant currency basis.
Billings for the third quarter of fiscal 2025 were $264.7 million, a 4% increase from billings for the third quarter of fiscal 2024 of $253.7 million, or 3% growth on a constant currency basis. Third quarter billings were impacted by a roughly 100 basis point tailwind from FX versus our prior expectations of 210 basis point tailwind.
GAAP gross profit for the third quarter of fiscal 2025 was a record $220.4 million, or 79.9% of revenue. This compares to a GAAP gross profit of $192.3 million, or 73.5% of revenue, in the third quarter of fiscal 2024.
Non-GAAP gross profit for the third quarter of fiscal 2025 was a record $226.1 million, or 81.9% of revenue. This compares to a non-GAAP gross profit of $199.6 million, or 76.3% of revenue, in the third quarter of fiscal 2024.
GAAP operating income in the third quarter of fiscal 2025 was a record $23.4 million, or 8.5% of revenue. This compares to a GAAP operating income of $11.4 million, or 4.4% of revenue, in the third quarter of fiscal 2024.
Non-GAAP operating income in the third quarter of fiscal 2025 was a record $80.2 million, or 29.1% of revenue. This compares to a non-GAAP operating income of $64.6 million, or 24.7% of revenue, in the third quarter of fiscal 2024.
GAAP diluted net income per share attributable to common stockholders in the third quarter of fiscal 2025 was $0.05 on 149.1 million weighted-average shares outstanding. This compares to GAAP diluted net income per share attributable to common stockholders of $0.04 in the third quarter of fiscal 2024 on 147.6 million weighted-average shares outstanding. GAAP diluted net income per share attributable to common stockholders in the third quarter of fiscal 2025 includes a negative impact of $0.02 year-over-year from unfavorable foreign exchange rates.
Non-GAAP diluted net income per share attributable to common stockholders in the third quarter of fiscal 2025 was a record $0.45 on 149.5 million weighted-average shares outstanding. This compares to non-GAAP diluted net income per share attributable to common stockholders of $0.36 in the third quarter of fiscal 2024 on 147.6 million weighted-average shares outstanding. Non-GAAP diluted net income per share attributable to common stockholders in the third quarter of fiscal 2025 includes a negative impact of $0.02 year-over-year from unfavorable foreign exchange rates.
Net cash provided by operating activities in the third quarter of fiscal 2025 was $62.6 million, a 13% decrease from net cash provided by operating activities of $71.8 million in the third quarter of fiscal 2024.
Non-GAAP free cash flow in the third quarter of fiscal 2025 was $57.4 million, a 2% decrease from non-GAAP free cash flow of $58.3 million in the third quarter of fiscal 2024.
Raised $460 million through a convertible debt offering, with convertible notes due September 15, 2029.

Growth on a constant currency basis and impact from foreign exchange is determined by comparing current period reported results with the current results calculated using the equivalent rates in the prior period.

For more information on the non-GAAP financial measures and key metrics discussed in this press release, please see the section titled, “About Non-GAAP Financial Measures and Other Key Metrics,” and the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.

Recent Business Highlights

Delivered wins or expansions with leading organizations across a variety of industries, including Aerospace (Blue Origin), Financial Services (Citadel Enterprise Americas and Moelis & Company), Legal (Gibson Dunn and Morgan Lewis), Life Sciences (Biogen and Catalent Pharma Solutions), Public Sector (Food & Drug Administration and Naval Air Systems Command), Manufacturing (Veeco Instruments and Vulcan Materials), and Media and Entertainment (Lionsgate, San Antonio Spurs and Serviceplan).
Introduced a new Suites plan, Enterprise Advanced, to allow customers to access the full power of the Intelligent Content Management platform, which includes:
- Box Forms, allowing users to easily design and publish engaging web and mobile forms; and Doc Gen, which automatically creates custom documents within Box by pulling data from Box Forms, third-party apps, custom apps, and metadata.
- Box AI Studio, allowing admins to select their preferred AI model from Box’s list of trusted providers to create tailored Box AI agents, with no coding required.
- Box Apps beta, a no-code solution that makes it easier to create intelligent applications that manage content-centric business processes throughout the enterprise.
- A new suite of advanced data security and compliance features including Box Archive and Content Recovery.
- Enhanced developer tools including the Doc Gen API, Box AI API Metadata Extract and Box AI API and higher API allocations.
Announced the general availability of Box Hubs, revolutionizing content publishing in the enterprise and allowing users to extract insights from their enterprise content with Box AI.
Announced that Box received its “In Process” designation for FedRAMP High from the Federal Risk and Authorization Management Program Management Office.
Expanded its strategic partnership with Amazon Web Services (AWS), allowing customers to access foundation models directly in Box AI using Amazon Bedrock, starting with Anthropic’s Claude and Amazon Titan.
Announced a new AI partnership with Slalom to help customers leverage advanced AI and machine learning to unlock valuable insights from their content.
Hosted BoxWorks 2024, attracting thousands of attendees and customer speakers from leading organizations in-person in San Francisco and virtually.
Recognized as a Leader in the IDC MarketScape: Worldwide Intelligent Content Services 2024 Vendor Assessment.
Announced the fourth-annual Box Impact Fund, which awards a total of $150K to six nonprofits pursuing digital transformation projects. Each organization will receive a $25K grant to help fuel critical missions and digitally transform the nonprofit workplace.

Outlook
As a reminder, approximately one third of Box’s revenue is generated outside of the U.S., of which approximately 65% is in Japanese Yen. The following guidance includes the expected impact of FX headwinds, assuming present foreign currency exchange rates.

Additionally, as we have become consistently profitable in our international business, in the fourth quarter of fiscal year 2024 we released the valuation allowance against our deferred tax assets in the United Kingdom. Accordingly, in fiscal year 2025 we are recognizing deferred tax expense in the United Kingdom. This non-cash expense is reflected in our GAAP and non-GAAP diluted net income per share guidance for the fourth quarter of fiscal year 2025 and full fiscal year 2025.

Q4 FY25 Guidance

Revenue is expected to be approximately $279 million, up 6% year-over-year, or 7% growth on a constant currency basis.
GAAP operating margin is expected to be approximately 7.5%, and non-GAAP operating margin is expected to be approximately 27.5%.
GAAP net income per share attributable to common stockholders is expected to be approximately $0.07. GAAP EPS guidance includes an expected negative impact of $0.02 from unfavorable exchange rates and $0.01 from the recognition of deferred tax expenses in international countries.
Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $0.41. Non-GAAP EPS guidance includes an expected negative impact of $0.02 from unfavorable exchange rates and $0.01 from the recognition of deferred tax expenses in international countries.
Weighted-average diluted shares outstanding are expected to be approximately 151 million.

Full Year FY25 Guidance

Revenue is expected to be approximately $1.090 billion, up 5% year-over-year, or 7% growth on a constant currency basis. We now expect FX to be a 190 basis point headwind to full fiscal year 2025 revenue growth, 20 basis points higher than our previous expectations. On a constant currency basis, our new guidance represents a $3 million increase from our previous guidance.
GAAP operating margin is expected to be approximately 7.5%, and non-GAAP operating margin is expected to be approximately 28%. For full fiscal year 2025 GAAP and non-GAAP operating margin, we now expect FX to be a headwind of 140 basis points, 10 basis points higher than our previous expectations.
GAAP net income per share attributable to common stockholders is expected to be approximately $0.30. FY25 GAAP EPS guidance includes an expected negative impact of $0.13 from unfavorable exchange rates and $0.05 from the recognition of deferred tax expenses in international countries.
Non-GAAP diluted net income per share attributable to common stockholders is expected to be approximately $1.70. FY25 non-GAAP EPS guidance includes an expected negative impact of $0.13 from unfavorable exchange rates and $0.05 from the recognition of deferred tax expenses in international countries.
Weighted-average diluted shares outstanding are expected to be approximately 149 million.

All forward-looking non-GAAP financial measures contained in this section titled “Outlook” exclude estimates for stock-based compensation expense, intangible assets amortization, and as applicable, other special items. Box has provided a reconciliation of GAAP to non-GAAP net income per share and operating margin guidance at the end of this press release.

Webcast and Conference Call Information
Box’s management team will host a conference call today beginning at 2:00 p.m. (PT) / 5:00 p.m. (ET) to discuss Box’s financial results, business highlights and future outlook. A live audio webcast of this call will be available through Box’s Investor Relations website at https://www.boxinvestorrelations.com for a period of 90 days after the date of the call. Prepared remarks will be available on the Box Investor Relations website after the call ends.

The conference call can be accessed by registering online at https://events.q4inc.com/attendee/640324096 at which time registrants will receive dial-in information as well as a conference ID.

A live webcast will be accessible from the Box investor relations website at www.boxinvestorrelations.com. A replay will be available at the same webcast link until 11:59 p.m. on December 2, 2025.

Box has used, and intends to continue to use, its Investor Relations website (www.box.com/investors), as well as certain X accounts (@box, @levie and @boxincir), as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. Information on or that can be accessed through Box’s Investor Relations website, these X accounts, or that is contained in any website to which a hyperlink is provided herein is not part of this press release, and the inclusion of Box’s Investor Relations website address, these X accounts, and any hyperlinks are only inactive textual references.

This press release, the financial tables, as well as other supplemental information including the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures, are also available on Box’s Investor Relations website. Box also provides investor information, including news and commentary about Box’s business and financial performance, Box’s filings with the Securities and Exchange Commission, notices of investor events and Box’s press and earnings releases, on Box’s Investor Relations website.

Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including statements regarding Box’s expectations regarding its growth and profitability, the size of its market opportunity, its investments in go-to-market programs, the demand for its products, the potential of AI and its impact on Box, the timing of recent and planned product introductions, enhancements and integrations, the short- and long-term success, market adoption and retention, capabilities, and benefits of such product introductions and enhancements, the success of strategic partnerships and acquisitions, the impact of macroeconomic conditions on its business, its ability to grow and scale its business and drive operating efficiencies, the impact of fluctuations in foreign currency exchange rates on its future results, its net retention rate, its ability to achieve revenue targets and billings expectations, its revenue and billings growth rates, its ability to expand operating margins, its revenue growth rate plus free cash flow margin in fiscal year 2025 and beyond, its long-term financial targets, its ability to maintain profitability on a quarterly or ongoing basis, its free cash flow, its ability to continue to grow unrecognized revenue and remaining performance obligations, its revenue, billings, GAAP and non-GAAP gross margins, GAAP and non-GAAP net income per share, GAAP and non-GAAP operating margins, the related components of GAAP and non-GAAP net income per share, weighted-average outstanding share count expectations for Box’s fiscal fourth quarter and full fiscal year 2025 in the section titled “Outlook” above, equity burn rate, any potential repurchase of its common stock, whether, when, in what amount and by what method any such repurchase would be consummated, and the share price of any such repurchase. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: (1) adverse changes in general economic or market conditions, including those caused by the Russia-Ukraine conflict and the conflict in the Middle East, inflation, and fluctuations in foreign currency exchange rates; (2) delays or reductions in information technology spending; (3) factors related to Box’s highly competitive market, including but not limited to pricing pressures, industry consolidation, entry of new competitors and new applications and marketing initiatives by Box’s current or future competitors; (4) the development of the cloud content management market; (5) the risk that Box’s customers do not renew their subscriptions, expand their use of Box’s services, or adopt new products offered by Box on a timely basis, or at all; (6) Box’s ability to provide timely and successful enhancements, integrations, new features and modifications to its platform and services; (7) actual or perceived security vulnerabilities in Box’s services or any breaches of Box’s security controls; (8) Box’s ability to realize the expected benefits of its third-party partnerships; and (9) Box’s ability to successfully integrate acquired businesses and achieve the expected benefits from those acquisitions. In addition, the preliminary financial results set forth in this release are estimates based on information currently available to Box. While Box believes these estimates are meaningful, they could differ from the actual amounts that Box ultimately reports in its Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024. Box assumes no obligations and does not intend to update these estimates prior to filing its Form 10-Q for the fiscal quarter ended October 31, 2024.

Additional information on potential factors that could affect Box’s financial results is included in the reports on Forms 10-K, 10-Q and 8-K and in other filings Box makes with the Securities and Exchange Commission from time to time, including the Quarterly Report on Form 10-Q filed for the fiscal quarter ended July 31, 2024. These documents are available on the SEC Filings section of Box’s Investor Relations website located at www.boxinvestorrelations.com. Box does not assume any obligation to update the forward-looking statements contained in this press release to reflect events that occur or circumstances that exist after the date on which they were made.

About Non-GAAP Financial Measures and Other Key Metrics
To supplement Box’s consolidated financial statements, which are prepared and presented in accordance with GAAP, Box provides investors with certain non-GAAP financial measures and other key metrics, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, non-GAAP net income attributable to common stockholders, non-GAAP net income per share attributable to common stockholders, billings, remaining performance obligations, non-GAAP free cash flow and free cash flow margin. The presentation of these non-GAAP financial measures and key metrics is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures and key metrics, please see the reconciliation of these non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures at the end of this press release.

