Financial Performance & Growth - N-able's Annual Recurring Revenue (ARR) reached $528 million as of September 30, 2025[8] - The company achieved a Net Retention Rate of 102% (TTM)[8] - N-able experienced 14% ARR growth[8] - The Non-GAAP Adjusted EBITDA Margin (TTM) was 31%[8] - The Non-GAAP Gross Margin (TTM) was 81%[8] - The company projects full-year 2025 revenue between $507.7 million and $508.7 million, representing a 9% year-over-year growth (8% at constant currency)[62] - The company projects full-year 2025 Adjusted EBITDA between $148.2 million and $149.2 million, with a 29% margin[62] Market Opportunity & Strategy - The Small and Mid-market IT Total Addressable Market (TAM) is estimated at $2.1 trillion in 2025[13] - N-able estimates its total TAM across Unified Endpoint Management (UEM), Data Protection, and Security Operations at $44 billion[22] - N-able sees a cross-sell opportunity of over $2.5 billion across its product lines[52]

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]

Company Overview - N-able's Annual Recurring Revenue (ARR) reached $493 million as of March 31, 2025 [8] - The company boasts a recurring revenue of approximately 100% [8] - N-able achieved a Net Retention Rate (TTM) of 101% [8] - ARR growth is at 11% at constant currency [8] - Non-GAAP Adjusted EBITDA Margin (TTM) stands at 34% [8] - Non-GAAP Gross Margin (TTM) is 83% [8] Market Opportunity - The Small and Mid-market (SMB) IT Total Addressable Market (TAM) is estimated at $2.1 trillion in 2025 [13] - N-able's total addressable market is $44 billion, encompassing Unified Endpoint Management (UEM) at $14 billion, Data Protection at $6 billion, and Security Operations at $24 billion [22] Financial Outlook - Q2 2025 ARR is projected to be between $492 million and $497 million, representing a year-over-year growth of 6-7% or 6-8% at constant currency [60] - FY 2025 ARR is projected to be between $519 million and $525 million, representing a year-over-year growth of 8-9% or 7-9% at constant currency [60]

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 ...