N-Able Inc (NABL) 2025 Q3 法說會逐字稿

Hello everyone and thank you for joining the N-able third quarter 2025 earnings call. My name is Lucy, and I'll be coordinating your call today. (Operator Instructions).

大家好，感謝各位參加 N-able 2025 年第三季財報電話會議。我叫露西，今天我將負責協調您的通話。（操作說明）

It is now my pleasure to hand over to your host, Griffin Gyr of Investor Relations to begin. Please go ahead.

現在，我很高興將主持工作交給投資者關係部的格里芬·吉爾先生，由他來開始。請繼續。

Thanks, operator, and welcome everyone to N-able third quarter 2025 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.

謝謝接線員，歡迎各位參加 N-able 2025 年第三季財報電話會議。今天陪同我的是 N-able 的總裁兼執行長 John Pagliuca，以及執行副總裁兼財務長 Tim O'Brien。在我們發表完準備好的演講後，我們將開放問答環節。

This call is being simultaneously webcast on our investor relations website at investors.n-able.com. There you can also find our earnings press release, which is intended to supplement our prepared remarks during today's call.

本次電話會議將在我們的投資者關係網站 investors.n-able.com 上同步進行網路直播。您也可以在該網站上找到我們的獲利新聞稿，該新聞稿旨在補充我們今天在電話會議上的演講。

Certain statements made during this call forward-looking statements. Including those concerning our financial outlook, our market opportunities, and the impact of the global economic environment on our business.

本次電話會議中所作的某些陳述屬於前瞻性陳述。其中包括有關我們財務前景、市場機會以及全球經濟環境對我們業務的影響等方面的問題。

These statements are based on currently available information and assumptions, and we undertake no duty to update this information except as required by law. These statements are also subject to a number of risks and uncertainties, including those highlighted in today's earnings release in our filings with the SEC.

這些聲明是基於目前可獲得的資訊和假設，除法律要求外，我們不承擔更新這些資訊的義務。這些聲明也受到許多風險和不確定性的影響，包括今天發布的收益報告以及我們向美國證券交易委員會提交的文件中強調的風險和不確定性。

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. Furthermore, we will discuss various non-GAAP financial measures on today's calls.

有關這些聲明以及與之相關的風險和不確定性的更多信息，請參閱今天的收益報告和我們向美國證券交易委員會提交的文件。可向美國證券交易委員會或我們的投資者關係網站取得副本。此外，我們將在今天的電話會議上討論各種非GAAP財務指標。

Unless otherwise specified. When we refer to financial measures, we'll be referring to non-GAAP financial measures. Reconciliation of certain GAAP and non-GAAP financial measures discussed on today's call is available in our earnings press release on our investor relations website.

除非另有規定。當我們提到財務指標時，我們指的是非GAAP財務指標。今天電話會議上討論的某些 GAAP 和非 GAAP 財務指標的調整表，可以在我們投資者關係網站上的獲利新聞稿中找到。

And now I will send the call over to John.

現在我把電話轉接給約翰。

Thank you, Griffin, and thank you all for joining us today. We delivered strong third quarter results reflecting robust demand for cybersecurity and the rising strategic relevance of N-able. Third quarter ARR was $528 million up 14% year over year, and adjusted EBITDA margin was 31%.

謝謝你，格里芬，也謝謝今天所有到場的各位。我們第三季業績表現強勁，反映出市場對網路安全的強勁需求以及 N-able 策略重要性的不斷提升。第三季 ARR 為 5.28 億美元，年增 14%，調整後 EBITDA 利潤率為 31%。

Quarterly gross and net retention both increased year over year and quarter over quarter. Underscoring the momentum interaction we are seeing in the business. We also expanded our security capabilities and further scaled our channel first go to market motion.

季度總留存率和淨留存率均較去年同期成長和季增。強調我們在業務中看到的勢頭互動。我們也擴展了安全能力，並進一步擴大了通路優先上市策略的規模。

Key pillars of our long-term growth strategy. Another quarter of growth, profitability, and superb execution. Our performance stands out in a fast changing technology landscape. AI is intensifying the speed, sophistication, and scale of threats. And the adversary has never been more dangerous.

我們長期成長策略的關鍵支柱。又一個季度實現了成長、獲利和卓越的執行力。在瞬息萬變的科技環境中，我們的表現脫穎而出。人工智慧正在加劇威脅的速度、複雜性和規模。而敵人也從未像現在這樣危險。

Businesses need help adapting, and N-able is rising to the challenge leveraging proprietary data from our 11 million IT assets, we are embedding innovative AI capabilities across our platform, arming organizations with the cutting-edge solutions they need to defend themselves in today's cyber battleground.

企業需要協助進行調整，而 N-able 正在迎接挑戰，利用我們 1,100 萬 IT 資產的專有數據，我們將創新的 AI 功能嵌入到我們的平台中，為組織提供在當今網路戰場上保護自己的尖端解決方案。

Today, we will take a closer look at our recent progress and discuss how it enables positioning itself to lead in an evolving cybersecurity environment. The digital state of operations for small and mid-market businesses is rapidly changing.

今天，我們將仔細研究我們最近的進展，並探討這些進展如何使我們能夠在不斷發展的網路安全環境中佔據領先地位。中小企業的數位化營運狀況正在迅速變化。

The accessibility of AI tools to both the knowledge worker and the threat actor alike has created a new digital normal for organizations of all sizes. Today's workforce operates across hybrid systems, multi-cloud environments, fast applications, and increasingly AI-driven processes.

人工智慧工具對知識工作者和威脅行為者都觸手可及，這為各種規模的組織創造了一種新的數位常態。現今的員工需要在混合系統、多雲環境、快速應用程式以及日益人工智慧驅動的流程中工作。

At the same time as our digital infrastructure grows increasingly vital to business operations. AI powered threats are putting those systems under greater pressure. This is driving a paradigm shift in how businesses must think about cyber security.

同時，我們的數位基礎設施對業務營運的重要性也日益凸顯。人工智慧帶來的威脅正給這些系統帶來更大的壓力。這正在推動企業對網路安全的思考方式發生典範轉移。

In this new environment, security isn't just a line item, it's table stakes and the foundation of business resilience. N-able's end to end cyber resilience platform is purpose built for this new world. Delivering protection and performance, our platform spans three vectors.

在這種新環境下，安全不僅僅是預算中的一個項目，而是基本要求和業務韌性的基礎。N-able 的端對端網路彈性平台是專為這個新世界而打造的。我們的平台兼具保護性和性能，涵蓋三個面向。

Unified Endpoint Management or UEM, Security Operations and Data Protection. It enables visibility across every endpoint. Intelligence to help stop threats before they strike. And data recovery at rapid speed. We deliver coverage across the entire attack life cycle.

統一端點管理（UEM）、安全營運和資料保護。它能夠實現對每個端點的可見性。提供情報以幫助在威脅發生之前將其阻止。並且能夠快速恢復資料。我們提供覆蓋整個攻擊生命週期的保護。

We believe this breath sets us apart from most cybersecurity competitors who take a siloed, incomplete approach. For small and mid-market businesses who often face enterprise level threats without enterprise level resources, our end-to-end value is paramount.

我們相信，這種全局觀使我們有別於大多數採取孤立、不全面方法的網路安全競爭對手。對於經常面臨企業級威脅卻缺乏企業級資源的中小型企業而言，我們的端到端價值至關重要。

Our platform is designed to keep their entire business resilient. Our recently published enabled 2025 annual threat report comprehensively assesses the ever-changing threat landscape. One key takeaway. AI is helping fuel scalable, low effort attacks that exploit common gaps in visibility and response.

我們的平台旨在保持他們整個業務的韌性。我們近期發布的《2025 年威脅展望》年度報告全面評估了不斷變化的威脅情勢。一個關鍵要點。人工智慧正在助長可擴展、低成本的攻擊，這些攻擊利用可見性和回應方面的常見漏洞。

We identified a surge in detected threats against SMBs over the past year as they increasingly invest in the proper security tools to monitor their environments and mitigate risk. Broader industry data supports that AI is helping increase the scale of cyberattacks, with McKinsey reporting a 1,200% increase in phishing attacks since 2022 and the rise of generative AI.

