![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
N able Inc | NYSE:NABL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.39 | 2.62% | 15.27 | 15.485 | 14.92 | 14.92 | 805,771 | 01:00:00 |
Full-Year 2023 Revenue Increased 13.5% Year-Over-Year
TTM Dollar-Based Net Retention Rate of 110%
Full-Year 2024 Revenue Outlook of 9% to 10% Year-Over-Year Growth
Full-Year 2024 Adjusted EBITDA Margin Outlook of 34% to 35%
N-able, Inc. (NYSE:NABL), a global software company helping IT services providers deliver remote monitoring and management, data protection as-a-service, and security solutions, today reported results for its fourth quarter and full-year ended December 31, 2023.
“Our 2023 performance was strong, and we believe lays the groundwork for a successful 2024,” said N-able president and CEO John Pagliuca. “Demand for effective IT management software has remained robust, with increasing security threats, intensifying compliance standards, and rising IT complexity challenging MSPs and SMEs across the globe. With our expanding suite of purpose-built software products - including the recent additions of MDR and Cloud Commander - N-able is poised to meet these needs. We have high ambitions in 2024 and are determined to deliver for our customers and stakeholders.”
“Our fourth quarter results exceeded expectations on the top and bottom lines capping a successful year where we advanced our product roadmap, expanded our cross-sell opportunity, and drove double digit revenue growth while growing our full-year adjusted EBITDA margin by over 300 basis points,” added N-able CFO Tim O’Brien. “Our 2024 operating plan builds on this momentum and we believe positions us to advance critical strategic initiatives as we aim to achieve a sustained Rule of 50 performance goal.”
Fourth quarter 2023 financial highlights:
Full-year 2023 financial highlights:
For a reconciliation of our GAAP to non-GAAP results, please see the tables below.
Additional highlights for the fourth quarter of 2023 include:
Balance Sheet
As of December 31, 2023, total cash and cash equivalents were $153.0 million and total debt, net of debt issuance costs, was $335.0 million.
The financial results included in this press release are preliminary and pending final review by the company and its external auditors. Financial results will not be final until N-able files its annual report on Form 10-K for the period. Information about N-able's use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures.”
Financial Outlook
As of February 22, 2024, N-able is providing its financial outlook for the first quarter of 2024 and full-year 2024. The financial information below represents forward-looking non-GAAP financial information, including adjusted EBITDA. These non-GAAP financial measures exclude, among other items mentioned below, amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, acquisition related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We have not reconciled our estimates of these non-GAAP financial measures to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, these excluded items in future periods. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods. Our reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.
The financial outlook provided below reflects N-able's expectations, as of the date of this release, regarding the impact on its business of changing foreign exchange rates and current macroeconomic dynamics.
Financial Outlook for the First Quarter of 2024
N-able management currently expects to achieve the following results for the first quarter of 2024:
Financial Outlook for Full-Year 2024
N-able management currently expects to achieve the following results for the full-year 2024:
Additional details on the company's outlook will be provided on the conference call.
Conference Call and Webcast
In conjunction with this announcement, N-able will host a conference call today to discuss its financial results, business and business outlook at 8:30 a.m. ET on February 22, 2024. A live webcast of the call will be available on the N-able Investor Relations website at http://investors.n-able.com. A replay of the webcast will be available on a temporary basis shortly after the event on the N-able Investor Relations website.
