N-able (NABL) 7 Nov 24 2024 Q3 Earnings call transcript
1min read In a recent earnings call, N-able, a leading IT management software company, presented a strong performance for the third quarter of 2024. With revenue of $116.4 million, representing an 8% year-over-year growth on a reported basis and 7% on a constant currency basis, the company showcased its resilience and growth potential.
CEO John Pagliuca emphasized N-able's mission to make MSPs in small and medium-sized businesses cyber resilient, providing them with IT management, data protection, and security solutions. The company's focus on cloud data protection, security, and IT management echoes the industry's demands, as businesses increasingly rely on protected data and functioning IT systems to minimize downtime and potential losses.
N-able's fastest-growing product solution, Cove Data Protection, has become their largest recurring revenue product group, thanks to its proven product market fit, disruptive technological moat, and market growth rates for cloud backup projected to grow in the double digits. This underscores N-able's commitment to delivering innovative solutions that cater to the evolving needs of their customers.
The company also highlighted their strategic investments in expanding their presence within resellers and direct sales to SMEs, recognizing the significant opportunity in these markets. Their focus on cyber resilience, efficiency, and market positioning gives N-able a strong competitive edge in the IT management software industry.
Despite facing headwinds such as state optimization and pricing changes, N-able remains optimistic about its future growth prospects. The company's financial outlook for the fourth quarter of 2024 and the full year of 2025 reflects this confidence, with expected revenue growth and continued investment in research and development.
Investors and analysts during the call expressed interest in the company's strategic shifts, product development, and market positioning. N-able's commitment to innovation, customer satisfaction, and growth signals a promising future for the company and its stakeholders.
Overall, N-able's Q3 2024 earnings call presents a robust and forward-looking company, well-positioned to navigate the complexities of the IT management software market and continue delivering value to its customers.