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- **Strong Financials**: 2025 ARR $540 million (+12% YoY), 30% EBITDA margin. 2026 guidance: ARR $581-586 million (+8-9% YoY), free cash flow +17%.
- **AI-Driven Growth**: N-zo AI workflow assistant and AI SOC handling 90% of threats. DRaaS and Google Workspace protection expand data protection ARR to $200 million+.
- **Channel Expansion**: VAR channel growth and UEM adoption drive 14% YoY increase in high ARR customers. 75% of new AI SOC wins in greenfield markets.
- **Financial Health**: $112 million cash, 1.9x leverage. $30 million share buybacks in 2025. 2026 free cash flow to grow 17%.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 2025 ARR reached $540 million, up 12% YoY (8% constant currency). Full-year ARR growth of 8% reflects strong demand across cybersecurity solutions.
- **AI-Driven Innovation**: Launched N-zo, an AI workflow assistant for UEM, enabling MSPs to automate tasks and reduce IT complexity. AI now handles 90% of security threats automatically, up from 70% YoY.
- **Product Expansion**: Introduced DRaaS and Google Workspace data protection, targeting $200 million+ ARR in data protection by end-2026. Cross-sell success with Adlumin's AI SOC exceeded expectations, with 75% of new wins in greenfield markets.
- **Channel Expansion**: VAR channel growth and UEM adoption drove 14% YoY increase in customers with >$50k ARR, now 61% of total ARR.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $130 million (12% YoY), ARR $540 million. Adjusted EBITDA $39 million (30% margin). Full-year EBITDA $153 million (30% margin).
- **2026 Guidance**: ARR $581-586 million (8-9% YoY), revenue $554-559 million (8-9% YoY). Unlevered free cash flow expected to grow 17% YoY to $114-118 million.
- **Balance Sheet**: $112 million cash, $400 million debt (1.9x net leverage). Share buybacks of $30 million in 2025.

**【Q&A Highlights】**
- **ARR Growth Drivers**: Cross-sell of AI SOC, DRaaS, and UEM expansion. 70% of new AI SOC wins in greenfield markets.
- **AI Monetization**: N-zo in preview, with potential premium pricing. AI SOC adds $3/device/month to MSP economics.
- **Adlumin Success**: Cross-sell to 75% of existing customers, ahead of expectations. AI SOC handles 90% of threats automatically.
- **Capital Allocation**: Balanced approach between M&A, R&D, and share buybacks. India R&D center to drive long-term cost efficiency.

N-able, Inc. (NABL) Q4 2025 Earnings Call Transcript

- **ARR Growth Acceleration**: Q3 ARR up 14% YoY to $528M, driven by channel expansion and Adlumin cross-selling.
- **AI-Driven Differentiation**: Anomaly detection SaaS and UEM automation reduce customer TCO by 90%.
- **Profitability Targets**: 2026 EBITDA margin target of 30% supported by $101M cash and 1.5x net leverage.
- **Customer Loyalty**: 43% cross-sell rate and 102% NRR reflect sticky platform with 11M IT asset telemetry.
- **Market Leadership**: UK reseller pipeline up 200% YoY, with 25 top partners and $0.5M ARR wins in mid-market.

**【CEO Opening Remarks】**
- Q3 ARR: $528M (14% YoY growth), with net and gross retention rates improving YoY and QoQ.
- AI integration across UEM, security operations, and data protection drives differentiation.
- Channel-first strategy expands in UK, with 25 top partners, and a $0.5M ARR UEM win displacing 3 competitors.
- Customer loyalty highlighted by a 43% cross-sell rate and a $0.5M ARR win post-cyberattack recovery.

**【CFO Financial Summary】**
- Q3 Revenue: $131.7M (13% YoY growth), beating high-end guidance.
- Adjusted EBITDA: $41.4M (31.4% margin), with free cash flow of $22.6M.
- ARR growth acceleration driven by Adlumin cross-selling and reseller channel expansion.
- FY2025 Guidance: ARR $530M-$531M (10% YoY), EBITDA $148.2M-$149.2M (29% margin).
- 2026 Target: Return to 30% EBITDA margin while investing in AI and go-to-market.

**【Q&A Highlights】**
- **ARR Growth Drivers**: Channel expansion (UK resellers), Adlumin cross-selling, and anomaly detection SaaS launches.
- **NRR Improvement**: Driven by 90%+ renewal rates and XDR upselling to 61% of ARR base.
- **Adlumin Performance**: 1-year post-acquisition ARR contribution exceeds expectations, with 70,000-device wins.
- **AI Investment Strategy**: Balance growth and profitability, with India R&D hub reducing cost of innovation.
- **2026 Outlook**: 30% EBITDA margin target achievable via scale, AI monetization, and channel leverage.