Box uses these non-GAAP financial measures and key metrics for financial and operational decision-making (including for purposes of determining variable compensation of members of management and other employees) and as a means to evaluate period-to-period comparisons. Box’s management believes that these non-GAAP financial measures and key metrics provide meaningful supplemental information regarding Box’s performance by excluding certain expenses that may not be indicative of Box’s recurring core business operating results. Box believes that both management and investors benefit from referring to these non-GAAP financial measures and key metrics in assessing Box’s performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures and key metrics also facilitate management’s internal comparisons to Box’s historical performance as well as comparisons to Box’s competitors’ operating results. Box believes these non-GAAP financial measures and key metrics are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by Box’s institutional investors and the analyst community to help them analyze the health of Box’s business.

A limitation of non-GAAP financial measures and key metrics is that they do not have uniform definitions. Further, Box’s definitions will likely differ from the definitions used by other companies, including peer companies, and therefore comparability may be limited. Thus, Box’s non-GAAP financial measures and key metrics should be considered in addition to, and not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Additionally, in the case of stock-based compensation expense, if Box did not pay a portion of compensation in the form of stock-based compensation expense, the cash salary expense included in cost of revenue and operating expenses would be higher, which would affect Box’s cash position. The accompanying tables have more details on the reconciliations of non-GAAP financial measures and certain key metrics to their nearest comparable GAAP financial measures.

Non-GAAP gross profit and non-GAAP gross margin. Box defines non-GAAP gross profit as GAAP gross profit excluding expenses related to stock-based compensation (“SBC”) included in cost of revenue, intangible assets amortization, and as applicable, other special items. Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue. Although SBC is an important aspect of the compensation of Box’s employees and executives, determining the fair value of certain of the stock-based instruments Box utilizes estimation and the expense recorded may bear little resemblance to the actual value realized upon the vesting or future exercise of the related stock-based awards. Management believes it is useful to exclude SBC in order to better understand the long-term performance of Box’s core business and to facilitate comparison of Box’s results to those of peer companies. Management also views amortization of acquired intangible assets, such as the amortization of the cost associated with an acquired company’s developed technology and trade names, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense that is not typically affected by operations during any particular period. Box also excludes expenses associated with a non-recurring workforce reorganization from non-GAAP gross profit as they are considered by management to be special items outside of Box’s core operating results.

Non-GAAP operating income and non-GAAP operating margin. Box defines non-GAAP operating income as operating income excluding expenses related to SBC, intangible assets amortization, and as applicable, other special items. Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue. Box excludes the following expenses as they are considered by management to be special items outside of Box’s core operating results: (1) fees related to shareholder activism (2) expenses related to certain litigation, (3) expenses associated with a non-recurring workforce reorganization, consisting primarily of severance and other personnel-related costs, and (4) expenses related to acquisitions.

Non-GAAP net income attributable to common stockholders and non-GAAP net income per share attributable to common stockholders. Box defines non-GAAP net income attributable to common stockholders as GAAP net income attributable to common stockholders excluding expenses related to SBC, intangible assets amortization, amortization of debt issuance costs, the income tax benefit from the release of a valuation allowance on deferred tax assets, induced conversion of convertible notes, undistributed earnings attributable to preferred stockholders, and as applicable, other special items as described in the preceding paragraph. Box defines non-GAAP net income per share attributable to common stockholders as non-GAAP net income attributable to common stockholders divided by the weighted-average outstanding shares.

Billings. Billings reflect, in any particular period, (1) sales to new customers, plus (2) subscription renewals and (3) expansion within existing customers, and represent amounts invoiced for all products and professional services. Box calculates billings for a period by adding changes in deferred revenue and contract assets in that period to revenue. Box believes that billings help investors better understand sales activity for a particular period, which is not necessarily reflected in revenue as a result of the fact that Box recognizes subscription revenue ratably over the subscription term. Box considers billings a significant performance measure. Box monitors billings to manage the business, make planning decisions, evaluate performance and allocate resources. Box believes that billings offers valuable supplemental information regarding the performance of the business and helps investors better understand the sales volumes and performance of the business. Although Box considers billings to be a significant performance measure, Box does not consider it to be a non-GAAP financial measure because it is calculated using exclusively revenue, deferred revenue, and contract assets, all of which are financial measures calculated in accordance with GAAP.

Remaining performance obligations. Remaining performance obligations (“RPO”) represent, at a point in time, contracted revenue that has not yet been recognized. RPO consists of deferred revenue and backlog. Backlog is defined as non-cancellable contracts deemed certain to be invoiced and recognized as revenue in future periods. Future invoicing is determined to be certain when we have an executed non-cancellable contract or a significant penalty that is due upon cancellation. While Box believes RPO is a leading indicator of revenue as it represents sales activity not yet recognized in revenue, it is not necessarily indicative of future revenue growth as it is influenced by several factors, including seasonality, contract renewal timing, average contract terms and foreign currency exchange rates. Box monitors RPO to manage the business and evaluate performance. Box considers RPO to be a significant performance measure. Box does not consider RPO to be a non-GAAP financial measure because it is calculated in accordance with GAAP, specifically under ASC Topic 606.

Non-GAAP free cash flow and free cash flow margin. Box defines non-GAAP free cash flow as cash flows from operating activities less purchases of property and equipment, principal payments of finance lease liabilities, capitalized internal-use software costs, and other items that did not or are not expected to require cash settlement and that management considers to be outside of Box’s core business. Free cash flow margin is calculated as non-GAAP free cash flow divided by revenue. Box specifically identifies adjusting items in the reconciliation of GAAP to non-GAAP financial measures. Box considers non-GAAP free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in Box’s business and strengthening its balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. The presentation of non-GAAP free cash flow is also not meant to be considered in isolation or as an alternative to cash flows from operating activities as a measure of liquidity.

About Box
Box (NYSE:BOX) is the leading Intelligent Content Management provider, a single platform that enables organizations to fuel collaboration, manage the entire content lifecycle, secure critical content, and transform business workflows with enterprise AI. Founded in 2005, Box simplifies work for leading global organizations, including AstraZeneca, JLL, Morgan Stanley, and Nationwide. Box is headquartered in Redwood City, CA, with offices across the United States, Europe, and Asia. Visit box.com to learn more. And visit box.org to learn more about how Box empowers nonprofits to fulfill their missions.

BOX, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited)

	October 31,			January 31,
	2024			2024
ASSETS
Current assets:
Cash and cash equivalents	$	608,765		$	383,742
Short-term investments		89,150			96,948
Accounts receivable, net		188,495			281,487
Deferred commissions		43,192			45,817
Other current assets		32,988			34,186
Total current assets		962,590			842,180
Operating lease right-of-use assets, net		83,283			99,354
Goodwill		78,733			76,750
Deferred commissions, non-current		57,470			63,541
Deferred tax assets		72,352			75,665
Other long-term assets		99,892			83,673
Total assets	$	1,354,320		$	1,241,163
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable, accrued expenses and other current liabilities	$	53,416		$	52,737
Accrued compensation and benefits		32,629			36,872
Operating lease liabilities		25,590			26,812
Deferred revenue		475,469			562,859
Total current liabilities		587,104			679,280
Debt, net, non-current		651,675			370,822
Operating lease liabilities, non-current		75,992			94,165
Other liabilities, non-current		25,754			35,863
Total liabilities		1,340,525			1,180,130
Series A convertible preferred stock		493,677			492,095
Stockholders’ deficit:
Common stock		14			14
Additional paid-in capital		686,216			785,374
Accumulated other comprehensive loss		(9,959	)		(9,686	)
Accumulated deficit		(1,156,153	)		(1,206,764	)
Total stockholders’ deficit		(479,882	)		(431,062	)
Total liabilities, convertible preferred stock and stockholders’ deficit	$	1,354,320		$	1,241,163

BOX, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Data) (Unaudited)

	Three Months Ended						Nine Months Ended
	October 31,						October 31,
	2024			2023			2024			2023
Revenue	$	275,913		$	261,537		$	810,610		$	774,863
Cost of revenue (1)		55,556			69,227			169,321			197,891
Gross profit		220,357			192,310			641,289			576,972
Operating expenses:
Research and development (1)		67,865			61,026			195,983			186,860
Sales and marketing (1)		95,407			87,930			283,315			262,745
General and administrative (1)		33,674			31,975			100,293			97,778
Total operating expenses		196,946			180,931			579,591			547,383
Income from operations		23,411			11,379			61,698			29,589
Interest and other (expense) income, net		(6,119	)		1,801			2,438			7,412
Income before provision for income taxes		17,292			13,180			64,136			37,001
Provision for income taxes		4,399			2,524			13,525			7,204
Net income	$	12,893		$	10,656		$	50,611		$	29,797
Accretion and dividend on series A convertible preferred stock		(4,282	)		(4,280	)		(12,832	)		(12,811	)
Undistributed earnings attributable to preferred stockholders		(985	)		(729	)		(4,302	)		(1,938	)
Net income attributable to common stockholders	$	7,626		$	5,647		$	33,477		$	15,048
Net income per share attributable to common stockholders
Basic	$	0.05		$	0.04		$	0.23		$	0.10
Diluted	$	0.05		$	0.04		$	0.23		$	0.10
Weighted-average shares used to compute net income per share attributable to common stockholders
Basic		143,479			143,915			144,275			144,296
Diluted		149,071			147,625			148,002			149,351

(1) Includes stock-based compensation expense as follows:
	Three Months Ended						Nine Months Ended
	October 31,						October 31,
	2024			2023			2024			2023
Cost of revenue	$	4,640		$	4,973		$	13,992		$	14,688
Research and development		19,925			17,731			57,420			53,455
Sales and marketing		19,635			16,810			56,591			49,674
General and administrative		11,384			11,380			33,854			33,700
Total stock-based compensation	$	55,584		$	50,894		$	161,857		$	151,517

BOX, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited)

	Three Months Ended						Nine Months Ended
	October 31,						October 31,
	2024			2023			2024			2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	12,893		$	10,656		$	50,611		$	29,797
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		5,926			14,513			15,910			38,996
Stock-based compensation expense		55,584			50,894			161,857			151,517
Amortization of deferred commissions		12,839			13,434			39,377			40,803
Induced conversion expense		10,139			—			10,139			—
Other		(4,898	)		1,024			(2,496	)		2,729
Changes in operating assets and liabilities:
Accounts receivable, net		(12,537	)		(3,029	)		90,764			93,280
Deferred commissions		(11,572	)		(11,042	)		(30,860	)		(28,361	)
Operating lease right-of-use assets, net		4,821			10,452			18,171			26,302
Other assets		569			1,934			(26	)		707
Accounts payable, accrued expenses and other liabilities		3,880			(3,002	)		(10,519	)		(9,138	)
Operating lease liabilities		(6,332	)		(11,545	)		(21,658	)		(35,731	)
Deferred revenue		(8,730	)		(2,507	)		(91,186	)		(81,513	)
Net cash provided by operating activities		62,582			71,782			230,084			229,388
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of short-term investments		(34,221	)		(40,644	)		(90,676	)		(106,389	)
Maturities of short-term investments		21,500			29,000			97,396			79,000
Sales of short-term investments		—			—			3,567			—
Purchases of property and equipment		(271	)		(2,461	)		(1,945	)		(4,461	)
Proceeds from sales of property and equipment		2,404			418			8,395			1,671
Capitalized internal-use software costs		(7,354	)		(3,985	)		(19,031	)		(12,362	)
Other		(3,525	)		—			(3,525	)		(190	)
Net cash used in investing activities		(21,467	)		(17,672	)		(5,819	)		(42,731	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible notes, net of issuance costs		448,953			—			448,953			—
Partial repurchase of convertible notes		(191,713	)		—			(191,713	)		—
Purchase of capped calls related to convertible notes		(52,486	)		—			(52,486	)		—
Settlement of capped calls related to convertible notes		30,313			—			30,313			—
Repurchases of common stock		(29,965	)		(51,016	)		(168,651	)		(155,922	)
Principal payments on borrowings		(30,000	)		—			(30,000	)		—
Payments of dividends to preferred stockholders		(3,750	)		(3,750	)		(11,250	)		(11,193	)
Proceeds from exercise of stock options		817			362			16,170			1,157
Proceeds from issuances of common stock under employee stock purchase plan		10,233			10,815			25,910			26,860
Employee payroll taxes paid for net settlement of stock awards		(20,306	)		(16,272	)		(58,089	)		(58,298	)
Principal payments of finance lease liabilities		—			(7,179	)		(2,141	)		(26,131	)
Other		—			(419	)		(2,022	)		(3,989	)
Net cash provided by (used in) financing activities		162,096			(67,459	)		4,994			(227,516	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(881	)		(4,874	)		(3,470	)		(9,710	)
Net increase (decrease) in cash, cash equivalents, and restricted cash		202,330			(18,223	)		225,789			(50,569	)
Cash, cash equivalents, and restricted cash, beginning of period		407,716			396,694			384,257			429,040
Cash, cash equivalents, and restricted cash, end of period	$	610,046		$	378,471		$	610,046		$	378,471

BOX, INC. RECONCILIATION OF GAAP TO NON-GAAP DATA (In Thousands, Except Per Share Data and Percentages) (Unaudited)

	Three Months Ended						Nine Months Ended
	October 31,						October 31,
	2024			2023			2024			2023
GAAP gross profit	$	220,357		$	192,310		$	641,289		$	576,972
Stock-based compensation		4,640			4,973			13,992			14,688
Acquired intangible assets amortization		1,073			1,452			3,206			4,356
Workforce reorganization		—			912			—			912
Non-GAAP gross profit	$	226,070		$	199,647		$	658,487		$	596,928

