N-Able Inc (NABL) 2024 Q3 法說會逐字稿

Thank you for your patience. Hello everyone and Welcome to the N-Able third quarter, 2024 earnings call.

感謝您的耐心等待。大家好，歡迎參加 N-Able 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I'd now like to hand over to your host, Griffin Gyr, Investor Relations Manager to begin. Please go ahead.

現在請主持人投資者關係經理 Griffin Gyr 開始演講。請繼續。

Thanks, operator and Welcome everyone to N-Able's third quarter, 2024 earnings call. With me today are John Pagliuca, N-Able's President and CEO and Tim O'Brien, EVP and CFO. Following our prepared remarks, we will open the line for a question-and-answer session. This call is being simultaneously webcast on our investor relations website at investors.n-able.com.

感謝營運商，歡迎大家參加 N-Able 的 2024 年第三季財報電話會議。今天與我在一起的有 N-Able 總裁兼執行長 John Pagliuca 和執行副總裁兼財務長 Tim O'Brien。在我們準備好的發言之後，我們將開通問答環節。本次電話會議同時在我們的投資人關係網站 Investors.n-able.com 上進行網路直播。

There. You can also find our earnings press release which is intended to supplement our prepared remarks during today's call. Certain statements made during this call are forward-looking statements including those concerning our financial outlook, our market opportunities and the impact of the global economic environment on our business. These statements are based on currently available information and assumptions, and we undertake no duty to update this information except as required by law.

那裡。您還可以找到我們的收益新聞稿，該新聞稿旨在補充我們在今天的電話會議上準備的言論。本次電話會議中所做的某些陳述屬於前瞻性陳述，包括有關我們的財務前景、市場機會以及全球經濟環境對我們業務的影響的陳述。這些聲明是基於目前可用的資訊和假設，除非法律要求，否則我們不承擔更新此資訊的義務。

These statements are also subject to a number of risks and uncertainties including those highlighted in today's earnings release and our filings with the SEC. Additional information concerning these statements and the risks and uncertainties associated with them is highlighted in today's earnings release and in our filings with the SEC, copies are available from the SEC or on our investor relations website.

這些聲明也受到許多風險和不確定性的影響，包括今天的收益報告和我們向 SEC 提交的文件中強調的風險和不確定性。有關這些聲明以及與之相關的風險和不確定性的更多資訊在今天的收益報告和我們向 SEC 提交的文件中得到強調，副本可從 SEC 或我們的投資者關係網站獲取。

Furthermore, we will discuss various non-GAAP financial measures on today's call, unless otherwise specified when we refer to financial measures, we will be referring to non-GAAP financial measures, a reconciliation of non-GAAP financial measures discussed on today's call to the most directly comparable GAAP measures is available in our earnings press release on our investor relations website.

此外，我們將在今天的電話會議上討論各種非公認會計原則財務指標，除非另有說明，否則當我們提到財務指標時，我們將指的是非公認會計原則財務指標，即今天電話會議上討論的非公認會計原則財務指標的調節表。

And now I will turn the call over to John.

現在我將把電話轉給約翰。

Thank you, Griffin and Thank you everyone for joining us this morning today.

謝謝格里芬，也謝謝大家今天早上加入我們。

I'll discuss our third quarter results enable strategy for driving short- and long-term success and product and business highlights for the quarter. Starting with our third quarter results, revenue was $116.4 million representing 8% year over year growth on a reported basis and 7% on a constant currency basis. Adjusted EBITDA was $44.8 million representing an approximately 39% adjusted EBITDA margin. We once again exceeded our quarterly guidance. We are growing the business because our mission is on target. We strive to make MSP's and small medium sized businesses cyber resilient.

我將討論我們第三季的業績支援推動短期和長期成功的策略以及本季的產品和業務亮點。從第三季業績開始，營收為 1.164 億美元，按報告數據計算年增 8%，以固定匯率計算年增 7%。調整後 EBITDA 為 4,480 萬美元，調整後 EBITDA 利潤率約為 39%。我們再次超出了季度指引。我們正在發展業務，因為我們的使命已達到目標。我們努力使 MSP 和中小型企業具有網路彈性。

Our IT management software ensures their systems are safe and functioning. Our data protection software creates a safety net they need to restore data in the event of data loss. And our security software protects their businesses from Attackers. We manage back up and secure. We believe we make them resilient and this resiliency matters.

我們的 IT 管理軟體可確保他們的系統安全且正常運作。我們的資料保護軟體創建了一個安全網，他們需要在資料遺失時恢復資料。我們的安全軟體可以保護他們的企業免受攻擊。我們管理備份和安全。我們相信，我們能讓它們具有彈性，而這種彈性很重要。

IT systems keep the world running and our software keeps IT systems running. Looking at the different layers of our cyber resiliency platform, industry demand is strongest for cloud data protection followed by security then IT management. We see this echoed in what underlies our results. In the quarter our strongest tailwinds were in data protection demand for business continuity fuels this momentum.

IT 系統讓世界保持運轉，我們的軟體讓 IT 系統保持運作。從我們網路彈性平台的不同層面來看，產業對雲端資料保護的需求最為強烈，其次是安全性，然後是 IT 管理。我們看到這一點在我們的結果中得到了呼應。本季我們最強勁的推動力是資料保護需求，對業務連續性的需求推動了這一勢頭。

Businesses depend on protected data and functioning IT systems, when those systems fail or are compromised, the business faces a potential extension event. The stakes are high, and the risks are numerous. Our customers want a solution to this problem, a reliable way to restore their digital operation and minimize downtime in case of an outage breach or data loss, they want resilience and cove data protection answers the call.

企業依賴受保護的資料和正常運作的 IT 系統，當這些系統發生故障或受到損害時，企業將面臨潛在的擴展事件。賭注很高，風險也很多。我們的客戶需要一個解決這個問題的方案，一種可靠的方法來恢復他們的數位化操作，並在發生中斷或資料遺失的情況下最大限度地減少停機時間，他們希望恢復能力和資料保護能夠滿足要求。

We are pleased to announce that [Cove] which is once again, our fastest growing product solution is now also our largest recurring revenue product group, and the architecture is our differentiator. With our proven product market fit, disruptive technological mode and market growth rates for cloud backup projected to grow in the double digits. We see considerable opportunity to continue winning in this attractive category.

我們很高興地宣布，[Cove] 再次成為我們成長最快的產品解決方案，現在也是我們最大的經常性收入產品組，而該架構是我們的差異化因素。憑藉我們經過驗證的產品市場契合度、顛覆性的技術模式以及雲端備份的市場成長率，預計將以兩位數的速度成長。我們看到了在這個有吸引力的類別中繼續獲勝的巨大機會。

We've also seen steady demand with our security suite. The depth and breadth of our suite creates compelling value for top tier end to end cyber resilience. Our protective offerings encompass EDR, endpoint and antivirus, email protection, password management, patching device monitoring, remote device take control and tech enabled services.

我們也看到對我們的安全套件的穩定需求。我們套件的深度和廣度為頂級端到端網路彈性創造了令人信服的價值。我們的保護產品包括 EDR、端點和防毒、電子郵件保護、密碼管理、修補設備監控、遠端設備控制和技術支援服務。

We don't just defend one entry point like the front door or a window. We aim to protect the entire house. Our tech enabled human assisted managed detection and response services MDR which is powered by extended detection and response software known as [XDR] stands out within our security portfolio brought to life via our third-party partnership the strength of these combined solutions is resonating as they distinctly solve pressing security challenges. First [XDR] provides the ability to see and act broadly across the state.