過去一年，我們發現針對中小企業的威脅激增，因為他們越來越多地投資於合適的安全工具來監控其環境並降低風險。更廣泛的行業數據表明，人工智慧正在幫助擴大網路攻擊的規模。麥肯錫報告稱，自 2022 年以來，網路釣魚攻擊增加了 1200%，生成式人工智慧也隨之興起。

AI is also increasing the potency of attacks. Cybercriminals are leveraging generative AI to better mimic real-world people and messages, making phishing and ransomware harder to detect and more believable. Further exacerbating the challenge, SMB economics make them a prime target.

人工智慧也在增強攻擊的威力。網路犯罪分子正在利用生成式人工智慧來更好地模仿現實世界中的人物和訊息，使得網路釣魚和勒索軟體更難被檢測，也更具欺騙性。雪上加霜的是，中小企業的經濟狀況使它們成為主要目標。

Ransom demands are often calibrated to just under the cyber insurance deductible, and the breach of a smaller firm is less likely to trigger a wider scale investigation than an incident at a Fortune 500 company. Insurance and regulation are adapting to these changing paradigms and implementing tighter security standards for businesses.

贖金要求通常設定在網路保險免賠額以下，而且與財富 500 強公司相比，小型公司遭受攻擊不太可能引發更大規模的調查。保險業和監管機構正在適應這些不斷變化的模式，並為企業實施更嚴格的安全標準。

This is driving dealer activity for N-able one of our largest sales this quarter was to a prospective customer looking to supplement their on-premise backups with cloud-based data copies to stay in line with NIST to data redundancy standards.

這推動了 N-able 的經銷商活動，本季度我們最大的一筆銷售是賣給了一位潛在客戶，該客戶希望透過基於雲端的資料副本來補充其本地備份，以符合 NIST 的資料冗餘標準。

With quick deployment, compelling TCO, and easy scalability, our cloud-first data protection solution perfectly met their needs. While AI is still in the early innings, the impact on cybersecurity is evident. Threats are turbocharged, IT is more complex, regulations are tightening, and data is increasingly important.

憑藉快速部署、極具吸引力的總擁有成本和易於擴展性，我們以雲端為先的資料保護解決方案完美地滿足了他們的需求。雖然人工智慧仍處於發展初期，但其對網路安全的影響顯而易見。威脅日益加劇，IT 系統更加複雜，監管日益嚴格，數據的重要性也與日俱增。

For enable, the implications are clear. We believe AI is making our mission more critical and our opportunity larger. As AI drives demand for cybersecurity, we're also embedding AI both in-house and across our platform. Data is gold in the AI era.

對於啟用而言，其含義顯而易見。我們相信人工智慧正在使我們的使命變得更加重要，也使我們的機會更加廣闊。隨著人工智慧推動網路安全需求的成長，我們也正在將人工智慧嵌入公司內部以及我們的平台中。在人工智慧時代，數據就是黃金。

And with the telemetry from over 11 million IT assets and a solution that spans the IT security stack, we have the critical data needed to create and deliver AI solutions. We believe this scale, breadth, and data ownership is a powerful mode. Let's look at how we are using AI today and building to use it even more effectively tomorrow.

憑藉超過 1,100 萬個 IT 資產的遙測資料以及涵蓋整個 IT 安全堆疊的解決方案，我們擁有創建和交付 AI 解決方案所需的關鍵資料。我們認為這種規模、廣度和資料所有權是一種強大的模式。讓我們來看看我們今天是如何利用人工智慧的，並展望明天如何更有效地利用人工智慧。

This quarter, we established an industry standard by sponsoring Cat-MIP, a framework for shared AI language across organizations and vendors. This is a market-first initiative that establishes consistent vocabulary for use across MSP and IT ecosystems to help drive seamless AI automation and EMC server behavior, enabling customers to harness AI effectively for enhanced cyber resilience.

本季度，我們透過贊助 Cat-MIP（一個跨組織和供應商共享 AI 語言的框架）確立了行業標準。這是一項市場首創的舉措，旨在為 MSP 和 IT 生態系統建立統一的詞彙表，以幫助推動無縫的 AI 自動化和 EMC 伺服器行為，使客戶能夠有效地利用 AI 來增強網路彈性。

We are empowering AI agents to interpret and act on commands with precision across multiple different systems. This addresses one of the biggest challenges in IT management, fragmented and inconsistent terminology across businesses.

我們正在賦予人工智慧代理能力，使其能夠在多個不同的系統中精確解讀和執行指令。這解決了 IT 管理中最大的挑戰之一，即企業間術語分散且不一致的問題。

By introducing these standards, N-able isn't just participating in the AI evolution. We are taking a role in building the field and writing the playbook for how AI operates for our customers. In UEM we're making meaningful strides to use the power of AI to automate key workflows.

透過引入這些標準，N-able 不僅僅是在參與人工智慧的演進。我們正在參與建立該領域，並為我們的客戶編寫人工智慧如何運作的指導方針。在 UEM 中，我們正在利用人工智慧的力量實現關鍵工作流程的自動化，並取得了實質進展。

Our developer portal acts as a customer's AI assistant, helping users leverage AI to operate more effectively and efficiently. We are seeing particular success driving automated script generation and API integrations, cutting hours of manual work to minutes.

我們的開發者入口網站充當客戶的人工智慧助手，幫助使用者利用人工智慧更有效率地開展工作。我們在推動自動化腳本產生和 API 整合方面取得了特別大的成功，將數小時的手動工作縮短到了幾分鐘。

Building on our momentum, we are pushing to extend our capabilities further. We're developing AI agents that IT and security teams will be able to use across their operations. This supports our larger vision of delivering near autonomous IT. The opportunity is significant.

我們正乘勢而上，努力進一步拓展自身能力。我們正在開發人工智慧代理，IT 和安全團隊可以在他們的營運中使用它們。這有助於我們實現近乎自主的IT願景。這是一個絕佳的機會。

IT and security teams everywhere are awash in complexity and often burdened by tedious repetitive work. Managing endpoints, resolving tickets, implementing policies, maintaining compliance, securing data, and more. We're aiming to transform this paradigm.

各地的 IT 和安全團隊都面臨著各種複雜問題，並且常常被繁瑣重複的工作所困擾。管理終端、解決工單、實施策略、維護合規性、保護資料等等。我們的目標是改變這種模式。

Our vision is resonating, underscored by the fact that our largest deal this quarter was driven by our UEM solution, representing an ARR win of nearly a half a million dollars. And our UEM leadership continues to be recognized in industry media and press.

我們的願景正在引起共鳴，本季我們最大的一筆交易正是由我們的 UEM 解決方案推動的，這筆交易帶來了近 50 萬美元的 ARR，充分證明了這一點。我們在UEM領域的領先地位持續獲得產業媒體和新聞界的認可。

We are delighted to win the MSP RMM Platform Award for CRN's 2025 annual report card. A recognition based directly on feedback from our customers. Our security operations solution is also at the forefront of AI and innovation.

我們很高興在 CRN 2025 年度報告卡中榮獲 MSP RMM 平台獎。這是直接基於客戶回饋而獲得的認可。我們的安全營運解決方案也處於人工智慧和創新領域的前沿。

It starts with our vendor agnostic technology that ingests data from the endpoint, network, cloud, identity layer, and SAP applications. This delivers the necessary bird's eye view of customers' IT environments. Our AI powered technology stack then serves as the orchestration layer, transforming raw data into actionable insights for security teams and automating threat response.

它始於我們與供應商無關的技術，該技術可以從終端、網路、雲端、身分層和 SAP 應用程式中擷取資料。這可以提供客戶 IT 環境的必要概覽。然後，我們的人工智慧技術堆疊充當編排層，將原始資料轉化為安全團隊可操作的見解，並自動執行威脅回應。

These orchestration capabilities position N-able as an active threat neutralizer and real-time decision maker. And our approach is working. Our AI powered stock is analyzing billions of security events a month, adding hundreds of businesses a month, and driving meaningful ARR growth for N-able.