GAAP gross margin		79.9	%		73.5	%		79.1	%		74.5	%
Stock-based compensation		1.6			1.9			1.7			1.9
Acquired intangible assets amortization		0.4			0.6			0.4			0.5
Workforce reorganization		—			0.3			—			0.1
Non-GAAP gross margin		81.9	%		76.3	%		81.2	%		77.0	%

GAAP operating income	$	23,411		$	11,379		$	61,698		$	29,589
Stock-based compensation		55,584			50,894			161,857			151,517
Acquired intangible assets amortization		1,073			1,452			3,206			4,356
Acquisition-related expenses		50			—			343			14
Expenses related to litigation		72			(10	)		176			309
Workforce reorganization		—			912			—			912
Non-GAAP operating income	$	80,190		$	64,627		$	227,280		$	186,697

GAAP operating margin		8.5	%		4.4	%		7.6	%		3.8	%
Stock-based compensation		20.2			19.4			20.0			19.6
Acquired intangible assets amortization		0.4			0.6			0.4			0.6
Acquisition-related expenses		—			—			—			—
Expenses related to litigation		—			—			—			—
Workforce reorganization		—			0.3			—			0.1
Non-GAAP operating margin		29.1	%		24.7	%		28.0	%		24.1	%

GAAP net income attributable to common stockholders	$	7,626		$	5,647		$	33,477		$	15,048
Stock-based compensation		55,584			50,894			161,857			151,517
Acquired intangible assets amortization		1,073			1,452			3,206			4,356
Acquisition-related expenses		50			—			343			14
Expenses related to litigation		72			(10	)		176			309
Workforce reorganization		—			912			—			912
Amortization of debt issuance costs		651			475			1,604			1,423
Induced conversion expense		10,139			—			10,139			—
Undistributed earnings attributable to preferred stockholders		(7,733	)		(6,145	)		(20,192	)		(18,090	)
Non-GAAP net income attributable to common stockholders	$	67,462		$	53,225		$	190,610		$	155,489

GAAP net income per share attributable to common stockholders, diluted	$	0.05		$	0.04		$	0.23		$	0.10
Stock-based compensation		0.37			0.34			1.09			1.01
Acquired intangible assets amortization		0.01			0.01			0.02			0.03
Acquisition-related expenses		—			—			—			—
Expenses related to litigation		—			—			—			—
Workforce reorganization		—			0.01			—			0.01
Amortization of debt issuance costs		—			—			0.01			0.01
Induced conversion expense		0.07			—			0.07			—
Undistributed earnings attributable to preferred stockholders		(0.05	)		(0.04	)		(0.13	)		(0.12	)
Non-GAAP net income per share attributable to common stockholders, diluted	$	0.45		$	0.36		$	1.29		$	1.04
Weighted-average shares used to compute GAAP net income per share attributable to common stockholders, diluted		149,071			147,625			148,002			149,351
Weighted-average shares used to compute non-GAAP net income per share attributable to common stockholders, diluted		149,499			147,625			148,311			149,351

GAAP net cash provided by operating activities	$	62,582		$	71,782		$	230,084		$	229,388
Proceeds from sales of property and equipment, net of purchases		2,133			(2,043	)		6,450			(2,790	)
Principal payments of finance lease liabilities		—			(7,179	)		(2,141	)		(26,131	)
Capitalized internal-use software costs		(7,354	)		(4,243	)		(21,053	)		(13,334	)
Non-GAAP free cash flow	$	57,361		$	58,317		$	213,340		$	187,133
GAAP net cash used in investing activities	$	(21,467	)	$	(17,672	)	$	(5,819	)	$	(42,731	)
GAAP net cash provided by (used in) financing activities	$	162,096		$	(67,459	)	$	4,994		$	(227,516	)

BOX, INC. RECONCILIATION OF GAAP REVENUE TO BILLINGS (In Thousands) (Unaudited)

	Three Months Ended						Nine Months Ended
	October 31,						October 31,
	2024			2023			2024			2023
GAAP revenue	$	275,913		$	261,537		$	810,610		$	774,863
Deferred revenue, end of period		491,304			471,963			491,304			471,963
Less: deferred revenue, beginning of period		(502,104	)		(479,293	)		(586,871	)		(566,630	)
Contract assets, beginning of period		5,481			3,477			2,452			1,900
Less: contract assets, end of period		(5,909	)		(3,944	)		(5,909	)		(3,944	)
Billings	$	264,685		$	253,740		$	711,586		$	678,152

BOX, INC. RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER SHARE GUIDANCE (In Thousands, Except Per Share Data) (Unaudited)

	Three Months Ended			Fiscal Year Ended
	January 31, 2025			January 31, 2025
GAAP net income per share attributable to common stockholders, diluted	$	0.07		$	0.30
Stock-based compensation		0.36			1.46
Acquired intangible asset amortization		0.01			0.03
Amortization of debt issuance costs		0.01			0.02
Other (1)		—			0.07
Undistributed earnings attributable to preferred stockholders		(0.04	)		(0.18	)
Non-GAAP net income per share attributable to common stockholders, diluted	$	0.41		$	1.70

Weighted-average shares, diluted		151,500			149,000

(1)

Other includes induced conversion expense, acquisition-related expenses, and expenses related to litigation.

BOX, INC. RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN GUIDANCE (Unaudited)

	Three Months Ended			Fiscal Year Ended
	January 31, 2025			January 31, 2025
GAAP operating margin		7.5	%		7.5	%
Stock-based compensation		19.5			20.0
Acquired intangible assets amortization		0.5			0.5
Non-GAAP operating margin		27.5	%		28.0	%

Contacts
Investors:
Cynthia Hiponia and Elaine Gaudioso
+1 650-209-3463
ir@box.com

Media:
Kait Conetta and Sheridan Hoover
press@box.com

Source: Box

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Pure Storage Announces Third Quarter Fiscal 2025 Financial Results

04 Dec

Awarded industry-first design win from a top-four hyperscaler

SANTA CLARA, Calif. – Dec. 3, 2024 — / BackupReview.info / — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its third quarter fiscal year 2025 ended November 3, 2024.

“Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler,” said Pure Storage Chairman and CEO Charles Giancarlo. “This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption.”

Third Quarter Financial Highlights

Revenue $831.1 million, an increase of 9% year-over-year
Subscription services revenue $376.4 million, up 22% year-over-year
Subscription annual recurring revenue (ARR) $1.6 billion, up 22% year-over-year
Remaining performance obligations (RPO) $2.4 billion, up 16% year-over-year
GAAP gross margin 70.1%; non-GAAP gross margin 71.9%
GAAP operating income $59.7 million; non-GAAP operating income $167.3 million
GAAP operating margin 7.2%; non-GAAP operating margin 20.1%
Q3 operating cash flow $97.0 million; free cash flow $35.2 million
Total cash, cash equivalents, and marketable securities $1.6 billion
Returned approximately $182 million in the third quarter to stockholders through share repurchases of 3.6 million shares

“Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models,” said Kevan Krysler, Pure Storage CFO. “We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape.”

Third Quarter Company Highlights

Leading the Hyperscale Opportunity: With its industry-first design win with a top-four hyperscaler, Pure Storage is extending its DirectFlash^® technology into massive scale environments today dominated by hard disks. The unmatched capabilities of Pure’s DirectFlash^® technology deliver new levels of innovation, performance, and scalability to an industry with demanding requirements, enabling hyperscalers to fully modernize their infrastructure, significantly improve operational efficiency, and dramatically free up scarce electrical power.
Pure Storage also deepened its collaboration with Kioxia, a global leader of NAND Flash technology, to develop cutting-edge technology and manufacturing capacity to address the growing need for high-performance, scalable storage infrastructure for tomorrow’s hyperscale environments.
Advancing Enterprise AI: Pure Storage expanded its ability to serve the world’s largest AI training environments with recent certification of FlashBlade//S500 with NVIDIA DGX SuperPOD, which optimizes performance, power, and space efficiency. Pure also entered into a strategic partnership with CoreWeave to better serve AI customers by making Pure Storage available as a standard option within the CoreWeave dedicated cloud environment. With its introduction of the new Pure Storage GenAI Pod, Pure Storage is providing a set of full-stack solutions which reduce the time, cost, and expertise required to deploy generative AI projects.
Delivering Platform Innovation: With the Pure Storage platform, Pure is driving the biggest shift in enterprise storage since Flash. Pure Storage will be delivering v2.0 of Pure Fusion^™ in its fourth quarter, which will enable customers to create their own enterprise data cloud, opening their data storage environment like the hyperscalers operate theirs. During the quarter Pure Storage unveiled solutions enabling seamless VMware migrations to Microsoft Azure, delivering enterprise-scale flexibility. And the new Pure Storage FlashArray^™ with AWS Outposts brings together Amazon Web Services and Pure’s enterprise-grade storage on AWS Outposts, giving customers the flexibility to run cloud services on an enterprise-grade storage platform within their own data centers.

Industry Recognition and Accolades

Leader for Fifth Consecutive Year in the 2024 Gartner^® Magic Quadrant^™ for Primary Storage Platforms
Leader for Fourth Consecutive Year in the 2024 Gartner^® Magic Quadrant^™ for File and Object Storage Platforms
Forbes Most Trusted Companies in America 2025 (Ranked #144)
Fortune Best Places to Work in Technology 2024 (Ranked #14)

Fourth Quarter and FY25 Guidance

Q4FY25
Revenue	$867M
Revenue YoY Growth Rate	9.7 %
Non-GAAP Operating Income	$135M
Non-GAAP Operating Margin	15.6 %

FY25
Revenue	$3.15B
Revenue YoY Growth Rate	11.5 %
Non-GAAP Operating Income	$540M
Non-GAAP Operating Margin	17 %

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.

Conference Call Information

Pure will host a teleconference to discuss the third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.

A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.

Additionally, Pure is scheduled to participate at the following investor conferences:

Wells Fargo 8th Annual TMT Summit
Date: Wednesday, December 4, 2024
Time: 1:30 p.m. PT / 4:30 p.m. ET
Chief Technology Officer Rob Lee

27th Annual Needham Growth Conference
Date: Thursday, January 16, 2025
Time: 9:45 a.m. PT / 12:45 p.m. ET
Founder & Chief Visionary Officer John “Coz” Colgrove
Chief Financial Officer Kevan Krysler

The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com.

—-

About Pure Storage

Pure Storage (NYSE: PSTG) delivers the industry’s most advanced data storage platform to store, manage, and protect the world’s data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It’s easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.

Connect with Pure

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Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks. Other names may be trademarks of their respective owners.

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our opportunity with hyperscale and AI environments, our ability to meet hyperscalers’ performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer priorities around sustainability, the environmental and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 4, 2024. All information provided in this release and in the attachments is as of December 3, 2024, and Pure undertakes no duty to update this information unless required by law.

Key Performance Metric

Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, and amortization of intangible assets acquired from acquisitions that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.

PURE STORAGE, INC. Condensed Consolidated Balance Sheets (in thousands, unaudited)
	At the End of
	Third Quarter of Fiscal 2025	Fiscal 2024
Assets
Current assets:
Cash and cash equivalents	$ 894,569	$ 702,536
Marketable securities	753,960	828,557
Accounts receivable, net of allowance of $956 and $1,060	578,224	662,179
Inventory	41,571	42,663
Deferred commissions, current	86,839	88,712
Prepaid expenses and other current assets	204,485	173,407
Total current assets	2,559,648	2,498,054
Property and equipment, net	431,353	352,604
Operating lease right-of-use-assets	157,574	129,942
Deferred commissions, non-current	210,671	215,620
Intangible assets, net	23,039	33,012
Goodwill	361,427	361,427
Restricted cash	11,249	9,595
Other assets, non-current	99,504	55,506
Total assets	$ 3,854,465	$ 3,655,760

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$ 102,021	$ 82,757
Accrued compensation and benefits	155,652	250,257
Accrued expenses and other liabilities	141,846	135,755
Operating lease liabilities, current	47,941	44,668
Deferred revenue, current	897,174	852,247
Debt, current	100,000	—
Total current liabilities	1,444,634	1,365,684
Long-term debt	—	100,000
Operating lease liabilities, non-current	146,390	123,201
Deferred revenue, non-current	784,282	742,275
Other liabilities, non-current	68,573	54,506
Total liabilities	2,443,879	2,385,666
Stockholders’ equity:
Common stock and additional paid-in capital	2,821,010	2,749,627
Accumulated other comprehensive income (loss)	1,023	(3,782)
Accumulated deficit	(1,411,447)	(1,475,751)
Total stockholders’ equity	1,410,586	1,270,094
Total liabilities and stockholders’ equity	$ 3,854,465	$ 3,655,760

PURE STORAGE, INC. Condensed Consolidated Statements of Operations (in thousands, except per share data, unaudited)
	Third Quarter of Fiscal		First Three Quarters of Fiscal
	2025	2024	2025	2024
Revenue:
Product	$ 454,735	$ 453,277	$ 1,204,714	$ 1,161,978
Subscription services	376,337	309,561	1,083,608	878,838
Total revenue	831,072	762,838	2,288,322	2,040,816
Cost of revenue:
Product ⁽¹⁾	154,970	126,770	385,446	343,588
Subscription services ⁽¹⁾	93,180	83,321	284,168	244,541
Total cost of revenue	248,150	210,091	669,614	588,129
Gross profit	582,922	552,747	1,618,708	1,452,687
Operating expenses:
Research and development ⁽¹⁾	200,086	182,100	589,396	549,923
Sales and marketing ⁽¹⁾	255,830	231,707	757,069	696,885
General and administrative ⁽¹⁾	67,319	64,729	213,551	192,944
Restructuring and impairment ⁽²⁾	—	—	15,901	16,766
Total operating expenses	523,235	478,536	1,575,917	1,456,518
Income (loss) from operations	59,687	74,211	42,791	(3,831)
Other income (expense), net	17,156	5,184	50,684	23,619
Income before provision for income taxes	76,843	79,395	93,475	19,788
Income tax provision	13,204	9,006	29,171	23,915
Net income (loss)	$ 63,639	$ 70,389	$ 64,304	$ (4,127)

Net income (loss) per share attributable to common stockholders, basic	$ 0.19	$ 0.22	$ 0.20	$ (0.01)
Net income (loss) per share attributable to common stockholders, diluted	$ 0.19	$ 0.21	$ 0.19	$ (0.01)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, basic	327,675	314,153	325,530	309,842
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders, diluted	340,564	330,255	341,490	309,842

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product	$ 3,216	$ 1,443	$ 9,443	$ 7,056
Cost of revenue — subscription services	7,800	6,849	24,632	19,347
Research and development	49,227	43,908	150,390	126,225
Sales and marketing	24,393	19,209	72,330	55,883
General and administrative	16,436	16,557	62,161	46,732
Total stock-based compensation expense	$ 101,072	$ 87,966	$ 318,956	$ 255,243

(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.

