Research Reports

Prepared Highlights

ARR: $849 million, +47% year-over-year, +3% pro forma YoY (including ShareFile in all periods) (CFO, prepared).
Net Revenue Retention: 100% for Q3 (CFO, prepared).
Revenue: $250 million, meaningfully exceeded guidance high end, ~40% YoY growth, driven by ShareFile and OpenEdge (CFO, prepared).
Operating Margin: 40% vs 41% in prior-year quarter (CFO, prepared).
Earnings Per Share: $1.50, meaningfully exceeded guidance high end, +$0.24 or +19% YoY (CFO, prepared).
Adjusted Free Cash Flow: $74 million, +$17 million or +29% YoY (CFO, prepared).
Unlevered Free Cash Flow: $89 million, +$26 million or +40% YoY (CFO, prepared).
Debt Repayment: $40 million repaid in Q3, total year-to-date $110 million (CFO, prepared).
Share Repurchases: $15 million in Q3, total year-to-date $65 million; remaining authorization increased to $242 million (CFO, prepared).
Net Leverage: ~3.5x using trailing twelve-month adjusted EBITDA; net debt $1.3 billion (CFO, prepared).
ShareFile NRR Improvement: Over 3,000 customers using new AI document assistant; AI-powered secure share recommender has identified/protected ~15,000 files with PII (CEO, prepared).
Q4 2025 Guidance: Revenue $250M–$256M, EPS $1.29–$1.35 (CFO, prepared).
Full Year 2025 Guidance: Revenue $975M–$981M (increased), operating margin 38%–39%, adjusted FCF $232M–$242M, unlevered FCF $289M–$299M, EPS $5.50–$5.56 (increased), tax rate ~20%, ~44M shares outstanding, total debt repayment $160M (CFO, prepared).

Mgmt quotes:

"We reported another outstanding quarter during which we outperformed on every metric as our business benefited from our customers' investments in their AI initiatives." — CEO
"ShareFile... is turning out to be the best acquisition we've done so far and was certainly the most intricate to integrate." — CEO
"Our products are leading the UI developer tools market with AI capabilities." — CEO
"We're thrilled with our third quarter results and the underlying momentum in our business that allows us to raise our full-year outlook yet again." — CFO

Prepared Metrics

Metric	Value	Speaker/Context
ARR (Q3 2025)	$849M	CFO (prepared)
Revenue (Q3 2025)	$250M	CFO (prepared)
EPS (Q3 2025)	$1.50	CFO (prepared)
Operating Margin (Q3 2025)	40%	CFO (prepared)
Adjusted Free Cash Flow (Q3 2025)	$74M	CFO (prepared)
Unlevered Free Cash Flow (Q3 2025)	$89M	CFO (prepared)
Net Retention Rate (Q3 2025)	100%	CFO (prepared)
Net Debt (Q3 end)	$1.3B	CFO (prepared)
Net Leverage (trailing 12M adjusted EBITDA)	~3.5x	CFO (prepared)
DSO (Q3 2025)	55 days	CFO (prepared)
Deferred Revenue (Q3 end)	$381M	CFO (prepared)
ShareFile AI Document Assistant Users	>3,000 customers	CEO (prepared)
ShareFile PII Files Protected	~15,000 files	CEO (prepared)