我們不僅僅保衛前門或窗戶等一個入口點。我們的目標是保護整個房子。我們的技術支援人工輔助託管檢測和響應服務MDR，由名為[XDR] 的擴展檢測和響應軟體提供支持，在我們透過第三方合作夥伴關係實現的安全產品組合中脫穎而出，這些組合解決方案的優勢引起了共鳴，因為它們明確解決緊迫的安全挑戰。首先，[XDR] 提供了在全州範圍內廣泛觀察和採取行動的能力。

This enables comprehensive risk mapping and focused remediation efforts without the ability to see and interact cleanly with the entire IT estate. Technicians are playing a losing game of [whac A mole]. They are left trying to piece together where they have coverage gaps between their multi-vendor, multiproduct software stacks and waste time struggling to manually correlate data and respond to events.

這可以實現全面的風險映射和集中的修復工作，而無需查看整個 IT 資產並與整個 IT 資產進行清晰的互動。技術人員正在玩一場失敗的遊戲[哇哦，一顆痣]。他們不得不嘗試拼湊多供應商、多產品軟體堆疊之間存在的覆蓋差距，並浪費時間手動關聯資料和回應事件。

Our [XDR] ingest data from the network cloud end points and users this creates the complete and actionable insights, technicians need and second, the MDR feature provides human interpretation of security events without breaking the bank. The shortage of skilled cybersecurity, labor has persistently been a major industry challenge.

我們的 [XDR] 從網路雲端點和用戶獲取數據，這創建了技術人員所需的完整且可操作的見解，其次，MDR 功能提供了對安全事件的人工解釋，而無需花費太多。網路安全技術人員和勞動力的短缺一直是業界面臨的主要挑戰。

Even when the right human talent is found, it can be cost prohibitive to small and medium businesses. We address this by providing outsourced experts which allows MSP's to augment their operations efficiently. This human element is particularly salient at the low end of the MSP market where businesses often face the most significant challenges and profitably adding staff and where we have seen considerable Greenfield opportunities. Empowering our MSP's with leading security solutions is one of the three fiscal year '24 transformative strategic pillars and with XDR and MDR representing one of our fastest growing skews. At this stage of the development, we are delivering on this pillar.

即使找到了合適的人才，中小型企業的成本也可能過高。我們透過提供外包專家來解決這個問題，使 MSP 能夠有效地增強其營運。這種人為因素在 MSP 市場的低端尤為突出，這些市場中的企業經常面臨最重大的挑戰，需要透過增加員工來實現盈利，同時我們也看到了相當多的綠地機會。為我們的 MSP 提供領先的安全解決方案是 24 財年的三個轉型策略支柱之一，而 XDR 和 MDR 是我們成長最快的策略之一。在發展的現階段，我們正在實現這一支柱。

We also looked at fiscal year '24 to transform the customer relationship and leverage industry trends to better position ourselves in the long term. While I'm pleased with the overall trajectory of this transformation, this issue has also generated a near term headman as mentioned in our prior calls. We started offering customers long term contracts. At the beginning of the year, reception has been strong, over 50% of our MRR is now under long term contract. The thesis behind the initiative is straightforward.

我們也著眼於 24 財年，以轉變客戶關係並利用行業趨勢來更好地長期定位自己。雖然我對這一轉變的整體軌跡感到滿意，但正如我們之前的電話中提到的，這個問題也產生了一個近期的負責人。我們開始為客戶提供長期合約。今年年初，反應強烈，我們超過 50% 的 MRR 現在簽訂了長期合約。該倡議背後的論​​點很簡單。

We believe customers with long term commitments will build a stronger connection with N-able, especially as they benefit from our extensive and growing product portfolio and award-winning customer support. This deeper relationship is expected to drive higher retention and expansion over time. Our belief is also supported by the simple fact that customers asked us to start offering longer-term contracts as they wanted, the predictability long-term commitments would bring to their operations.

我們相信，具有長期承諾的客戶將與 N-able 建立更牢固的聯繫，特別是當他們受益於我們廣泛且不斷增長的產品組合和屢獲殊榮的客戶支援時。隨著時間的推移，這種更深層的關係預計將推動更高的保留率和擴張。我們的信念也得到了一個簡單事實的支持，即客戶要求我們開始提供他們想要的長期合同，長期承諾將為他們的運營帶來可預測性。

We continue to have full conviction that this initiative is the right move, that said customers have sought to optimize restate for entering long-term deals, placing short-term pressure on our financials as the bulk of a state optimization occurred in first half, 2024. We expect this headwind to subside in second half, 2025.

我們仍然堅信這項舉措是正確的舉措，即客戶尋求優化重述以達成長期交易，這給我們的財務帶來短期壓力，因為大部分狀態優化發生在 2024 年上半年。我們預計這一不利因素將在 2025 年下半年消退。

Pricing is another discussion point, largely due to the inflationary environment in 2023, we implemented higher than typical pricing changes with 2024 price increases reflecting a more normalized state growing comparisons in 2024 challenged relative to 2023 we expect both the state optimization and pricing headwinds to be transitory.

定價是另一個討論點，主要是由於2023 年的通膨環境，我們實施的定價變化高於典型的定價變化，2024 年的價格上漲反映了2024 年更正常化的狀態增長，相對於2023 年，我們預計狀態優化和定價逆風都將受到挑戰暫時的。

Now, let's take a step back and look at broader market trends to understand where N-Able's policing its bets and why we remain steadfast in our mission of providing top tier technology to small and medium sized enterprises with a focus on delivering these solutions through managed service providers with a heavy lean on cyber resilience that is baked into everything we do. With rising complexity, pushing SME's to use MSP's for IT support. We believe there's a significant opportunity for N-Able.

現在，讓我們退後一步，看看更廣泛的市場趨勢，以了解N-Able 的投資方向，以及為什麼我們堅定不移地履行為中小型企業提供頂級技術的使命，重點是透過託管來提供這些解決方案。隨著複雜性的增加，促使中小企業使用 MSP 來提供 IT 支援。我們相信 N-Able 面臨著巨大的機會。

This opportunity is validated by market analyst firm Canal who projects the MSP market to grow by at least 12% in 2024. We are also optimistically expanding within resellers and direct sales to SME's. These are natural adjacencies where we see product market fit and alignment with existing go to market operations that will allow for efficient expansion.

市場分析公司 Canal 驗證了這個機會，該公司預計 MSP 市場到 2024 年將成長至少 12%。我們也樂觀地擴大經銷商和對中小企業的直接銷售。這些是自然的鄰接關係，我們看到產品市場適合併與現有的市場營運保持一致，從而實現高效擴張。

Simply put we believe we're operating in large markets with robust tailwinds. This favorable backdrop gives us confidence in our positioning and investment strategy. Clicking in further, we see the strongest demand for solutions that enhance resiliency, namely security and data protection.