Forward-Looking Statements
This press release contains “forward-looking” statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial outlook for the first quarter and full-year 2024 and the impact of macroeconomic conditions on our business. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be signified by terms such as “aim,” “anticipate,” “believe,” “continue,” “expect,” “feel,” “intend,” “estimate,” “seek,” “plan,” “may,” “can,” “could,” “should,” “will,” “would” or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially and adversely different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (a) risks related to our spin-off from SolarWinds into a newly created and separately-traded public company, including that the spin-off may not achieve some or all of any anticipated benefits with respect to our business; that the distribution, together with certain related transactions, may not qualify as a transaction that is generally tax-free for U.S. federal income tax purposes, which could result in N-able incurring significant tax liabilities, and, in certain circumstances, requiring us to indemnify SolarWinds for material taxes and other related amounts pursuant to indemnification obligations under the tax matters agreement; (b) the impact of adverse economic conditions; (c) our ability to sell subscriptions to new managed service provider (“MSP”) partners, to sell additional solutions to our existing MSP partners and to increase the usage of our solutions by our existing MSP partners, as well as our ability to generate and maintain MSP partner loyalty; (d) any decline in our renewal or net retention rates; (e) the possibility that general economic conditions or uncertainty may cause information technology spending to be reduced or purchasing decisions to be delayed, including as a result of inflation, actions taken by central banks to counter inflation, rising interest rates, war and political unrest, military conflict (including between Russia and Ukraine and in the Middle East), terrorism, sanctions or other geopolitical events globally, or that such factors may otherwise harm our business, financial condition or results of operations; (f) any inability to generate significant volumes of high-quality sales leads from our digital marketing initiatives and convert such leads into new business at acceptable conversion rates; (g) any inability to successfully identify, complete and integrate acquisitions and manage our growth effectively; (h) any inability to resell third-party software or integrate third-party software into our solutions, or find suitable replacements for such third-party software; (i) risks associated with our international operations; (j) foreign exchange gains and losses related to expenses and sales denominated in currencies other than the functional currency of an associated entity; (k) risks that cyberattacks, including the cyberattack on SolarWinds’ Orion Software Platform and internal systems announced by SolarWinds in December 2020 (the “Cyber Incident”), and other security incidents may result in compromises or breaches of our, our MSP partners’, or their SME customers’ systems, the insertion of malicious code, malware, ransomware or other vulnerabilities into our, our MSP partners’, or their SME customers’ environments, the exploitation of vulnerabilities in our, our MSP partners’, or their SME customers’ security, the theft or misappropriation of our, our MSP partners’, or their SME customers’ proprietary and confidential information, and interference with our, our MSP partners’, or their SME customers’ operations, exposure to legal and other liabilities, higher MSP partner and employee attrition and the loss of key personnel, negative impacts to our sales, renewals and upgrades and reputational harm and other serious negative consequences, any or all of which could materially harm our business; (l) our status as a controlled company; (m) our ability to attract and retain qualified employees and key personnel; (n) the timing and success of new product introductions and product upgrades by us or our competitors; (o) our ability to protect and defend our intellectual property and not infringe upon others’ intellectual property; (p) the possibility that our operating income could fluctuate and may decline as percentage of revenue as we make further expenditures to expand our operations in order to support additional growth in our business; (q) our indebtedness, including increased borrowing costs resulting from rising interest rates, potential restrictions on our operations and the impact of events of default; (r) our ability to operate our business internationally and increase sales of our solutions to our MSP partners located outside of the United States; and (s) such other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission, including the risk factors discussed in N-able’s Annual Report on Form 10-K for the year ended December 31, 2022, that N-able filed with the SEC on March 14, 2023, and those that will be discussed in the Annual Report on Form 10-K for the period ended December 31, 2023, that N-able anticipates filing on or before February 29, 2024. All information provided in this release is as of the date hereof and N-able undertakes no duty to update this information except as required by law.
Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with GAAP, we use certain non-GAAP financial measures to clarify and enhance our understanding, and aid in the period-to-period comparison, of our performance. We believe that these non-GAAP financial measures provide supplemental information that is meaningful when assessing our operating performance because they exclude the impact of certain amounts that our management and board of directors do not consider part of core operating results when assessing our operational performance, allocating resources, preparing annual budgets and determining compensation. Accordingly, these non-GAAP financial measures may provide insight to investors into the motivation and decision-making of management in operating the business.
N-able also believes that these non-GAAP financial measures are used by investors and security analysts to (a) compare and evaluate its performance from period to period and (b) compare its performance to those of its competitors. These non-GAAP measures exclude certain items that can vary substantially from company to company depending upon their financing and accounting methods, the book value of their assets, their capital structures and the method by which their assets were acquired.
As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, their most comparable GAAP measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Certain items that are excluded from these non-GAAP financial measures can have a material impact on operating and net income.
N-able's management and board of directors compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measure. Set forth in the tables below are the corresponding GAAP financial measures for each non-GAAP financial measure presented. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are set forth in the tables below.