這些協調能力使 N-able 成為主動威脅消除者和即時決策者。我們的方法奏效了。我們這款由人工智慧驅動的股票每月分析數十億個安全事件，每月新增數百家企業，並為 N-able 帶來顯著的年度經常性收入成長。

We're solving a major market pain point. Operating even a small sock team can cost millions annually. N-able democratizing security by delivering advanced AI soft capabilities at a fraction of the cost, and we're not stopping here. The next frontier is near autonomous cyber defense and enables building toward that reality today.

我們正在解決一個主要的市場痛點。即使是經營一支小型襪子隊，每年也可能要花費數百萬美元。N-able 透過以極低的成本提供先進的 AI 軟體功能來實現安全領域的民主化，而且我們不會止步於此。下一個前沿領域接近自主網路防禦，並使我們今天就能朝著這個目標邁進。

We're also utilizing AI in our data protection solution. Our recovery testing capability uses AI to provide proof of recoverability without requiring customers to fully initiate a backup test, saving them significant time and reducing operational burden.

我們的資料保護解決方案也運用了人工智慧技術。我們的恢復測試功能利用人工智慧提供可恢復性證明，而無需客戶完全啟動備份測試，從而節省客戶大量時間並減輕營運負擔。

This supports our broader value proposition to ensure data is always protected and recoverable. Looking ahead, we plan to introduce AI based scanning of backup data that will continuously monitor data flows and flag unusual patterns, further enhancing our ability to detect threats before they cause harm. While data is gold, it is not sufficient for AI leadership.

這體現了我們更廣泛的價值主張，即確保資料始終受到保護且可恢復。展望未來，我們計劃引入基於人工智慧的備份資料掃描，持續監控資料流並標記異常模式，進一步增強我們在威脅造成損害之前檢測威脅的能力。數據固然重要，但僅憑數據不足以引領人工智慧發展。

Trust and distribution are also key, and both are areas where N-able has strong advantages. As it relates to trust, cybersecurity is not an area where we believe businesses will experiment with self-created or non-specialized options.

信任和分銷也是關鍵，而這兩方面都是 N-able 具有強大優勢的領域。就信任而言，我們認為企業不會在網路安全領域嘗試自行開發或非專業化的方案。

The cost of a single mistake is simply too painful to trust a homegrown model or a company that only does security part time. We are a trusted security provider distribution is also important. Our base of over half a million businesses allows us to efficiently test and ultimately deliver AI solutions.

一次失誤的代價實在太慘重，我們無法信任自家開發的模式或只兼職做安保的公司。我們是一家值得信賴的安全服務供應商，分銷也很重要。我們擁有超過五十萬家企業的客戶基礎，這使我們能夠有效地測試並最終交付人工智慧解決方案。

And with healthy cash flow margins, we have a sustainable business model that allows us to invest in our business to compete in the dynamically changing AI world. These are all big advantages over competitors, still searching for product-market fit and sustainable, profitable business models.

憑藉健康的現金流利潤率，我們擁有可持續的商業模式，使我們能夠投資於自身業務，從而在瞬息萬變的人工智慧領域保持競爭力。這些都是相對於仍在尋找產品市場契合點和永續獲利商業模式的競爭對手的巨大優勢。

Embedding AI into our platform unlocks meaningful value from automating technician workflows to detecting and preventing more threats to enabling new services. AI raises the ceiling for the value we can deliver to customers. We are leaning into the opportunity as we see a clear path to how developing AI powered solutions allows us to competitively differentiate and take share in the vast and growing cybersecurity market.

將人工智慧嵌入我們的平台，可以釋放出巨大的價值，從自動化技術人員工作流程到偵測和預防更多威脅，再到啟用新服務。人工智慧提高了我們能夠為客戶創造的價值上限。我們正在積極把握這一機遇，因為我們清楚地看到，開發人工智慧解決方案能夠讓我們在龐大且不斷增長的網路安全市場中獲得競爭優勢並佔據市場份額。

Our channel-led approach is also key to our strategy to capitalize on the AI world. Businesses face challenges managing cybersecurity and IT themselves. According to the September [Katier] report, tech unemployment is at just 3%. And with the skill sets needed to stay ahead rapidly evolving, keeping pace is a challenge.

我們以通路為主導的方法也是我們利用人工智慧領域優勢的關鍵策略。企業在管理網路安全和IT方面面臨諸多挑戰。根據 9 月的 [凱捷] 報告，科技業的失業率僅為 3%。隨著保持領先地位所需的技能快速發展，跟上步伐是一項挑戰。

That's why businesses turned to the channel for help with cybersecurity and IT. Whether fully outsourcing to a managed service provider or working with a value-added reseller to guide vendor selection. The channel provides expertise and scale to SMB and mid-market businesses.

這就是為什麼企業會向該管道尋求網路安全和 IT 的協助。無論是完全外包給託管服務供應商，還是與加值經銷商合作指導供應商選擇。該通路為中小企業和中端市場企業提供專業知識和規模優勢。

We see the arrival of AI as an accelerant to the businesses using the channel. With deep roots in the MSP community and growing investment in bars, we believe our go to market strategy is aligned with the market opportunity created by AI and cybersecurity trends.

我們認為人工智慧的到來將加速使用該管道的企業的發展。我們紮根於 MSP 社區，並不斷增加對酒吧的投資，我們相信我們的市場進入策略與人工智慧和網路安全趨勢帶來的市場機會相契合。

We've talked a lot about AI today. I'll leave you with this. AI expands the scope of software and what it able can do for our customers. It elevates the need for cybersecurity and expands our opportunity. There has never been a more exciting time for N-able, and we are creating that future now.

今天我們聊了很多關於人工智慧的話題。最後，我想把這句話留給你們。人工智慧拓展了軟體的功能範圍，也拓展了它能為我們的客戶做的事情。它凸顯了網路安全的重要性，並擴大了我們的機會。對於 N-able 而言，現在是前所未有的令人興奮的時刻，我們正在創造這個未來。

Let's now talk more about our progress this quarter. Our growth strategy rests on three key elements. First, driving security success. Second, scaling our go to market, and third, boosting customer expansion. We saw progress across ALL3.

現在我們來詳細談談本季的進展。我們的成長策略基於三個關鍵要素。首先，推動安全成功。第二，擴大市場規模；第三，促進顧客拓展。我們看到ALL3方面都取得了進展。

We will first look at our efforts to drive security success. The market need is clear. Our efforts align with a significant opportunity and our broader ambition to set a new standard in cyber resilience for small and mid-market businesses.

我們將首先審視我們在推動安全成功方面所做的努力。市場需求很明確。我們的努力與一個重大機會以及我們為中小企業網路韌性樹立新標準的更遠大抱負相契合。

And data protection, we advance our powerful solution with the launch of Anomaly Detection as a Service. These new capabilities are designed to detect unauthorized access with backup environments and proactively flag indicators of compromise.

在資料保護方面，我們透過推出異常檢測即服務 (Amazing Detection as a Service) 來推進我們強大的解決方案。這些新功能旨在檢測備份環境中的未經授權的訪問，並主動標記入侵跡象。

Unlike traditional backup solutions that focus solely on restoration, Our approach helps prevent data loss before it occurs. This marks a strategic shift from reactive defense to proactive resilience. We believe we are ahead of the competition in this regard, and we are excited about the impact for our customers.

與只專注於復原的傳統備份解決方案不同，我們的方法有助於在資料遺失發生之前就加以預防。這標誌著戰略重心從被動防禦轉向主動回應。我們相信我們在這方面領先於競爭對手，並且我們對這將為客戶帶來的影響感到興奮。

More broadly, we deliver the simplicity, power, and affordability our customers crave, and our data protection vision is resonating. In fact, a customer recently shared that they went from spending 60 hours a week managing backups to just one hour a week after adopting our solution.