簡而言之，我們相信我們正在擁有強勁順風的大型市場中運作。這種有利的背景使我們對我們的定位和投資策略充滿信心。進一步分析，我們發現對增強彈性的解決方案最強烈的需求，即安全性和資料保護。

We have strategically invested in these priority categories through [Cove and our CR] partnership, positioning our customers and enable to grow. RMM also delivers resiliency and remains a core focus. Our award winning RMM solutions include a robust set of features to help fuel protection, including proven patch capabilities, monitoring, built with security in mind and business continuity as a fundamental value proposition. Our RMM solutions also drive greater efficiencies into our customers' businesses.

我們透過[Cove 和我們的 CR] 合作夥伴關係對這些優先類別進行了策略性投資，定位我們的客戶並實現成長。RMM 還提供彈性並且仍然是核心焦點。我們屢獲殊榮的 RMM 解決方案包括一組強大的功能，可協助保護燃料，包括經過驗證的修補程式功能、監控，以安全性和業務連續性為基本價值主張。我們的 RMM 解決方案還可以提高客戶業務的效率。

A consistent theme we've observed in our over 20 years of service to the MSP community is that The MSP's often struggle to achieve their profitability potential. One reason is that technicians often the largest expense on the MSP's, P&L are burdened with managing multiple environments and software sprawl.

我們在 20 多年為 MSP 社群提供服務的過程中觀察到的一個一致主題是，MSP 常常難以實現其獲利潛力。原因之一是技術人員通常承擔著管理多種環境和軟體蔓延的重擔，這對 MSP、P&L 來說是最大的開支。

This is difficult to do efficiently. Our multitenant RMM platforms address this by streamlining technician workloads, improving labor efficiency and ultimately raising MSG profitability. Our investment in the Ecoverse, the ongoing transformation of RMM's into a next generation open ecosystem IT management platform aims to further these customer outcomes. With our high conviction that delivering resiliency and efficiency to our customers is a winning proposition.

這很難有效地做到。我們的多租戶 RMM 平台透過簡化技術人員工作量、提高勞動效率並最終提高 MSG 獲利能力來解決這一問題。我們對 Ecoverse 的投資以及 RMM 向下一代開放生態系統 IT 管理平台的持續轉型旨在進一步推動這些客戶成果。我們堅信，為客戶提供彈性和效率是一個成功的主張。

The Ecoverse stands alongside Cove and XDR as a foundational strategic investment that positions our customers and enable to grow. So bringing it all together, we believe that we are well positioned and that there is a substantial market opportunity. And so we are placing clear strategic bets on top customer priorities with that. Let's look at the key execution we delivered in the third quarter.

Ecoverse 與 Cove 和 XDR 一起作為一項基礎策略投資，為我們的客戶定位並實現成長。因此，將所有這些結合在一起，我們相信我們處於有利地位，並且存在巨大的市場機會。因此，我們將明確的策略押注放在客戶的首要優先事項上。讓我們看看我們在第三季交付的關鍵執行情況。

From a product perspective, we made strides forward as part of our open RMM platform strategy. We've expanded our API and data analytics capabilities with new API is in September alone. We've reached over 15 million AP I calls across 25% of our incents customers.

從產品角度來看，作為開放 RMM 平台策略的一部分，我們取得了長足進步。光是 9 月份，我們就透過新 API 擴展了我們的 API 和資料分析功能。我們已經在 25% 的激勵客戶中接到了超過 1500 萬次 AP I 呼叫。

Our growing analytics capabilities now track over 950 unique attributes with data from over 4 million devices and 1,000 monthly active users. These capabilities allow customers to collect and analyze data quickly with greater fidelity allowing for faster insights response and remediation.

我們不斷增強的分析能力現在可以透過來自超過 400 萬台設備和 1,000 名每月活躍用戶的數據追蹤超過 950 個獨特屬性。這些功能使客戶能夠以更高的保真度快速收集和分析數據，從而實現更快的洞察回應和補救。

Also, as part of our Ecoverse vision, we now have over a million devices activated with our new unified agent enabling the collection of real time metrics for faster insight and remediation [cove] also delivered significant progress. We updated our data retention model to dramatically simplify the creation of data protection policies to allow customers to meet compliance requirements.

此外，作為我們 Ecoverse 願景的一部分，我們現在有超過 100 萬台設備透過我們新的統一代理激活，能夠收集實時指標以實現更快的洞察力，並且修復 [cove] 也取得了重大進展。我們更新了資料保留模型，大大簡化了資料保護策略的創建，使客戶能夠滿足合規性要求。

We also made Microsoft 365 backup enhancements including the ability to restore to an alternate user, boosting technician efficiency and compliance. Lastly, we implemented up to 30% better backup speeds and delivered key usability improvements.

我們也對 Microsoft 365 備份進行了增強，包括還原到備用使用者的能力，從而提高了技術人員的效率和合規性。最後，我們的備份速度提高了 30%，並實現了關鍵的可用性改進。

Another impressive list for the team and more benefit for our customers. We continue to turn complexity into simplicity for technicians on the security front, we announced our global compliance initiative including cybersecurity maturity model certification and we achieved our SOC two audit ensuring that service providers can operate in an increasingly regulated federal civilian and federal defense supply chain and to further enhance our focus on protecting user identities we delivered robust encryption and our past portal service protecting over 5 million credentials that are stored and used by 74,000 users.

團隊又獲得了一份令人印象深刻的清單，也為我們的客戶帶來了更多好處。我們繼續為安全方面的技術人員將複雜性變為簡單性，我們宣布了我們的全球合規計劃，包括網路安全成熟度模型認證，並且我們實現了SOC 二級審計，確保服務提供者能夠在監管日益嚴格的聯邦民用和聯邦國防供應鏈中運營，為了進一步加強我們對保護用戶身份的關注，我們提供了強大的加密技術，並且我們過去的門戶服務保護了74,000 個用戶存儲和使用的超過500 萬個憑證。

The general response to all of this is encouraging at our major distributor conference in Dubai. We shared our Ecoverse vision, significant product updates and channel commitments. The feedback was overwhelmingly positive with over 90% of our international channel revenue represented. A strong presence at in person events like this distributor conference is an important element of our highly effective go to market strategy which has enabled us to penetrate the fragmented SME market while maintaining adjusted EBITDA margins of over 30%.

在我們在杜拜舉行的主要經銷商會議上，對所有這些的普遍反應令人鼓舞。我們分享了 Ecoverse 願景、重大產品更新和通路承諾。回饋非常積極，占我們國際通路收入的 90% 以上。在像這次經銷商大會這樣的現場活動中，我們的大力參與是我們高效進入市場策略的一個重要組成部分，這使我們能夠滲透到分散的中小企業市場，同時保持調整後EBITDA 利潤率超過30 %。

This quarter, we implemented strategic refinements as part of our ongoing mission to efficiently deliver world class software throughout the IT services. Channel one highlight is a further investment in our brand and market awareness with resiliency as a top customer priority. We made targeted investments in Cove.

本季度，我們實施了策略改進，作為我們持續使命的一部分，即在整個 IT 服務中高效交付世界一流的軟體。通路一的亮點是對我們的品牌和市場意識的進一步投資，並將彈性作為客戶的首要任務。我們對 Cove 進行了定向投資。

Covis demonstrated a right to win with solid conversion rates at each final stage including strong performance in head-to-head product [bups] with proof that we can capitalize on opportunities. We want to get more at that.