Non-GAAP Gross Margin, Non-GAAP Operating Income and Non-GAAP Operating Margin. We provide non-GAAP total cost of revenue, non-GAAP gross margin, non-GAAP operating expense and non-GAAP operating income and related non-GAAP gross and operating margins excluding such items as stock-based compensation expense and related employer-paid payroll taxes, amortization of acquired intangible assets, acquisition related costs, spin-off costs and restructuring costs and other. We define non-GAAP gross and operating margins as non-GAAP gross profit and operating income divided by total revenue. Management believes these measures are useful for the following reasons:
Non-GAAP Net Income and Non-GAAP Net Income Per Diluted Share. We believe that the use of non-GAAP net income and non-GAAP net income per diluted share is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP net income is calculated as net income excluding the adjustments to non-GAAP gross profit and non-GAAP operating income and the income tax effect of the non-GAAP exclusions. We define non-GAAP net income per diluted share as non-GAAP net income divided by the weighted average outstanding common shares.
Adjusted EBITDA and Adjusted EBITDA Margin. We regularly monitor adjusted EBITDA and adjusted EBITDA margin, as they are measures we use to assess our operating performance. We define adjusted EBITDA as net income or loss, excluding amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, acquisition related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We define adjusted EBITDA margin as adjusted EBITDA divided by total revenue. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our related party debt; adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Non-GAAP Revenue on a Constant Currency Basis. We provide non-GAAP revenue on a constant currency basis to provide a framework for assessing our performance excluding the effect of foreign currency rate fluctuations. To present this information, current period results for revenue contracts denominated in currencies other than U.S. Dollars are converted into U.S. Dollars at the average exchange rates in effect during the corresponding prior period presented. We believe that providing non-GAAP revenue on a constant currency basis facilitates the comparison of non-GAAP revenue to prior periods.
Unlevered Free Cash Flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate cash flow from operations, after the deduction of capital expenditures and prior to the impact of our capital structure, acquisition-related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and other one-time items, that can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.
About N-able
N-able fuels IT services providers with powerful software solutions to monitor, manage, and secure their customers’ systems, data, and networks. Built on a scalable platform, we offer secure infrastructure and tools to simplify complex ecosystems, as well as resources to navigate evolving IT needs. We help partners excel at every stage of growth, protect their customers, and expand their offerings with an ever-increasing, flexible portfolio of integrations from leading technology providers. n-able.com
© 2024 N-able, Inc. All rights reserved.
Source: N-able, Inc. Category: Financial
N-able, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
153,048
$
98,847
Accounts receivable, net of allowances of $1,171 and $1,330 as of December 31, 2023 and 2022, respectively
40,013
34,798
Income tax receivable
8,001
7,814
Prepaid and other current assets
23,729
12,697
Total current assets
224,791
154,156
Property and equipment, net
36,838
37,404
Operating lease right-of-use assets
32,067
31,752
Deferred taxes
1,087
795
Goodwill
838,497
828,795
Intangible assets, net
6,717
8,873
Other assets, net
22,794
17,082
Total assets
$
1,162,791
$
1,078,857
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
5,239
$
3,544
Accrued liabilities and other
49,366
35,630
Current operating lease liabilities
6,443
5,771
Income taxes payable
4,523
1,629
Current portion of deferred revenue
12,646
11,740
Current debt obligation
3,500
3,500
Total current liabilities
81,717
61,814
Long-term liabilities:
Deferred revenue, net of current portion
167
387
Non-current deferred taxes
1,820
2,783
Non-current operating lease liabilities
33,064
33,110
Long-term debt, net of current portion
331,509
333,488
Other long-term liabilities
3,154
5,204
Total liabilities
451,431
436,786
Commitments and contingencies (Note 15)
Stockholders’ equity:
Common stock, $0.001 par value: 550,000,000 shares authorized and 183,220,689 and 180,849,537 shares issued and outstanding as of December 31, 2023 and 2022, respectively
183
181
Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of December 31, 2023 and 2022, respectively
—
—
Additional paid-in capital
666,522
632,871
Accumulated other comprehensive income (loss)
4,409
(7,815
)
Retained earnings
40,246
16,834
Total stockholders' equity
711,360
642,071
Total liabilities and stockholders' equity
$
1,162,791
$
1,078,857
N-able, Inc.
