N-Able Inc (NABL) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the N-able first quarter 2026 earnings call. (Operator Relations) I will now hand the conference over to Griffin Gyr, Investor Relations. Please go ahead.

各位女士、先生，感謝各位加入，歡迎參加 N-able 2026 會計年度第一季財報電話會議。（Operator Relations）現在我將把會議交給投資人關係部的 Griffin Gyr。請開始。

Thanks, operator, and welcome, everyone, to N-able's first quarter 2026 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，也歡迎各位參加 N-able 2026 會計年度第一季財報電話會議。今天與我一同出席的有 N-able 總裁暨執行長 John Pagliuca，以及執行副總裁暨財務長 Tim O'Brien。在我們的準備發言結束後，我們將開放電話線進行問答環節。

This call is being simultaneously webcast on our Investor Relations website at investors.nable.com. 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.

本次電話會議同時於我們的投資人關係網站 investors.nable.com 進行網路直播。您也可在該網站找到我們的財報新聞稿，該新聞稿旨在補充我們今天電話會議中的準備發言。本次電話會議中所作的某些陳述屬於前瞻性陳述，包括關於我們的財務展望、市場機會，以及全球經濟環境對我們業務影響的陳述。

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 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.

這些陳述係基於目前可得資訊與假設，除法律要求外，我們不承擔更新該等資訊之義務。這些陳述亦受多項風險與不確定性影響，包括今日財報新聞稿及我們向美國證券交易委員會（SEC）提交文件中所強調者。關於這些陳述以及相關風險與不確定性的更多資訊，已在今日財報新聞稿及我們向 SEC 提交的文件中加以說明。相關副本可自 SEC 取得，或於我們的投資人關係網站查閱。

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 certain GAAP to non-GAAP financial measures discussed on today's call 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中討論多項非 GAAP 財務衡量指標。除非另有說明，當我們提及財務衡量指標時，我們指的是非 GAAP 財務衡量指標。今天電話會議中所討論之部分 GAAP 與非 GAAP 財務衡量指標的調節表，已載於我們投資人關係網站上的財報新聞稿中。

And now, I will turn the call over to John.

現在，我將把電話會議交給 John。

Thank you, Griffin, and welcome, everyone, to our call this morning. Today, we'll review our first-quarter results, discuss key trends we're seeing through recent industry engagements. And highlight how AI innovation is tangibly expanding our software opportunity.

謝謝你，Griffin，也歡迎各位參加我們今天上午的電話會議。今天我們將回顧第一季業績、討論我們在近期產業交流中觀察到的關鍵趨勢，並重點說明 AI 創新如何以具體方式擴大我們的軟體機會。

We will focus particularly on our AI innovation, where we're automating work historically delivered through labor-intensive services, helping organizations operate more efficiently and securely, while also growing our TAM. This progress matters now, as advancements in frontier models are fundamentally rewriting the threat landscape, compressing response times for defenders. And empowering attackers to exploit vulnerabilities at unprecedented speed and scale.

我們將特別聚焦於 AI 創新：我們正把過去需透過高度勞力密集型服務交付的工作加以自動化，協助組織更有效率且更安全地運作，同時也擴大我們的 TAM（可服務市場總量）。這項進展在當下格外重要，因為前沿模型的進步正從根本上改寫威脅版圖，壓縮防禦方的回應時間，並使攻擊者能以前所未有的速度與規模利用漏洞。

We believe our end-to-end cyber resilience platform is purpose-built for this moment, positioning N-able to lead as cybersecurity reaches an inflection point. Let's jump right in. Starting with the quarter, our results were strong. First quarter ARR was $548 million, growing 8% year-over-year in constant currency, and adjusted EBITDA margin was 27%.

我們相信，我們的端到端網路韌性平台正是為此刻量身打造，使 N-able 能在資安產業邁向拐點之際取得領先。讓我們直接開始。先看本季，我們的業績表現強勁。第一季 ARR 為 5.48 億美元，以固定匯率計年增 8%，調整後 EBITDA 利潤率為 27%。

Quarterly gross and net revenue dollar retention both improved quarter-over-quarter and year-over-year, with trailing 12-month net retention now at 106%. Let's walk through the drivers of that performance. First, we continue to see momentum upmarket. The number of customers with over $50,000 of ARR grew by 13% year-over-year, and this cohort now represents 62% of N-Able's total ARR.

季度毛收入與淨收入美元留存率（dollar retention）皆較前一季與去年同期改善，過去 12 個月的淨留存率目前為 106%。接下來我們說明推動該表現的因素。第一，我們持續看到向上市場（upmarket）的動能。ARR 超過 5 萬美元的客戶數年增 13%，而該客群目前占 N-able 總 ARR 的 62%。

In addition, customers with over $100,000 of ARR represent 41% of our annual recurring revenue. This upmarket progress is further exemplified by our selection as Manchester City Football Club's official cybersecurity partner. As the club operates at global scale on the field, N-able protects its critical data and systems, securing its digital environment off the field. The partnership underscores our ability to serve complex, high-profile organizations. More broadly, given the stronger retention in our upmarket cohorts, we believe our success in this segment provides a solid foundation for future growth. Second, our channel expansion strategy is working.

此外，ARR 超過 10 萬美元的客戶占我們年度經常性收入的 41%。我們在向上市場的進展，也可由我們獲選為曼徹斯特城足球俱樂部（Manchester City Football Club）官方資安合作夥伴進一步體現。當該俱樂部在球場上以全球規模運作時，N-able 在場外保護其關鍵資料與系統，確保其數位環境安全。此合作關係凸顯我們服務複雜且高知名度組織的能力。更廣泛而言，鑑於我們向上市場客群的留存率更強，我們相信在此細分市場的成功，為未來成長提供了穩固基礎。第二，我們的通路擴張策略正在奏效。

Four of our top five new customer lands in the quarter, including the Manchester City deal, were through value-added resellers, or VAR channel. With an established MSP motion that counts 25% of CRN's top 150 MSPs as customers and our scaling VAR presence. Our broad channel footprint enables us to capture demand across the market.

本季前五大新客戶導入（lands）中有四筆（包含曼城交易）是透過加值經銷商（value-added resellers，VAR）通路完成。憑藉既有的 MSP 推進模式（我們的客戶包含 CRN 前 150 大 MSP 中的 25%）以及我們持續擴大的 VAR 佈局，我們廣泛的通路版圖使我們能掌握全市場的需求。

Third, the depth and breadth of our platform is resonating. Strength in cross-sell and upsell underpin improvement in both gross and net retention, as customers realize value in expanding and consolidating with N-able. From a category perspective, security operations and data protection continue to outpace total company growth, as customers prioritize advanced remediation and recovery capabilities in the face of rising cyber risk.

第三，我們平台的深度與廣度正在引起共鳴。交叉銷售與加購（cross-sell 與 upsell）的強勁表現支撐了毛留存與淨留存的改善，因為客戶在擴大採用並整合至 N-able 平台時看見了價值。從類別來看，安全營運（security operations）與資料保護（data protection）持續跑贏公司整體成長，因為面對日益升高的網路風險，客戶更重視進階修復與復原能力。

Reflecting on the quarter, the business executed well, and our strategy delivered strong results. Let's now switch gears and discuss key observations from recent industry engagements. During the quarter, we engaged across the ecosystem through our annual customer conference empower, a major industry event such as RSA, and ongoing dialogue with third-party research firms. One major takeaway is that we believe cybersecurity continues to experience strong secular tailwinds.