Covis 在每個最後階段都以穩定的轉換率證明了獲勝的權利，包括在頭對頭產品 [bups] 中的強勁表現，並證明我們可以利用機會。我們希望在這方面得到更多。

Our website is a vital tool for visibility and opportunity generation. So, we significantly revamped the Cove section ensuring the world knows exactly why 14,000 MSP's and 180,000 businesses trust Cove and why Cove might be the right business for them too.

我們的網站是提高可見度和創造機會的重要工具。因此，我們對 Cove 部分進行了重大修改，確保全世界確切地知道為什麼 14,000 個 MSP 和 180,000 家企業信任 Cove，以及為什麼 Cove 可能也是他們的正確業務。

We're also refining our security positioning while we are pleased with our security product portfolio and penetration. We also see promising Upsell opportunities within the category. Exploratory bundling concepts have been well received and we are further exploring pricing and packaging changes to seize the security opportunity and fully realize enable's true power in safeguarding customers.

我們也正在完善我們的安全定位，同時我們對我們的安全產品組合和滲透率感到滿意。我們也看到該類別內有前景的追加銷售機會。探索性的捆綁概念受到了好評，我們正在進一步探索定價和包裝的變化，以抓住安全機會，充分發揮Enable在保護客戶方面的真正力量。

Two customer wins in the quarter illustrate our success in executing our mission in an effort to save time and money a roughly 300 employees small business was looking to centralize its tech stack and move away from segregated tools and process this internal IT customer purchased RMM Cove and EDR and a $40,000 ARR deal representing about $15 per device per month with products built with small to medium enterprise use cases. A go to market strategy that efficiently capitalized on this market. And a partner success organization instructed to focus on their needs. This one is exactly the value we strive to deliver to SME's everywhere.

本季度贏得的兩個客戶表明我們成功地執行了我們的使命，以節省時間和金錢，一家擁有大約300 名員工的小型企業希望集中其技術堆疊並擺脫隔離的工具和流程，該內部IT 客戶購買了RMM Cove 和EDR 和 40,000 美元的 ARR 交易相當於每台設備每月約 15 美元，其中產品是針對中小型企業用例構建的。有效利用該市場的進入市場策略。合作夥伴成功組織指示專注於他們的需求。這正是我們努力為各地中小企業提供的價值。

And another customer example, representing approximately $90,000 of ARR an MSP cited our Ecoverse open ecosystem as a deciding factor in signing a deal. Flight to other ecosystem vendors and wanted to keep them as part of their IT staff, our RMM had robust integrations with both of them ensuring that they could run operations and workloads that are desired, giving them the confidence to switch to enable RMM, AB and DNS.

另一個客戶範例，代表了約 9 萬美元的 ARR，MSP 稱我們的 Ecoverse 開放生態系統是簽署交易的決定性因素。轉向其他生態系統供應商並希望保留他們作為IT 員工的一部分，我們的RMM 與他們兩者都進行了強大的集成，確保他們可以運行所需的操作和工作負載，讓他們有信心切換到啟用RMM 、AB 和域名系統。

It is an honor to be trusted with these and thousands of other customers IT management and security needs and through our open ecosystem contribute to the success of the global IT channel. To conclude, our model has continued to deliver growth and profit.

我們很榮幸能夠滿足這些客戶以及成千上萬其他客戶的 IT 管理和安全需求，並透過我們的開放生態系統為全球 IT 通路的成功做出貢獻。總而言之，我們的模式繼續帶來成長和利潤。

We are executing on critical initiatives, and we are more focused than ever on building cyber resilience for MSP's and underserved small and medium sized businesses. I will now hand it over to Tim and circle back for closing remarks.

我們正在執行關鍵舉措，並且比以往任何時候都更加專注於為 MSP 和服務不足的中小型企業建立網路彈性。現在我將把它交給蒂姆並回過頭來發表結束語。

Tim.

提姆.

Thank you, John and Thank you all for joining us today.

謝謝約翰，也謝謝大家今天加入我們。

As our results demonstrate, N-Able continues to execute our strategy of delivering robust software to small and medium enterprises. Performance in data protection and security, strong MSP level retention and our highest ever year-to-date ARR from new customers. Give us confidence in our approach and provide a solid foundation for future growth.

正如我們的結果所表明的，N-Able 繼續執行我們為中小企業提供強大軟體的策略。資料保護和安全性方面的表現、強大的 MSP 等級保留以及來自新客戶的年度迄今為止最高的 ARR。讓我們對自己的方法充滿信心，並為未來的發展奠定堅實的基礎。

For our third quarter results, total revenue was $116.4 million representing approximately 8% year over year growth on a reported basis and 7% on a constant currency basis. Subscription revenue was $115 million representing approximately 9% year over year growth on a reported basis and 8% on a constant currency basis.

對於我們第三季的業績，總營收為 1.164 億美元，按報告數據計算，年增約 8%，以固定匯率計算，年增 7%。訂閱收入為 1.15 億美元，按報告計算年增約 9%，以固定匯率計算年增 8%。

Other revenue which consists primarily of revenue from the sale of maintenance services associated with the historical sales of perpetual licenses and revenue from professional services was $1.4 million. We ended the quarter with 2,275 partners contributing $50,000 or more of ARR, which is up approximately 7% year over year. Partners with over $50,000 of ARR, now represent approximately 57% of our total ARR up from approximately 55% a year ago.

其他收入主要包括與永久許可證歷史銷售相關的維護服務銷售收入以及專業服務收入為 140 萬美元。截至本季末，我們有 2,275 個合作夥伴貢獻了 50,000 美元或更多的 ARR，年增約 7%。ARR 超過 50,000 美元的合作夥伴目前約占我們總 ARR 的 57%，而一年前約為 55%。

Dollar based net revenue retention, which is calculated on a trailing 12-month basis was approximately 105% or 104% on a constant currency basis. Turning to profit and margins note that unless otherwise stated, all references to profit measures and expenses are calculated on a non-GAAP basis and exclude the items outlined in the GAAP to non-GAAP reconciliations provided in today's press release.

以美元為基礎的淨收入保留率（以過去 12 個月計算）約為 105%，以固定匯率計算為 104%。談到利潤和利潤率，請注意，除非另有說明，否則所有提及的利潤指標和費用均按非GAAP 基礎計算，並且不包括今天新聞稿中提供的GAAP 與非GAAP 調節表中概述的項目。

Third quarter, gross margin was 83.7% compared to 84.6% in the same period in 2023. Third quarter adjusted EBITDA was $44.8 million. Up approximately 23% year over year, representing approximately 39% adjusted EBITDA margin. Unlevered free cash flow was $27 million in the third quarter.

第三季毛利率為83.7%，而2023年同期為84.6%。第三季調整後 EBITDA 為 4,480 萬美元。年成長約 23%，調整後 EBITDA 利潤率約 39%。第三季無槓桿自由現金流為 2,700 萬美元。

CapEx, inclusive of $1.6 million of capitalized software development costs was $5.3 million or 4.6% of revenue, non-GAAP earnings per share was $0.13 in the quarter based on $188 million weighted average diluted shares. We ended the quarter with approximately $174 million of cash and an outstanding loan principal balance of approximately $340 million representing net leverage of approximately one time. Approximately 47% of our revenue was outside of North America in the quarter.