Consolidated Statements of Operations
(In thousands, except per share information)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Revenue:
Subscription and other revenue
$
108,415
$
95,755
$
421,880
$
371,769
Cost of revenue:
Cost of revenue
17,164
14,641
66,369
56,133
Amortization of acquired technologies
457
434
1,839
2,477
Total cost of revenue
17,621
15,075
68,208
58,610
Gross profit
90,794
80,680
353,672
313,159
Operating expenses:
Sales and marketing
33,579
31,078
134,691
125,301
Research and development
19,384
16,820
78,180
63,484
General and administrative
16,008
17,006
69,885
71,125
Amortization of acquired intangibles
12
1,467
597
5,853
Total operating expenses
68,983
66,371
283,353
265,763
Operating income
21,811
14,309
70,319
47,396
Other expense:
Interest expense, net
(7,720
)
(6,393
)
(30,252
)
(18,852
)
Other income, net
2,690
2,442
4,259
1,881
Total other expense, net
(5,030
)
(3,951
)
(25,993
)
(16,971
)
Income before income taxes
16,781
10,358
44,326
30,425
Income tax expense
7,430
3,373
20,914
13,718
Net income
$
9,351
$
6,985
$
23,412
$
16,707
Net income per share:
Basic earnings per share
$
0.05
$
0.04
$
0.13
$
0.09
Diluted earnings per share
$
0.05
$
0.04
$
0.13
$
0.09
Weighted-average shares used to compute net income per share:
Shares used in computation of basic earnings per share:
183,072
180,712
182,371
180,136
Shares used in computation of diluted earnings per share:
186,495
182,162
185,980
181,297
N-able, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Cash flows from operating activities
Net income
$
9,351
$
6,985
$
23,412
$
16,707
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
5,481
6,170
21,623
24,440
Benefit from doubtful accounts
(546
)
(461
)
(159
)
(323
)
Stock-based compensation expense
10,677
8,449
43,570
36,527
Deferred taxes
350
(1,636
)
330
(1,423
)
Amortization of debt issuance costs
404
404
1,601
1,623
Operating lease right-of-use assets, net
(500
)
(15
)
(1,550
)
(1,168
)
(Gain) loss on foreign currency exchange rates
(1,779
)
(2,135
)
358
(1,246
)
Gain on contingent consideration
(485
)
(249
)
(1,443
)
(83
)
Other non-cash expenses
92
105
220
148
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable
(939
)
(3,710
)
(7,060
)
(3,432
)
Income tax receivable
8,700
2,235
(174
)
(567
)
Prepaid expenses and other assets
(2,802
)
680
(10,823
)
283
Accounts payable
1,451
813
1,833
(1,624
)
Due to and from affiliates
—
—
—
(402
)
Accrued liabilities and other
7,381
(123
)
16,065
3,003
Income taxes payable
(6,525
)
(278
)
2,966
(3,188
)
Deferred revenue
1,127
865
684
1,358
Other long-term assets
(68
)
299
(1,274
)
780
Other long-term liabilities
(150
)
—
(90
)
—
Net cash provided by operating activities
31,220
18,398
90,089
71,413
Cash flows from investing activities
Purchases of property and equipment
(3,293
)
(3,144
)
(13,780
)
(12,834
)
Purchases of intangible assets
(1,881
)
(4,664
)
(8,556
)
(8,176
)
Acquisitions, net of cash acquired
—
103
—
(9,199
)
Net cash used in investing activities
(5,174
)
(7,705
)
(22,336
)
(30,209
)
Cash flows from financing activities
Payments of tax withholding obligations related to restricted stock units
(1,748
)
(1,972
)
(11,976
)
(8,325
)
Exercise of stock options
—
77
72
108
Proceeds from issuance of common stock under employee stock purchase plan
—
—
1,681
1,315
Deferred acquisition payments
(600
)
—
(1,450
)
—
Repayments of borrowings from Credit Agreement
(875
)
(875
)
(3,500
)
(3,500
)
Net cash used in financing activities
(3,223
)
(2,770
)
(15,173
)
(10,402
)
Effect of exchange rate changes on cash and cash equivalents
2,792
3,195
1,621
1,309
Net increase in cash and cash equivalents
25,615
11,118
54,201
32,111
Cash and cash equivalents
Beginning of period
127,433
87,729
98,847
66,736
End of period
$
153,048
$
98,847
$
153,048
$
98,847
Supplemental disclosure of cash flow information:
Cash paid for interest
