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- **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.


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