First-Quarter 2024 Revenue Increased 14%
Year-Over-Year
Raised Full-Year 2024 Constant Currency Revenue
Outlook to 10% - 11% Year-Over-Year Growth
Raised Full-Year 2024 Adjusted EBITDA Margin
Outlook 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 first quarter ended March 31, 2024.
“It was a strong start to the year,” said N-able president and
CEO John Pagliuca. “We saw broad-based demand across our growing
software stack and advanced important initiatives across the
business. Our MSP customers face significant pain points managing
increasingly complex IT estates for their small and medium
enterprise customers. We believe our multi-product platform is
situated to solve these pain points and help MSPs grow their
businesses. We aim to be the vendor of choice for MSPs everywhere
and are eager to continue building on the results we delivered in
the first-quarter.”
“We are pleased with our performance in the quarter, again
exceeding our guidance on the top and bottom lines,” added N-able
CFO Tim O’Brien. “There are encouraging indicators that our
expanded product portfolio is resonating with customers, and we
continue to innovate while delivering robust profitability."
First quarter 2024 financial highlights:
- Total revenue of $113.7 million, representing 14.0%
year-over-year growth, or 13.7% year-over-year growth on a constant
currency basis.
- Subscription revenue of $111.5 million, representing 14.4%
year-over-year growth, or 14.2% year-over-year growth on a constant
currency basis.
- GAAP gross margin of 83.9% and non-GAAP gross margin of
84.7%.
- GAAP net income of $7.5 million, or $0.04 per diluted share,
and non-GAAP net income of $19.8 million, or $0.11 per diluted
share.
- Adjusted EBITDA of $39.6 million, up 21.0% year-over-year,
representing an adjusted EBITDA margin of 34.8%.
For a reconciliation of our GAAP to non-GAAP results, please see
the tables below.
Additional highlights for the first quarter of 2024 include:
- N-able was recognized by CRN®, a brand of The Channel Company,
with a prestigious 5-Star Award in its 2024 Partner Program Guide.
The 5-Star rating is awarded to the companies that have built their
partner programs to go above and beyond in their commitment to
nurturing strong, profitable, and successful channel
partnerships.
- N-able showcased its Ecoverse vision for the future at its
annual customer conference, Empower. N-able’s Ecoverse connects the
disparate tools used by IT professionals and is designed to
harmonize and transform modern IT through an open, unified
ecosystem.
- N-able announced Cove’s Master of Disaster Recovery Class, a
free 60-minute interactive online session focused on preparing MSPs
to be disaster-ready. The class is a live, hands-on, immersive
learning experience designed to equip MSPs with the confidence and
expertise they need to implement best practices, including how to
design and deliver proactive disaster recovery as a service.
- N-able was awarded the Advancing Diversity in Technology
Leadership Award at the 2024 North America Spotlight Awards by
CompTIA, the nonprofit trade association and a leading IT
certification provider for the industry and its workforce. The
award recognized N-able for its commitment to diversity, equity,
and inclusion in the industry, and making a positive impact on the
lives and careers of others through its values.
Balance Sheet
As of March 31, 2024, total cash and cash equivalents were
$139.2 million and total debt, net of debt issuance costs, was
$334.5 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 quarterly report on Form 10-Q 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 May 9, 2024, N-able is providing its financial outlook for
the second 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 Second Quarter of 2024
N-able management currently expects to achieve the following
results for the second quarter of 2024:
- Total revenue in the range of $116.5 to $117.0 million,
representing approximately 10% year-over-year growth, or 10% to 11%
growth on a constant currency basis.
- Adjusted EBITDA in the range of $41.0 to $41.5 million,
representing approximately 35% of total revenue.
Financial Outlook for Full-Year 2024
N-able management currently expects to achieve the following
results for the full-year 2024:
- Total revenue in the range of $462.0 to $465.0 million,
representing approximately 10% year-over-year growth, or 10% to 11%
growth on a constant currency basis.