$
7,318
$
5,322
$
28,437
$
15,570
Cash paid for income taxes
$
3,888
$
3,146
$
14,934
$
16,303
Supplemental disclosure of non-cash activities:
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses
$
175
$
(156
)
$
(378
)
$
(728
)
Right-of-use assets obtained in exchange for operating lease liabilities
$
2,805
$
—
$
5,123
$
967
N-able, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share information)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
GAAP cost of revenue
$
17,621
$
15,075
$
68,208
$
58,610
Stock-based compensation expense and related employer-paid payroll taxes
(363
)
(263
)
(1,434
)
(1,218
)
Amortization of acquired technologies
(457
)
(434
)
(1,839
)
(2,477
)
Restructuring costs and other
(36
)
(20
)
(74
)
(61
)
Non-GAAP cost of revenue
$
16,765
$
14,358
$
64,861
$
54,854
GAAP gross profit
$
90,794
$
80,680
$
353,672
$
313,159
Stock-based compensation expense and related employer-paid payroll taxes
363
263
1,434
1,218
Amortization of acquired technologies
457
434
1,839
2,477
Restructuring costs and other
36
20
74
61
Non-GAAP gross profit
$
91,650
$
81,397
$
357,019
$
316,915
GAAP sales and marketing expense
$
33,579
$
31,078
$
134,691
$
125,301
Stock-based compensation expense and related employer-paid payroll taxes
(3,715
)
(2,919
)
(15,287
)
(12,500
)
Acquisition related costs
4
(3
)
(24
)
(21
)
Restructuring costs and other
(263
)
(429
)
(290
)
(441
)
Non-GAAP sales and marketing expense
$
29,605
$
27,727
$
119,090
$
112,339
GAAP research and development expense
$
19,384
$
16,820
$
78,180
$
63,484
Stock-based compensation expense and related employer-paid payroll taxes
(2,225
)
(1,463
)
(8,995
)
(6,400
)
Acquisition related costs
—
(16
)
(8
)
(48
)
Restructuring costs and other
(87
)
(678
)
(926
)
(1,028
)
Non-GAAP research and development expense
$
17,072
$
14,663
$
68,251
$
56,008
GAAP general and administrative expense
$
16,008
$
17,006
$
69,885
$
71,125
Stock-based compensation expense and related employer-paid payroll taxes
(4,565
)
(4,033
)
(19,377
)
(17,540
)
Acquisition related costs
474
236
1,128
(220
)
Restructuring costs and other
(109
)
(555
)
(823
)
(1,132
)
Spin-off costs
(112
)
(268
)
(735
)
(1,616
)
Non-GAAP general and administrative expense
$
11,696
$
12,386
$
50,078
$
50,617
GAAP operating income
$
21,811
$
14,309
$
70,319
$
47,396
Amortization of acquired technologies
457
434
1,839
2,477
Amortization of acquired intangibles
12
1,468
597
5,854
Stock-based compensation expense and related employer-paid payroll taxes
10,868
8,678
45,093
37,658
Acquisition related costs
(478
)
(217
)
(1,096
)
289
Restructuring costs and other
495
1,682
2,113
2,662
Spin-off costs
112
268
735
1,616
Non-GAAP operating income
$
33,277
$
26,622
$
119,600
$
97,952
GAAP operating margin
20.1
%
14.9
%
16.7
%
12.7
%
Non-GAAP operating margin
30.7
%
27.8
%
28.3
%
26.3
%
GAAP net income
$
9,351
$
6,985
$
23,412
$
16,707
Amortization of acquired technologies
457
434
1,839
2,477
Amortization of acquired intangibles
12
1,468
597
5,854
Stock-based compensation expense and related employer-paid payroll taxes
10,868
8,678
45,093
37,658
Acquisition related costs
(478
)
(217
)
(1,096
)
289
Restructuring costs and other
495
1,682
2,113
2,662
Spin-off costs
112
268
735
1,616
Tax benefits associated with above adjustments (1)
(992
)
(1,332
)
(4,472
)
(5,430
)
Non-GAAP net income
$
19,825
$
17,966
$
68,221
$
61,833
GAAP diluted earnings per share
$
0.05
$
0.04
$
0.13
$
0.09
Non-GAAP diluted earnings per share
$
0.11
$
0.10
$
0.37
$
0.34
Shares used in computation of diluted earnings per share:
186,495
182,162
185,980
181,297
_________________
(1) The tax benefits associated with non-GAAP adjustments for the three and twelve months ended December 31, 2023, and 2022, respectively, is calculated utilizing the Company's individual statutory tax rates for each impacted subsidiary.