資本支出（包括 160 萬美元的資本化軟體開發成本）為 530 萬美元，佔營收的 4.6%，根據 1.88 億美元的加權平均稀釋股票計算，本季非 GAAP 每股盈餘為 0.13 美元。本季結束時，我們擁有約 1.74 億美元的現金，未償還貸款本金餘額約為 3.4 億美元，相當於淨槓桿率約一倍。本季我們約有 47% 的營收來自北美以外地區。

Before turning to our financial outlook, I will give commentary on our third quarter results. Revenue recognition in accordance with ASC 606 triggered by signing of long-term contracts drove approximately four points of growth in the quarter.

在討論我們的財務前景之前，我將對我們第三季的業績發表評論。根據 ASC 606 簽署長期合約引發的收入確認推動了本季約四個百分點的成長。

This positive impact flowed through to our adjusted EBITDA driving roughly four points of margin. As John mentioned pricing and packaging changes compared to 2023 and a state optimization from our long-term contract initiative acted as headwinds.

這種正面影響影響了我們調整後的 EBITDA，帶動了大約四個百分點的利潤率。正如 John 所提到的，與 2023 年相比，定價和包裝發生了變化，而我們的長期合約計畫的狀態優化則成為了阻力。

These drove approximately 6% of negative impact in the third quarter of 2024 compared to the third quarter of 2023. As it relates to our previous guidance, we experienced a positive FX impact of approximately $1.3 million relative to expectations.

與 2023 年第三季相比，這些因素在 2024 年第三季帶來了約 6% 的負面影響。由於與我們先前的指導相關，我們經歷了相對於預期約 130 萬美元的積極外匯影響。

Turning to our financial outlook, our guidance accounts for the following elements. First, we are assuming FX rates of 1.07 for the EURO and 1.28 for the pound for the remainder of 2024 along with updates to other currencies to more closely reflect the current rate environment.

談到我們的財務前景，我們的指導考慮了以下要素。首先，我們假設 2024 年剩餘時間內歐元匯率為 1.07，英鎊匯率為 1.28，同時更新其他貨幣以更準確地反映當前匯率環境。

These updated rates drive approximately $300,000 of negative revenue impact for the fourth quarter relative to our FX assumptions during the August call. Second, we anticipate the net impact of revenue recognition in accordance with ASC 606 to be slightly negative to revenue and adjusted EBITDA in the fourth quarter. We expect the impact of pricing and packaging, headwinds and estate optimization to persist through the first half of 2025.

相對於我們在 8 月電話會議期間的外匯假設，這些更新後的匯率對第四季度收入造成約 30 萬美元的負面影響。其次，我們預計根據 ASC 606 確認收入的淨影響將對第四季度的收入和調整後 EBITDA 略有負面影響。我們預計定價和包裝、逆風和房地產優化的影響將持續到 2025 年上半年。

With that in mind for the fourth quarter of 2024 we expect total revenue in the range of $111.5 to $113 million representing 3% to 4% year over year growth on a reported and constant currency basis. We expect fourth quarter adjusted EBITDA in the range of $38 to $38.5 million representing an adjusted EBITDA margin of approximately 34%. For the full year 2024, we now expect total revenue of $461.2 to $462.7 million representing approximately 9% to 10% year over year growth on a reported basis and 9% growth on a constant currency basis.

考慮到這一點，我們預計 2024 年第四季的總營收將在 111.5 美元至 1.13 億美元之間，按報告和固定匯率計算，年增 3% 至 4%。我們預計第四季度調整後 EBITDA 在 38 至 3850 萬美元之間，調整後 EBITDA 利潤率約為 34%。對於 2024 年全年，我們目前預計總收入為 461.2 美元至 4.627 億美元，按報告數據計算，同比增長約 9% 至 10%，按固定匯率計算，同比增長 9%。

We are raising our adjusted EBITDA outlook and now expect full year adjusted EBITDA of $169.3 to $169.8 million Up approximately 18% year over year at the midpoint and representing an approximately 37% adjusted EBITDA margin.

我們正在上調調整後 EBITDA 前景，目前預計全年調整後 EBITDA 為 169.3 美元至 1.698 億美元，中位數年增約 18%，調整後 EBITDA 利潤率約為 37%。

Our updated guidance reflects our moderated assumptions for customers entering long term contracts and the associated impact from ASC 606 revenue recognition. The impact from these updated assumptions is approximately $3 million of negative impact relative to our expectations during the August call, we reiterate that CapEx which includes capitalized software development costs will be approximately 5% of total revenue for 2024.

我們更新的指引反映了我們對簽訂長期合約的客戶的適度假設以及 ASC 606 收入確認的相關影響。與我們在 8 月電話會議期間的預期相比，這些更新假設的負面影響約為 300 萬美元，我們重申，包括資本化軟體開發成本在內的資本支出將佔 2024 年總收入的約 5%。

We also expect adjusted EBITDA conversion to unlevered free cash flow to be approximately 62% for the full year. We expect total weighted average diluted shares outstanding of approximately $188 to $189 million for the fourth quarter and $187 to $188 million for the full year. Finally, we expect our non-GAAP tax rate to be approximately 33% in the fourth quarter and 25% for the full year.

我們也預計全年調整後 EBITDA 轉換為無槓桿自由現金流的比例約為 62%。我們預計第四季度加權平均稀釋後流通股總額約為 188 至 1.89 億美元，全年為 187 至 1.88 億美元。最後，我們預計第四季的非公認會計原則稅率約為 33%，全年稅率約為 25%。

Thanks Jim.

謝謝吉姆。

We made considerable progress in the quarter as we strive to deliver the resiliency and efficiency our partners need; we aim to continue to build on this progress and advance our position as a vendor of choice for small and medium sized enterprises and MSP's everywhere.

我們在本季度取得了顯著進展，因為我們努力提供合作夥伴所需的彈性和效率；我們的目標是繼續鞏固這一進步，並提升我們作為各地中小企業和 MSP 首選供應商的地位。

And with that operator, we'll turn it over to questions.

對於該操作員，我們將把它轉交給問題。

(Operator Instructions)

（操作員說明）

The first question today comes from Brian Essex from JP Morgan. Your line is now open.

今天的第一個問題來自摩根大通的布萊恩艾塞克斯。您的線路現已開通。

Hi, Good morning and Thank you for taking the question. Maybe John, I was wondering if you could start with what you're seeing from a macro perspective in your installed base. If I think about MSP's that are largely in the smaller end of the spectrum, are they able to maintain healthy business in this environment or are you seeing more consolidation with larger MSP's? And how does that affect your business?

您好，早安，感謝您提出問題。也許約翰，我想知道您是否可以從您在已安裝基礎中的宏觀角度看到的情況開始。如果我考慮的 MSP 大多屬於規模較小的一端，那麼他們是否能夠在這種環境下保持健康的業務，或者您會看到與較大的 MSP 進行更多整合？這對您的業務有何影響？

Thanks, Brian, Good morning and Thanks for the question. On the macro side, we conducted a survey a little bit ago to a bunch of MSP's across North America for the most part and resoundingly, the feedback was quite positive. The channel is quite healthy. The vast majority of MSP's are planning to grow. I think like in the 90% MSP's are planning to grow next year. And I think even the vast majority are planning to grow double digits.