N-able, Inc. (NABL) Q3 2025 Earnings Call Transcript

- **ARR Milestone**: Surpassed $500 million ARR with 14% YoY growth, driven by Cove's record bookings and Adlumin adoption.
- **Profitability**: 32% adjusted EBITDA margin, $41.6 million EBITDA beat, and $33.3 million free cash flow.
- **Channel Expansion**: Reseller pipeline doubles QoQ, targeting mid-market with 3-pillar platform, securing $100k ARR deals.
- **Product Strength**: Cove's 25% YoY restore growth, Adlumin's 100x threat hunting increase, and UEM's million-device vulnerability management deployment.
- **Guidance Update**: Full-year ARR: $525-$530 million, Revenue: $500-$503 million, EBITDA: $141-$144 million.

**【CEO Summary Section】**
- N-able surpassed $500 million ARR in Q2 2025, growing 14% YoY, with a 32% adjusted EBITDA margin. The company emphasizes its cyber resilience platform across three pillars: UEM, security operations, and data protection.
- **Cove (Data Protection)**: Recorded highest bookings and net new ARR, with 25% YoY growth in AI-powered restore capabilities. A $200k ARR deal highlighted its all-in-one solution advantage.
- **Adlumin (XDR/MDR)**: Showed healthy ARR growth, with threat hunting activity increasing over 100x. Integration with ITSM vendors and AI-driven SOC enhance detection and response.
- **UEM**: Vulnerability management feature deployment across millions of devices, with a $20k ASP deal leveraging ServiceNow integration for ticket deflection.
- **Go-to-Market Expansion**: Reseller pipeline doubled QoQ, targeting mid-market with a 3-pillar platform. A UK reseller partnership secured a $100k ARR deal, showcasing channel traction.

**【CFO Financial Commentary】**
- Q2 revenue: $131.2 million (+10% YoY), beating guidance by $4.7 million. Subscription revenue: $129.9 million (+11% YoY). ARR: $513.7 million (+14% YoY).
- **Profitability**: Adjusted EBITDA of $41.6 million (31.7% margin), up $6.6 million vs. guidance. Unlevered free cash flow: $33.3 million.
- **Guidance Update**: Full-year ARR: $525-$530 million (+9-10% YoY). Revenue: $500-$503 million (+7-8% YoY). Adjusted EBITDA: $141-$144 million (28-29% margin).
- **Share Repurchase**: Initiated program reflecting confidence in growth and cash flow generation.

**【Q&A Highlights】**
- **Go-to-Market Traction**: Reseller pipeline doubled QoQ, with $20k ASP deals. Vikram Ramesh (CMO) focuses on mid-market brand awareness and cyber resilience storytelling at Black Hat.
- **Renewals**: 90%+ renewal rate, with customers recommitting to annual contracts amid tech stack fatigue.
- **ARR Dynamics**: FX contributed half of Q2 outperformance. 2025 ARR guidance neutralizes 2024 ASC 606 impacts, with organic growth accelerating in H2.
- **Adlumin Contribution**: Adds ~1% to ARR growth, with $20 million ARR at acquisition. Integration into MSP workflows drives cross-sell opportunities.
- **Market Health**: SMB IT spend remains robust, with security and AI-driven productivity tools as key growth drivers. Device flattish, but VM/SaaS asset growth strong.

N-able (NABL)-7 Aug 25-2025 Q2 Earnings call transcript

- **ARR growth accelerates**: 11% YoY (constant currency) to $492.7M, beating prior guidance
- **Innovative security solutions drive differentiation**: 
  - Microsoft 365 breach prevention automates identity threat remediation
  - UEM vulnerability management reduces tool fragmentation
  - Cove data protection achieves 20% faster backups
- **Strong financial execution**: 
  - Q1 EBITDA margin 27%, up 100bps YoY
  - $75M share buyback program announced
- **2025 outlook raised**: 
  - Revenue: $492-497M (6-7% growth)
  - ARR: $519-525M (8-9% growth)
  - EBITDA: $134-139M (27-28% margin)
- **Long-term vision**: $750M ARR by 2028, fueled by AI-driven security & channel expansion

**【CEO Summary Section】**
- Q1 2025 ARR grew 11% YoY (constant currency), with revenue of $118.2M and adjusted EBITDA of $31.6M (27% margin). 
- Launched key security innovations: 
  - Breach Prevention for Microsoft 365 ingests user telemetry to detect & remediate identity-based threats
  - Vulnerability Management integrates scanning & patching into UEM, reducing software sprawl
  - Cove data protection achieved 20% faster Microsoft domain backups
- Expanded go-to-market via reseller partnerships, adding global dealers and revamped partner portal
- Largest new deal ever ($600K+ ARR) with a school consortium via value-added reseller
- 58% of ARR now from >$50K customers, up from 56% YoY
- 2025 targets: $750M ARR by 2028, $75M share buyback program

