Exhibit 99.2

CFO Commentary on Fourth Quarter Fiscal Year 2015 Results

March 19, 2015

GAAP Quarterly Revenue Comparison

GAAP Quarterly Financial Comparison

Non-GAAP* Quarterly Financial Comparison

Key Metrics Quarterly Comparison

*Non-GAAP financials exclude stock-based compensation expense and amortization of acquired intangible assets.

^ Not meaningful.

Reconciliations between our GAAP and non-GAAP results are set forth in the tables following the narrative.  Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures.

Key Metrics Discussion

We believe total paid seats is a key indicator of our market penetration, growth and future revenue.  We define a paid seat as a seat with a subscription or support contract as of the measurement date.

We ended the quarter with a total paid seat count of 261,982 seats.  This seat count represents a 22% year over year increase when compared to 214,047 seats under contract at the close of Q4 of last year. The 21,950 seats added in the quarter represent an increase of 9% over the seats under contract at the end of last quarter.

We offer our renewal rate on a quarterly basis to provide insight into our ability to meaningfully grow our existing customer base. We calculate our renewal rate by comparing the number of paid seats of all of our existing customers at the beginning of a twelve-month period to the number of paid seats for those same customers at the end of such period, taking into account non-renewals, upgrades and downgrades.

As of January 31, 2015, our renewal rate calculated against this customer cohort was 113%.

The table below highlights our top 15 customers by total paid seats and the year-over-year seat growth.

Top 15 Customers

Revenue and Calculated Billings Discussion

Total revenue for the quarter was $24.6 million, which represents a 25% year-over-year increase over the same period last year.

International (i.e., non-US) revenue accounted for 13% of revenue in the quarter.  However, since many of our domestic customers have international users, approximately 36% of the users that access our multi-tenant platform are from locations outside the US.

Subscription and support revenue for the quarter was $18.2 million, which represents a year-over-year increase of 19%.

Perpetual revenue for the quarter was $2.4 million, which represents a year-over-year increase of 58%.  The majority of our product revenue comes from annual subscriptions contracts and, therefore, shows as subscription and support revenue.  However, we do expect some customers to buy perpetual licenses.  The revenue associated with this licensing model can be hard to predict.  Large deals can significantly impact this revenue line given the revenue recognition pattern of this license option.

Services revenue for the quarter was $4.0 million, which represents a 45% year-over-year increase.

Calculated billings, a non-GAAP measure which can be derived from our financial statements by taking revenue plus the change in deferred revenue, closed the quarter at $34.5 million, representing a year-over-year increase of 29% as compared to the fourth quarter of last year.  Our subscription and support billings, which can be derived from our financial statements by taking subscription and support revenue plus the change in deferred revenue, closed the quarter at $28.2 million, representing a year-over-year increase of 25%.

GAAP and Non-GAAP Gross Profit and Margin Discussion

GAAP gross profit for the quarter was $17.9 million, as compared to $15.2 million in Q4 of fiscal year 2014, reflecting an increase of $2.7 million or 18%.  Total GAAP gross margin for the quarter was 73%. Our GAAP product gross margin was 84% and our GAAP professional services margin was 13%.

Non-GAAP gross profit for the quarter was $18.3 million, as compared to $15.5 million in Q4 of fiscal year 2014, reflecting an increase of $2.9 million or 19%.  Total non-GAAP gross margin for the quarter was 75%. Our non-GAAP product gross margin was 86% and our non-GAAP professional services margin was 18%.

GAAP and Non-GAAP Operating Expenses and Net Loss Discussion

GAAP sales and marketing expense was $15.2 million, representing a year-over-year increase of $4.3 million or 40%.  This increase was driven mainly by increased headcount across our sales and marketing organizations.  In addition, in FY15, we moved our sales compensation plan to an annual plan as opposed to a quarterly plan.  As a result, our commission expense is now more back-end weighted and this had a significant impact on Q4 sales and marketing spend.  This was compounded by strong product and services bookings which led to higher than expected sales commissions’ expense.  In general, we were delighted with our bookings performance in Q4, but that strong performance had a meaningful impact on sales and marketing spend.  As a percentage of revenue, GAAP sales and marketing expense was 62% for the quarter, as compared to 55% for the same period in fiscal year 2014.

Non-GAAP sales and marketing expense was $14.7 million, representing a year-over-year increase of $4.2 million or 40%.  As a percentage of revenue, non-GAAP sales and marketing expense was 60% for the quarter, as compared to 53% for the same period in fiscal year 2014.