PURE STORAGE, INC. Condensed Consolidated Statements of Cash Flows (in thousands, unaudited)
	Third Quarter of Fiscal		First Three Quarters of Fiscal
	2025	2024	2025	2024

Cash flows from operating activities
Net income (loss)	$ 63,639	$ 70,389	$ 64,304	$ (4,127)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	29,272	31,647	99,099	91,560
Stock-based compensation expense	101,072	87,966	318,956	255,243
Noncash portion of lease impairment and abandonment	—	—	3,270	16,766
Other	2,381	(2,815)	5,107	(5,844)
Changes in operating assets and liabilities:
Accounts receivable, net	(161,723)	(111,190)	83,998	(23,959)
Inventory	5,071	818	(1,590)	5,278
Deferred commissions	669	(9,501)	6,822	(19,061)
Prepaid expenses and other assets	(40,008)	20,044	(67,014)	19,686
Operating lease right-of-use assets	9,383	7,634	25,911	27,269
Accounts payable	33,755	7,533	20,597	33,844
Accrued compensation and other liabilities	7,781	4,767	(70,951)	(52,757)
Operating lease liabilities	(12,096)	(8,324)	(30,353)	(21,457)
Deferred revenue	57,797	59,464	86,934	110,856
Net cash provided by operating activities	96,993	158,432	545,090	433,297
Cash flows from investing activities
Purchases of property and equipment ⁽¹⁾	(61,788)	(45,062)	(170,641)	(151,591)
Purchases of marketable securities and other	(43,632)	(105,108)	(314,083)	(351,725)
Sales of marketable securities	12,817	3,747	61,241	52,495
Maturities of marketable securities	131,994	109,196	329,978	495,899
Net cash provided by (used in) investing activities	39,391	(37,227)	(93,505)	45,078
Cash flows from financing activities
Proceeds from exercise of stock options	3,426	3,056	21,194	32,904
Proceeds from issuance of common stock under employee stock purchase plan	26,408	23,870	51,736	45,089
Proceeds from borrowings	—	6,890	—	106,890
Principal payments on borrowings and finance lease obligations	(1,786)	(7,515)	(5,721)	(584,582)
Tax withholding on vesting of equity awards	(54,905)	(4,755)	(141,591)	(16,582)
Repurchases of common stock	(181,999)	(22,460)	(181,999)	(114,341)
Net cash used in financing activities	(208,856)	(914)	(256,381)	(530,622)
Net increase (decrease) in cash, cash equivalents and restricted cash	(72,472)	120,291	195,204	(52,247)
Cash, cash equivalents and restricted cash, beginning of period	979,807	418,860	712,131	591,398
Cash, cash equivalents and restricted cash, end of period	$ 907,335	$ 539,151	$ 907,335	$ 539,151

⁽¹⁾Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024 and $15.8 million and $15.7 million for the first three quarters of fiscal 2025 and 2024.

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

	Third Quarter of Fiscal 2025						Third Quarter of Fiscal 2024
	GAAP results	GAAP gross margin (a)	Adjustment		Non- GAAP results	Non- GAAP gross margin (b)	GAAP results	GAAP gross margin (a)	Adjustment		Non- GAAP results	Non- GAAP gross margin (b)

			$ 3,216	(c)					$ 1,443	(c)
			103	(d)					75	(d)
			3,306	(e)					3,306	(e)
Gross profit — product	$ 299,765	65.9 %	$ 6,625		$ 306,390	67.4 %	$ 326,507	72.0 %	$ 4,824		$ 331,331	73.1 %

			$ 7,800	(c)					$ 6,849	(c)
			368	(d)					329	(d)
Gross profit — subscription services	$ 283,157	75.2 %	$ 8,168		$ 291,325	77.4 %	$ 226,240	73.1 %	$ 7,178		$ 233,418	75.4 %

			$ 11,016	(c)					$ 8,292	(c)
			471	(d)					404	(d)
			3,306	(e)					3,306	(e)
Total gross profit	$ 582,922	70.1 %	$ 14,793		$ 597,715	71.9 %	$ 552,747	72.5 %	$ 12,002		$ 564,749	74.0 %

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

	Third Quarter of Fiscal 2025						Third Quarter of Fiscal 2024
	GAAP results	GAAP operating margin (a)	Adjustment		Non- GAAP results	Non- GAAP operating margin (b)	GAAP results	GAAP operating margin (a)	Adjustment		Non- GAAP results	Non- GAAP operating margin (b)

			$ 101,072	(c)					$ 87,966	(c)
			—						580	(d)
			2,991	(e)					2,604	(e)
			3,536	(f)					3,718	(f)
Operating income	$ 59,687	7.2 %	$ 107,599		$ 167,286	20.1 %	$ 74,211	9.7 %	$ 94,868		$ 169,079	22.2 %

			$ 101,072	(c)					$ 87,966	(c)
			—						580	(d)
			2,991	(e)					2,604	(e)
			3,536	(f)					3,718	(f)
			154	(g)					153	(g)
Net income	$ 63,639		$ 107,753		$ 171,392		$ 70,389		$ 95,021		$ 165,410

Net income per share — diluted	$ 0.19				$ 0.50		$ 0.21				$ 0.50
Weighted-average shares used in per share calculation — diluted	340,564		—		340,564		330,255		—		330,255

(a) GAAP operating margin is defined as GAAP operating income divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payments to former shareholders of acquired company.

(e) To eliminate payroll tax expense related to stock-based activities.

(f) To eliminate amortization expense of acquired intangible assets.

(g) To eliminate amortization expense of debt issuance costs related to our debt.

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):

	Third Quarter of Fiscal
	2025	2024
Net cash provided by operating activities	$ 96,993	$ 158,432
Less: purchases of property and equipment ⁽¹⁾	(61,788)	(45,062)
Free cash flow (non-GAAP)	$ 35,205	$ 113,370

⁽¹⁾Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024.

Press Contact
Kaylin Deutscher
Pure Storage
pr@purestorage.com

Source: Pure Storage, Inc.

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News Summary Podcast for December 03, 2024

03 Dec

These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

Click on the company links to read their press releases.

Listen to the podcast:

Several companies highlight advancements in data protection, including improved backup and recovery solutions, enhanced security features, and greater integration with cloud platforms like AWS and Azure. The announcements also showcase achievements in industry certifications and awards, validating the reliability and security of these offerings.

1. Wasabi Technologies joins SINET, the Japanese academic information network, to provide cost-effective and predictable hot cloud storage to universities and research institutions across Japan.

2. Backblaze, in collaboration with the Philadelphia Eagles and CHESA, will present a case study at the Sports Video Group Summit, showcasing how the Eagles use Backblaze B2 Cloud Storage for fast and secure media production.

3. Rubrik launches Rubrik Annapurna for Amazon Bedrock, an API service that provides access to secure data embeddings from Rubrik Security Cloud for building generative AI applications.

4. Panzura CloudFS receives the industry’s first FIPS 140-3 certification for its core data encryption and key management processes, demonstrating its commitment to security and compliance in hybrid cloud file storage.

5. Rubrik is expanding its cyber protection capabilities for AWS with new features, including Rubrik Cloud Vault, an isolated backup repository, and enhanced threat detection and data classification capabilities.

6. Veeam launches Veeam Data Platform v12.3 with new enterprise features, including Microsoft Entra ID protection, proactive threat analysis tools, and generative AI-powered reporting for intelligent data protection.

7. N2WS releases enhancements to its cloud-native backup and disaster recovery platform, offering cost savings, increased reliability, and improved restore times for enterprises and MSPs using AWS and Azure.

8. Index Engines announces advancements in its CyberSense solution, enhancing ransomware detection accuracy, data integrity assurance, and cyber resilience through AI/ML-driven customisations and innovations.

9. Cohesity receives the 2024 Global Storage Partner of the Year award from AWS, recognising its contributions to helping customers protect, secure, and gain insights from their data on AWS.

10. Veritas wins the Storage Partner of the Year award at the 2024 Geo and Global AWS Partner Awards, acknowledging its role in providing high-performance cloud solutions to enterprise customers on AWS.

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Wasabi Technologies Joins SINET Academic Information Network

03 Dec

Predictable and cost-effective Wasabi hot cloud storage provided to universities and research institutions in Japan

BOSTON & TOKYO – December 02, 2024 — / BackupReview.info / — Wasabi Technologies, the hot cloud storage company, today announced that it has joined SINET (Science Information NETwork), the academic information network provided by the National Institute of Informatics (NII), as a cloud storage service provider, enabling the availability of Wasabi hot cloud storage via SINET. Universities and research institutes using SINET can now use Wasabi hot cloud storage over SINET’s high-speed and secure closed network.

SINET is an information and telecommunications network built and operated by NII as an academic information infrastructure for universities and research institutions throughout Japan. Currently, more than 1,000 universities and research institutions nationwide are subscribers, and more than 3 million researchers and students are using SINET.

With the ever-increasing volume of data, such as research data, backup data, and video data for on-demand classes, it is essential for universities and research institutions to be able to quickly upload and download large volumes of data. Wasabi hot cloud storage is a cost-effective solution that meets the needs of universities and research institutions storing and utilizing large volumes of data with fast, high-performance cloud storage that does not incur unpredictable costs such as API or egress fees.

“Educational institutions require fast, secure access to data in order to help propel the innovation of students while also staying within tight budgets,” said Aki Wakimoto, Japan Country Manager, Wasabi Technologies. “Cloud storage plays a critical role in enabling data access, and Wasabi offers cloud storage at a fraction of the cost of other providers while maintaining the best performance. We’re excited to join the SINET community and provide Wasabi hot cloud storage to users across Japan.”

Wasabi supports the data strategies of universities and research institutions globally, including the GakuNin Cloud Deployment Support Service, and academic information networks such as AARNet in Australia and JANET in the UK. Please visit here for more information — https://wasabi.com/solutions/education

About Wasabi Technologies
Recognized as one of the technology industry’s fastest growing companies, Wasabi is on a mission to store the world’s data by making cloud storage affordable, predictable and secure. With Wasabi, visionary companies gain the freedom to use their data whenever they like without being hit with unpredictable fees or vendor lock-in. Instead, they’re free to build best-of-breed solutions with the industry’s fastest-growing ecosystem of independent cloud application partners. Customers and partners all over the world trust Wasabi to help them put their data to work so they can unlock their full potential. Visit www.wasabi.com to learn more.

Contact:
Wasabi Technologies public relations
press@wasabi.com

Source: Wasabi

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Backblaze, Philadelphia Eagles, and CHESA Showcase Speed and Security in NFL Media Production at Sports Video Group Summit

03 Dec

SAN MATEO, Calif. – December 03, 2024 — / BackupReview.info / — Backblaze, Inc. (Nasdaq: BLZE), the cloud storage innovator providing a modern alternative to traditional cloud providers, today announced it will present a game-changing media production acceleration case study with the Philadelphia Eagles at the Sports Video Group (SVG) Summit Cloud Production Workshop on Dec. 16 in New York City.

In a session entitled “Protecting QBs and PBs: Moving from tape to cloud for real-time production access and resiliency,” Stacy Kelleher, Director of Production, Philadelphia Eagles, Ryan Lakey, Senior Solutions Architect & Technical Lead, systems integrator CHESA, and David Ngo, Chief Product Officer, Backblaze, will huddle up and break down how the team:

Game-planned a fast, cloud-based media workflow, including Backblaze B2 Cloud Storage, Mimir asset management software, and a Quantum shared file system to support accelerated content production for increased fan engagement.
Traded slow access, failure-prone LTO tape for immediate access to decades of rich content stored in the cloud–no more waiting days or weeks, or missing out completely, when historical footage of a player or play is needed.
Scored early team wins, including enabling its media professionals to access and make more footage in the critical 48 hours after each game so they can then shift attention to the next game, and saving time and hassle by making content sharing with outside vendors and other organizations far more efficient.

“Backblaze serves several big-name pro and college sports teams who need highly performant and instantly accessible cloud storage that works seamlessly with their other best-in-breed media production tools,” said Backblaze’s Ngo. “We look forward to discussing the Eagles’ experience and insights to help other teams achieve similar gains.”

The annual SVG Summit is considered the must-attend event for sports production professionals, attracting senior executives and media team personnel from many professional and college sports leagues and franchises, broadcast organizations, and sporting venues.

Also at the same event, Backblaze Product Marketing Manager Laquie TN Campbell will participate in the “Beyond the Live Broadcast: Editing, Postproduction, and Storage in the Cloud” thought leadership panel, along with representatives from Seagate and TK.

The Protecting QBs and PBs: Moving from tape to cloud for real-time production access and resiliency session will take place Dec 16, 4:45pm at the SVG Summit at New York Hilton Midtown Hotel.

Please visit the SVG Summit website for more information – https://www.thesvgsummit.com/

About Backblaze
Backblaze is the cloud storage innovator providing a modern alternative to traditional cloud providers. We deliver high-performance, secure cloud object storage that customers use to develop applications, manage media, secure backups, build AI workflows, protect from ransomware, and more. Backblaze helps businesses break free from the walled gardens that traditional providers lock customers into, enabling them to use their data in open cloud workflows with the providers they prefer at a fraction of the cost. Headquartered in San Mateo, CA, Backblaze (NASDAQ: BLZE) was founded in 2007 and serves over 500,000 customers in 175 countries around the world. For more information, please go to www.backblaze.com

About CHESA
CHESA offers an engaged and embedded approach to analyzing, engineering, implementing, and maintaining highly advanced media technology systems, specializing in M&E workflow solutions. From production and creation to distribution and preservation, CHESA’s decades of expertise empower clients to achieve their business objectives. The company partners with leading studios, broadcasters, creative agencies, and global brands to deliver customized solutions that meet the evolving needs of media-driven organizations. For more information, please go to www.chesa.com

Press Contact
Yev Pusin
Backblaze PR
yev@backblaze.com

Source: Backblaze

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Rubrik Launches Rubrik Annapurna for Amazon Bedrock to Accelerate Development of Gen AI Applications

03 Dec

New Rubrik Annapurna API service will allow customers to have ready-to-go access to all enterprise data for more powerful generative AI applications
Rubrik Annapurna will deliver secure data embeddings powered by Rubrik Security Cloud
Rubrik Annapurna leverages all enterprise data and metadata in Rubrik Security Cloud to easily set and manage access controls for AI applications

AWS re:Invent, LAS VEGAS, December 3, 2024 –/BackupReview.info/– Rubrik, Inc. (NYSE: RBRK) today announces Rubrik Annapurna, a single API service for customers building generative AI (Gen AI) applications, which will integrate with Amazon Bedrock. Rubrik Annapurna is designed to enable fast access to secure data embeddings from Rubrik Security Cloud, which spans enterprise-wide data and metadata across on-premises, cloud, and SaaS. Rubrik Annapurna’s powerful and secure data retrieval capabilities will work with Amazon Bedrock, enabling customers to access a broad selection of high-performing foundation models (FMs) to build enterprise-grade generative AI applications.

Creating generative AI applications customized to an organization’s proprietary knowledge is a priority for the C-suite. However, AI development teams not using the cloud must first locate and extract enterprise data from dozens of applications, filter on permissions and sensitivity, embed this data into vector databases for retrieval, and then build data pipelines to their large language models (LLMs).

“Organizations are faced with significant complexity when developing AI applications due to challenges around data access and sensitive data permissions. This could lead to applications that lack relevant knowledge or don’t adhere to access controls,” said Bipul Sinha, CEO, Chairman, and Co-founder of Rubrik. “Rubrik Annapurna helps to unlock Rubrik Security Cloud’s enterprise data and metadata. Combined with Amazon Bedrock, which offers a vast collection of proven foundation models and enterprise-grade capabilities, we can deliver to customers powerful and secure pre-embeddings that turbocharge generative AI initiatives.”

“Amazon Bedrock brings together proven foundation models through a unified API, making it simple for enterprises to build and scale generative AI applications with built-in security and privacy,” said Chris Sullivan, vice president, Americas Channels & Alliances at AWS. “Rubrik’s integration of Amazon Bedrock with its Annapurna API service helps customers better leverage all their data – regardless of where it resides – to drive customized, secure generative AI applications.”

Annapurna’s integration with Amazon Bedrock aims to advance organizations’ AI innovation with:

Fast API-first secure data access: Configurable access to all of an organization’s data and metadata managed by Rubrik Security Cloud, which spans cloud, on-premises, and SaaS apps. Rubrik Annapurna can dynamically update access as data refreshes, permissions change, and sensitive data is introduced.
Out-of-the-box, application aware embedding engine: Rubrik Annapurna is designed to provide secure embeddings of enterprise data and metadata via its single API. These embeddings recognize common application schemas and are customizable to help accelerate the development of data retrieval for retrieval-augmented generation (RAG).
Seamless mobilization of data: Easily access and configure all enterprise data and metadata across SaaS, legacy, and homegrown applications like CRMs, billing, and knowledge management systems. Connect them all without custom APIs, cumbersome extract transfer load processes (ETLs), or custom data pipelines.
Avoid shadow datastores: One flexible and configurable datastore designed to be used across all of an organization’s AI applications, reducing costs, management overhead, and risk.

Rubrik Annapurna for Amazon Bedrock is designed to unlock powerful use cases across business functions, such as:

A more intelligent customer support expert for every rep: Provide expert-like resolutions based on historical information that pulls data from Salesforce Service Desk, as well as current engineering conversations from Microsoft Teams chat, and even recently published technical documentation in an organization’s proprietary knowledge base.
A smarter sales assistant for every sales team: Build a powerful sales assistant that connects multiple disjointed applications such as Salesforce CRM, emails, Teams chat, and even Zoom recordings sitting in Amazon Simple Storage Service (Amazon S3) buckets. Sales teams can rapidly get a 360° summary and qualitative review of customer deals with organizational context from customer emails, phone conversations, and the relevant internal communications across the team.
A more creative marketing assistant: Build a highly dynamic marketing assistant that can create more original presentations from multiple, disparate sources, no matter where the insights live. The marketing assistant can leverage existing presentations and documents in OneDrive, as well as new product documentation in a proprietary knowledge management system, and also access customer feedback in call recordings in Amazon S3.

“Rubrik is simplifying complex data environments while prioritizing security and compliance continues to give us confidence as we explore new opportunities to innovate and scale with AI. Today’s announcement of Rubrik Annapurna and the integration with Amazon Bedrock is a true testament to Rubrik’s focus and vision to help customers securely connect enterprise data and metadata to build compelling and AI applications,” said Ted Balagtas, SVP, Chief Information Officer at Bankwell Financial Group.

We have exciting developments planned for Annapurna in the coming months. Rubrik is on-site at AWS re:Invent 2024 this week in Las Vegas at booth #1948. For more technical details, visit Rubrik’s blog.

About Rubrik
Rubrik (NYSE: RBRK) is on a mission to secure the world’s data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, and SaaS applications. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked.

For more information please visit www.rubrik.com and follow @rubrikInc on X (formerly Twitter) and Rubrik on LinkedIn.

SAFE HARBOR STATEMENT:
This press release contains express and implied “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the timing of the availability of Annapurna and the expected benefits of Annapurna’s integration with Amazon Bedrock, such as the increased security for generative AI applications. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including those described under the caption “Risk Factors” and elsewhere in our most recent filings with the Securities and Exchange Commission, including our quarterly report on Form 10-Q for the fiscal quarter ended July 31, 2024. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Any unreleased services or features referenced in this document are not currently available and may not be made generally available on time or at all, as may be determined in our sole discretion. Any such referenced services or features do not represent promises to deliver, commitments, or obligations of Rubrik, Inc. and may not be incorporated into any contract. Customers should make their purchase decisions based upon services and features that are currently generally available.

Media Contacts:
Meghan Fintland
Head of Global PR, Rubrik
925.785.9192
Meghan.Fintland@rubrik.com

Source: Rubrik

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Panzura CloudFS Achieves Industry-first FIPS 140-3 Certification

03 Dec

Hybrid Cloud File Platform is the Only Solution in its Category with Stringent FIPS 140-3 Certification for its Core Data Encryption and Key Management Processes

News Summary:

Panzura CloudFS hybrid cloud file platform has achieved FIPS 140-3 certification, a significant milestone that underscores the company’s commitment to delivering the highest level of security and compliance for its customers.

Panzura CloudFS is the only hybrid cloud file storage solution to have achieved FIPS 140-3 certification for its core data encryption and key management processes, setting a new standard for data security and compliance.

Leveraging FIPS 140-3-certified cryptographic modules, Panzura CloudFS empowers organizations to safeguard sensitive data, meet stringent regulatory requirements like CMMC and HIPAA, and streamline compliance efforts.

SAN FRANCISCO, CA – December 3, 2024— / BackupReview.info / — Panzura has announced that the Panzura CloudFS hybrid cloud file platform has achieved Federal Information Processing Standards (FIPS) 140-3 certification. Panzura CloudFS is now the only hybrid cloud file storage solution to have received this level of certified security for its core data encryption and key management processes.

This industry-first accomplishment sets a new standard for data security and regulatory compliance, highlighting Panzura’s unwavering commitment to data resilience and unique approach to seamlessly integrating on-premises and cloud storage while maintaining the highest levels of security and performance.

Today’s announcement comes on the heels of news that Panzura CloudFS?has been shortlisted for the?Best Cloud Data Management Solution?in the?2024-25 Cloud Awards, a prestigious international program that honors industry leaders in cloud computing.

FIPS 140-3, a rigorous security standard established by the National Institute of Standards and Technology (NIST), validates the security capabilities of cryptographic modules. The FIPS 140-3 certification is based on ISO/IEC 19790, a globally recognized standard, which enables organizations to meet their compliance requirements. Attaining this certification, Panzura demonstrates its dedication to safeguarding sensitive data and meeting the stringent requirements of government agencies and regulated industries around the world.

“Achieving FIPS 140-3 certification means CloudFS customers can confidently store, share, and collaborate on sensitive data, regardless of location or device,” said Dan Waldschmidt, CEO, Panzura.

FIPS 140-3 certification guarantees the security of data encryption and key management processes, protecting sensitive information from unauthorized access and cyber threats. Utilizing advanced encryption techniques and security protocols, Panzura CloudFS protects data both at rest and in transit.

“Our pursuit of FIPS 140-3 certification underscores our relentless commitment to security excellence. Leveraging CloudFS, organizations can ensure that their data is protected to the highest standards, meeting the stringent requirements of various regulations and industries,” continued Waldschmidt.

With FIPS 140-3 certification, the Panzura CloudFS platform streamlines compliance efforts by offering a centralized way to manage and secure data across hybrid cloud environments. It assists organizations in meeting rigorous requirements such as those imposed by government agencies across industries like healthcare, finance, and defense.

For example, the certification allows organizations to meet Cybersecurity Maturity Model Certification (CMMC) Level 2 and Level 3 mandates which require the use of FIPS 140-3 certified solutions. This is crucial for organizations involved in the U.S. Department of Defense supply chain, including defense contractors, suppliers, manufacturers, service providers, research and development firms, support services, and even small businesses. Moreover, the FIPS 140-3-certified security of Panzura CloudFS can contribute to HIPAA compliance by ensuring strong security for Protected Health Information (PHI).

The certification defines the standards which cover key management practices, ensuring secure generation, storage, and distribution of cryptographic keys. FIPS 140-3 also emphasizes strong random number generation to enhance the unpredictability of cryptographic operations.

To maintain security and identify potential vulnerabilities, FIPS 140-3 requires regular self-tests of cryptographic modules. FIPS 140-3 also requires physical security measures to protect modules from unauthorized access and tampering.

About Panzura
Panzura empowers modern enterprises to unlock the full potential of their unstructured data, aligning it with strategic business goals. Our solutions ensure data visibility, accessibility, and control, seamlessly preparing organizations for a digitally transformed, AI-driven future. With Panzura, organizations can enhance data resilience, optimize costs, and deliver data instantly to users and processes – anywhere, anytime. Discover how Panzura can drive your success at panzura.com.

Panzura is a trademark or registered trademark of Panzura LLC in the United States and/or other countries. All other trademarks, registered trademarks and/or logos are the property of their respective owners.

Contact
Thomas Morelli
+1 206 218 3984
thomas.morelli@panzura.com

Source: Panzura

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Rubrik Elevates Cyber Resilience with Unified Security and Cyber Recovery

03 Dec

AWS re:Invent, LAS VEGAS, December 3, 2024 — / BackupReview.info / — Today Rubrik, Inc. (NYSE: RBRK) announces the expansion of its leading cyber protection capabilities for cloud data that runs on AWS, designed to boost customers’ confidence and reduce the risk of downtime.

Rubrik’s upcoming expanded capabilities aim to accelerate cyber resilience for joint customers by expediting the identification of and the response to hidden threats, and by shortening the time to cyber recovery. Central to the new services will be Rubrik Cloud Vault (RCV), an isolated, air-gapped, and immutable backup repository that is fully managed by Rubrik. In addition, the company will provide expanded features for AWS that include Anomaly Detection, Threat Monitoring, Threat Hunting, and Data Discovery & Classification.

“Surviving a cyberattack is not as simple as just restoring from a backup. IT and security teams must also rapidly pinpoint when the attack occurred, identify what was compromised, and determine if sensitive data was impacted — all while trying to find a clean, safe recovery point,” said Anneka Gupta, Chief Product Officer at Rubrik. “This is no small task, but we believe the power of Rubrik and AWS makes it simple for organizations to bounce back quickly and safely while minimizing the risk of reinfection. Together we will continue to bring our partnership to new heights to better protect organizations and join them on their journey to cyber resilience.”

Rubrik Cloud Vault on AWS

To protect against bad actors gaining access to backup data that is wholly managed within an organization, businesses often turn to an isolated data vault to ensure proper data protection. This introduces complexities when it comes to maintaining and securing the isolated environment, which can be a manual, time-consuming process prone to human error. Rubrik Cloud Vault on AWS will be designed to address this by offering a fully managed, isolated, off-site archive for backup data. Key benefits of Rubrik Cloud Vault on AWS will be designed to include:

Immutable and isolated data protection: Maintain off-site, immutable data copies in an isolated environment to withstand cyber threats and always be able to recover clean data to your organization’s preferred environment.
Rubrik-managed security: Gain fully managed Rubrik capabilities to maintain security including immutability, role-based access controls, advanced encryption, quorum authorization, and comprehensive monitoring.

Rubrik Extends Advanced Security Features to AWS

With Rubrik, joint customers in AWS will have access to deeper insights into their sensitive data and emerging cyber threats. This includes Anomaly Detection, which determines the scope of cyberattacks using machine learning to detect deletions, modifications, and encryptions for optimal ransomware investigation and accelerated recovery time.

The new advanced capabilities aim to help customers recover faster and with greater confidence, ensuring restoration from a verified, clean point of recovery. These features will include:

Threat Monitoring: Accelerates investigations and reduces the risk of malware reinfection during recovery by automatically analyzing backup snapshots for threats using an up-to-date threat intelligence feed.
Threat Hunting: Provides insights that help avoid malware reinfection during recovery by analyzing the history of data for indicators of compromise to identify the initial point, scope, and time of infection.
Data Discovery & Classification: Reduces sensitive data exposure and manages exfiltration risk by locating sensitive data in files and applications to help organizations stay compliant.

Anomaly Detection is currently available to all AWS customers, with exciting developments planned for Threat Hunting, Threat Monitoring, Data Discovery & Classification, and Rubrik Cloud Vault in early 2025. Rubrik will showcase its innovation on-site at AWS re:Invent 2024 in Las Vegas. Attendees can visit booth #1948 to learn more.

Additional Resources:

About Rubrik
Rubrik (NYSE: RBRK) is on a mission to secure the world’s data. With Zero Trust Data Security™, we help organizations achieve business resilience against cyberattacks, malicious insiders, and operational disruptions. Rubrik Security Cloud, powered by machine learning, secures data across enterprise, cloud, and SaaS applications. We help organizations uphold data integrity, deliver data availability that withstands adverse conditions, continuously monitor data risks and threats, and restore businesses with their data when infrastructure is attacked.

For more information please visit www.rubrik.com and follow @rubrikInc on X (formerly Twitter) and Rubrik on LinkedIn.

SAFE HARBOR STATEMENT:
Any unreleased services or features referenced in this document are not currently available and may not be made generally available on time or at all, as may be determined in our sole discretion. Any such referenced services or features do not represent promises to deliver, commitments, or obligations of Rubrik, Inc. and may not be incorporated into any contract. Customers should make their purchase decisions based upon services and features that are currently generally available.

Media Contact:
Meghan Fintland
Head of Global PR, Rubrik
925.785.9192
Meghan.Fintland@rubrik.com

Source: Rubrik

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Veeam, the World’s #1 Leader in Data Resilience, Launches New Enterprise Capabilities in Veeam Data Platform v12.3, including Microsoft Entra ID Protection

03 Dec

Latest Veeam release delivers new cyber resilience tools, improved reporting powered by Generative AI, complete Nutanix AHV protection, and access to Veeam Data Cloud Vault v2

SEATTLE, WA – December 03, 2024 — / BackupReview.info / — Veeam® Software, the #1 leader by market share in Data Resilience, today announces the availability of Veeam Data Platform v12.3. This highly anticipated release encompasses three key objectives for enterprises: protecting identity and access management with support for backing up Microsoft Entra ID, powering proactive threat analysis with Recon Scanner and Veeam Threat Hunter, and utilizing Generative AI to deliver more intelligent protection of enterprise data with advanced reporting powered by Veeam Intelligence. In addition, Veeam Data Platform v12.3 expands data portability by offering complete Nutanix AHV protection with application-aware processing, in-depth alerting and analytics for Nutanix AHV workloads. Now fully integrated with Veeam Data Cloud Vault v2, this latest update from Veeam provides instant access to secure, air-gapped, encrypted and immutable cloud storage that is predictably priced.

“Security starts with identity and authentication, which is why providing backup for Microsoft Entra ID is an important addition to Veeam Data Platform v12.3. Now, we can protect the most used identity and access management system and combine it with new proactive threat analysis tools that better prepare enterprises for cyber threats,” said Anand Eswaran, CEO at Veeam. “As enterprises bolster their security posture and prioritize data mobility, Veeam Data Platform brings the broadest set of capabilities to ensure their data is not only backed up and protected, but resilient. That’s critical to keeping business running no matter what happens.”

As organizations continue their digital transformation journeys, the cloud plays a crucial role in driving innovation and efficiency. To ensure comprehensive protection of identity and access management services, organizations require robust data resiliency capabilities integrated into their chosen data resilience platform. Veeam Data Platform v12.3 is designed to address these needs, empowering businesses with Entra ID protection and cybersecurity innovation.

Identity and access management (IAM) is the source of truth for enterprises, and protecting it is paramount. For many organizations, Microsoft Entra ID serves as a requirement to ensure seamless business operations. New Veeam protection capabilities for Microsoft Entra ID swiftly brings businesses back on track within seconds, mitigating latent cyber threats and accidental misconfigurations that hinder productivity. With accelerated change detection, simplified compliance, and the rapid restore of operations, businesses can now protect both on-premises Active Directory and Microsoft Entra ID, ensuring uninterrupted access and reducing the risk of cyber threats, attacks, and human error.

Veeam Data Platform v12.3 introduces innovative tools to strengthen cyber resilience, including:

Recon Scanner provides proactive threat assessment technology, identifying adversary tactics, techniques, and procedures (TTPs) before a cyber-attack. Built from patent-pending Coveware technology used in thousands of ransomware incidents, this first integration of Coveware technology into Veeam Data Platform, solidifies Veeam as the first and only platform vendor offering this advanced level of proactive threat assessment technology.
IoC Tools Scanner enables organizations to be notified on the appearance of indicators of compromise (IoC) tools that are commonly used by cybercriminals including different techniques such as lateral movement, exfiltration, command + control, credential access, and more on protected machines. This tool significantly reduces the Mean Time to Detect (MTTD) threats, providing an opportunity to react before an attack.
Veeam Threat Hunter offers accelerated signature-based malware scanning, allowing organizations to cast a wider net and detect dormant threats in their backups, facilitating the rapid implementation of essential security measures to ensure business continuity. Built into Veeam Data Platform, Threat Hunter employs machine learning (ML) and heuristic analysis to identify advanced threats such as polymorphic malware, with threat signatures and ML models updated multiple times per day to expand detection to newly developing threats.

New Enhancements to Veeam Data Platform v12.3

Complete Nutanix AHV Protection: Strengthening data resilience for all hypervisors, Veeam Data Platform v12.3 unleashes complete Nutanix AHV security with application-aware processing, inline threat detection during backup, and deep data observability for Nutanix environments. Protecting important applications and accessing needed information should not require extensive knowledge or specialized expertise in Nutanix AHV. With Veeam Data Platform, users can simplify and streamline the process, eliminating the need to navigate complex reports and dashboards.
Integration with Veeam Data Cloud Vault: With this latest release, Veeam Data Cloud Vault is now completely integrated into Veeam Data Platform making it simpler for customers to streamline immutable, offsite backup. Vault is a fully-managed, secure, and cloud-based storage service that leverages the power of Microsoft Azure and simplifies storing backups of mission-critical data and applications offsite for unmatched business resilience. This integration provides users with instant access to predictably priced cloud storage and is securely architected to Zero Trust Data Resilience (ZDTR) standards to help achieve the 3-2-1-1-0 rule for data protection. This philosophy forms the foundation of a solid data protection strategy and data resilience initiatives, ensuring the integrity and availability of backups.
Veeam Intelligence: With additional GenAI capabilities, Veeam Data Platform v12.3 delivers proactive intelligence and AI-driven insights with Veeam Intelligence. Administrators can optimize backup performance, address potential risks, and make data-driven decisions quickly and efficiently, reducing the workload on IT resources.
Veeam Data Platform v12.3 is now available. To learn more about Veeam, visit https://www.veeam.com

SUPPORTING QUOTES
“For IT and security teams, addressing evolving threat vectors and reducing the time to detect and recover from a cyber-attack are top of mind. This necessitates next-generation, AI-driven threat detection and intelligence such as that brought to bear by Coveware’s integration into Veeam. Also critical in this most recent VDP release is the ability to protect both Active Directory and Entra ID because identity-based attacks are massively on the rise. Hackers are choosing to log in as opposed to hacking in whenever possible. Finally, optimizing flexibility in data and workload placement is also top of mind. Given more hosting options than ever before, organizations are evaluating their environments for cost-efficiency, security, and specific capabilities. And they are looking for long-term flexibility, as needs and providers’ feature sets and pricing evolve. The ability to have data portability is fundamental in this equation.” – Krista Case, Research Director at The Futurum Group

“Ultra Energy operates in nuclear and aerospace industries, where data is especially prone to malicious attacks and highly sensitive. With the launch of Veeam Data Platform v12.3, we see cyber resilience taken to the next level with new capabilities such as Proactive Threat Assessment, IoC Tools Scanner and Veeam Threat Hunter, which expands protection against millions of known malware strains. With Veeam constantly evolving and releasing new technologies, we have added confidence that our data is safe and in our control.” – Paul Sylvester, Head of Technical Services, Ultra Energy

About Veeam Software
Veeam®, the #1 global market leader in data resilience, believes every business should be able to bounce forward after a disruption with the confidence and control of all their data whenever and wherever they need it.? Veeam calls this radical resilience, and we’re obsessed with creating innovative ways to help our customers achieve it.

Veeam solutions are purpose-built for powering data resilience by providing data backup, data recovery, data freedom, data security, and data intelligence. ?With Veeam, IT and security leaders rest easy knowing that their apps and data are protected and always available across their cloud, virtual, physical, SaaS, and Kubernetes environments.

Headquartered in Seattle with offices in more than 30 countries, Veeam protects over 550,000 customers worldwide, including 74% of the Global 2000, that trust Veeam to keep their businesses running. ?Radical resilience starts with Veeam. Learn more at www.veeam.com or follow Veeam on LinkedIn @veeam-software and X @veeam.

Contact:
Heidi Monroe Kroft
Veeam Software
Global Corporate Communications / Public Relations
(614) 339-8200
heidi.kroft@veeam.com

Source: Veeam

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N2WS Releases Enhancements for Backup and Disaster Recovery Tool to Lower Costs, Increase Reliability, and Improve Restore Time for Enterprises and MSPs

03 Dec

WEST PALM BEACH, Fla. – Dec. 3, 2024 — / BackupReview.info / — N2WS, a leading provider of data protection solutions for enterprise-grade production environments in the public cloud, has unveiled powerful new enhancements to its cloud-native backup and disaster recovery (BDR) platform. These updates empower enterprises and managed service providers (MSPs) to address the growing threats of ransomware and other malicious attacks while cutting operational costs, streamlining cross-cloud and multi-cloud data management, and maximizing the potential of their cloud investments without stressing budgets.

Despite the advancements in cybersecurity strategies and the growth of security products over the years, the latest data paints a concerning picture of the IT threat landscape heading into 2025. According to an October 2024 report by Hornetsecurity, ransomware-related data loss has risen dramatically from 17.2 percent in 2023 to 30.2 percent in 2024. These alarming figures stress the immediate need for enterprises and MSPs to invest in dependable and affordable BDR solutions.

“Our mission has always been clear and focused,” said Ohad Kritz, CEO and co-founder of N2WS. “We excel in protecting data—that’s our specialty and our core strength. While others may branch into endpoint security or threat intelligence, losing focus, we remain dedicated to ensuring our customers are shielded from the evolving IT threat landscape. These latest multi cloud enhancements are a testament to our unwavering commitment to data protection and delivering vendor neutrality to our customers.”

The following improvements are now available to Amazon AWS and Microsoft Azure customers in the latest version of the N2WS platform:

Revolutionizing Azure Backup Costs: Save Up to 500% with Per-VM Pricing
This functionality brings Data Lifecycle Management (DLM) — a concept inspired by N2WS’ successful AWS backup model — to Microsoft Azure virtual machine (VM) backups. By charging per VM rather than based on VM size, N2WS enables up to 500 percent in cost savings on both licensing and storage. It also supports a broader range of storage options (Azure Blob, AWS S3, Wasabi S3), offering enhanced flexibility for users.

Cost-Effective Storage with Seamless S3 Compatibility Across Multi-Cloud Environments
By adding support for Wasabi’s third-party S3-compatible storage repositories, N2WS now offers customers highly cost-effective storage options at competitive prices. With seamless S3 API compatibility, integration is simplified, enabling customers to concentrate on their core operations without the burden of storage complexities or hidden fees. This AWS S3-compatible functionality is now extended to Azure customers, delivering seamless integration and affordable storage across multi-cloud environments.

Advanced Snapshot Technology Delivers Speed and Flexibility Across Repositories
The N2WS platform now leverages advanced cloud-native, platform-independent block-level snapshot technology to deliver maximum-speed read and write access across Azure, AWS, and third-party repositories. It enables rapid restores from any repository, providing unmatched reliability and flexibility. By integrating secure snapshot technology with Azure APIs, it offers seamless access to both Azure and third-party repositories. These features empower customers to tailor their backups and storage options to meet their unique needs, far surpassing Azure backup by eliminating vendor lock-in and ensuring superior performance.

Streamlined Failover and Failback Remove Uncertainty, Ensuring Efficient Recovery During Planned Scenarios
The Enhanced Recovery Scenarios Functionality removes the uncertainty of identifying resources during a planned failover, ensuring a quick and efficient failback once operations are restored. The new functionality introduces Custom Tags for Recovery Scenarios, enabling the retention of backup tags and the addition of fixed tags, such as marking Disaster Recovery targets. This improvement also enhances the differentiation between original and DR targets during failover. Furthermore, advanced recovery options for AWS FSx ONTAP storage have been added, further strengthening recovery capabilities.

Targeted Retries Save Time and Costs While Boosting Backup Reliability
The Partial Retry for Policy Execution Failures feature enhances backup efficiency and reliability by retrying only the failed resources, without reprocessing the successful ones. This not only saves time and costs but also boosts reliability by targeting only the failed backups, minimizing unnecessary policy-wide failures. By offering greater flexibility, it helps align customer expectations, reducing frustration and improving overall backup success rates.

Smarter S3 Compliance Locking Improves Efficiency Without Sacrificing Security
The company streamlined its solution to improve cost efficiency in S3 Compliance Locking without compromising security or features. By implementing a smarter algorithm, it reduced API request volumes, significantly lowering operational costs while maintaining robust compliance and functionality. This enhancement directly impacts the customer’s bottom line, aligning with our mission to provide secure, cost-effective, and flexible backups.

“Efficiency and affordability are at the core of what sets us apart and resonates with our customers,” said Kritz. “Our mission is to provide exceptional protection while helping them cut costs, improve backup efficiency, and simplify restore and disaster recovery testing. This commitment to making things ridiculously easy and fast has been the cornerstone of our success, and we’re excited to continue supporting our customers in the years to come.”

About N2WS:
Founded in 2012, N2WS provides data protection solutions tailored for enterprise-grade production environments in the public cloud. Built from the ground up, N2WS offers comprehensive backup and disaster recovery solutions for enterprises utilizing AWS and Azure infrastructures. Its solutions empower organizations to restore entire servers, instances, volumes, or files across different regions or cloud services, ensuring seamless transitions back to operational activities.

To learn more, visit n2ws.com. Subscribe to the N2WS YouTube Channel, and follow the company on LinkedIn.

Media Contact:
Christopher Joseph (CJ) Arlotta
CJ Media Solutions for N2WS
C: 631-572-3019

Source: N2WS

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Index Engines Enhances Cyber Resilience with AI/ML-Driven Customizations and Advanced Innovations with CyberSense®

03 Dec

A year of progress in ransomware detection, data integrity, and cyber resilience

Holmdel, NJ, December 3, 2024 — / BackupReview.info / — Cyber resilience company Index Engines today announced that as ransomware attacks grow more sophisticated, the company’s flagship solution CyberSense has continued to be refined and evolve, setting new standards in ransomware detection accuracy, data integrity assurance, and cyber resilience.

The advancements of CyberSense over the course of 2024 empowers organizations to withstand and recover from the most covert cyber threats.

“Innovation is at the heart of everything we do,” said Larry Meese, VP of Product Management at Index Engines. “In 2024, we continued to invest in the company and its people to ensure CyberSense always remains a step ahead of the rapidly changing threat landscape. From our state-of-the-art anomaly detection capabilities to tools that help customers understand their threat exposure, we’ve delivered solutions that provide unmatched confidence and resilience.”

2024 has been a year of innovation marked by:

A new 99.99% Service Level Agreement (SLA) for ransomware detection accuracy. Validated by the Enterprise Strategy Group, one of the year’s most significant advancements reflects the power of CyberSense’s AI-driven, full-content inspection capabilities. By continuously validating data integrity, CyberSense minimizes downtime and provides organizations with unmatched reliability in times of crisis.
The introduction of a suite of new features and capabilities in CyberSense designed to address the increasing sophistication of ransomware attacks. The introduction of the Automated Ransomware Lifecycle Process marked a shift in approach in handling the lifecycle of ransomware detection and analysis. This process, comprised of the actions acquire, collect, detonate, analyze and train, enables CyberSense to process thousands of ransomware scenarios daily. The platform’s ability to detect complex attack methods such as partial or intermittent encryption and variant mutations ensures that even the most elusive threats are quickly identified.
The CyberSense Sensitivity Index (CSI) and user-defined thresholds have empowered organizations with a new level of control over their data environments. CSI scores offer precise insights into the likelihood of ransomware corruption, while thresholds enable proactive monitoring and alerts tailored to specific criteria. These tools empower IT teams to act before an issue escalates.
To enhance usability, CyberSense now features a policy orchestration framework with pluggable integration capabilities. This innovation allows seamless connectivity with external storage systems, reducing time-to-market for custom solutions for faster deployments and greater adaptability to client needs.
Index Engines also prioritized user experience this year by launching two new data integrity dashboards. The home dashboard offers a comprehensive overview of critical metrics, while the backup/snapshots dashboard provides detailed insights into scan results, making it easier for organizations to identify the last clean backup or snapshot following an attack. These visual tools have transformed the recovery process, offering clarity and confidence when it matters most.

“CyberSense has not just kept pace with the growing complexity of cyber threats, it has outpaced them,” added Meese. “Our innovations this year reflect our dedication to delivering solutions that give our customers peace of mind and the tools they need to protect their most valuable assets.”

Index Engines will be exhibiting at the Gartner Infrastructure, Operations & Cloud Strategies Conference Dec. 10-12 in Las Vegas. Learn more: www.indexengines.com/trust

About Index Engines
At Index Engines, we are the experts in Cyber Resiliency, helping organizations build an infrastructure where trusted data is available and reliable. Our leading solution, CyberSense, provides a 99.99% SLA for detecting ransomware corruption. CyberSense empowers organizations to confidently navigate cyber challenges, mitigate risks, and quickly recover to normal business operations in the ever-evolving cyber landscape.

For more information, visit www.indexengines.com

Press Contact:
Lauren Mcauley
Account Executive
Smart Connections PR
lauren@smartconnectionspr.com

Source: Index Engines

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Cohesity Awarded 2024 AWS Global Storage Partner of the Year

03 Dec

Las Vegas, NV – December 2, 2024 — / BackupReview.info / — Cohesity, a leader in AI-powered data security, announced today it is a recipient of a 2024 Geography and Global AWS Partner Award, recognizing leaders around the globe that are playing key roles in helping their customers drive innovation and build solutions on Amazon Web Services (AWS). Cohesity has been named as Global Storage Partner of the Year, a recognition in the AWS Storage Competency. The award recognizes a partner who provides industry-leading consulting and technology services for a variety of use cases, including backup and restore operations to, from, and within the AWS environment, and business continuity/disaster recovery (BCDR) solutions.

Announced during the Partner Awards Gala at AWS re:Invent 2024, the Geographic and Global AWS Partner Awards recognize a wide range of AWS Partners that have embraced specialization, innovation, and cooperation over the past year. Geo and Global AWS Partner Awards recognize partners whose business models continue to evolve and thrive on AWS as they support their customers.

Cohesity helps the largest organizations in the world strengthen their business resilience by protecting, securing and providing insights into their data. With the Cohesity Data Cloud, customers can secure, protect and manage AWS workloads, SaaS, and on-premises data either as self-managed or fully-managed services in AWS. With Cohesity and AWS, customers are able to simplify IT operations, optimize IT costs, and enhance cyber resilience. This allows them to recover from cyber events faster and manage and secure their data at enterprise scale. Customers are also able to gain valuable insights from their data with the industry-first AI-powered conversational assistant, Cohesity Gaia. Cohesity solutions are available on AWS marketplace for ease of procurement and improved customer experience.

“As customers face unprecedented new threats, keeping their data secure and their business resilient is critical. Together, AWS and Cohesity protect some of the largest enterprise customers in the world, helping them achieve greater data resilience so they can recover quickly from incidents and keep their businesses running,” said Vikram Kanodia, Vice President of Tech Alliances, Cohesity. “Recognizing Cohesity as a Global Storage Partner of the Year is a strong validation of our strategic relationship with AWS and our joint commitment to accelerating innovation for our customers.”

“Facing more infrastructure complexity and rising cyber threats, having a comprehensive data resilience strategy is critical for our business,” said Stephen Engler, System Administrator, Oklahoma Farm Bureau Mutual Insurance Company. “We rely on Cohesity and AWS to protect and manage our most important data, and seeing this recognition validates the trust we place in these companies together to power our enterprise-grade cybersecurity strategy.”

The Geography and Global AWS Partner Awards included a self-nomination process across several award categories, awarded at both the geographic and global level. Award submissions were reviewed by a third-party, Canalys, and selected with special emphasis placed on customer success use cases.

The AWS Partner Network (APN) is a global program focused on helping partners innovate, accelerate their journey to the cloud, and take full advantage of the breadth and depth of AWS.

For more information:

Visit us at booth #526 or Marketplace Pavilion Kiosk #220 at AWS re:Invent 2024 for informative breakout sessions, interactive demos. Check out our blog for more details
Check out our breakout sessions during the show:
- Accelerate Business Decisions with RAG and AI on Tuesday, Dec. 3 from 5:30 – 6:30 pm at the Venetian Summit Showroom
- Real-world Defense Strategies to Enhance Cyber Resilience in the Cloud on Thursday, Dec. 5 from 2:00 – 3:00 pm at the Wynn Bollinger Room
- Security Breakfast with MongoDB, BigID, and Cohesity on Tuesday, December 3 from 7:00 – 7:45 am at the Venetian Sugarcane Restaurant. Space is limited, so RSVP here
RSVP for Cohesity’s Cyber Soiree on 12/2 at TAO, sponsored by AWS, BigID, and Netskope. Space is limited, so request a spot here
Learn more about Cohesity’s solutions on AWS

About Cohesity
Cohesity is a leader in AI-powered data security. Aided by an extensive ecosystem of partners, Cohesity makes it easier to secure, protect, manage, and get value from data – across the data center, edge, and cloud. Cohesity helps organizations defend against cybersecurity threats with comprehensive data security and management capabilities, including immutable backup snapshots, AI-based threat detection, monitoring for malicious behavior, and rapid recovery at scale. Cohesity solutions can be delivered as a service, self-managed, or provided by a Cohesity-powered partner. Cohesity is headquartered in San Jose, CA, and is trusted by the world’s largest enterprises, including 47 of the Fortune 100.

Media Contact:
Michael Thacker
Sr. Director, Public Relations
michael.thacker@cohesity.com
+1 (458) 272-1701

Source: Cohesity

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Veritas Awarded a 2024 AWS Partner Award

03 Dec

Veritas recognized as Storage Partner of the Year winner

SINGAPORE, Dec. 3, 2024 –/BackupReview.info/ — Veritas Technologies, the leader in secure multi-cloud data resilience, today announced it is a recipient of a 2024 Geo and Global AWS Partner Award, recognizing leaders around the globe that are playing key roles in helping their customers drive innovation and build solutions on Amazon Web Services (AWS). Veritas has been named winner of the Storage Partner of the Year award.

Announced during the Partner Awards Gala at AWS re:Invent 2024, the Geo and Global AWS Partner Awards recognize a wide range of AWS Partners that have embraced specialization, innovation and cooperation over the past year. Geo and Global AWS Partner Awards recognize partners whose business models continue to evolve and thrive on AWS as they support their customers.

With more than 30 years of industry leadership, Veritas has supported organizations through every major IT disruption. Ninety-one percent of the Fortune 100 – representing many of the largest companies from key sectors like financial services, healthcare and technology – rely on Veritas to manage, protect and recover their business-critical data and applications. Through its longtime relationship with AWS, Veritas provides high-performance cloud solutions at scale. Among these are backup to Amazon Simple Storage Service (Amazon S3), archiving to Amazon S3 Glacier, migrating workloads to Amazon Elastic Compute Cloud (Amazon EC2), and ensuring mission-critical applications are highly available and recoverable across multiple availability zones.

Deepak Mohan, executive vice president of engineering at Veritas, said: “As enterprises modernize their infrastructure using Veritas and AWS, they need solutions that are both simple to manage and simple to engage. The combination of Veritas technologies delivered through AWS Marketplace enables cost optimization for digital transformation – whether through flexible consumption of data protection and application resiliency services or intense deduplication of cloud data volumes. The Storage Partner of the Year award reflects the continued success of our collaboration with AWS and the benefits we deliver to customers together.”

The Geo and Global AWS Partner Awards included a self-nomination process across several award categories, awarded at both the geographic and global level. All AWS Partners were invited to participate and submit a nomination. Award submissions were reviewed by a third-party, Canalys, and selected with special emphasis placed on customer success use cases.

In addition, there were several data-driven award categories, which were evaluated by a unique set of metrics that helped measure AWS Partners’ performance over the past year. Canalys audited the datasets used to ensure that all measurements and calculations were objective and accurate.

The AWS Partner Network (APN) is a global program focused on helping partners innovate, accelerate their journey to the cloud, and take full advantage of the breadth and depth of AWS.

About Veritas
Veritas Technologies is the leader in secure multi-cloud data management. Over 80,000 customers—including 91% of the Fortune 100—rely on Veritas to help ensure the protection, recoverability and compliance of their data. Veritas has a reputation for reliability at scale, which delivers the resilience its customers need against the disruptions threatened by cyberattacks, like ransomware. No other vendor can match Veritas’ ability to execute, with support for 800+ data sources, 100+ operating systems and 1,400+ storage targets through a single, unified approach. Powered by Cloud Scale Technology, Veritas is delivering today on its strategy for Autonomous Data Management that reduces operational overhead while delivering greater value. Learn more at veritas.com. Follow Veritas on X at @veritastechllc.

Veritas and the Veritas Logo are trademarks or registered trademarks of Veritas Technologies LLC or its affiliates in the US and other countries. Other names may be trademarks of their respective owners.

PR contact
VeritasPublicRelations@Veritas.com

Source: Veritas

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News Summary Podcast for December 02, 2024

02 Dec

These press releases highlight recent advancements in data backup and storage, data protection, cloud security and data management.

Click on the company links to read their press releases.

Listen to the podcast:

Three press releases announce significant developments in the cloud data management sector. All three companies emphasise their commitment to innovation and customer success in the evolving landscape of data management and cloud services.

1/ Keepit, a cloud backup provider, highlights its award for green data centers and its robust cybersecurity platform.

2/ Egnyte, a content collaboration and governance solutions company, promotes its upcoming Global Summit focusing on AI’s integration with mission-critical content management.

3/ Synology America announces its new CEO, James Chen, outlining a strategy for expanding its enterprise data storage and backup solutions in the US market.

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Keepit Recognized for its Green Data Centers by Business Awards UK, 2024 Corporate Sustainability Awards

02 Dec

Keepit has been awarded “Best Green Initiative” by the Business Awards UK, 2024 Corporate Sustainability Awards

Copenhagen, Denmark – December 02, 2024 — / BackupReview.info / — Keepit, a global provider of a comprehensive cloud backup and recovery platform, today announced it has been awarded “Best Green Initiative” by the Business Awards UK, 2024 Corporate Sustainability Awards. Keepit’s data centers in the Americas and EMEA have been powered by 100% renewable energy since 2023.

Headquartered in Copenhagen, Denmark, with offices in the US, Germany, and the UK, Keepit counts The National Gallery and Oxford University Innovation Ltd among its UK customers.

“Keepit prides itself in having built its whole operation efficiently, with sustainability in mind. Providing our customers with the ability to secure their data on our platform, knowing we’re also doing our part to reduce environmental impact, is important to us as a company”, says Michele Hayes, CMO at Keepit.

Keepit’s continuing commitment to sustainability
Since 2023, all Keepit’s data centres in the Americas and EMEA have been powered by 100% renewable energy. Keepit reached this important green energy milestone ahead of other cloud-based backup vendors.

Keepit constructed its technology stack from the ground up, specifically designing it to efficiently address data storage challenges. This approach reflects a commitment to optimising resource utilisation and delivering a service that is not only effective but also resource efficient.

Read more about Keepit’s commitment to sustainability — https://www.keepit.com/blog/sustainability/

Keepit platform was also named “Best Cybersecurity Backup Service” by Business Awards UK, 2024 Cybersecurity and Resilience Awards: — https://www.keepit.com/press/keepit-wins-uk-business/

About Keepit:
Keepit provides a next-level SaaS data protection platform purpose-built for the cloud. Securing data in a vendor-independent cloud safeguards essential business applications, boosts cyber resilience, and future-proofs data protection. Unique, separate, and immutable data storage with no sub-processors ensures compliance with local regulations and mitigates the impact of ransomware while guaranteeing continuous data access, business continuity, and fast and effective disaster recovery. Headquartered in Copenhagen with offices and data centres worldwide, over ten thousand companies trust Keepit for its ease of use and effortless backup and recovery of cloud data.

For more information visit www.keepit.com or follow Keepit on Linkedin

PR Contact:
RedIron PR for Keepit
Kari Ritacco
kari@redironpr.com

Source: Keepit

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Explore the Intersection of Artificial Intelligence and Mission-Critical Content at Egnyte’s Global Summit

02 Dec

More than 20 industry experts, including a keynote from AI thought leader and University of Pennsylvania Associate Professor Ethan Mollick, will provide valuable perspectives at the Summit

MOUNTAIN VIEW, Calif. – December 2, 2024 — / BackupReview.info / — Egnyte, a leading provider of cloud-based content collaboration and governance solutions, today announced it will host the virtual Egnyte Global Summit 2024 on December 4 at 9:00 a.m. PT/12:00 p.m. ET. This marks the event’s seventh consecutive year and reflects the company’s continued innovation. This year’s event will explore the intersection of artificial intelligence and mission-critical content management, providing attendees with valuable insights into navigating rapid technological advancements.

The Global Summit will feature two impactful keynote presentations:

Egnyte’s Vision for AI-Powered Content Management: Join Egnyte’s Co-Founder and CEO, Vineet Jain, and top executives as they explore the transformative potential of AI. Discover real-world case studies and strategies to enhance content quality, accessibility, and security with cutting-edge technologies.
From Disruption to Opportunity: Embracing the AI Revolution: Ethan Mollick, renowned AI thought leader, author, and Associate Professor at the Wharton School of the University of Pennsylvania, will share insights on how AI is reshaping our jobs, lives, and the future of humanity; the opportunities AI brings to innovate and transform our work; and strategies to navigate and embrace the AI revolution thoughtfully.

The Summit will bring together industry leaders, innovators, and thought pioneers to share strategies and best practices for mastering mission-critical content in a world increasingly driven by AI. Attendees will learn:

Product Innovations: An exclusive opportunity to learn about Egnyte’s new product offerings, its 2025 product roadmap, and product demos.
Focus on AI: The Summit will offer practical guidance on applying AI in Architecture, Engineering and Construction, Financial Services, Life Sciences, Agencies and Publishers, and other sectors.
Collaboration Strategies: Attendees will discover how to boost collaboration and productivity while keeping content secure. They will also learn how organizations can leverage Egnyte’s platform to streamline workflows and extend their preferred work environments.
Recognition of Excellence: The Summit will conclude with the Egnyte Spark Awards, which will recognize and celebrate Egnyte users who have demonstrated excellence in content collaboration and governance.

To learn about the Breakout Sessions and register for the Global Summit, click here.

Connect with Egnyte:

linkedin.com/company/egnyte
x.com/egnyte
facebook.com/egnyte

About Egnyte
Egnyte combines the power of cloud content management, data security, and AI into one intelligent content platform. More than 22,000 customers trust Egnyte to improve employee productivity, automate business processes, and safeguard critical data, in addition to offering specialized content intelligence and automation solutions across industries, including architecture, engineering, and construction (AEC), life sciences, and financial services. For more information, visit www.egnyte.com

Global Press & Media Contact
media@egnyte.com

Source: Egnyte

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Synology® America Welcomes James Chen as CEO to Drive U.S. Market Expansion

02 Dec

Bellevue, WA— December 2, 2024 — / BackupReview.info / — Synology America Corp. a global leader in data management and storage solutions, has announced James Chen as its new CEO. Chen laid out his strategy for the American market and its goals to drive growth in the enterprise sector by focusing on three pillars: products, sales channels, and services. Chen, who joined the company at its inception in 2000, brings with him a deep understanding of the evolving data solutions market and a strategy for aggressive expansion in the enterprise market.

Reflecting on Synology’s evolution, Chen noted how the company has adapted alongside its customers: “Over the past 20 years, Synology has grown from serving personal and home users to supporting SOHO and SMB environments, and now we’re furthering our progress in the enterprise market with advanced solutions like high-performance flash arrays and high-density archiving systems. More than half of Fortune 500 companies have Synology solutions deployed in their networks and, overall, the U.S. business market represents 30% of Synology’s global market share and remains the cornerstone of this growth.”

Laying out his strategy for expansion in the enterprise market, Chen detailed the path forward for the company: “On the product side, we’ve laid a strong foundation with Active Backup for Business (ABB), and we are set to enhance our primary storage lineup with scale-out storage solutions,” he said. “In terms of sales channels, strengthening partnerships and streamlining operations will position us to better support our partners and customers. And, because business continuity is vital for enterprise customers, we’re introducing service plans tailored to meet their specific needs.”

Synology’s upcoming ActiveProtect line of backup appliances highlights its commitment to enterprise customers. These appliances, along with the planned DP7400 series launch in 2025, are tailored for large enterprises, delivering scalable, centralized management solutions that meet modern data protection demands. “With Synology’s 20 years of expertise, our backup appliances are built to help businesses tackle today’s challenges with confidence,” Chen said.

As businesses become increasingly data-reliant, Chen highlighted Synology’s role in addressing these challenges: “Businesses today rely on data for everything from managing customer interactions to internal systems like email and document management. Synology delivers a comprehensive suite of storage and backup solutions that are both powerful and cost-effective. For businesses aiming to do more with less, Synology is the trusted choice.”

Chen also expressed enthusiasm about the opportunities ahead: “This first year is an exciting one, where we plan to expand our support offerings to effectively service enterprise clients and bring true enterprise-level data protection solutions to the U.S. market. Our goal is to empower customers to securely manage their data, optimize IT infrastructure, and ensure business continuity in a rapidly changing landscape.”

With Chen at the helm, Synology America is poised to enter its next phase of growth, combining innovation, strategy, and an unwavering focus on customer success.

About Synology
Synology creates network attached storage and IP surveillance solutions that transform the way users manage data and conduct surveillance in the cloud era. By taking full advantage of the latest technologies, Synology aims to help users centralize data storage and backup, share files on-the-go, and implement professional surveillance solutions in reliable and affordable ways. Synology is committed to delivering products with forward-thinking features and the best in class customer services.

Press Contact
sac_press@synology.com

Source: Synology

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News Summary Podcast for December 01, 2024

01 Dec

Listen to the podcast:

BackupReview.info, a website dedicated to cloud backup and data storage since 2004, published its December 2024 ranking of the top 100 cloud backup companies. These companies are categorised into four sectors: Consumer, SMB, Enterprise, and Enablers.

The ranking considers various factors, including service requirements, user feedback, and company reputation. Accompanying this list are detailed profiles of the top 25 Enabler companies, outlining their services and business models.

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Top 100 Cloud Backup Companies for December 2024

01 Dec

December 01, 2024

The top 100 Cloud based online backup companies are grouped into 4 categories, namely:

1) Consumer – for the general consumers

2) Small Medium Business (SMB) – for small and medium businesses

3) Enterprise – for large enterprise corporations

4) Enablers – for enablers, channel, white label companies

The top 100 Cloud Backup Companies are determined based on specific criteria, and also take into consideration news releases companies publish in the preceding month, server stability, reports from our mystery shoppers, our own reviews, the company’s culture and ethics, users’ feedback, company corporate blogs, and more.

To read our official news release regarding our top 100 online cloud backup companies, please click here.

The Top 100 Cloud Backup Companies for December 2024

Unless otherwise indicated, all domains are “dot com” websites.

Note: Some companies might have products and/or services in 2 or more categories.

#	CONSUMER	SMALL MEDIUM BUSINESS	ENTERPRISE	ENABLERS
01	Backblaze	Arcserve	Databarracks	Asigra
02	IDrive	IDrive Business	Arcserve	Veeam
03	Carbonite Safe	Backup-Everything	Assured-DP	Rubrik
04	Acronis	Keepit	Cohesity	HYCU
05	SpiderOak	Carbonite Server	HYCU	Novastor
06	Livedrive	CrashPlan	StorageGuardian	OwnBackup
07	KeepVault	JungleDisk	Nasuni	Arcserve
08	Sync.com*	CloudOak	CrashPlan	BaculaSystems
09	SugarSync*	Cove Data Protection (N-able)	Egnyte	Acronis
10	Dropbox*	MSP360	Druva	Datto
11	Box*	ElephantDrive	Zerto**	CommVault
12	ADrive	DriveHQ	Cloudian	Dell EMC
13	SOSOnlineBackup	BackupAssist	ExaGrid	Druva
14	OpenDrive*	USDataVault	Nakivo	Actifio
15	Norton	BackupDirect.net	Panzura	Barracuda (Intronis)
16	EazyBackup.ca	Novosoft	Kaseya	Vembu
17	MyPCBackup	Dropbox Business*	Veritas	IBM (Spectrum Protect)
18	Memopal	Azure.Microsoft.com	Clumio	Falconstor
19	iCloud*	SolutionUnion	DataStorageCorp	Cobalt Iron
20	Google Drive*	BackupVault.co.uk	MSP360	Redstor (Attix5)
21	OneDrive*	CentralDataStorage	1111Systems	Axcient
22	Amazon Drive*	BackupManager	FantasticCS.co.uk	CTERA</

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