**【CFO Financial Commentary】**
- Q1 metrics: 
  - ARR: $492.7M (10% YoY reported, 11% constant currency)
  - Gross margin: 80.6% (down 410bps vs Q1 2024)
  - Unlevered free cash flow: $28.1M
  - Cash: $94M, net leverage 1.5x
- FY2025 guidance: 
  - Revenue: $492-497M (6-7% YoY)
  - ARR: $519-525M (8-9% YoY)
  - Adjusted EBITDA: $134-139M (27-28% margin)
  - Free cash flow conversion: 68% (up from 65%)
- FX impact: €1.07, £1.27 for remainder of 2025
- CapEx: ~6% of revenue, including R&D investments

**【Q&A Highlights】**
- Adlumin contributed ~$21M ARR at acquisition, fully recognized
- 2025 net retention rate stable at 101%, cross-sell driving 1-2% pricing
- Reseller channel in early innings, 2026+ impact expected
- 50%+ customers on multi-year contracts
- 2026 EBITDA margin target: low 30s% as growth investments moderate

N-able, Inc. (NABL) Q1 2025 Earnings Call Transcript

- **Revenue Momentum**: Q4 2024 revenue $116.5M (+7% YoY), full-year $466M (+10% YoY), ARR $482M (+10% YoY).
- **Strategic Acquisitions Pay Off**: Adlumin XDR added $21M ARR, driving 70%+ of Q4 bookings in security/data protection.
- **Profitability**: 2024 EBITDA margin 36.3%, 2025 guide for 27%-28% margin reflects short-term integration costs.
- **Growth Drivers**: Cove cross-sell success (95% restore accuracy), UEM AI innovations, and reseller channel expansion.
- **2025 Outlook**: Target $514M-$522M ARR (+7%-8%), with 4% ASC 606-related headwind on revenue growth.
- **Competitive Edge**: Endpoint-agnostic XDR platform wins mid-market with MSPs, 1.5x net leverage provides financial flexibility.


**【CEO Summary Section】**
- Fourth quarter revenue grew 7% YoY (constant currency) to $116.5M, with full-year 2024 revenue up 10% to $466M.
- ARR reached $482M as of Q4, growing 10% YoY (10% constant currency), driven by Cove Data Protection (fastest-growing product) and the Adlumin XDR acquisition.
- 2024 highlights include:
  - Launch of Adlumin XDR, which became fastest-growing SKU and largest pipeline generator.
  - Acquisition of Adlumin added $21M ARR and expanded reach into mid-market via resellers.
  - Cove bookings exceeded 180,000 businesses, with 95% restore accuracy via AI.
  - UEM innovations like AI-powered developer portal and Microsoft Entra ID support.
- 2025 priorities: expand security leadership (XDR/MDR), scale go-to-market via resellers, and elevate customer experience.
- Cross-sell success: $250K ARR deal in Q4 via Adlumin XDR.

**【CFO Financial Commentary】**
- Q4 2024: 
  - Adjusted EBITDA: $38.1M (32.7% margin)
  - Gross margin: 82.3%
  - Unlevered free cash flow: $29M
  - Net leverage: 1.5x
- Full-year 2024: 
  - Adjusted EBITDA: $169.4M (36.3% margin)
  - Unlevered free cash flow: $98.7M
- 2025 Outlook: 
  - Revenue: $486.5M-$492.5M (4%-6% YoY growth)
  - ARR: $514M-$522M (7%-8% YoY growth)
  - Adjusted EBITDA: $132M-$138M (27%-28% margin)
  - Headwinds: 4% YoY revenue growth impact from ASC 606 timing
- 2025 investments: new development site in India, channel expansion

**【Q&A Highlights】**
- **Adlumin Contribution**: Q4 2024 added ~$2.5M in revenue, with full ARR of $21M at acquisition. 2025 guide includes acceleration from Adlumin's North American reseller channel.
- **Contract Mix**: >50% of revenue now on annual contracts vs. <10% in 2023, driving net retention (103% trailing 12M).
- **Market Expansion**: Targeting U.K., DACH, Australia for reseller expansion, leveraging Adlumin's channel relationships.
- **Retention Trends**: Gross retention expected to improve post Q1 2025, with focus on Cove cross-sell opportunities.
- **Security Growth**: Security and data protection account for >70% of Q4 bookings, with Cove anomaly detection in development.
- **Competitive Edge**: Adlumin XDR's endpoint-agnostic AI platform differentiates from black-box MDR competitors.


Actual	0.09	0.1	0.07	0.09	0.09	0.07	0.1	0.08	0.09	0.09	0.11	0.11	0.14	0.13	0.1	0.08	0.11	0.13	0.06
Forecast	0.08	0.09	0.0829	0.07	0.072	0.0746	0.0689	0.068	0.0743	0.0801	0.083	0.0935	0.104	0.0985	0.078	0.0664	0.0881	0.0894	0.0999
Surprise	+12.50%	+11.11%	-15.56%	+28.57%	+25.00%	-6.17%	+45.14%	+17.65%	+21.13%	+12.36%	+32.53%	+17.65%	+34.62%	+31.98%	+28.21%	+20.48%	+24.86%	+45.41%	-39.94%

NABL

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NABL Q4 2025 Earnings

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NABL

NABL fundamentals

NABL Q4 2025 Earnings

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