GAAP research and development expense was $6.5 million, representing a year-over-year increase of $1.0 million or 17%.  This increase was driven mainly by increased headcount as we continue to invest in product development.  As a percentage of revenue, GAAP research and development expense was 26% for the quarter, as compared to 28% for the same period in fiscal year 2014.

Non-GAAP research and development expense was $6.0 million, representing a year-over-year increase of $800 thousand or 15%.  As a percentage of revenue, non-GAAP research and development expense was 25% for the quarter, as compared to 27% for the same period in fiscal year 2014.

GAAP general and administrative was $5.2 million, representing a year-over-year increase of $100 thousand or 2%.  As a percentage of revenue, GAAP general and administrative expense was 21% for the quarter, as compared to 26% for the same period in fiscal year 2014.

Non-GAAP general and administrative was $4.6 million, representing a year-over-year increase of $100 thousand or 3%.  As a percentage of revenue, non-GAAP general and administrative expense was 19% for the quarter, as compared to 23% for the same period in fiscal year 2014.

GAAP net loss for the fourth quarter was $9.0 million or a net loss per share of $0.35 per basic and diluted share.

Non-GAAP net loss for the fourth quarter was $7.0 million or a net loss per share of $0.28 per basic and diluted share.

We are currently generating a net loss and as such, our basic weighted average shares outstanding for the fourth quarter was approximately 25.3 million.  If we were profitable today, our fully diluted share count would have been approximately 25.8 million shares when applying the treasury stock method to vested in-the-money stock options and warrants.

Cash Flow and Balance Sheet Discussion

Cash flow from operating activities was negative $5.0 million for the quarter, as compared to cash flow from operating activities in Q4 last fiscal year of negative $7.9 million.

As of January 31, 2015, our total cash, cash equivalents, short-term investments and accounts receivable balance, which excludes restricted cash, was approximately $92.6 million, as compared to $110.7 million as of January 31, 2014, and $84.1 million as of October 31, 2014.   We currently carry no bank debt.

We ended the quarter with an accounts receivable balance of $26.0 million.

Total deferred revenue and short term deferred revenue closed the quarter at $44.7 million and $44.0 million, respectively.

Our days sales outstanding were 69 days at January 31, 2015.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with Generally Accepted Accounting Principles (GAAP), we have provided certain measures that have not been prepared in accordance with GAAP. These non-GAAP financial measures include non-GAAP results for calculated billings, subscription and support billings, cost of revenue, gross profit, gross margin, operating expenses, net loss and basic and diluted net loss per share, which are in addition to, and, not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

Our non-GAAP financial measures exclude stock-based compensation expense and amortization of acquired intangible assets. We believe the presentation of operating results excluding stock-based compensation expense and the amortization of acquired intangible assets provides useful supplemental information to investors and facilitates the analysis of our core operating results and comparison of operating results across reporting periods and is therefore useful to investors in analyzing and assessing our past and future operating performance.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found in the accompanying financial statements included with this CFO Commentary.

Forward-looking Statements

This CFO Commentary contains forward-looking statements, including statements regarding our future financial performance, market growth, the demand for our solutions, and general business conditions. Any forward-looking statements contained in this CFO Commentary are based upon our historical performance and current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this CFO Commentary. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations. Important factors that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to, the growth of demand for Agile software development, our ability to expand relationships with existing customers, our ability to attract and retain customers, the mix of perpetual license and subscription revenue, competitive factors, including but not limited to pricing pressures, industry consolidation, and entry of new competitors and new products, our ability to manage growth effectively, the ability of sales personnel to become fully productive quickly and efficiently, our ability to maintain, protect and enhance our brand and intellectual property, general economic and financial conditions, and other risks and uncertainties. Further information on risk factors that could cause actual results to differ materially from forecasted results is included in our reports filed with the SEC, including our Quarterly Report on Form 10-Q for the quarter ended October 31, 2014 filed on December 9,

2014 and our Annual Report on Form 10-K that will be filed for the fiscal year ended January 31, 2015.

Rally Software Development Corp.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

Rally Software Development Corp.

Condensed Consolidated Statements of Operations

(unaudited, in thousands, except per share amounts)

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

(2) Includes amortization expense of acquired intangible assets as follows:

Rally Software Development Corp.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Rally Software Development Corp.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited, in thousands, except per share amounts)

Rally Software Development Corp.

Reconciliation of Total Revenue to Calculated Billings, Subscription and Support

Revenue to Subscription and Support Billings and Days Sales Outstanding

(unaudited, in thousands except days sales outstanding)

(1) - Days sales outstanding is computed by dividing accounts receivable by calculated billings times the number of days in the quarter.