Financial Data and Key Metrics Changes - In Q4 2025, total ARR was $540 million, growing at 12% year-over-year on a reported basis and 8% on a constant currency basis [23] - Total revenue for Q4 was $130 million, representing approximately 12% year-over-year growth on a reported basis and 9% on a constant currency basis [23] - Adjusted EBITDA in Q4 was $39 million, reflecting a 30% margin, with full year adjusted EBITDA also at $153 million and a 30% margin [4][26] Business Line Data and Key Metrics Changes - The company solidified its presence in the AI SOC market and crossed $200 million in ARR for data protection [5] - Subscription revenue for Q4 was $129 million, showing approximately 12% year-over-year growth on a reported basis [23] - Customers contributing $50,000 or more of ARR grew approximately 14% year-over-year, now representing about 61% of total ARR [24] Market Data and Key Metrics Changes - Approximately 45% of total revenue was generated outside of North America for both the quarter and the full year [25] - The company reported a Dollar-based Net Revenue Retention of approximately 103% on a reported basis [25] Company Strategy and Development Direction - The company aims to leverage AI as a core differentiator, with plans to develop an AI workflow assistant named Enzo to enhance IT and security operations [12][42] - The strategy includes expanding into the VAR channel and enhancing product offerings to address the growing demand for cybersecurity solutions [10][20] - The company is focused on solving evolving customer problems and delivering security and efficiency [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in steady demand trends and stable retention, with expectations for continued execution across platforms and sales channels [30] - The company anticipates a strong demand environment for its cybersecurity solutions, driven by increasing threats and the need for business resilience [9][19] - For 2026, the company expects total revenue in the range of $554 million to $559 million, representing approximately 8%-9% year-over-year growth [32] Other Important Information - The company has received recognition in the 2026 Gartner Magic Quadrant for Endpoint Management Tools, validating its three-pillar strategy [14] - The company plans to continue disciplined investments in AI and product innovation while improving unlevered free cash flow [30] Q&A Session Summary Question: What gives confidence for higher constant currency ARR growth in 2026? - Management highlighted steady assumptions, improved gross retention, and traction from new SKUs as key factors [38] Question: Can you elaborate on the AI product Enzo? - Enzo is currently in limited preview and aims to enhance operational efficiency for MSPs by allowing them to assess and take action in their environments quickly [42][44] Question: What is driving the success of the Adlumin acquisition? - The AI technology and its ability to assess and take action on threats quickly have resonated well with the MSP community, driving earlier-than-expected success [50][51] Question: What are the expectations for seasonality in 2026? - Management expects similar seasonality to 2025, with stronger performance anticipated in the second half of the year due to new product initiatives [56] Question: How does the company plan to balance growth and profitability in capital allocation? - The company plans to continue share buybacks and explore M&A opportunities while maintaining a balanced approach to capital allocation [68][70]

Joining us now is the man behind that auction. Dave Majors is the CEO of Mecum. And, you know, Dave, to Hannah's point, kiss me really kicked off this massive month.I think over a billion dollars in collective collector cars traded hands in the month of January alone. What do you make of the vibe shift with with the Enzo going for 18,000,000 and the GTO, going for only 38. Well, good good to see you again, Matt.Thanks for having me on this morning. Certainly, Kissimmee was quite a spectacle. I wouldn't say ...