回顧本季，業務執行到位，我們的策略也帶來了強勁成果。接下來我們轉換主題，分享近期產業交流中的關鍵觀察。本季我們透過年度客戶大會 empower、RSA 等大型產業活動，以及與第三方研究機構的持續對話，與整個生態系互動。一項主要結論是：我們認為資安產業仍持續受惠於強勁的長期結構性順風（secular tailwinds）。

We are consistently hearing from customers that the worsening threat environment and rising IT complexity are driving increased need for stronger cybersecurity solutions. This sentiment is reinforced by our internal data and third-party research. In our 2026 State of the SOC report, which is informed by telemetry and frontline response data from N-able SOC, we observed an alert every thirty seconds.

我們持續從客戶端聽到，惡化的威脅環境與日益增加的 IT 複雜度，正推動對更強資安解決方案的需求提升。這樣的觀點也受到我們內部數據與第三方研究的支持。在我們的《2026 SOC 現況報告》（2026 State of the SOC report）中（該報告以 N-able SOC 的遙測與第一線回應資料為基礎），我們觀察到每 30 秒就有一則警示（alert）。

We also saw a dramatic rise in perimeter-based attacks. With 50% of attacks bypassing endpoint controls entirely. Manual triage approaches are not able to keep pace with this scope and velocity, emphasizing the need for modern, machine-driven defense. Industry research firm, Futurum, reported a similarly challenging attack environment.

我們也看到以邊界為主的攻擊大幅上升，其中有 50% 的攻擊完全繞過端點控制。人工分流（triage）方式無法跟上如此的規模與速度，凸顯需要現代化、機器驅動的防禦。產業研究機構 Futurum 也回報了同樣嚴峻的攻擊環境。

In their 2025 Cybersecurity Global Enterprise decision-making Survey Report, Futurum highlighted that 46% of organizations surveyed experienced more than three significant security incidents over the past year. We do not see these dynamics abating, particularly as advances in AI continue to lower the barrier to entry for increasingly sophisticated cyberattacks.

在其《2025 資安全球企業決策調查報告》（2025 Cybersecurity Global Enterprise decision-making Survey Report）中，Futurum 指出受訪組織中有 46% 在過去一年經歷超過三起重大資安事件。我們不認為這些動態會趨緩，特別是在 AI 持續進步、進一步降低更高階網路攻擊門檻的情況下。

Together, these factors give us confidence that our mission to protect businesses from evolving cyber threats is underpinned by strong market demand. Another takeaway is that customers are struggling to balance the need for powerful, layered defense with practical constraints, such as managing vendor sprawl, staffing challenges, and budget limitations. This pain point validates our platform strategy, spanning unified endpoint management, security operations, and data protection.

綜合上述因素，使我們更有信心：我們保護企業免受不斷演進的網路威脅之使命，背後有強勁的市場需求支撐。另一項結論是，客戶正苦於在需要強大、分層防禦與實務限制之間取得平衡，例如供應商過度分散（vendor sprawl）、人力配置挑戰與預算限制。這個痛點驗證了我們的平台策略，涵蓋統一端點管理（unified endpoint management）、安全營運與資料保護。

Our platform enables customers to efficiently manage complex IT environments, detect and stop threats in real time, and safeguard and recover critical data. We deliver coverage across the entire lifecycle, before, during, and after an incident, helping customers stay secure while operating efficiently. We are also here in strong conviction that AI is a meaningful growth driver for MSPs.

我們的平台讓客戶能有效管理複雜的 IT 環境、即時偵測並阻止威脅，以及保護與復原關鍵資料。我們提供涵蓋事件發生前、發生中與發生後的全生命週期防護，協助客戶在高效率運作的同時維持安全。我們也堅信 AI 對 MSP 而言是重要的成長驅動力。

Our conversations at our customer conference in power reflected a broadly bullish sentiment, improve efficiency, and create new revenue streams for MSPs. While adoption is still early, customers are clear that they want a trusted partner to help them navigate this technological wave so they can focus on operating their businesses. In summary, our industry engagements reinforce our view that industry demand is strong and increasingly favors AI-powered, integrated platform-based approach.

我們在客戶大會 empower 的對話反映出整體偏多的情緒：AI 可提升效率，並為 MSP 創造新的營收來源。雖然採用仍在早期階段，但客戶明確表示，他們希望有值得信賴的合作夥伴協助其掌握這波技術浪潮，讓他們能專注於經營自身業務。總結而言，我們的產業交流強化了我們的看法：產業需求強勁，且愈來愈偏好 AI 驅動、整合式、以平台為核心的方法。

This brings us to our innovation and how our software is expanding our opportunity by automating work historically delivered through services. Our platform is rapidly evolving from a system of record to a system of action, increasingly completing tasks previously handled by technicians. This evolution unlocks significant economic opportunity.

這也帶到我們的創新，以及我們的軟體如何透過自動化過去由服務交付的工作來擴大我們的機會。我們的平台正快速從「記錄系統」（system of record）演進為「行動系統」（system of action），愈來愈多地完成過去由技術人員處理的任務。這樣的演進將釋放可觀的經濟機會。

Industry analysts such as Omdia estimate annual security services spend at about $200 billion, roughly twice the size of security software spend. We see a similar labor-heavy cost structure within our MSP customer base. Our fieldwork indicates MSPs operate at approximately 10% EBITDA margins, with a sizable portion of their cost structure composed of labor.

Omdia 等產業分析師估計，年度資安服務支出約為 2,000 億美元，約為資安軟體支出的兩倍。我們在 MSP 客戶基礎中也看到類似的高度勞力成本結構。我們的實地調研顯示，MSP 的 EBITDA 利潤率約為 10%，其成本結構中有相當大一部分由人力構成。

As our intelligent software completes workflows historically owned by labor, we help our customers operate more efficiently and improve margins. While expanding our monetization surface from software budgets into a much larger labor-driven services opportunity. A concrete example helps illustrate the opportunity we are driving. Technicians are the revenue engine for MSPs. The more IT assets, including AI, that each MSP technician can manage, the more revenue an MSP can generate.

隨著我們的智慧軟體完成過去由人力主導的工作流程，我們協助客戶更有效率地營運並提升利潤率。同時，我們也將變現範圍從軟體預算擴展到規模更大的、由勞動力驅動的服務型機會。一個具體例子有助於說明我們正在推動的機會。技術人員是 MSP 的營收引擎。每位 MSP 技術人員能管理的 IT 資產（包含 AI）越多，MSP 就能創造越多營收。

The challenge is that technicians have practical limits. A common industry benchmark is roughly one technician for every 200 devices. This creates a growth ceiling in the structurally tight IT labor market and pressures MSP's profitability, as they must continually hire additional technicians to support more customers. Our aim is for our software to improve that ratio, empowering a single technician to manage 500, 1,000, or even more IT assets. Delivering this creates a win-win for our customers and N-able.

挑戰在於技術人員有實務上的上限。業界常見的基準約為每 200 台裝置配置 1 名技術人員。這在結構性緊俏的 IT 勞動市場中形成成長天花板，並對 MSP 的獲利能力造成壓力，因為他們必須持續增聘技術人員以支援更多客戶。我們的目標是讓軟體改善這個比例，使單一技術人員能管理 500、1,000 甚至更多 IT 資產。做到這點將為客戶與 N-able 創造雙贏。

Our customers can scale their businesses without linear increase in labor costs, and we can gain market share as MSPs consolidate around platforms that can help them grow their businesses more efficiently. Importantly, this is not a future state. We are delivering progress today. In UEM, we recently introduced N-zo, our AI workflow assistant, and our custom model context protocol, or MCP server.