N-able, Inc.
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net income
$
9,351
$
6,985
$
23,412
$
16,707
Amortization
1,571
2,643
6,396
11,191
Depreciation
3,910
3,527
15,227
13,249
Income tax expense
7,430
3,373
20,914
13,718
Interest expense, net
7,720
6,393
30,252
18,852
Unrealized foreign currency (gains) losses
(1,779
)
(2,135
)
358
(1,246
)
Acquisition related costs
(478
)
(217
)
(1,096
)
289
Spin-off costs
112
268
735
1,616
Stock-based compensation expense and related employer-paid payroll taxes
10,868
8,678
45,093
37,658
Restructuring costs and other
495
1,682
2,113
2,662
Adjusted EBITDA
$
39,200
$
31,197
$
143,404
$
114,696
Adjusted EBITDA margin
36.2
%
32.6
%
34.0
%
30.9
%
N-able, Inc.
Reconciliation of GAAP Revenue to Non-GAAP Revenue on a Constant Currency Basis
(In thousands, except percentages)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
Growth Rate
2023
2022
Growth Rate
GAAP subscription revenue
$
106,067
$
93,392
13.6
%
$
412,072
$
362,609
13.6
%
Estimated foreign currency impact (1)
(1,726
)
—
(1.9
)
166
—
0.1
Non-GAAP subscription revenue on a constant currency basis
$
104,341
$
93,392
11.7
%
$
412,238
$
362,609
13.7
%
GAAP other revenue
$
2,348
$
2,363
(0.7
)%
$
9,808
$
9,160
7.1
%
Estimated foreign currency impact (1)
(1
)
—
—
52
—
0.5
Non-GAAP other revenue on a constant currency basis
$
2,347
$
2,363
(0.7
)%
$
9,860
$
9,160
7.6
%
GAAP subscription and other revenue
$
108,415
$
95,755
13.2
%
$
421,880
$
371,769
13.5
%
Estimated foreign currency impact (1)
(1,727
)
—
(1.8
)
218
—
—
Non-GAAP subscription and other revenue on a constant currency basis
$
106,688
$
95,755
11.4
%
$
422,098
$
371,769
13.5
%
_________________(1) The estimated foreign currency impact is calculated using the average foreign currency exchange rates in the comparable prior year monthly periods and applying those rates to foreign-denominated revenue in the corresponding monthly periods in the three and twelve months ended December 31, 2023.
N-able, Inc.
Reconciliation of Unlevered Free Cash Flow
(In thousands)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net cash provided by operating activities
$
31,220
$
18,398
$
90,089
$
71,413
Purchases of property and equipment
(3,293
)
(3,144
)
(13,780
)
(12,834
)
Purchases of intangible assets
(1,881
)
(4,664
)
(8,556
)
(8,176
)
Free cash flow
26,046
10,590
67,753
50,403
Cash paid for interest, net of cash interest received
7,318
5,322
28,437
15,570
Cash paid for acquisition related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and other one-time items
1,243
1,677
6,128
8,881
Unlevered free cash flow
$
34,607
$
17,589
$
102,318
$
74,854
View source version on businesswire.com: https://www.businesswire.com/news/home/20240221708196/en/
Investors: Tim O'Brien ir@n-able.com
Media: Kim Cecchini Phone: 202.391.5205 pr@n-able.com
1 Year N able Chart |
1 Month N able Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions