Rubrik stands out as a software leader with >40% normalized revenue growth and a significant Q1 beat, supporting my reiterated buy rating. RBRK's near-pure subscription model delivers high revenue visibility, with Q1 ARR of $1.57B already at 95% of full-year high-end guidance. Gross margins remain best-in-class at ~80%, supporting positive free cash flow even as Rubrik maintains hypergrowth.