我們的客戶可以在不讓人力成本線性增加的情況下擴大業務規模，而我們也能在 MSP 逐步整合、集中採用能更有效率協助其成長的平台之際，取得市占。重要的是，這不是未來式。我們今天就正在交付進展。在 UEM 方面，我們近期推出了 N-zo（我們的 AI 工作流程助理）以及我們的自訂模型情境協定（Model Context Protocol，MCP 伺服器）。

These advancements mark an important step forward in AI-driven IT operations. For certain tasks, N-zo delivers up to 70% faster IT operations by enabling teams to interact with their environments using natural language and agentic workflows. Our MCP server goes a step further, securely connecting external AI tools like Claude, ChatGPT, and Microsoft Copilot directly to live operational data inside N-able's UEM.

這些進展標誌著 AI 驅動 IT 營運的重要里程碑。針對某些任務，N-zo 透過讓團隊以自然語言與具代理性的工作流程（agentic workflows）與其環境互動，使 IT 營運速度最高可提升 70%。我們的 MCP 伺服器更進一步，能安全地將 Claude、ChatGPT 與 Microsoft Copilot 等外部 AI 工具，直接連接到 N-able UEM 內的即時營運資料。

This means AI no longer just tells customers what's wrong. It helps fix it real time with the control and governance our partners require. Together, these capabilities are empowering IT teams to move faster, reduce manual effort, and act directly within the environments where they already work. This progress directly improves the technician to manage device ratio we discussed earlier. UEM's value proposition is showing clearly in execution.

這代表 AI 不再只是告訴客戶哪裡出問題，而是能在即時情境下協助修復，並具備合作夥伴所需的控制與治理。這些能力結合起來，正賦能 IT 團隊更快行動、降低手動作業，並能直接在他們既有的工作環境中採取行動。這項進展也直接改善了我們先前討論的「技術人員可管理裝置比例」。UEM 的價值主張在執行面已清楚展現。

6 of our top 10 new customer lands flowed through our UEM solution. A standout example is one of the fastest-growing quick service UK restaurant brands that was looking for a trusted partner to ensure the digital operations work seamlessly. They deployed our UEM in late 2025 across 100 locations, gaining real-time visibility into the devices, automating routine fixes, and significantly reducing downtime.

我們前 10 大新客戶落地（lands）中有 6 家是透過我們的 UEM 解決方案導入。特別突出的例子是一家英國成長最快的速食餐飲品牌之一，當時正在尋找可信賴的合作夥伴，以確保其數位營運能無縫運作。他們於 2025 年底在 100 個據點部署我們的 UEM，取得對裝置的即時可視性、自動化例行修復，並大幅降低停機時間。

We recently built on that success, signing the US group and expanding the relationship significantly. We are also automating historically manual intensive work and data protection, where we recently introduced Disaster Recovery as a Service, or DRaaS. We are eliminating the need for customers to manage backup infrastructure themselves, reducing cost, time, risk, and operational headache. This shifts backup management from a labor-intensive activity to a software-led capability.

我們近期在此成功基礎上再下一城，簽下其美國集團並大幅擴展合作關係。我們也在資料保護領域自動化過去高度仰賴人工作業的工作；近期我們推出了「災難復原即服務」（Disaster Recovery as a Service，DRaaS）。我們正在消除客戶自行管理備份基礎架構的需求，降低成本、時間、風險與營運負擔。這使備份管理從勞力密集型活動轉變為由軟體主導的能力。

Beyond efficiency, DRaaS meaningfully strengthens customer security posture. In the event of data loss, businesses can there instantly recover critical systems, minimizing their downtime and maintaining their operations. We also expanded our anomaly detection capabilities, which help identify changes to backup environments. With threat actors increasingly using identity-based attacks to steal credentials and target backups from inside the organization.

除了效率之外，DRaaS 也能實質強化客戶的安全態勢。一旦發生資料遺失，企業可立即復原關鍵系統，將停機時間降到最低並維持營運。我們也擴充了異常偵測能力，以協助辨識備份環境的變更。在威脅行為者日益採用以身分為基礎的攻擊來竊取憑證，並從組織內部鎖定備份的情況下。

Including altering retention policies or deleting servers, this advancement has real impact. Building on that momentum, we are excited about the planned addition of Google Workspace backup coverage later this year. From a broader perspective, we continue to see durable demand drivers for data protection. With time to exploit turning negative and adversaries exploiting vulnerabilities before patches exist, the criticality of our ability to protect and restore data is heightened.

包含變更保留政策或刪除伺服器等行為，這項進展具有實質影響。在此動能之上，我們也對今年稍晚計畫新增的 Google Workspace 備份涵蓋感到振奮。從更宏觀的角度來看，我們持續看到資料保護具備長期且穩健的需求驅動因素。隨著可被利用的時間（time to exploit）轉為負值、對手在修補程式出現前就利用漏洞，我們保護與還原資料的能力之關鍵性更為提升。

And as we look ahead to a world with agents owning more workloads for businesses, the possibility of agents making costly mistakes also rises. We see the need to effectively undo agent mistakes and restore operations to a clean prior state as a potential demand catalyst for a data protection solution. Our execution and value are showing up in the numbers. Data protection has now surpassed 3.5 million Microsoft 365 users and led our net new ARR growth in the quarter.

而展望未來，在代理（agents）為企業承擔更多工作負載的世界裡，代理犯下高成本錯誤的可能性也會上升。我們認為，能有效撤銷代理錯誤並將營運還原到先前乾淨狀態的需求，可能成為資料保護解決方案的需求催化劑。我們的執行與價值也反映在數字上。資料保護目前已涵蓋超過 350 萬名 Microsoft 365 使用者，並在本季帶動我們淨新增 ARR 成長。

Finally, in security operations, we are extending the same system of action approach into one of the most labor intensive areas of cybersecurity. Businesses are facing more complex attacks, and N-able is helping them operate, contain, and scale security without standing up their own SOC. Our security operations solution is a system of action at its core, as AI handles the bulk of our threats automatically. This is a critical differentiator.

最後，在資安營運方面，我們正將同樣的「行動系統」（system of action）方法延伸到網路安全中最勞力密集的領域之一。企業正面臨更複雜的攻擊，而 N-able 正協助他們在不必自建 SOC 的情況下進行營運、遏止並擴展資安能力。我們的資安營運解決方案本質上就是一個行動系統，因為 AI 會自動處理我們大部分的威脅。這是一項關鍵差異化。

With breakout time shortening to minutes, the ability to neutralize threats in real time could be the difference between a contained event and a successful breach. Customer count has nearly doubled since the second quarter of 2025, reflecting our traction here. A recent customer win demonstrates the solution in action. A compliance-focused MSP serving regulated industries was facing challenges managing a fragmented security stack spanning multiple EDR, MDR and semi tools.

隨著突破時間（breakout time）縮短至分鐘等級，即時中和威脅的能力，可能就是事件被控制與成功入侵之間的差別。自 2025 年第二季以來，客戶數幾乎翻倍，反映我們在此領域的進展。近期一個客戶勝案例展示了解決方案的實際運作。一家以合規為導向、服務受監管產業的 MSP，正面臨管理碎片化資安堆疊的挑戰，該堆疊橫跨多個 EDR、MDR 與 SIEM 工具。

We standardize the security operation, replacing multiple legacy providers with a unified, scalable model, driving ARR of nearly $500,000. Importantly, AI reinforces the role our platform plays in the Agentic world. From an operating standpoint, AI is embedded into our platform, and we are deeply embedded in our customer environments and workflows. This positions us to serve as a control plane.