謝謝布萊恩，早安，謝謝你的提問。在宏觀方面，我們不久前對北美地區的大部分 MSP 進行了一項調查，結果令人震驚的是，反饋非常積極。該通路相當健康。絕大多數 MSP 都計劃發展。我認為 90% 的 MSP 計劃明年會成長。我認為即使是絕大多數人也計劃實現兩位數的成長。

So the demand is there. Why is the demand there? They're seeing a lot more demand on the security front in the disaster recovery front. The other interesting dynamic here on MSP's are actually being pulled into larger and prizes as well.

所以需求就在那裡。為什麼會有這樣的需求？他們看到災難復原方面對安全方面的需求越來越多。MSP 的另一個有趣的動態實際上也被拉進了更大的獎項中。

So, this concept of co-managed where if you're an IT director inside a mid-market or even a fortune 1,000 company, you're looking to augment your staff and we're seeing MSP's as they're getting more sophisticated, going more there.

因此，在這種共同管理的概念中，如果您是中端市場甚至財富 1,000 強公司的 IT 總監，您希望擴充您的員工隊伍，而我們看到 MSP 變得越來越複雜，多去那裡。

So overall on the channel, we're finding a pretty healthy environment folks are planning on growing, they'll grow this year and they're planning on growing next year.

因此，總的來說，在頻道上，我們發現了一個非常健康的環境，人們正在計劃成長，他們將在今年成長，並計劃在明年成長。

Got it that's helpful. Maybe to follow up with Tim on the cost side, nice cost rationalization, cost control this quarter. But particularly for sales and marketing and G&A that declined pretty materially year over year and sequentially how sustainable is any cost rationalization there? And how should we think about the way that you're shifting the focus on investing in the business given the shifting growth rate.

明白了，很有幫助。也許要在本季度與蒂姆一起跟進成本方面、良好的成本合理化和成本控制。但特別是對於銷售和行銷以及一般管理費用來說，年比大幅下降，那麼成本合理化的可持續性如何？鑑於成長率的變化，我們應該如何考慮如何將重點轉移到業務投資。

Yeah, absolutely. I think GnA spend is definitely sustainable. That's been an area that we've highlighted as the area that kind of had the most flex in the model historically. And then on the sales and marketing front, I think as we evolve and bring new things to market like that will [ebb] and flow a little bit, I think we've optimized that to them right level at more in a point in time.

是的，絕對是。我認為 GnA 支出絕對是可持續的。這是我們強調的一個區域，因為它是模型歷史上最靈活的區域。然後在銷售和行銷方面，我認為隨著我們的發展並將新事物推向市場，這樣的事情將會[潮起]並流動一點，我認為我們已經在某個時間點將其優化到了正確的水平。

But I would expect us, you know, that, that to kind of grow in line with revenue as we look forward into 2025 and beyond. And we've obviously been investing on the R&D front from a product and road map perspective, and we've had, you know, some things come to market this year. We expect to bring things to market, 2 to 2 or three things new to market on an annual basis and we're starting to see some tailwinds there from some of the new offerings in 2024 and would expect that to be more material in 2025.

但我希望我們，你知道，隨著我們展望 2025 年及以後的收入，我們的成長會與收入保持一致。從產品和路線圖的角度來看，我們顯然一直在研發方面進行投資，而我們今年已經有一些產品進入市場。我們預計每年都會向市場推出 2 到 2 到 3 種新產品，我們開始看到 2024 年的一些新產品帶來了一些推動力，並預計 2025 年會帶來更多實質影響。

Hey, Brian, just to add the, if you think about the equation, the expand part is always going to be a more cost-effective part for sales and marketing. So as Tim mentioned, we'll lean in on our R&D to bring more products to market and with the strategy there that it feeds into the platform, it makes our customers stickier. But then that sales and marketing engine is much more efficient on the expand.

嘿，布萊恩，補充一下，如果你考慮這個等式，擴展部分對於銷售和行銷來說始終是更具成本效益的部分。正如蒂姆所提到的，我們將依靠研發將更多產品推向市場，並透過將其納入平台的策略，使我們的客戶更具黏性。但隨後，銷售和行銷引擎的擴張效率要高得多。

So, that's a little bit of the strategy there. We'll lean in R&D, add more products and then that expand motion is more cost effective which will drive the, you know, the EBITDA that we continue to enjoy.

這就是其中的一點策略。我們將專注於研發，增加更多產品，然後擴張行動更具成本效益，這將推動我們繼續享有的 EBITDA。

Yeah and Brian just to note that the sales and marketing does include some capitalized commissions in Q3 versus this year versus last year. So that's part of the reduction year over year to the tune of about a million dollars or so. Very helpful.

是的，布萊恩只是注意到，與今年和去年相比，第三季的銷售和行銷確實包括一些資本化佣金。因此，這是逐年減少約一百萬美元左右的一部分。非常有幫助。

Very helpful. Thank you. I appreciate it.

非常有幫助。謝謝。我很感激。

Yes.

是的。

Thank you. The next question is from Matthew Hedberg from RBC Capital Markets. Please go ahead.

謝謝。下一個問題來自 RBC 資本市場的 Matthew Hedberg。請繼續。

Hey, Good morning guys. This is Mike Richards here on for Matthew Hedberg. Thanks for taking the question. I guess just my first one is a point of clarification just on the updated guidance and the moderated assumption for the long-term contract is that you're expecting less customers to enter into these long-term contracts than 90 days ago.

嘿，早上好，夥計們。我是麥克理查茲，我是馬修赫德伯格。感謝您提出問題。我想我的第一點只是對更新後的指導進行澄清，並且對長期合約的溫和假設是，您預計簽訂這些長期合約的客戶數量將少於 90 天前。

So you're getting less of that upfront [rev rec] or are you seeing more optimization than you saw 90 days ago when these customers are entering into these contracts?

因此，您獲得的預付款 [rev rec] 減少了，或者您是否看到比 90 天前這些客戶簽訂這些合約時看到的更多優化？

I think. Thanks for the question. I'll give some color there. It's really related to customers entering contracts that are on premise in nature. So, it's not a product of less people entering them. It's not a product of optimization from, from, from what we, what we guided last quarter, it's really around.

我認為。謝謝你的提問。我會在那裡給一些顏色。這實際上與客戶簽訂的合約有關。所以，這並不是進入人數減少的結果。這不是我們上季度指導的優化的產物，它確實存在。

We convert new customers into these contracts, and we convert existing customers in the contracts on the new front. What we're seeing is a higher mix of customers going on to hosted and SAS offerings versus on premise. So, it's not that there's less people going into long term contracts if the mix is more on the front, which does not have any material impact on revenue.

我們將新客戶轉化為這些合同，並將現有客戶轉化為新戰線上的合約。我們看到，與本地部署相比，使用託管和 SAS 產品的客戶比例更高。因此，如果組合更多地放在前面，並不是說簽訂長期合約的人會減少，這不會對收入產生任何實質影響。

On the and then on the existing customer front, that's where we're seeing, an expected conversion on the premise bit to be lower than we, than we had packed into our guidance last quarter. And that net effect we quantified at about $3 million quarter over quarter.

在現有客戶方面，這就是我們所看到的，前提下的預期轉換率略低於我們上季指引中的預期轉換率。我們量化的淨效應約為每季 300 萬美元。

Got it. Thank you. And then, last quarter, you called out a 20% bookings throughout. So, I'm just curious if that momentum sort of continued into Q3 and like what you're seeing from a new business and expansion perspective. Thanks guys.

