Financial Data and Key Metrics Changes - Total ARR reached $513.7 million, growing 14% year over year, with a 12% increase on a constant currency basis [28] - Total revenue was $131.2 million, exceeding guidance by $4.7 million, representing approximately 10% year over year growth on a reported basis and 8% on a constant currency basis [28] - Adjusted EBITDA was $41.6 million, which is $6.6 million above the high end of guidance, resulting in an adjusted EBITDA margin of approximately 31.7% [30] - Dollar-based net revenue retention was approximately 102% on a reported basis and 101% on a constant currency basis [29] Business Line Data and Key Metrics Changes - Net new ARR growth was led by data protection, followed by security operations and unified endpoint management (UEM) [10] - Cove, the data protection solution, recorded its highest bookings and net new ARR quarter ever, with 25% year over year ARR growth [12] - Security operations, particularly the XDR and MDR offerings, showed healthy ARR growth, with Canalys reporting a 16% growth projection for MDR in 2025 [14] Market Data and Key Metrics Changes - Approximately 45% of revenue was generated outside of North America [31] - The company is seeing a healthy demand environment, with IT spending remaining stable among mid-market companies [68] Company Strategy and Development Direction - The company aims to expand its channel strategy to unlock new markets, focusing on resellers, system integrators, and distributors [22] - The growth strategy is built on three pillars: driving security success, scaling go-to-market efforts, and boosting customer expansion [25] - The company is focused on integrating AdLumen into its cyber resilience platform and enhancing its channel motion to capture mid-market opportunities [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute and create long-term value amidst a complex threat landscape [35] - The outlook for the second half of 2025 suggests more growth in ARR compared to the first half, despite some foreign exchange dynamics [53] Other Important Information - The company began executing a share repurchase program as part of its capital allocation strategy, reflecting confidence in the business [27] - The company appointed Vikram Ramesh as Chief Marketing Officer to advance its mission and amplify its message globally [24] Q&A Session Summary Question: Can you provide more color on the go-to-market traction with resellers? - The go-to-market teams are finding a rhythm with three pillars to engage mid-market companies, leading to increased bookings and opportunities [38][39] Question: Where are we with the optimization and ASC 606 headwinds? - The company is seeing healthy renewal rates around 90%, indicating customer willingness to recommit [48] Question: Can you provide detail on the ARR guidance? - There are FX dynamics at play, but the second half implies more growth in ARR compared to the first half [53] Question: How are you educating MSP customers on the opportunity? - The company emphasizes augmenting MSP capabilities with its XDR technology, allowing them to focus on strategic initiatives [60] Question: What do you attribute the strength in the $50k customer adds to? - The focus on larger MSPs and the ability to cross-sell the portfolio are key drivers of strength in customer additions [62]

Financial Performance & Growth - N-able's Annual Recurring Revenue (ARR) reached $514 million [9] - The company achieved an ARR growth rate of 14% [9] - N-able's Net Retention Rate (TTM) is 102% [9] - The Non-GAAP Adjusted EBITDA Margin (TTM) is 32% [9] - The Non-GAAP Gross Margin (TTM) is 82% [9] Market Opportunity & Strategy - The Small and Mid-market Business (SMB & Mid-market) IT Total Addressable Market (TAM) is estimated at $2.1 trillion in 2025 [13] - N-able estimates a cross-sell opportunity of over $2.5 billion across its product lines [51] - N-able projects an Average Revenue Per Customer TTM of $194000 in Q2 2025 [61] Future Outlook - N-able anticipates Q3 2025 ARR to be between $525 million and $530 million, representing a year-over-year growth of 9-10% [63] - The company forecasts Q3 2025 revenue to be between $127 million and $128 million, a year-over-year increase of 9-10% [63] - N-able expects Q3 2025 Adjusted EBITDA margin to be 28%-29%, translating to $36 million - $37 million [63] - N-able projects FY'25 revenue to be between $500 million and $503 million, a year-over-year increase of 7-8% [63]

Investor Presentation May 2025 © 2025 N-able Solutions ULC and N-able Technologies Ltd. All rights reserved. 1 Disclaimers General This presentation and the accompanying oral presentation do not constitute an offer or invitation for the sale or purchase of securities and has been prepared solely for informational purposes. The information contained in this presentation (the "Presentation") has been prepared to assist financial analysts in making their own evaluation of N-able, Inc. in connection with publis ...

Cove 和 NotebookLM 存在区别。 NotebookLM 更像是一个简化信息工具，基于私人知识给出综 述内容。而 Cove 更像是一个基于白板的 Perplexity + Notion。 在目前的 AI 效率工具中， 表格 已经成为了一种 AI backed 研究工具的产品范式。 本篇正文共 5063 字，仔细阅读约 10 分钟 " 近期，一家面向消费者的 AI 效率工具 Cove 获得世界顶级投资者 600 万美金种子轮投资，红杉 资本及Elad Gil、Lenny Rachitsky、Scott Belsky等知名天使投资人参与了该项目投资。 Cove 产品定义为一款改变人工智能交互方式的协作板。创业团队为 Google Maps 早期产品经 理，具有从零到一构建产品的经验。目前该产品已面向用户正式推出。 " Sense 思考 我们尝试基于文章内容，提出更多发散性的推演和深思，欢迎交流。 思考是一个混乱的过程，在做某件事时，你会不断地在脑海中反复思考。你的大脑会逐渐产生分 支思维。 Cove 希望构建一个新型人工智能写作者，让人们能够出色的思考。 2024年10月8日，Cove 宣布从 Seq ...