我們將資安營運標準化，以統一且可擴展的模型取代多家傳統供應商，帶動近 50 萬美元的 ARR。重要的是，AI 強化了我們平台在代理化（Agentic）世界中的角色。從營運角度來看，AI 已內嵌於我們的平台之中，而我們也深度嵌入客戶的環境與工作流程。這使我們具備成為控制平面（control plane）的定位。

To govern and secure agents as they become more prevalent across their IT and security environments. Customers can access AI where they already operate. We pair that accessibility with a technical experience built on proven infrastructure, extensive data, deterministic workflows, domain context, and rigorous compliance standards. From a demand perspective, we see AI increasing both the volume and severity of threats, while also expanding the amount and criticality of data that must be protected.

以在代理在其 IT 與資安環境中日益普及之際，進行治理並確保其安全。客戶可以在他們既有的作業場域中存取 AI。我們將這種可及性與一套技術體驗相結合，該體驗建立在經驗證的基礎架構、龐大資料、確定性工作流程、領域情境，以及嚴格的合規標準之上。從需求面來看，我們看到 AI 同時提高威脅的數量與嚴重性，也擴大必須被保護之資料的規模與關鍵性。

These forces directly drive the need for our solutions. And our trusted brand and established go-to-market further positions us to translate innovation and demand into real-world adoption. To close, we're executing with discipline as we pursue the large and compelling cybersecurity opportunity. We believe AI is expanding our software opportunity by enabling us to automate more workflows and reinforcing the critical role we play in helping customers navigate a more complex and hostile digital environment.

這些力量直接推動對我們解決方案的需求。而我們值得信賴的品牌與既有的市場進入策略（go-to-market），也進一步使我們能將創新與需求轉化為真實世界的採用。總結而言，在追求龐大且具吸引力的網路安全機會之際，我們正以紀律執行。我們相信，AI 正透過讓我們能自動化更多工作流程來擴大我們的軟體機會，同時也強化我們在協助客戶因應更複雜且更具敵意的數位環境中所扮演的關鍵角色。

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

接下來我把時間交給 Tim，之後我會再回來做結語。Tim？

Thank you, John, and thank you all for joining us today. Our first-quarter performance reflected the execution drivers John discussed, including continued upmarket momentum, strong contribution from both our MSP and VAR channels, and expanding platform adoption. Our innovation is also broadening the scope of what our software can deliver. Unlocking significant opportunity as we automate work historically delivered through services.

謝謝你，John，也謝謝各位今天與我們一同參與。我們第一季的表現反映了 John 所談到的執行驅動因素，包括持續的向上市場（upmarket）動能、我們 MSP 與 VAR 通路的強勁貢獻，以及平台採用的擴大。我們的創新也正在拓展我們軟體可交付的範圍，因為我們正將過去透過服務交付的工作加以自動化，從而釋放顯著機會。

From a strategic and capital allocation perspective, our focus remains investing behind durable demand for cybersecurity solutions while delivering a robust financial profile. Before diving into the results and outlook, I also want to share a perspective on how we believe our business is positioned for growth in an increasingly agentic era. Our revenue model is diversified. We have meaningful monetization across data growth, servers, and cloud assets, alongside more traditional drivers, such as users and devices. We believe this diversified exposure powers multiple paths to growth.

從策略與資本配置角度來看，我們的重點仍是投資於網路安全解決方案的長期穩健需求，同時交付強健的財務表現。在深入討論業績與展望之前，我也想分享我們如何看待公司在日益代理化（agentic）的時代中所具備的成長定位。我們的營收模式多元化。我們在資料成長、伺服器與雲端資產方面具備重要的變現能力，同時也涵蓋較傳統的驅動因素，例如使用者與裝置。我們相信，這種多元化的曝險提供多條成長路徑。

Looking ahead, we see a significant new monetization opportunity as customers increasingly adopt agents and other non-human identities across their environments. As these new IT assets introduce requirements around security, governance, and resilience. We believe we are well-positioned to help customers secure, govern, and back up these new IT assets.

展望未來，隨著客戶在其環境中日益採用代理與其他非人類身分（non-human identities），我們看到一個重大的新變現機會。這些新的 IT 資產將帶來在安全、治理與韌性方面的需求。我們相信，我們具備良好定位，可協助客戶保護、治理並備份這些新的 IT 資產。

At the same time, we intend to continue innovating by delivering our own agents, building on our existing platform capabilities and system of action. Taken together, we believe these dynamics reinforce the durability of our model and create additional long-term growth opportunities as the market evolves.

同時，我們也打算持續創新，交付我們自己的代理，並在既有的平台能力與行動系統（system of action）基礎上再向前推進。綜合來看，我們相信這些動態將強化我們模式的持久性，並在市場演進之際創造額外的長期成長機會。

I'll now walk through our first-quarter results. Provide additional detail on the drivers of our performance and discuss our outlook for 2026.

我現在將帶大家回顧我們第一季的業績表現，並提供推動我們績效的因素之更多細節，同時討論我們對 2026 年的展望。

First, let's discuss our results for the first quarter. For our first quarter results, total ARR was $548 million, growing at 11% year-over-year on a reported basis and 8% on a constant currency basis. Total revenue was $134 million, $2 million above the high end of our guidance. Representing approximately 13% year-over-year growth on a reported basis and 8% on a constant currency basis.

首先，我們來討論第一季的業績。就第一季而言，總 ARR 為 5.48 億美元，以報告基礎計算年增 11%，以固定匯率基礎計算年增 8%。總營收為 1.34 億美元，較我們指引區間上緣高出 200 萬美元；以報告基礎計算約年增 13%，以固定匯率基礎計算年增 8%。

Subscription revenue was $132 million, representing approximately 13% year-over-year growth on a reported basis and 9% on a constant currency basis. We ended the quarter with 2,710 customers that contributed $50,000 or more of ARR, which is up approximately 13% year-over-year. Customers with over $50,000 of ARR now represent approximately 62% of our total ARR, up from approximately 58% a year ago.

訂閱營收為 1.32 億美元，以報告基礎計算約年增 13%，以固定匯率基礎計算年增 9%。本季末，我們有 2,710 位客戶的 ARR 貢獻達 5 萬美元或以上，約年增 13%。ARR 超過 5 萬美元的客戶目前約占我們總 ARR 的 62%，高於一年前約 58%。

Dollar-based net revenue retention, which is calculated on a trailing 12-month basis, was approximately 106% on a reported basis and 103% on a constant currency basis. Approximately 46% of our revenue was outside of North America in the quarter.

以美元計價的淨營收留存率（以過去 12 個月為基礎計算）在報告基礎下約為 106%，在固定匯率基礎下約為 103%。本季約有 46% 的營收來自北美以外地區。

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.

接著談獲利與利潤率。請注意，除非另有說明，所有對獲利指標與費用的提及皆以非 GAAP 基礎計算，並排除今日新聞稿中 GAAP 與非 GAAP 調節表所列之項目。

First quarter gross margin was 80% compared to 81% in the same period in 2025. First quarter adjusted EBITDA was $37 million, representing approximately 27% adjusted EBITDA margin. Unlevered free cash flow was $22 million in the first quarter. CapEx, inclusive of $3 million of capitalized software development costs, was $4 million, or 3% of revenue in the first quarter.

