NABL earnings call summary

Prepared Highlights

• Total ARR of $548M, growing 8% YoY in constant currency (CEO)
• Adjusted EBITDA margin of 27% (CEO)
• Trailing 12-month net revenue retention at 106% on a reported basis (CEO, CFO)
• Customers with >$50K ARR grew 13% YoY; this cohort now represents 62% of total ARR (CEO, CFO)
• Customers with >$100K ARR represent 41% of total recurring revenue (CEO)
• Total revenue of $134M, ~13% YoY reported growth, 8% constant currency (CFO)
• Subscription revenue of $132M, ~13% YoY reported growth, 9% constant currency (CFO)
• Gross margin 80% (vs 81% in Q1 2025) (CFO)
• Unlevered FCF $22M in Q1 (CFO)
• CapEx $4M, or 3% of revenue (CFO)
• Data protection surpassed 3.5M Microsoft 365 users and led net new ARR growth (CEO)
• Security operations customer count nearly doubled since Q2 2025 (CEO)

Official Guidance (CFO):

• Q2 2026: Revenue $137.5M–$138.5M (~5–6% YoY reported; 4% constant currency); Adjusted EBITDA $39.5M–$40.5M (~29% margin)
• FY 2026: Revenue $554M–$559M (~8–9% YoY reported; 7–8% constant currency); ARR $581M–$586M (8–9% YoY); Adjusted EBITDA $167M–$171M (30–31% margin); Unlevered FCF $116M–$120M (raised); CapEx ~5% of revenue

Mgmt Quotes:

• "Our first quarter ARR was $548 million, growing 8% year-over-year in constant currency, and adjusted EBITDA margin was 27%." (CEO)
• "Data protection has now surpassed 3.5 million Microsoft 365 users and led our net new ARR growth in the quarter." (CEO)
• "We are raising our unlevered free cash flow outlook and expect our unlevered free cash flow to be approximately $116 million to $120 million." (CFO)
• "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." (CFO)
• "We delivered another quarter of consistent execution with solid ARR growth, strong margins and practical AI innovation." (CEO)

Prepared Metrics

Q&A Batch (1-5 of 5)

Q1 — Michael Cikos

• Topic: 销售周期延长与需求驱动因素
• Key points:
  • 向上市场过程中销售周期延长，需CEO/董事会批准，ROI审查更严
  • 出现50万美元ACV、六位数及七位数多年期交易
  • agent失误（如Rogue PocketOS事件）推动备份与恢复意识，DRaaS支持即时故障转移
• Mgmt stance: bullish，公司TCO优势明显，定位契合agentic时代需求

Q2 — Jason Ader

• Topic: 宏观环境与NDR改善
• Key points:
  • 中东等地缘政治未影响业务（英国、西欧正常）
  • NDR提高2个百分点，驱动因素：MDR交叉销售成功 + 外汇顺风
  • 首推取点：N-zo AI助手降低技术人员劳动，提升GRR/NRR
• Mgmt stance: bullish，技术与市场定位在agentic时代具备优势

Q3 — William Vandrick

• Topic: 新网络安全趋势与净新ARR展望
• Key points:
  • Mythos/GPT 5.5等事件增强客户对话，但未直接转化管道
  • ARR将更多集中在下半年，因DRaaS和Google Backup产品上市
  • DRaaS处于有限预览阶段，全面发布在后半年
• Mgmt stance: neutral，客户意识提升但管道尚未反映，新产品节奏偏后

Q4 — Erik Suppiger

• Topic: AI威胁对补丁与漏洞管理的加速效应
• Key points:
  • AI加速威胁速度与量级，客户需“以火攻火”采用AI技术
  • 公司提供AI注入的XDR、补丁、恢复全栈方案
  • 典型MSP EBITDA仅10%，AI可打破人力线性瓶颈
• Mgmt stance: bullish，公司方案贴合客户抵御AI威胁与提升效率需求

Q5 — Adam Holets

• Topic: 新产品采用与定价包装影响
• Key points:
  • DRaaS预览阶段反馈正面，但全面发布与ARR贡献在下半年
  • N-zo首阶段不直接货币化，可节省客户70%任务时间
  • Google Backup未纳入2026财务指引
  • 定价包装净收益约1个百分点（原预期1–2点）
• Mgmt stance: cautious，新产品早期且部分未计入指引，但长期优化win rate与交叉销售