更廣泛地說，我們為客戶提供他們渴望的簡單性、強大功能和經濟實惠的價格，我們的資料保護理念也引起了共鳴。事實上，一位客戶最近分享說，在採用我們的解決方案後，他們每週管理備份的時間從 60 小時減少到 1 小時。

The numbers reflect what our customers are telling us. Our data protection solution once again led our net new ARR growth in the quarter. In security operations in UEM, we continued our strong pace of innovation with new threat detection capabilities and powerful integration.

這些數據反映了我們客戶的回饋。本季度，我們的資料保護解決方案再次引領了淨新增年度經常性收入的成長。在 UEM 的安全營運方面，我們繼續保持強勁的創新步伐，推出了新的威脅偵測功能和強大的整合能力。

Our latest enhancements strengthen endpoint visibility and accelerate incident response, helping customers reduce dwell time and improve overall security posture. Let's now turn to our go to market progress.

我們最新的增強功能提高了端點可見性，加快了事件回應速度，幫助客戶減少駐留時間，並改善整體安全態勢。現在讓我們來看看我們的市場推廣進展。

N-able scaling with purpose, anchored in a channel-first model that continues to prove its strength, nearly all of our businesses flow through the channel, and we're investing to deepen those relationships and expand our reach with a strong focus on further engaging the reseller channel.

N-able 以目標為導向進行規模化發展，以通路優先模式為基礎，該模式不斷證明其優勢。我們幾乎所有的業務都透過通路進行，我們正在投資以加深這些關係並擴大我們的覆蓋範圍，重點是進一步與經銷商通路互動。

This reseller motion is building momentum. We initiated it with a geo-specific approach, starting in the UK and plan to expand in other regions. We're already well established in North America via the Anomaly acquisition, and this deliberate expansion strategy is designed to maximize impact and efficiency.

這種經銷商模式正在形成動能。我們最初採取了地域性方法，從英國開始，並計劃擴展到其他地區。我們透過收購 Anomaly 在北美已經站穩了腳跟，而這種深思熟慮的擴張策略旨在最大限度地提高影響力和效率。

One powerful proof point, we now have active relationships with a sizable number of the TOP25 UK partners for CRN 2025 listing. Up from virtually no presence at the beginning of the year. We believe this traction underscores the strength of our model and the effectiveness of our targeted approach.

一個強有力的證明是，我們現在與 CRN 2025 榜單中英國前 25 名合作夥伴中的相當一部分建立了積極的合作關係。與年初幾乎不存在的情況相比，現在有了顯著改善。我們相信，這項進展凸顯了我們模式的優勢和我們精準方法的有效性。

We continue to see strength upmarket. A standout example this quarter was a 70,000-device win, firmly validating our investments in mid-market expansion and ability to win large deals. We saw another proof point with the reseller-driven UEM mid-market win, where we displaced and consolidated three separate competitors across multiple categories, including remote access, endpoint management, and privileged access.

我們持續看到高端市場走強。本季最突出的例子是贏得了一筆 7 萬台設備的訂單，這有力地驗證了我們在中端市場擴張方面的投資以及贏得大單的能力。我們在經銷商驅動的 UEM 中端市場勝利中看到了另一個證明點，我們取代並整合了三個不同的競爭對手，涵蓋遠端存取、端點管理和特權存取等多個類別。

Our ability to meet complex requirements, including on-premise deployment and a roadmap to CMMC readiness and FedRAMP compliance was key to winning this business. We're elevating our message to match this momentum and showcase the full strength of our platform.

我們能夠滿足複雜的要求，包括本地部署以及 CMMC 準備和 FedRAMP 合規路線圖，這是贏得這項業務的關鍵。為了配合這發展勢頭，我們將提升我們的宣傳訊息，充分展現我們平台的強大實力。

We just hosted our first annual cyber resilience summit where we brought together hundreds of industry leaders and practitioners and discussed the hard problems facing our customers. One clear takeaway cyber resilience is business resilience, cybersecurity is no longer just an IT concern, it's a business imperative.

我們剛舉辦了首屆年度網路彈性高峰會，會上匯聚了數百位產業領袖和從業人員，共同探討了客戶面臨的難題。一個明確的結論是：網路韌性就是業務韌性，網路安全不再只是 IT 部門的職責，而是企業的當務之急。

Speaking clearly about business resilience isn't just marketing and messaging, we're helping partners translate cyber resilience into tangible business outcomes. A great example is our new executive summary report feature.

清楚地談論業務韌性不僅僅是行銷和宣傳，我們正在幫助合作夥伴將網路韌性轉化為實際的業務成果。我們新推出的執行摘要報告功能就是一個很好的例子。

This highly requested capability enables customers to clearly communicate protection outcomes to internal and external stakeholders, delivering transparency, accountability, and peace of mind. The final pillar of our growth strategy is customer expansion, deepening relationships by delivering more value across our platform.

這項備受期待的功能使客戶能夠清晰地向內部和外部利害關係人傳達保護結果，從而實現透明度、問責制和安心感。我們成長策略的最後一個支柱是客戶拓展，透過在我們的平台上提供更多價值來加深客戶關係。

A powerful example this quarter came from a long-standing customer, a respected regional MSP in the Southwest of the United States that utilizes our UEM, EDR, and data protection solutions. Just days before a major tax deadline, a large CPA client of theirs experienced a targeted cyberattack at 2 AM exploiting a vulnerability in their environment.

本季一個強而有力的例子來自我們的一位長期客戶，一家位於美國西南部的備受尊敬的區域 MSP，該公司使用了我們的 UEM、EDR 和資料保護解決方案。就在重要的稅務截止日期前幾天，他們的一位大型註冊會計師客戶在凌晨 2 點遭遇了一次有針對性的網路攻擊，攻擊者利用了他們環境中的一個漏洞。

While the attack caused damage, it was quickly contained. Thanks to the layer defense provided by N-able, including our data protection solution, they were back up and running by lunchtime. What could have been a multi-week outage and potential extinction event for their business was resolved in hours.

雖然襲擊造成了損失，但很快就被控制住了。多虧了 N-able 提供的多層防禦措施，包括我們的資料保護解決方案，他們在午餐時間之前就恢復正常運作了。原本可能導致企業停擺數週甚至破產的危機，在幾個小時內就解決了。

Demonstrating the real-world impact of our cyber resilience platform. These are the moments of truth in what N-able is all about in the aftermath, our customer reinforced his defenses by making our MDR a standard non-negotiable service for its clients, closing the loop on true end to end cyber business resilience.

展示我們網路彈性平台在現實世界中的影響。在事件發生後，N-able 的價值得到了充分體現。我們的客戶透過將其 MDR 作為標準且不可協商的服務，加強了防禦，從而實現了真正的端到端網路業務彈性。

This type of outcome is driving stronger customer loyalty and deeper adoption. In fact, 43% of new UEM lands this quarter included an additional solution, demonstrating that our end to end cyber resilience platform is resonating. Further, the largest deal this quarter, which I mentioned earlier, was a cross-sell to a security operations mid-market customer, validating our cross-sell success.

這種結果有助於增強客戶忠誠度並促進產品更深入的應用。事實上，本季新增的 UEM 專案中有 43% 都採用了額外的解決方案，這表明我們的端到端網路彈性平台引起了廣泛共鳴。此外，我之前提到的本季最大的一筆交易是向一家安全營運中端市場客戶交叉銷售產品，這驗證了我們的交叉銷售成功。

And we're seeing the results in our metrics. Both gross and net retention improved year over year and quarter over quarter, underscoring the value customers seeing and expanding with N-able. As we continue to deliver outcomes like these, we're confident in our ability to grow with our customers, helping them stay protected, resilient, and ready for whatever comes next.

我們的各項指標都顯示出了成效。毛留存率和淨留存率均較去年同期提高，凸顯了顧客對 N-able 的價值認知和使用頻率的提升。隨著我們不斷取得這樣的成果，我們有信心與客戶共同成長，幫助他們保持安全、增強韌性，並為未來做好準備。

With that, I'll turn it over to Tim and then circle back for closing remarks. Tim.