第一季毛利率為 80%，相較於 2025 年同期的 81%。第一季調整後 EBITDA 為 3,700 萬美元，調整後 EBITDA 利潤率約為 27%。第一季無槓桿自由現金流為 2,200 萬美元。資本支出（CapEx）為 400 萬美元（其中包含 300 萬美元的資本化軟體開發成本），約占第一季營收的 3%。

We ended the quarter with approximately $118 million of cash and an outstanding loan principal balance of approximately $399 million, representing net leverage of approximately 1.8 times. Non-GAAP earnings per share was $0.09 in the first quarter based on 189 million weighted average diluted shares.

本季末我們持有約 1.18 億美元現金，未償還貸款本金餘額約 3.99 億美元，淨槓桿約為 1.8 倍。第一季非 GAAP 每股盈餘為 0.09 美元，係以 1.89 億股加權平均稀釋股數計算。

Turning to our financial outlook, which assumes FX rates of $1.17 for the euro and $1.34 for the pound. For the second quarter of 2026, we expect total revenue in the range of $137.5 million to $138.5 million, representing approximately 5% to 6% year-over-year growth on a reported basis and 4% on a constant currency basis. We expect second quarter adjusted EBITDA in the range of $39.5 million to $40.5 million, representing an adjusted EBITDA margin of approximately 29%.

接著談我們的財務展望；此展望假設匯率為歐元 1.17 美元、英鎊 1.34 美元。對於 2026 年第二季，我們預期總營收介於 1.375 億至 1.385 億美元之間，以報告基礎計算約年增 5% 至 6%，以固定匯率基礎計算年增 4%。我們預期第二季調整後 EBITDA 介於 3,950 萬至 4,050 萬美元之間，調整後 EBITDA 利潤率約為 29%。

As a reminder, revenue growth is impacted by the timing and magnitude of on-premise deals and related revenue recognition dynamics, and we continue to view ARR as the best velocity metric for our business.

提醒一下，營收成長會受到地端（on-premise）交易的時點與規模，以及相關營收認列動態的影響；我們仍認為 ARR 是衡量本公司業務動能的最佳速度指標。

For the full year 2026, our total revenue outlook is approximately $554 to $559 million, representing approximately 8% to 9% year-over-year growth on a reported basis and 7% to 8% on a constant currency basis. Our full-year ARR outlook is $581 million to $586 million, representing 8% to 9% year-over-year growth on a reported and constant currency basis.

就 2026 全年而言，我們的總營收展望約為 5.54 億至 5.59 億美元，以報告基礎計算約年增 8% 至 9%，以固定匯率基礎計算年增 7% 至 8%。我們的全年 ARR 展望為 5.81 億至 5.86 億美元，以報告與固定匯率基礎計算皆為年增 8% 至 9%。

We expect full-year adjusted EBITDA of $167 million to $171 million, representing an adjusted EBITDA margin of 30% to 31%. We are raising our unlevered free cash flow outlook and expect our unlevered free cash flow to be approximately $116 million to $120 million.

我們預期全年調整後 EBITDA 為 1.67 億至 1.71 億美元，調整後 EBITDA 利潤率為 30% 至 31%。我們上調無槓桿自由現金流展望，預期無槓桿自由現金流約為 1.16 億至 1.20 億美元。

We expect CapEx, which includes capitalized software development costs, to be approximately 5% of total revenue for 2026. We expect cash interest payments of approximately $27 million, assuming interest rates remain in line with current levels.

我們預期 2026 年的資本支出（包含資本化軟體開發成本）約占總營收的 5%。在利率維持與目前水準一致的假設下，我們預期現金利息支付約為 2,700 萬美元。

We expect total weighted average diluted shares outstanding of approximately 189 million to 192 million for the second quarter and 188 million to 192 million for the full year. Finally, we expect our non-GAAP tax rate to be approximately 24% to 27% for both the second quarter and the full year.

我們預期第二季加權平均稀釋流通股數約為 1.89 億至 1.92 億股，全年約為 1.88 億至 1.92 億股。最後，我們預期第二季與全年非 GAAP 稅率約為 24% 至 27%。

Now, I will turn it over to John for closing remarks.

現在，我把時間交給 John 做結語。

Thanks, Tim. We delivered another quarter of consistent execution. With solid ARR growth, strong margins, and practical AI innovation. As cyber threats continue to evolve and agent adoption grows, we remain focused on helping our customers prevent incidents, recover quickly, and operate with confidence, while delivering durable value for our shareholders.

謝謝，Tim。我們又交出一季穩健且一致的執行成果，具備扎實的 ARR 成長、強勁的利潤率，以及務實的 AI 創新。隨著網路威脅持續演進、代理（agent）採用度提升，我們仍專注於協助客戶預防事件、快速復原並安心營運，同時為股東創造可持續的價值。

And with that, operator, we'll open the line for questions.

接下來，接線員，我們將開放提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（接線員指示）

Mike Cikos, Needham and Company.

Needham and Company 的 Mike Cikos。

Hey, guys. This is Matt Calitri on for Mike Cikos over at Needham. Thanks for taking our questions, and great to see the uptick in growth and retention.

嗨，各位好。我是 Needham 的 Matt Calitri，代替 Mike Cikos 來提問。感謝讓我們提問，也很高興看到成長與留存率有所回升。

I wanted to dig in on the revenue beat was a bit more modest than we've seen over the last couple of quarters, and it didn't flow through the EBITDA margin or the full-year guide. Can you give us some color on what you're seeing in the market in terms of sales cycles and linearity, as well as how that influenced guidance construction?

我想深入了解一下：本季營收超預期的幅度比過去幾季更為溫和，而且並未反映到 EBITDA 利潤率或全年指引上。能否請你們分享一些市場面的觀察，例如銷售週期與線性度（linearity）的情況，以及這些因素如何影響你們在建構指引時的考量？

Sure. Hey, thanks for the question. This is John. I'll talk a little bit about sales cycles, and I'll pass it over to Tim on some of the compare. Look, as we continue to go upmarket. We are seeing a little bit of a lengthening of the sales cycle and a little bit more of a scrutiny around the ROI.

當然。嗨，謝謝你的問題。我是 John。我先談一下銷售週期，接著把部分比較面的問題交給 Tim。你看，隨著我們持續往中大型客戶市場（upmarket）拓展，我們確實看到銷售週期略有拉長，且對投資報酬率（ROI）的審視也更為嚴格。

I think some of this is a natural expectation. We're now landing deals, we referenced one or two during the call, a $500,000 ACV deal. We're seeing more and more six-figure deals. We're seeing multi-year seven-figure deals. And as you go upmarket. You'll start to get requiring CEO sign-off, and actually, in some cases, we're starting to see a board-level sign-off. So as you're going upmarket, we're starting to see a little bit of a lengthening of the sales cycle. And overall, I'd say a little bit more of a scrutiny on the ROI.

我認為其中一部分是很自然的現象。我們現在拿下的案子——我們在電話會議中也提到一兩個——例如 50 萬美元 ACV 的交易。我們看到越來越多六位數的交易，也看到多年期、七位數的交易。當你往中大型市場走，就會開始需要 CEO 簽核，甚至在某些情況下，我們也開始看到需要董事會層級的核准。因此，隨著我們往上走，我們確實看到銷售週期略為拉長；整體而言，我會說對 ROI 的審視也更嚴格一些。

And frankly, we feel we're in a good position with that, we pride ourselves on delivering really strong TCO across the portfolio, right. In cove and our data protection, it's the software, but it's the labor, and so as is more scrutiny on ROI across the landscape, we believe we're well positioned to win in that category because it is one of our strengths.