知道了。謝謝。然後，上個季度，您的預訂量達到了 20%。因此，我只是好奇這種勢頭是否會持續到第三季度，以及您從新業務和擴張的角度所看到的情況。謝謝你們。

The demand continues to be strong. The top of the funnel, the opportunities were up double digits, year over year bookings were up in the themes year over year. So, in Q3 typically is a little bit of a seasonality, slow down just given the diverse customer base. We have a lot of a lot of our customers are international, so we typically see it from a quarter, over a quarter basis, a little bit of a slowdown but that's typical with the summer months but no, I'd say it's very much the same themes that you've been hearing from us data protection security continue to be quite strong and we continue to see bookings growth at least in the themes and for Q3.

需求持續強勁。在漏斗的頂部，機會增加了兩位數，主題的預訂量逐年增加。因此，第三季通常有一點季節性，考慮到客戶群的多樣化，成長會放緩。我們有很多很多客戶都是國際客戶，所以我們通常會看到一個季度、一個多季度的成長放緩，但這是夏季的典型情況，但不，我想說的是，成長非常緩慢。我們在那裡聽到的相同主題資料保護安全仍然非常強勁，我們繼續看到至少在主題和第三季的預訂量成長。

Thanks. Yes.

謝謝。是的。

Thank you.

謝謝。

(Operator Instructions) Now, the next question is from Jason Ader from William Blair. Your line is now open.

（操作員說明） 現在，下一個問題來自 William Blair 的 Jason Ader。您的線路現已開通。

Yeah, thanks. Good morning guys. I guess just on the last or one of the previous questions, can you just talk about the mix today in the business between on Prem and Sass? I guess I'm not super familiar with that distinction. I guess, I assume that all of your business is basically, monthly recurring revenue. But I guess that was wrong. Can you talk through the distinction there and the mix today and where it's been and where it's going?

是的，謝謝。早安，夥計們。我想就最後一個或之前的一個問題而言，您能否談談今天 Prem 和 Sass 之間的業務組合？我想我對這種區別不太熟悉。我想，我假設你的所有業務基本上都是每月的經常性收入。但我想這是錯的。您能談談那裡的區別和今天的混合以及它的過去和未來嗎？

Yeah sure, Jason. The business is primarily 100% monthly recurring revenue, but there is a mix of staff's revenue and on-premise revenue. The on-premise revenue is about 15% of the overall business and that's, that's been trending downward over time and we were expected to trend downward over time as well, especially with the mix of where new customers are landing and some of the strategic product work that's going on within the business.

是的，當然，傑森。該業務主要是 100% 的每月經常性收入，但也有員工收入和內部收入的混合。內部部署收入約佔整體業務的15%，隨著時間的推移，這一收入一直呈下降趨勢，我們預計也會隨著時間的推移呈下降趨勢，特別是考慮到新客戶登陸的地區和一些策略產品的情況企業內部正在進行的工作。

We've historically disclosed that it's in our Q&K, we disclosed point in time revenue versus overtime revenue. That's a distinction between on-premise customers and, staff's customers. So, you'll be able to kind of see the trend line there and the impact of the committed contracts there that we have from a [rev rec] perspective.

我們歷來在 Q&K 中揭露過，我們揭露了時間點收入與加班收入的情況。這是內部客戶和員工客戶之間的區別。因此，您將能夠從[rev rec]的角度看到那裡的趨勢線以及我們所承諾的合約的影響。

Yes. So, Jason, it's all subscription. It's just that if they're, and they're hosted or in our cloud environments or just completely fast, that's going to be just ratable and if there's a subscription and there, but it's an on-p prem. In other words, the MSP has their software on their premise, then that's where the revenue gets a little bit more accelerated, and this is limited to our in central customer base.

是的。所以，傑森，這都是訂閱。只是，如果它們是託管的，或者在我們的雲端環境中，或者只是完全快速，那將是可評級的，如果有訂閱，但它是本地部署。換句話說，MSP 在其前提下擁有自己的軟體，這就是收入加速成長的地方，而這僅限於我們的核心客戶群。

Our cove data protection offering our insight offerings, our security offerings, they're all 100% in cloud based the In central based is a percentage of those customers that are on prem, by the way, some of that's just a legacy bit. They've been on prem customers for 8, 10 years type of thing. Some of them have requirements that they prefer to be walled off and not necessarily in a host environment and where I believe the fact that we're giving customers choice, there actually allows a little bit of a better differentiation in the market and allows us to win in some of those environments where they might have customers that demand a little bit more of a of a on prem type of requirement or need type of thing.

我們的海灣資料保護提供我們的洞察產品、我們的安全產品，它們都是 100% 基於雲端的，基於中央的是本地客戶的百分比，順便說一句，其中一些只是遺留的部分。他們作為本地客戶已有 8、10 年。他們中的一些人有要求，他們更喜歡被隔離，不一定在主機環境中，我相信我們為客戶提供選擇這一事實，實際上允許在市場上有一點更好的差異化，並允許我們在在某些環境中，他們可能會贏得需要更多本地類型需求或需要類型事物的客戶。

Okay. All right. That's clear. So then for the new customers, you talked about a higher mix of new customers basically going into SAS, which is affecting your, your revenue, right? That's what you just talked about. Is that correct?

好的。好的。很清楚。那麼對於新客戶，您談到更多的新客戶基本上進入了 SAS，這會影響您的收入，對嗎？這就是你剛才談到的。這是正確的嗎？

Yes. Coupled with, I would say we, we expect to convert existing customers at a lower rate than we previously had assumed in Q4 as well on converting existing customers more specifically on the, on prem part of the equation.

是的。此外，我想說的是，我們預計以低於我們先前在第四季度假設的速度轉換現有客戶，以及更具體地在等式的本地部分轉換現有客戶。

Got you. Okay. So is that a separate issue from the estate optimization just trying to understand that seems like a separate issue from like the long-term contract initiatives which is impacting the state optimization.

明白你了。好的。因此，這是一個與房地產優化不同的問題，只是試圖理解，這似乎是與影響狀態優化的長期合約計劃不同的問題。

It is. Yeah, and I think the nuance there is what you see in our in our net retention rate. So, the state optimization impacts net retention in a negative fashion conversion or nonconversion of customers into long-term contracts, both hosted or sorry, both staff and on prem will, will not impact that. So, as it does impact revenue, it won't impact net retention.

這是。是的，我認為其中的細微差別是您在我們的淨保留率中看到的。因此，狀態優化會以負面方式影響淨保留率，將客戶轉換或不轉換為長期合同，無論是託管還是抱歉，員工和本地都不會影響這一點。因此，雖然它確實影響收入，但不會影響淨保留率。

And just for clarity, Jason, we're actually quite pleased that more of our customers are going to the cloud offerings. It's actually a proof point on all the things that we're delivering. And so, in the prepared remarks, we talked about the Ecoverse and the modernization of the RMS and these, the asset views that we have there, the analytics that we have there.