接下來，我將把發言權交給提姆，然後我再回來作總結發言。提姆。

Thank you, John, and thank you all for joining us today. Our strategy remains disciplined, delivering scalable cyber resilience for small and mid-market businesses throughout our expanded channel ledge approach. This quarter's performance reflects that focus, strong top-line growth, quality margins, healthy free cash flow, and considerable operational progress.

謝謝你，約翰，也謝謝今天所有到場的各位。我們的策略依然嚴謹，透過我們不斷擴大的通路優勢，為中小企業提供可擴展的網路彈性。本季度的業績反映了這一重點，包括強勁的營收成長、優質的利潤率、健康的自由現金流以及顯著的營運進展。

We believe infusing AI into our cyber resilience platform further positions us for long-term success. We also executed on our share repurchase program, underscoring our confidence in the long-term value of the N-able business.

我們相信，將人工智慧融入我們的網路彈性平台，將進一步鞏固我們長期成功的地位。我們也執行了股票回購計劃，凸顯了我們對 N-able 業務長期價值的信心。

Reviewing the quarter, ARR performance was a standout highlight. Constant currency year over year ARR growth accelerated for the second consecutive quarter. And when adjusting for currency impact, net new ARR dollar growth in Q3 was our best performance year-to-date.

回顧本季，ARR表現尤為突出。以固定匯率計算，年度經常性收入（ARR）成長連續第二季加快。經匯率調整後，第三季淨新增 ARR 美元成長是我們今年迄今為止的最佳表現。

These results demonstrate the strength of our business and validate our strategy and operational execution. We are executing with precision and investing with purpose to lead in a fast-changing cybersecurity environment.

這些結果證明了我們業務的實力，並驗證了我們的策略和營運執行力。我們以精準的執行力和目標明確的投資策略，在快速變化的網路安全環境中保持領先地位。

Let's now discuss our results for the third quarter and our outlook for the fourth quarter and full year. For our third quarter results, total ARR was $528.1 million growing at 14% year over year on a reported basis and 13% on a constant currency basis.

現在讓我們來討論一下第三季的業績以及對第四季和全年的展望。第三季業績顯示，年度經常性收入總額為 5.281 億美元，以報告匯率計算年增 14%，以固定匯率計算年增 13%。

Total revenue was $131.7 million, $3.7 million above the high end of our guidance, representing approximately 13% year over year growth on a reported basis and 12% on a constant currency basis. Subscription revenue was $130.5 million representing approximately 13% year over year growth on a reported basis and 12% on a constant currency basis.

總收入為 1.317 億美元，比我們預期的上限高出 370 萬美元，以報告匯率計算年增約 13%，以固定匯率計算年增約 12%。訂閱收入為 1.305 億美元，以報告匯率計算年增約 13%，以固定匯率計算年增約 12%。

We ended the quarter with 2,611 customers that contributed $50,000 or more of ARR, which is approximately 15% year over year. Customers over $50,000 of ARR now represent approximately 61% of our total ARR up from approximately 57% a year ago.

本季末，我們共有 2,611 位客戶貢獻了 50,000 美元或以上的年度經常性收入 (ARR)，年增約 15%。年經常性收入超過 5 萬美元的客戶目前約占我們總年經常性收入的 61%，高於一年前的約 57%。

Dollar-based net revenue retention, which is calculated on a trailing 12-month basis, was approximately 102% on a reported basis. On a constant currency basis, dollar-based net revenue retention was 102%, up from the previous quarter.

以過去 12 個月計算的美元淨收入留存率，報告數據顯示約為 102%。以固定匯率計算，以美元計價的淨收入留存率為 102%，較上一季有所成長。

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.

關於利潤和利潤率，請注意，除非另有說明，所有利潤指標和費用的參考值均按非公認會計準則計算，並且不包括今天新聞稿中提供的公認會計準則與非公認會計準則調節表中列出的項目。

Third quarter gross margin was 81.1% compared to 83.7% in the same period in 2024. Third quarter adjusted EBITDA was $41.4 million, $4.4 million above the high end of our guidance, representing approximately 31.4% adjusted EBITDA margin.

第三季毛利率為 81.1%，而 2024 年同期為 83.7%。第三季調整後 EBITDA 為 4,140 萬美元，比我們預期的上限高出 440 萬美元，調整後 EBITDA 利潤率約為 31.4%。

Unlevered free cash flow was $22.6 million in the third quarter. CapEx inclusive of $2.8 million of capitalized software development cost was $9.4 million or 7.2% of revenue. Non-GAAP earnings per share was $0.13 in the quarter based on 188.4 million weighted average diluted shares.

第三季未槓桿自由現金流為2,260萬美元。資本支出（包括 280 萬美元的資本化軟體開發成本）為 940 萬美元，佔收入的 7.2%。根據 1.884 億股加權平均稀釋股計算，本季非 GAAP 每股盈餘為 0.13 美元。

We ended the quarter with approximately $101 million of cash and an outstanding loan principal balance of approximately $336 million representing net leverage of approximately 1.5 times. Approximately 45% of our revenue was outside of North America in the quarter.

本季末，我們持有約 1.01 億美元現金，未償還貸款本金餘額約為 3.36 億美元，淨槓桿率約為 1.5 倍。本季我們約 45% 的營收來自北美以外地區。

Turning to our financial outlook, our guidance accounts for the following elements. In regards to FX rates, we are assuming rates of 1.13 for the euro and 1.29 for the pound for the remainder of 2025, along with updates to other currencies.

展望財務前景，我們的指引考慮了以下因素。關於外匯匯率，我們假設 2025 年剩餘時間內歐元匯率為 1.13，英鎊匯率為 1.29，其他貨幣匯率也將隨之更新。

Also, as a reminder, we acquired Adlumin in the fourth quarter of last year. As such, Adlumin is on a like for like basis in our year over year ARR growth and our expected fourth quarter ARR growth rate reflects the natural impact of lapping that acquisition.

另外，提醒一下，我們在去年第四季收購了 Adlumin。因此，Adlumin 在我們的年度 ARR 成長方面處於同等水平，我們預期的第四季度 ARR 成長率反映了此次收購帶來的自然影響。

Additionally, as part of our deferred payment deal structure, we anticipate executing a planned cash installment payment of approximately $50 million in the fourth quarter. We also experience slight seasonality and results due to 606 revenue recognition dynamics.

此外，作為我們延期付款協議結構的一部分，我們預計將在第四季度執行約 5000 萬美元的計劃現金分期付款。由於 606 收入確認機制的動態變化，我們也經歷了輕微的季節性波動和績效波動。

Given this dynamic as it relates to profit margin, we believe our full year EBITDA margin guide. Better represents our overall operating profile than our fourth quarter guidance. We continue to expect strong ARR performance and adjusting for currency, our guided net new ARR dollar growth in the fourth quarter is slightly higher than our average quarterly year-to-date results.

鑑於利潤率方面的這種動態變化，我們相信我們全年 EBITDA 利潤率預期。比我們第四季的業績預期更能反映我們整體的營運狀況。我們持續預期 ARR 表現強勁，經匯率調整後，我們預期第四季度新增 ARR 美元淨成長率略高於年初至今的平均季度業績。

Also, while we are not giving guidance for 2026, we do want to provide some brief commentary on expectations. We remain committed to returning adjusted EBITDA margin to 30% in FY26. That said, we remain focused on balancing profitability with growth.

此外，雖然我們沒有提供 2026 年的預測，但我們確實想就預期做一些簡要的評論。我們仍致力於在 2026 財年將調整後 EBITDA 利潤率恢復到 30%。儘管如此，我們仍將致力於在獲利能力和成長之間取得平衡。

The AI wave is now, and with structural advantages that position us favorably, we believe it's critical to invest appropriately to realize the opportunity at hand. With that in mind for the fourth quarter of 2025, we expect total revenue in the range of $126.5 million to $127.5 million representing approximately 9% year over year growth on a reported basis and 7% to 8% on a constant currency basis.