坦白說，我們對此感到自己處於有利位置，因為我們一向以在整體產品組合中提供非常強的總持有成本（TCO）為傲。以 Cove 與我們的資料保護為例，不只是軟體成本，還包含人力成本；因此，當整體市場對 ROI 的審視提高時，我們相信自己在該類別中很有競爭力，因為這正是我們的強項之一。

How do we allow MSPs to do more with their dollar, both from the software point of view and from the labor point of view. So I think that's the one trend that we're keeping an eye on, and I think it's somewhat expected as we continue to go up market.

我們如何讓 MSP 以同樣的預算做更多事，無論從軟體角度或人力角度都是如此。所以我認為這是我們正在關注的一個趨勢，而且隨著我們持續往中大型市場拓展，這在某種程度上也是可預期的。

Okay, great. Thank you for the color there. And then you mentioned, agent mistakes as a demand driver, which is extremely topical, finding following reports of the Rogue PocketOS agent that production database and backups. Have you seen a noticeable uptick in demand or initial conversations following like incidents like this sound like it's becoming more prevalent, sort of as you alluded to? Or is there any other color you can provide on the data protection growth during the quarter?

好的，很棒。謝謝你提供這些說明。接著你提到「代理（agent）失誤」是需求驅動因素，這個話題非常切題；近期也有報導提到 Rogue PocketOS agent 影響到生產資料庫與備份。你們是否在這類事件發生後，看到需求或初步對話有明顯增加——就像你們暗示的那樣，這種情況正變得更常見？或者，你能否就本季資料保護的成長再補充一些其他觀察？

It's much more top of mind, and I think there's a realization across the landscape, that the need to recover and the need for business resilience and continuity in the world of this agentic era is going to become more and more top of mind. So if you think about backup in general, the last couple of years, it's been dominated by this cybersecurity bit, right? Ransomware or attacks from threat actors and the ability to back it up. But right along, for a long time, there's also friendly fire.

這件事更常被放在首要考量的位置，我認為整個市場環境也逐漸意識到：在這個代理式（agentic）時代，要復原、以及要確保企業韌性與營運持續性，將會越來越成為首要議題。所以如果你從備份整體來看，過去幾年一直被資安這一塊主導，對吧？勒索軟體或威脅行為者的攻擊，以及能否把資料備份起來。但同時，長期以來也一直存在所謂的「友軍誤傷」。

In other words, if an employee, unintentionally or intentionally deletes a bunch of data. Well, now we have all these agents in some state, in an autonomous state that, if not governed the right way, have the same ability to go delete data. And so I think there's a realization that this will happen. This could happen across small organizations or large organizations, and the ability to get back up and running is top of mind. Frankly, that's why we pitch business resilience, not cyber resilience.

換句話說，如果員工無意或有意刪除大量資料。那麼現在我們有各種代理在某種狀態下、在自主狀態下運作，如果沒有以正確方式治理，它們也同樣有能力去刪除資料。因此我認為大家已經意識到這種情況會發生。這可能發生在小型組織或大型組織，而能夠快速恢復上線是首要考量。坦白說，這也是為什麼我們主打的是企業韌性（business resilience），而不是網路韌性（cyber resilience）。

That's what we know when we're talking to our MSPs and we're talking to mid-market companies and small medium enterprises, what they're really worried about is avoiding disruption. And if there is disruption, how quick can we get back up and running? That's why we're really excited about DRaaS. DRaaS provides an immediate failover or near immediate failover.

這也是我們在與MSP溝通、以及與中型市場公司和中小企業交流時所了解的：他們真正擔心的是避免中斷。而如果真的發生中斷，能多快恢復上線？這也是為什麼我們對DRaaS特別興奮。DRaaS可提供立即或近乎立即的故障切換（failover）。

So if something happens via a threat actor or friendly fire or because an agent goes rogue on you. You have the ability to failover and keep your business going. And so all of these things are creating a bunch more of demand. And there is a, I'd say, a realization across the industry that this is more and more of a real thing as agents continue to proliferate across the IT environments.

所以如果因為威脅行為者、友軍誤傷，或是某個代理對你「失控」而出事，你就有能力進行故障切換並讓業務持續運作。因此，所有這些因素正在創造更多需求。我會說，整個產業也逐漸認知到：隨著代理在IT環境中持續普及，這會越來越成為真實且重要的議題。

Jason Ader, William Blair.

Jason Ader，William Blair。

Yeah, thank you. Good morning. A couple of things. First, on the macro environment, John, can you talk about any impact? Has it changed given the situation in the Middle East, the supply chain tightness going on out there? Is it -- in Q1, did you see any kind of variance from what you've seen throughout 2025 on the macro front?

是的，謝謝。早安。有幾點。首先，關於總體環境，John，你能談談是否有任何影響嗎？在中東局勢、以及目前供應鏈緊張的情況下，是否有所改變？在第一季，你們在總體面是否看到任何與你們在2025年一路以來所見不同的變化？

Hey, Jason, thanks for the question. As it relates to some of the geopolitical issues, no, we're not seeing any slowdown from any geopolitical issues. We are very international. A good amount of our business is in the UK, a good amount of our businesses in Western Europe. But no, we're not really seeing any impact from what's going on related to what's going on in Iran.

嗨，Jason，謝謝你的問題。就一些地緣政治議題而言，沒有，我們沒有看到因任何地緣政治因素而放緩。我們非常國際化，我們相當一部分業務在英國，也有相當一部分在西歐。但沒有，我們並沒有真正看到與伊朗相關的事件對我們造成任何影響。

Okay. All right. And then, Tim, for you, just can you talk about the -- I guess you've had a two-point NDR improvement over the last several quarters. Can you just talk through what is driving that improvement?

好的。了解。然後，Tim，想請你談談——我想你們過去幾季NDR提升了兩個百分點。你能說明一下是什麼在推動這個改善嗎？

Yeah. So, on the NRR, Jason?

好的。所以，你是指NRR嗎，Jason？

Yes.

是的。

Yeah. So on the operational front, a lot of it's on the heels of the execution we've had with cross-selling MDR into the customer base. That's continued to be very successful, and demand remains very healthy from that perspective. We also have some benefit from FX on the NRR rate as well. So the combination of those two things are the key drivers of the NRR improvement.

好的。就營運面來看，很大一部分是來自我們在客戶群中交叉銷售MDR的執行成果。這項工作持續非常成功，從這個角度來看需求也仍然很健康。此外，匯率（FX）對NRR比率也帶來一些助益。因此，這兩者的組合是推動NRR改善的關鍵因素。

Gotcha. Okay. And then last, I guess, last thing for you, John, what's the number one thing you want people to take away from this print?

了解。好的。最後，我想最後一個問題給你，John，你希望大家從這次財報（print）中帶走的第一要點是什麼？

Yeah, look, I think the number one thing is that we're really well positioned in this agentic era, and that's not a future state, that's a now state. We've introduced N-zo, which is an AI assistant in our UEM offering, which is really going to take a lot of the high-volume operational work off the load of our technicians.

是的，你看，我認為第一要點是：我們在這個代理式時代的定位非常好，而且這不是未來式，而是現在式。我們在UEM產品中推出了N-zo，這是一個AI助理，將能把大量高頻的營運工作從技術人員身上卸下來。

And this is our first really, or our continuation of turning labor into software. And we're excited about that and we plan to do it and we are doing it across all three fronts. We pride ourselves on being the platform of choice for MSPs for before the attack, during the attack, and after the attack. And we're layering in, an agentic technology to take the labor off of our MSPs, making them more efficient, making them more profitable. And in turn, we expect better GRR, better NRR, and being more of a critical piece of the MSP in the internal IT departments go forward.