賈森，為了清楚起見，我們實際上很高興看到更多的客戶轉向雲端產品。這實際上是我們所提供的所有東西的證明。因此，在準備好的演講中，我們討論了 Ecoverse 和 RMS 的現代化，以及我們在那裡的資產視圖和分析。

Frankly, we're pushing more value to our cloud environments and the market's picking that up. So, the fact that we're shifting and seeing more of our customers going toward our more modernized offering is more of a proof point that what we're doing is resonating in the marketplace. Our 2024 cohorts are the best they've been in five years.

坦白說，我們正在為我們的雲端環境帶來更多價值，而市場正在接受這一點。因此，我們正在轉變並看到更多的客戶轉向我們更現代化的產品這一事實更多地證明了我們正在做的事情正在市場中引起共鳴。我們 2024 年的學生是五年來最好的。

Another proof point that what we're bringing to market is delivering. So, I don't want anyone to take that, the mix is a negative thing. In fact, this is what we're hoping to do as we deliver more of our goodness from our engineering teams into that environments. We were expecting to see more and more of that shift in. It's a, frankly, it's better, it's an overall better experience for our customers they don't have to maintain the server.

另一個證明我們推向市場的產品正在交付。所以，我不希望任何人接受這一點，這種混合是一件負面的事情。事實上，這就是我們希望做的事情，因為我們將工程團隊的更多優點傳遞到該環境中。我們預計會看到越來越多的這種轉變。坦白說，這更好，對於我們的客戶來說，這是一種整體更好的體驗，他們不必維護伺服器。

It's a better TCO for them and it allows us to scale what we're seeing in the market, larger MSP's is more private equity money coming into this industry from our customer base and we're seeing larger companies merge and when those companies now are managing 100,000 devices, they're looking for a solution that can scale and what we've done with, with a lot of the microservice that we've done.

這對他們來說是一個更好的TCO，它使我們能夠擴大我們在市場上看到的規模，更大的MSP 意味著更多的私募股權資金從我們的客戶群進入這個行業，我們看到更大的公司合併，當這些公司現在管理 100,000 台設備，他們正在尋找一種可以擴展的解決方案，以及我們已經完成的工作，以及我們已經完成的許多微服務。

We've effectively kind of delivered more of an infinite scale kind of model so that these, these larger MSP's now can pick our cloud offering with this ability to kind of scale in a way that you might not have been done so easily and we believe this will be a differentiator in the market as well because some of the legacy stuff that others have that might be still on prem you know their service sort of may start to shake, so to speak and don't have the level of scale that we have. So, these are all overall good things and proof points and that what we're delivering is actually resonating as more of these customers are pushing to our common offering.

我們已經有效地提供了更多無限規模的模型，以便這些較大的 MSP 現在可以選擇我們的雲產品，並具有這種擴展能力，而我們相信，這種擴展能力是您可能無法做到的這也將成為市場上的差異化因素，因為其他人擁有的一些遺留東西可能仍在本地，你知道他們的服務可能會開始動搖，可以這麼說，並且不具備我們所具備的規模水平。因此，這些總體上都是好的事情和證據，隨著越來越多的客戶推動我們的共同產品，我們所提供的產品實際上引起了共鳴。

Okay and then, and just one final clarification. So just when you are seeing lower conversion to SAS for existing customers than expected, that is a revenue headwind because SAS has an uplift versus on prem. Is that the right way to think about the revenue headwind there?

好吧，最後還有一個澄清。因此，當您發現現有客戶的 SAS 轉換率低於預期時，這就是收入逆風，因為 SAS 相對於本地客戶有所提升。這是考慮收入逆風的正確方法嗎？

Now, if the inverse the conversion of on prem customers is has the impact on revenue and a lower conversion there is a product of, of the updated outlook.

現在，如果本地客戶的轉換對收入產生影響，且轉換率較低，則存在更新後的前景的產物。

Lower conversion of on prem to SASS.

本地到 SASS 的轉換率較低。

Lower conversion of on prem from month to month to long term contract.

每月本地部署到長期合約的轉換率較低。

Got you.

明白你了。

Okay, Thank you. The next question is from Maxico from Needham. Please go ahead.

好的，謝謝。下一個問題來自尼達姆的馬克西科。請繼續。

Thanks for taking the questions guys. I just had two on my side and the first was just cleaning up my understanding a little bit off of Jason's question, but have you guys quantified, or do you have handy? What that upfront portion of the subscription revenue was for those on prem customers?

感謝你們提出問題。我這邊只有兩個，第一個只是清理我對傑森問題的理解，但你們有量化嗎？對於本地客戶來說，訂閱收入的預付款部分是多少？

Yeah, we quantified in the prepared remarks. It was about four points of impact from a growth perspective on Q3 like and the way to do that math is VR disclosure on point time revenue versus over time revenue which is in the queue. I'm happy to point you guys there as a follow up if that's helpful.

是的，我們在準備好的評論中進行了量化。從第三季的成長角度來看，大約有四個影響點，計算方法是 VR 揭露點時間收入與隊列中的隨時間收入。如果有幫助的話，我很樂意向你們指出作為後續行動。

Okay and then just and then.

好吧，然後就然後。

For one, Q4, if you go for Q4, it's a slight headwind to our outlook from a growth perspective where it was a tailwind in Q3, it was a tailwind in all three quarters of you know, of 24. And it's a slight headwind in Q4

首先，第四季度，如果你選擇第四季度，從成長的角度來看，這對我們的前景來說是一個輕微的逆風，而第三季度是順風，對你知道的24 個季度的所有三個季度來說，這都是順風。第四季存在輕微阻力

Understood. Okay. And if I'm thinking about let's say state optimization or the, some of the pricing headwinds are seen as more transitory, here are any of those headwinds expected to bleed into 25 from where we sit today or does this kind of flush out over the course of the December quarter?

明白了。好的。如果我在考慮狀態優化，或者一些定價阻力被認為是暫時的，那麼這些阻力中的任何一個預計將從我們今天所處的位置滲透到 25，或者這種情況會在未來一段時間內消失嗎？十二月季度的進程？

Yeah, I would expect that to persist through the first half of 2025. That was also the fair remarks you might not be able to jump on.

是的，我預計這種情況將持續到 2025 年上半年。這也是你可能無法接受的公平言論。

It's just a bit, Yeah and if you think it's just a byproduct. So, if they, if we a lot of the optimization happened in the first half of 24 so you're just going to, you just need that will just carry through for the following, you know, 12 months. So, once we get into the that will dissipate as we get into the second half.

只是一點點，是的，如果你認為這只是一個副產品。所以，如果我們在 24 月上半年進行了許多優化，那麼您只需要在接下來的 12 個月內進行。因此，一旦我們進入下半場，這種情況就會消失。

Got it. Thank you, guys. I appreciate it.

知道了。謝謝你們，夥計們。我很感激。

Thanks Mike.

謝謝邁克。

We currently have no further questions. So, I'd like to hand back to John Pagliuca for closing remarks.

目前我們沒有進一步的問題。因此，我想請約翰·帕柳卡（John Pagliuca）致閉幕詞。

Thank you all for joining us today and looking forward to providing you another update shortly. See you see in a quarter.

感謝大家今天加入我們，並期待很快為您提供另一個更新。四分之一後見。

This concludes today's call. Thank you for joining me. Now, disconnect your lines. Thank you.

今天的電話會議到此結束。謝謝你加入我。現在，斷開線路。謝謝。