人工智慧浪潮已經到來，憑藉我們擁有的結構性優勢，我們認為，為了抓住眼前的機遇，進行適當的投資至關重要。考慮到這一點，我們預計 2025 年第四季總營收將在 1.265 億美元至 1.275 億美元之間，按報告匯率計算同比增長約 9%，按固定匯率計算同比增長約 7% 至 8%。

We expect fourth quarter adjusted EBITDA in the range of $33.6 million to $34.6 million representing an adjusted EBITDA margin of approximately 27%. For the full year 2025, we are raising our total revenue outlook to approximately $507.7 million to $508.7 million representing approximately 9% year over year growth on a reported basis and 8% on a constant currency basis.

我們預計第四季度調整後 EBITDA 將在 3,360 萬美元至 3,460 萬美元之間，調整後 EBITDA 利潤率約為 27%。對於 2025 年全年，我們將總收入預期上調至約 5.077 億美元至 5.087 億美元，按報告匯率計算同比增長約 9%，按固定匯率計算同比增長約 8%。

We are raising our full year ARR outlook to $530 million to $531 million representing 10% year over year growth or 8% on a constant currency basis. As a reminder, our full year ARR outlook is on a like for like basis as abdomen was included in our year-end 2024 ARR.

我們將全年 ARR 預期上調至 5.3 億美元至 5.31 億美元，年增 10%，以固定匯率計算成長 8%。提醒一下，我們的全年 ARR 展望是按可比口徑計算的，因為腹部肌肉已計入我們 2024 年末的 ARR 中。

We are raising our adjusted EBITDA outlook and expect full year adjusted EBITDA of $148.2 million to $149.2 million representing 29% adjusted EBITDA margin. We reiterate that we expect CapEx, which includes capitalized software development costs, will be approximately 6% of total revenue for 2025.

我們將上調調整後 EBITDA 預期，預計全年調整後 EBITDA 為 1.482 億美元至 1.492 億美元，調整後 EBITDA 利潤率為 29%。我們重申，我們預計 2025 年資本支出（包括資本化的軟體開發成本）將約佔總收入的 6%。

We also expect our unnumbered free cash flow to be in line with previous guidance of approximately $96 million to $98 million. We expect total weighted average diluted shares outstanding of approximately $188 million to $189 million for the fourth quarter and the full year. Finally, we expect our non-GAAP tax rate to be approximately 23% for the fourth quarter and 21% for the full year.

我們也預計，未量化的自由現金流將與先前預期的一致，約為 9,600 萬美元至 9,800 萬美元。我們預計第四季和全年加權平均稀釋後流通股總數約為 1.88 億美元至 1.89 億美元。最後，我們預計第四季的非GAAP稅率約為23%，全年約為21%。

Now I will turn it to John for closing remarks.

現在我請約翰作總結發言。

Thank you, Tim. Cybersecurity is entering a transformative period, one that demands it become a core part of a company's overall business strategy. With our scale, platform breadth, and data ownership, we are positioned to excel in this new era.

謝謝你，提姆。網路安全正進入一個變革時期，這要求網路安全成為公司整體業務策略的核心組成部分。憑藉我們的規模、平台廣度和數據所有權，我們已準備好在這個新時代脫穎而出。

AI driven threats demand AI driven defense and enables delivering the cyber resilient solutions that we believe will redefine the standard for small and mid-market businesses. And with that operator we're open the line for questions.

人工智慧驅動的威脅需要人工智慧驅動的防禦，這使我們能夠提供網路彈性解決方案，我們相信這將重新定義中小企業的標準。我們透過這位接線員開通了提問熱線。

(Operator Instructions). Matt Hedberg of RBC Capital Markets.

（操作說明）Matt Hedberg 的 RBC Capital Markets。

Hey, it's Dan Bergstrom from Matt Hedberg. Thanks for taking our questions. ARR revenue both accelerated quarter over quarter on a constant currency basis for several quarters now. Could you talk to some of the keys behind that building momentum?

嗨，我是來自 Matt Hedberg 的 Dan Bergstrom。謝謝您回答我們的問題。以固定匯率計算，年度經常性收入 (ARR) 已連續數季環比加速成長。您能否談談推動這項發展勢頭的關鍵因素？

What's really been maybe the incremental the last several quarters, and then maybe with guidance for the fourth quarter here, the FX impact and Ed Lumen anniversary, I think it's the case, but should we still be thinking of, more growth in the second half than the first half?

過去幾季可能只是略有成長，考慮到第四季度的業績指引、匯率影響以及 Ed Lumen 週年紀念日，我認為情況確實如此，但我們是否仍然應該認為下半年的成長會比上半年更大呢？

Hey, thanks for the question. Yeah, as it relates to the acceleration that we've seen through the year, it really boils back to executing on, I would say probably a couple of key components of the strategy. One on executing on the around the thesis of the Adlumin acquisition.

嘿，謝謝你的提問。是的，就我們今年看到的加速發展而言，這實際上歸根結底在於執行策略中的幾個關鍵組成部分。一是圍繞 Adlumin 收購案的論點展開執行。

One on cross selling that into the base of customers that we have, as well as continuing, to push that product through the mid-market via the channel partners that came along with that acquisition. And then to broadening, our channel presence as well, the, bringing on new daisies and resellers, to kind of access, the mid-market with the broader portfolio as well.

一方面，我們將向現有客戶群交叉銷售該產品；另一方面，我們將透過收購帶來的通路合作夥伴，繼續向中端市場推廣該產品。然後，我們也要擴大通路覆蓋範圍，引進新的經銷商和代理商，以便透過更廣泛的產品組合進入中端市場。

So we've been bearing fruit from both of those, kind of strategic initiatives internally that have driven, some of that acceleration that we've seen through the year and then unpacking the Q4, so FX is weighing a bit in, into the equation. We still are expecting, more growth in the second half of the year than the first half of the year. Q3 was our best.

因此，我們從這兩項內部策略舉措中都獲得了成果，這些舉措推動了我們今年看到的一些加速成長，然後分析第四季度的情況，外匯市場也對結果產生了一定的影響。我們仍然預計下半年的成長將超過上半年。第三季是我們表現最好的季度。

Quarter of the year from, sequential ARR growth excluding any currency impact we expect Q4 to be above average for the year as well, so we are expecting more, ARR growth overall in the second half of the year than we are in the first half of the year for sure that still holds, and that's what the guide reflects.

從本季度開始，不考慮匯率影響，我們預計第四季度 ARR 環比增長也將高於全年平均水平，因此我們預計下半年 ARR 整體增長將高於上半年，這一點仍然成立，而這正是該指引所反映的。

That's great and helpful, thanks. And then on NRR, trends up your year quarter to quarter, same as last quarter. So it was nice to see, maybe talk to some of the trends around the metric there. How confident are you that maybe it bottomed in the first quarter there and could be building at this point?

太好了，很有幫助，謝謝。然後，NRR方面，全年每季都呈現上升趨勢，與上個季度相同。所以很高興看到，也許可以探討一下該指標的一些趨勢。你有多大把握認為它在第一季觸底反彈，目前正在回升？

Yeah, I would say confidence is high that it bought him in the first quarter and has continued to build as we've gone through the year. I think that lends back to the execution, that we've seen around the Adlumin and acquisition and successfully, being able to cross sell that into our MSP customer base. And driving NRR up, as well.

是的，我認為第一季簽下他時信心十足，而且隨著賽季的進行，這種信心還在不斷增強。我認為這要歸功於我們在 Adlumin 收購案中展現出的執行力，以及我們成功地將這些產品交叉銷售給我們的 MSP 客戶群。同時，也提高了淨收益率。

Part of the NRR drive also is that that GRR has been improving as we've gone through the year as well just from a gross retention standpoint, we've been making steady progress there as we've been going through, calendar '25 here we've been able to renew, our longer-term contract, at, a rate around 90%, that's continued to progress and perform, and start to contribute to the GRR story, which fuels NRR at the end of the day. So, those are some of the key drivers trends have been positive on both fronts as John spoke to.