而這是我們第一次真正——或者說是我們持續在做的——把人力轉化為軟體。我們對此感到興奮，並且計畫這麼做，也正在三個面向全面推進。我們以成為MSP首選平台為榮，涵蓋攻擊前、攻擊中、攻擊後。我們正在疊加代理式技術，替MSP卸下人力負擔，讓他們更有效率、更有獲利能力。反過來，我們預期會帶來更好的GRR、更好的NRR，並在未來成為MSP與內部IT部門更關鍵的一環。

And the best way of doing that, frankly, is to make sure that AI is helping them run their business and driving the efficiency. And we believe we're well positioned there.

坦白說，做到這一點的最佳方式，就是確保AI正在協助他們經營業務並推動效率。我們相信我們在這方面的定位很到位。

Joe Vandrick, Scotiabank.

Joe Vandrick，Scotiabank。

Thanks for the question. John, can you talk about it if you're seeing Frontier AI cyber developments like Mythos and GPT 5.5 cyber changing customer urgency around N-able's core products? I'm thinking especially around the automated patching and maybe endpoint, but backup and recovery as well. Are you seeing that show up? In pipeline or maybe even just in customer conversations?

謝謝讓我提問。John，你能談談你是否看到像Mythos和GPT 5.5 cyber這類前沿AI（Frontier AI）資安發展，正在改變客戶對N-able核心產品的急迫性嗎？我特別想到自動化修補（automated patching）以及可能的端點（endpoint），但備份與復原也一樣。你有看到這反映在銷售管線（pipeline）上，或至少在客戶對話中出現嗎？

Hey, Joe, definitely in customer conversations, I wouldn't say it's necessarily showing up in pipeline. Look, patching and vulnerability management is a fundamental layer in cyber resilience and an overall business resilience. And so we've been preaching that for a while. I think it just makes it more top of mind and folks need to make sure that they have a level of autonomous patching and vulnerability management, regardless of the environment.

嗨，Joe，確實在客戶對話中有，但我不會說它一定反映在管線上。你看，修補與弱點管理是網路韌性、以及整體企業韌性的基礎層。我們已經宣導一段時間了。我認為這只是讓它更常被放在首要考量的位置，大家需要確保無論在什麼環境下，都具備一定程度的自主修補與弱點管理能力。

And as it relates to backup, I think I brought this up earlier with the previous call from Mike and his team, it just provides another tailwind as to the use case, why you need to be able to back things up and more importantly, recover.

至於備份，我想我先前在和Mike及其團隊的上一通電話中也提過：這只是為使用情境再提供一個順風因素，說明為什麼你需要能夠備份，更重要的是能夠復原。

And recover in a near-time way. So I think it's really just driving a lot more conversation and awareness across the industry. But by and large, my MSPs that are in the upper quartile, they've been practicing this layered security approach. We've been helping them with that layered security approach. Again, this is why we think our best-of-breed. Platform approach is the right one for our customers, and because it helps tie in together and drive a lot more efficiency before the attack, during the attack, and after the attack, whether it's agentic or not.

而且要以近乎即時的方式復原。所以我認為它主要是在推動更多對話與產業整體的認知。但總體而言，我那些位於上四分位的MSP一直都在實行這種分層式安全方法。我們也一直在協助他們採用這種分層式安全方法。再次強調，這就是為什麼我們認為我們的同級最佳（best-of-breed）平台策略對客戶是正確的，因為它能把各項能力串在一起，並在攻擊前、攻擊中、攻擊後帶來更多效率，不論是否是代理式（agentic）。

So it's definitely making some of these conversations that might have been out of vogue, more in vogue, but, and that's overall good for the community, good for the industry, and good for N-able.

所以它確實讓一些可能曾經不那麼流行的對話，變得更流行；而這整體而言對社群、對產業、也對N-able都是好事。

Yes. Great, makes sense. And maybe one tactical one for Tim. How should we think about net new ARR for the remainder of the year? Is there any commentary that you can provide that could help us understand the trajectory throughout 2026?

是的。很好，合理。再補一個較戰術性問題給Tim：我們應該如何看待今年剩餘時間的淨新增ARR（net new ARR）？你是否能提供任何評論，幫助我們理解2026年全年的走勢軌跡？

Yeah, we talked on it slightly last quarter that it was going to be more back half lead than front half lead, more so due to some of the new offerings that we're bringing to market throughout the course of 2026. And that's specifically more so on the data protection side with DRaaS and Google Backup that John touched on.

好的。我們在上季稍微談到過：它會更偏向下半年帶動，而不是上半年帶動，主要是因為我們在2026年期間會把一些新產品推向市場。這特別是資料保護面向，包括John提到的DRaaS與Google Backup。

Erik Suppiger, B. Riley Securities.

Erik Suppiger，B. Riley Securities。

Yeah, thanks for taking the question and apologize if this was asked. I'm balancing a couple of calls, but just curious, has the developments with Anthropic and Mythos highlighting new or highlighting zero-day attacks, has that changed your customer behavior in terms of the way they're using and able to do patch management and trying to move forward on more of an accelerated path to implementing patches in response to kind of a threat landscape that's getting more visible?

是的，謝謝讓我提問，如果這題已經有人問過也先致歉。我同時在平衡幾通電話，但我想了解的是：Anthropic和Mythos的發展凸顯新的、或凸顯零日（zero-day）攻擊之後，是否改變了客戶行為——例如他們使用N-able進行修補管理的方式，以及在面對變得更可見的威脅態勢時，是否更傾向以更快的節奏推進修補落地？

There. Now, yeah, we talked about this a little bit before. What it's really done is just, I think, making patching and vulnerability management, which is a fundamental layer in cyber resilience more top of mind overall for the industry. But look, a internal IT department or an MSP who is established, that is growing their business, that practices the right proper layered security, that is driving more of a compliance forward type of business is executing on these areas already.

好了。現在，是的，我們之前稍微談過這個。它真正做到的，我認為，只是讓修補（patching）與弱點管理（vulnerability management）——也就是網路韌性中的基礎層——在整個產業中更被放在心上。但你看，一個成熟的內部 IT 部門或正在擴張業務的 MSP（託管服務供應商），如果採行正確、適當的分層式安全防護，並推動更偏向合規導向的業務模式，其實已經在執行這些面向了。

And so it really just puts our solution more to the center of what it needs. And that's why, again, we believe the way that we're positioned for before the attack, and we talk about before the attack, that is patching, that is vulnerability management, that is monitoring and managing.

因此，這確實只是把我們的解決方案放到更核心的位置，符合它應該扮演的角色。也因此，我們再次強調，我們在攻擊發生前的定位——我們談「攻擊前」——包括修補、弱點管理，以及監控與管理。

And during the attack with our threat hunting and our XDR, which is AI-infused, and then, of course, recovery, if you need to get things back up and going, we believe that's the right formula for internal IT departments and MSPs, and so tying these all together and adding an agentic layer that takes away from some of the high-volume operational work from a technician.

而在攻擊期間，我們提供威脅獵捕與我們的 XDR（導入 AI 的技術）；當然還有復原（recovery），如果你需要讓系統恢復運作。我們相信，這對內部 IT 部門與 MSP 來說是正確的公式；把這些整合在一起，再加上一層代理式（agentic）能力，能替技術人員減少部分高量的營運性工作。

That's the right formula because at the end of the day, what AI will also do for the bad guys is accelerate their speed and their volume for the threats. And so we need to be able to give our customers the ability to fight fire with fire and provide them AI-infused or AI-led technology so they can keep up with the speed. Often, the human is the bottleneck, and it's our job here to N-able to give them the software so it's not a labor burden, but it's on technology to, one, keep their customers safe and also drive their efficiency.

這是正確的公式，因為歸根結底，AI 也會替壞人加速威脅的速度與規模。因此，我們需要讓客戶具備以其人之道還治其人之身的能力，提供導入 AI 或由 AI 主導的技術，讓他們能跟上速度。很多時候，人力才是瓶頸；而我們 N-able 的工作，就是提供軟體，讓這不再是勞力負擔，而是交由技術來承擔：第一，確保他們的客戶安全；第二，提升效率。

We mentioned in the prepared remarks, an average MSP has an EBITDA of 10%, and a lot of that's because of the labor and. And on the high-volume, mundane tasks. And as we usher in the AI technology, our hope is to really break that linearity in the model, number one, to help them improve their EBITDA, but also be able to make sure that they're thwarting off any threats as a result of some of the AI in the wrong hands type of thing.

我們在事先準備的講稿中提到，平均一個 MSP 的 EBITDA 約為 10%，很大一部分原因在於人力成本，以及那些高量、瑣碎的任務。隨著我們引入 AI 技術，我們希望真正打破這種線性成長的模式：第一，協助他們提升 EBITDA；同時也確保他們能阻擋因 AI 落入不當之手而帶來的各種威脅。

And so all of this, frankly, is pointing, I think, to an area where cybersecurity will see a tailwind, and it's making it more top of mind.

因此，坦白說，這一切我認為都指向一個方向：資安將迎來順風（tailwind），而且它會更被放在心上。

(Operator Instructions) Keith Bachman, BMO.

（接線員指示）BMO 的 Keith Bachman。

Hi, guys. This is Adam on for Keith. Thanks for the question. I wanted to circle back to the new products and ask that, now that disaster recovery and N-zo are formally launched, what are adoption trends and uptake there relative to your prior expectations? And that includes some of those as well as the Google Workspace launch expected later this year. Are you guys embedding any expectations into the guide for revenue or ARR? Thank you.

嗨，各位。我是 Adam，代 Keith 發言。謝謝提問。我想回到新產品這塊再問一下：現在災難復原（disaster recovery）和 N-zo 已正式推出，相較於你們先前的預期，目前的採用趨勢與導入速度如何？也包括今年稍晚預計推出的 Google Workspace。你們是否在指引（guide）中納入任何對營收或 ARR 的預期？謝謝。

Hey, Adam. Thanks for the question. And it's good. That way, I want to clarify. So DRaaS is in limited preview right now. It's in customers' hands. We'll do the full launch a little bit later on in the back half of the year. To Tim's point, that's why we have the ARR building more to the back half of the year. It's early days. I'm happy to report that, so far, so good.

嗨，Adam。謝謝你的問題，而且問得很好。我想先澄清一下：DRaaS 目前仍處於有限預覽（limited preview）階段，已經在客戶手上。我們會在今年下半年稍晚進行完整上市。呼應 Tim 的觀點，這也是為什麼我們的 ARR 會更多地在下半年逐步建立。現在還是早期階段；我很高興回報，到目前為止進展良好。

We're building the pipeline. We have customers in preview. The experience so far, again, it's early days, has been really positive, and so we're excited there. On N-zo, it's also promising. Now, in N-zo, we're not going to directly monetize this in this first phase, but what we're seeing is MSPs coming back saying, hi, that saved me hours. You're improving certain tasks that I'm doing by 70%, and the feedback has been good.

我們正在建立銷售管線（pipeline），也有客戶在預覽中。到目前為止的體驗——再次強調，仍在早期——非常正面，所以我們對此感到興奮。至於 N-zo，也很有希望。現在，在 N-zo 這邊，我們在第一階段不會直接變現（monetize），但我們看到 MSP 回來回饋說：嗨，這幫我省了好幾個小時；你把我正在做的某些任務改善了 70%，整體回饋不錯。

That being said, the use cases are limited right now, so our plan is to continue to expand those use cases so we continue to get some of those reviews and savings from the labor. But so DRaaS, just to be clear, that one will be directly monetizable.

不過話說回來，目前的使用情境（use cases）還有限，所以我們的計畫是持續擴充這些使用情境，讓我們能持續獲得更多評價，並帶來人力成本的節省。但就 DRaaS 而言，為了說清楚，那個會是可以直接變現的。

N-zo in its initial phase, it's really going to be about helping the customer experience, driving our GRR and helping them improve their profits as well. And then we'll layer in coworkers and other monetization paths as we continue on the agentic lane. As it relates to Google, that's more to the back half of the year. And we actually have customers in the queue and doing some limited preview there. But because of where that sits in the year, we're not necessarily baking that in.

N-zo 在初期階段，主要會著重於改善客戶體驗、推動我們的 GRR，並協助他們提升獲利。接著，隨著我們在代理式（agentic）路線上持續前進，我們會再加入「同事（coworkers）」以及其他變現途徑。至於 Google，那會更偏向今年下半年。我們其實也有客戶在排隊，並在那邊做一些有限預覽。但因為它在年度中的時間點較靠近下半年，我們不一定會把它納入。

Into our financial plan just yet, just because that sits a little bit closer to the back half of the year. But good question. And look, this is also DRaaS and backup for Google are the top two areas that people were requesting for backup and data protection for the last couple of years. And just as a reminder, as it relates to data protection, this will help us.

納入我們目前的財務計畫，主要是因為它的時點更接近下半年。但這是個好問題。而且你看，DRaaS 以及 Google 的備份（backup）是過去幾年人們在備份與資料保護方面提出需求最多的前兩大領域。也提醒一下，就資料保護而言，這將幫助我們。

Improve our win rate. Now that we have these offerings, it will help us with the expand, of course, because we'll be able to cross-sell, and it should help us with the GRR as well, because now we have that one complete offering that an MSP is looking for. So we're cautiously optimistic.

提升我們的贏單率（win rate）。現在我們有了這些產品，也會幫助我們做擴張（expand），因為我們能進行交叉銷售（cross-sell）；同時也應該有助於 GRR，因為我們現在提供了 MSP 所尋求的一套完整方案。因此我們保持審慎樂觀。

Cove continues to be a fantastic offering, and our data protection area is our largest area, and so we expect this to just accelerate the data protection story.

Cove 仍然是一個非常出色的產品，而資料保護是我們最大的業務領域，因此我們預期這將進一步加速我們在資料保護方面的敘事與成長。

Got it. Thank you. And just to follow-up, if I may, I just wanted to ask about packaging and pricing changes. I believe you previously mentioned there's going to be a one to two-point net benefit for FY26. Is that still the expectation?

了解，謝謝。那我可以再追問一下嗎？我想問關於方案打包與定價（packaging and pricing）的調整。我記得你們之前提到，FY26 會有 1 到 2 個百分點的淨效益（net benefit）。這仍是目前的預期嗎？

Yeah, I would say it's probably closer to the one that, yeah, we're still expecting a slight benefit from pricing and packaging overall on the year.

是的，我會說可能更接近 1 個百分點；對，我們仍預期今年整體在定價與打包上會帶來些微的正面效益。

There are no further questions at this time. I will now turn the call back to CEO John Pagliuca for closing remarks.

目前沒有其他問題。我現在把電話交回給執行長 John Pagliuca 做結語。

Thank you, everyone, for joining N-able's quarterly results. We'll see you next time. Thank you.

謝謝各位參加 N-able 的季度業績說明。我們下次再見。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。