NRR 成長的部分原因還在於，GRR 在過去一年中也一直在改善，從毛留存率的角度來看，我們一直在穩步推進。在 2025 年，我們以大約 90% 的比例續簽了長期合同，這一續簽持續推進並取得良好業績，開始為 GRR 做出貢獻，最終推動了 NRR 的增長。所以，正如約翰所說，這些是推動兩方面趨勢正向發展的關鍵因素。

Yeah, and the X with XDR is still in early innings, right? So, we're our penetration rates have been climbing, but as we we're really just beginning to get into our base and selling into that base that's a nice ASP per device, offering that is, essential for more and more of these, MSPs and mid-market businesses. So as we continue to go into that base, that gives us, some confidence that we should continue to see that expand part of the NRR continue to climb.

是的，XDR 的研發還處於早期階段，對吧？所以，我們的滲透率一直在攀升，但我們才剛開始進入我們的客戶群，並向該客戶群銷售產品，這為每台設備提供了一個不錯的平均售價，這對越來越多的MSP和中型市場企業來說至關重要。因此，隨著我們繼續深入研究該基礎，這讓我們有信心，我們應該會看到 NRR 的擴張部分繼續攀升。

And then looking forward we have some nice, add-ons as we go through both on our data protection part and other parts of the business that, should lend itself to additional skews and, we've been, we've done a good job continuing to increase our revenue per device type of thing so that's all giving us confidence in a strong NRR as we look forward.

展望未來，我們在資料保護和其他業務方面都有一些不錯的附加功能，這些功能應該會帶來額外的收益成長。我們一直在努力提高每台設備的收入，這讓我們對未來的淨經常性收入充滿信心。

Thank you.

謝謝。

Mike Cikos of Needham and Company.

Needham and Company 的 Mike Cikos。

Hey guys, this is Matt Citron from Mike Cikos over at Needham. Thanks for taking our questions. Sticking on the ARR guidance, the sequential D cell on a constant currency basis that is implied here, how much of that is based off of lapping the lumen contribution compared to conservative or conservatism, and what other factors are you considering there?

大家好，我是來自 Needham 的 Mike Cikos 的 Matt Citron。謝謝您回答我們的問題。堅持 ARR 指導原則，這裡隱含的按固定匯率計算的順序 D 單元，其中有多少是基於流明貢獻與保守或保守主義相比的重疊，以及您還考慮了哪些其他因素？

Yeah, we quantify the impact of the Adlumin acquisition in the 4% to 5% range. So it's primarily all related to lapping the abdomen acquisition and just unpacking the sequential part of ARR. Growth for Q4 on the surface due to some FX dynamics, it's looking lower than in what it is x currency, so.

是的，我們量化認為 Adlumin 收購的影響在 4% 到 5% 之間。所以這主要都跟腹部採集有關，只是展開了 ARR 的順序部分。第四季表面上的成長是由於一些外匯波動造成的，看起來比以其他貨幣計價時要低。

Just additional color there is that you know four sequential growth from a guide perspective ex currency is you know it would be about $10 million higher if you assume the same rates as Q3 just as an example so Q3, if you look at some of the euro and pound rates they were some of the highest they were in the month of September year-to-date, so that's most of the impact as it relates to Q4.

補充一點資訊是，從指導的角度來看，如果按匯率計算，連續四個季度的成長將比上一季高出約 1,000 萬美元。舉個例子，假設匯率與第三季相同，那麼第三季歐元和英鎊的匯率在 9 月達到了年初至今的最高水平，這就是匯率對第四季影響最大的因素。

Got it. Very helpful. Thank you. And great to see the launches of Cat-MIP and anomaly detection as a service are these offerings that MSPs were specifically asking for? And do you view anomaly detection more as an upsell lever for existing cove deployments or as a key piece to get customers over the finish line on the initial adoption?

知道了。很有幫助。謝謝。很高興看到 Cat-MIP 和異常檢測即服務 (AaaS) 的推出，這些產品是否正是 MSP 特別要求的？您認為異常偵測更像是現有 Cove 部署的增值手段，還是幫助客戶完成初始採用的關鍵環節？

So both, and so the really cool part about the Adlumin detection is it really helps us transition our cove data protection to just not just the recovery but actually part of the detection spots where you know we are reaching out to both MSPs and mid-market companies.

所以兩者兼而有之，Adlumin 檢測真正酷的地方在於，它確實幫助我們將 Cove 資料保護擴展到不僅僅是恢復，而且實際上是檢測點的一部分，你知道，我們正在與 MSP 和中型市場公司接洽。

And actually detecting, threats and breaches earlier than some of their, MDR, XDR alerts have been, right? So, often the threat actor, the bad guy will go after the backups and if we see anything there, we put honey pots in. So if they're going after there or if there's any type of other anomaly we're alerting the MSP or or the internal IT department.

事實上，它比他們的一些 MDR、XDR 警報更早檢測到了威脅和漏洞，對吧？所以，威脅行為者，也就是壞人，常常會攻擊備份，如果我們發現備份裡有什麼可疑的東西，就會放置蜜罐。所以如果他們盯上那裡，或出現任何其他異常情況，我們會通知 MSP 或內部 IT 部門。

So it's a great way for us to demonstrate higher value. It will help us with our win rate. It'll help us get into even larger accounts, and we'll be able to monetize that directly on catnip, not to be confused with Cat-MIP. This is really a standard, right? So the big thing here is that more and more of our customers are asking about our AI road map and our AI strategy and so we're able to do a couple of things.

所以，這是我們展現更高價值的好方法。這將有助於提高我們的勝率。這將幫助我們獲得更大的帳戶，並且我們可以直接透過貓薄荷（與 Cat-MIP 無關）將其貨幣化。這確實是標準做法，對吧？所以，關鍵在於越來越多的客戶詢問我們的人工智慧路線圖和人工智慧策略，因此我們能夠做一些事情。

We're able to demonstrate proof. Because a lot of our offerings, as we mentioned in the script, are AI infused today, and that's why we're able to do these things at scale and democratize the technology that we have. But with Cat-MIP, we're really giving that confidence to the MSPs that we're leading this wave, right? It's that creates a standard.

我們能夠提供證據。正如我們在腳本中提到的，我們現在的許多產品和服務都融入了人工智慧，這就是為什麼我們能夠大規模地做這些事情，並將我們擁有的技術普及化。但有了 Cat-MIP，我們確實讓 MSP 相信我們正在引領這股潮流，對吧？正是這一點確立了標準。

So if you think about, APIs or do you use the analogy of, more of like a connector, it standardizes the connections both for other vendors. And for MSP so that now an MSP with a with an approved MCP agent now it can connect to the servers in a way that that's more that's more secure but it gains a lot more efficiency.

所以，如果你把 API 看作連接器，或是用連接器來類比，它就能標準化與其他供應商的連接。對於 MSP 而言，現在擁有經批准的 MCP 代理程式的 MSP 可以以更安全的方式連接到伺服器，並且效率也大大提高。

So it's just another way that we're helping these MSPs drive the efficiency and this just will begin to start the wave of both innovation but also monetization for N-able and for the MSPs.

所以，這只是我們幫助這些 MSP 提高效率的另一種方式，這將開啟 N-able 和 MSP 的創新和獲利浪潮。

Great to hear, thank you.

很高興聽到這個消息，謝謝。

Joe Vandrick of Scotiabank.

加拿大豐業銀行的喬·範德里克。

Thanks for taking our questions. Maybe one for John and then one for Tim. John, and it's been almost a year since the Adlumin and acquisition. Can you talk a little bit about how that business is performing relative to your initial expectations? And then what are any key learnings about the market or the business that you've had after operating it for a year?

謝謝您回答我們的問題。或許給約翰一個，再給提姆一個。約翰，距離 Adlumin 被收購已經快一年了。您能否談談該業務的業績與您最初的預期相比如何？那麼，在經營一年後，你對市場或業務有哪些重要的經驗教訓？

Sure so look, I'd say the acquisition thesis, overall is very much holding, true, it's the story resonating with our MSPs, it's with the small shops, with the large shops. And the one, the fact that it's endpoint agnostic or just agnostic in general that it can ingest all of this different data from different firewalls, from different, cloud offerings from different endpoints in EDRs.

當然，所以你看，我認為收購的論點總體上仍然非常成立，沒錯，這個故事引起了我們的MSP用戶的共鳴，無論是小型公司還是大型公司。而它最大的優點在於它與端點無關，或者說它總體上與端點無關，它可以從不同的防火牆、不同的雲端產品以及 EDR 中的不同端點攝取所有這些不同的資料。

It really is a perfect fit, in my estimation for the MSP community because we know they have a hybrid world and so we're scaling this really nicely as we mentioned, we're adding hundreds of end customers, at the SMB level and because of the AI technology we're able to scale it and not necessarily have the same linear type of cost.

在我看來，這對 MSP 社群來說確實非常合適，因為我們知道他們身處一個混合型世界，正如我們所提到的，我們正在很好地擴展這項服務，我們正在增加數百個最終客戶，包括中小企業客戶，而且由於人工智慧技術，我們能夠擴展服務，而成本不一定是線性增長的。

So we're really, I'm impressed with the with the level of scale that that the offering has, and the demand is here and now, right? This was, very much a greenfield space for the broader MSP market and that's turning over. MSPs know that they need to have this kind of technology. The very large shops might have the ability to go.

所以，我真的對該產品所達到的規模印象深刻，而且現在確實存在需求，對吧？對於更廣泛的MSP市場而言，這曾經是一個非常全新的領域，而現在這種情況正在轉變。MSP（託管服務提供者）深知他們需要這類技術。規模非常大的商店或許有能力搬遷。

And build their own sock, but that's for the far that's for the very few, and very large. And so the story is resonating. It also gives us, another way to, cross sell other bits, right? The fact that we can push and pull data from our UEM and cove, we're now able to really convey a complete end to end cyber resiliency story.

他們可以自己製作襪子，但這只是極少數人，而且人數眾多的人才能做到的。所以這個故事引起了共鳴。這也為我們提供了一種交叉銷售其他產品的方式，對吧？由於我們可以從我們的 UEM 和 Cove 推送和拉取數據，我們現在能夠真正展現一個完整的端到端網路彈性故事。

And that and that that end-to-end complete cyber resiliency story, it's resonating with the MSPs, but frankly it's resonating with our vars as well, and we're building this VAR network, and you know a VAR might have an MDR shop or an XDR shop. A VAR might have a backup company, but we're right now the only shop that can actually.

而且，這種端到端的完整網路彈性方案，不僅引起了 MSP 的共鳴，坦白說，也引起了我們 VAR 的共鳴。我們正在建立這個 VAR 網絡，你知道，一個 VAR 可能擁有 MDR 商店或 XDR 商店。加值經銷商 (VAR) 可能有備用公司，但目前只有我們一家能做到這一點。

To go to a value-added reseller and walk them through the UEM, which is really a security endpoint management console, the code data protection on the backup and the recovery, and XDR, and it's really resonating with the VARs because now they have a story to tell their mid-market, their CISOs, and their CIOs.

去拜訪增值經銷商，向他們講解 UEM（實際上是一個安全端點管理控制台）、備份和恢復中的代碼資料保護以及 XDR，這真的引起了增值經銷商的共鳴，因為現在他們有故事可以講給他們的中端市場、首席資訊安全官和首席資訊長了。

And so, we're quite pleased with the acquisition. We're continuing to invest both in the R&D and the sales and marketing, and we're really excited for, how this thing will continue to develop, and be a bigger part of N-able.

因此，我們對此次收購非常滿意。我們將繼續加大對研發、銷售和行銷的投入，我們非常期待這款產品能夠持續發展，並在 N-able 中扮演更重要的角色。

That's super helpful and Tim, one for you, I know 2025 has been somewhat of an investment year. It sounds like maybe a new priority is to invest a little bit more heavily in in AI. So is that, I guess, should we think about and you mentioned the commitment to 30% EBITDA dot margins in 2026. So should we think about those 30% EBITDA margins as a floor, and I guess how are you thinking about the investment in AI.

這非常有幫助，提姆，給你提個醒，我知道 2025 年對很多人來說都是投資年。聽起來，新的優先事項可能是加大對人工智慧的投入。所以，我想，我們應該考慮這一點，您也提到了 2026 年實現 30% EBITDA 利潤率的承諾。所以我們應該把 30% 的 EBITDA 利潤率看成是底線嗎？還有，您是如何看待人工智慧的投資的？

Yeah, so this is John. I mean, look, so the, we are investing in AI, and by the way, this is not, new to enable, right? We've been investing in machine learning, for quite some time, with, generative AI, and now it's a genic AI.

是的，這位是約翰。我的意思是，你看，我們正在投資人工智慧，順便說一句，這並不是什麼新鮮事，對吧？我們已經投資機器學習領域相當長一段時間了，從生成式人工智慧發展到基因人工智慧。

So it, it's part of the mix, right? It, it's going to continue to shift to be a bigger part of the mix. But the interesting thing there you know we mentioned a couple of quarters ago we've been investing in lower cost sites you know we stood up a site in India earlier this year this gives us the ability to add bandwidth.

所以，它是其中的一部分，對吧？它將繼續轉變，成為其中更重要的組成部分。但有趣的是，正如我們幾個季度前提到的，我們一直在投資低成本的網站，今年早些時候我們在印度建立了一個網站，這使我們能夠增加頻寬。

In high level skill with not the same level of cost and so that that was all part of the thinking and so you know we mentioned the 30% we always like to run the business rule of we look at AI as a tremendous opportunity for us, not in the distant future but more in the in the in the short-term and midterm and so we want to make sure that we're realizing that opportunity we have this this interesting competitive advantage in the fact that we have the data.

以較低的成本獲得高水準的技能，這些都是我們思考的一部分。正如我們之前提到的，我們一直奉行30%的商業原則，那就是我們認為人工智慧對我們來說是一個巨大的機遇，不是遙遠的未來，而是短期和中期。因此，我們希望確保我們能夠抓住這個機遇，因為我們擁有數據，這給我們帶來了有趣的競爭優勢。

And we have the data, and these MSPs will look to us again to continue to be their control center and the fact that we can now pull the data, with from our UEM, our data protection and XDR in an AI world, in an automated world where they can that the MSPs themselves can build agents.

我們擁有數據，這些 MSP 將再次尋求我們作為他們的控制中心，而我們現在可以從我們的 UEM、數據保護和 XDR 中提取數據，在人工智慧和自動化的世界中，MSP 可以自己建立代理。

So that they can do their jobs more efficiently and more effectively that's the opportunity we want to capture and we're going to begin capturing it and we have some waves we'll be introducing agentic agents inside of our products in in the short-term here, which will also help with the efficiency and then we'll that will open up another avenue for monetization both for again for enabling our customers.

這樣他們就能更有效率、更有效地完成工作，這就是我們想要抓住的機會，我們將開始抓住它。短期內，我們將在產品中引入代理，這也有助於提高效率，然後我們將為客戶開闢另一條獲利途徑。

So, I think 30% is a good number. And we'll continue to evaluate that as we go through, and we and we're also continuing to invest and go to market and so the business will scale. Tim and I look at this on a quarterly basis and, I think 30% is a good number, that, and as we scale we should be able to drive more of of an accretive profile as the business continues to scale, but our focus right now is to realize some of that opportunity that we believe is here and now.

所以，我認為30%是個不錯的數字。我們將繼續評估情況，同時也將繼續投資並開拓市場，因此業務規模將會擴大。Tim 和我按季度來審視這個問題，我認為 30% 是一個不錯的數字，隨著我們規模的擴大，隨著業務的持續增長，我們應該能夠推動更具增值性的業績，但我們現在的重點是抓住我們認為現在就存在的機遇。

Makes sense, thank you.

明白了，謝謝。

Thank you. We currently have no further questions, so I'd like to hand back to John for any closing remarks.

謝謝。目前我們沒有其他問題了，所以我想把發言權交還給約翰，請他做最後的總結發言。

Thank you all for joining us today and thank you for your ongoing interest in Enable. We'll see you in a quarter.

感謝各位今天蒞臨指導，也感謝大家一直以來對 Enable 的關注。我們下個季度再見。

This concludes today's call. Thank you all for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。