- Adjusted EBITDA in the range of $162.0 to $165.0 million,
representing approximately 35% of total revenue.
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 May 9, 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 second 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, 2023, that
N-able filed with the SEC on 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:
- Stock-Based Compensation Expense and Related Employer-Paid
Payroll Taxes. We provide non-GAAP information that excludes
expenses related to stock-based compensation and related
employer-paid payroll taxes associated with our employees’
participation in N-able's stock-based incentive compensation plans.
We believe that the exclusion of stock-based compensation expense
provides for a better comparison of our operating results to prior
periods and to our peer companies as the calculations of
stock-based compensation vary from period to period and company to
company due to different valuation methodologies, subjective
assumptions and the variety of award types. Employer-paid payroll
taxes on stock-based compensation is dependent on our stock price
and the timing of the taxable events related to the equity awards,
over which our management has little control, and does not
necessarily correlate to the core operation of our business.
Because of these unique characteristics of stock-based compensation
and related employer-paid payroll taxes, management excludes these
expenses when analyzing the organization’s business
performance.
- Amortization of Acquired Technologies and Intangible Assets. We
provide non-GAAP information that excludes expenses related to
purchased technologies and intangible assets associated with our
acquisitions. We believe that eliminating this expense from our
non-GAAP measures is useful to investors because the amortization
of acquired technologies and intangible assets can be inconsistent
in amount and frequency and is significantly impacted by the timing
and magnitude of our acquisition transactions, which also vary in
frequency from period to period. Accordingly, we analyze the
performance of our operations in each period without regard to such
expenses.
- Acquisition Related Costs. We exclude certain expense items
resulting from acquisitions, such as legal, accounting and advisory
fees, changes in fair value of contingent consideration, costs
related to integrating the acquired businesses, deferred
compensation, severance and retention expense. We consider these
adjustments, to some extent, to be unpredictable and dependent on a
significant number of factors that are outside of our control.
Furthermore, acquisitions result in operating expenses that would
not otherwise have been incurred by us in the normal course of our
organic business operations. We believe that providing non-GAAP
measures that exclude acquisition related costs allows investors to
better review and understand the historical and current results of
our continuing operations and also facilitates comparisons to our
historical results and results of less acquisitive peer companies,
both with and without such adjustments.
- Spin-off Costs. We exclude certain expense items resulting from
the spin-off into a newly created and separately traded public
company. These costs include legal, accounting and advisory fees,
system implementation costs and other incremental costs incurred by
us related to the separation from SolarWinds. The spin-off
transaction results in operating expenses that would not otherwise
have been incurred by us in the normal course of our organic
business operations. We believe that providing non-GAAP measures
that exclude these costs facilitates a more meaningful evaluation
of our operating performance and comparisons to our past operating
performance.
- Restructuring Costs and Other. We provide non-GAAP information
that excludes restructuring costs such as severance, certain
employee relocation costs, and the estimated costs of exiting and
terminating facility lease commitments, as they relate to our
corporate restructuring and exit activities. These costs are
inconsistent in amount and are significantly impacted by the timing
and nature of these events. Therefore, although we may incur these
types of expenses in the future, we believe that eliminating these
costs for purposes of calculating the non-GAAP financial measures
facilitates a more meaningful evaluation of our operating
performance and comparisons to our past operating performance.
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)
March 31,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
139,227
$
153,048
Accounts receivable, net of allowances of
$1,224 and $1,171 as of March 31, 2024 and December 31, 2023,
respectively
39,752
40,013
Income tax receivable
10,446
8,001
Prepaid and other current assets
32,843
23,729
Total current assets
222,268
224,791
Property and equipment, net
35,414
36,838
Operating lease right-of-use assets
30,656
32,067
Deferred taxes
1,041
1,087
Goodwill
829,790
838,497
Intangible assets, net
6,136
6,717
Other assets, net
24,626
22,794
Total assets
$
1,149,931
$
1,162,791
Liabilities and stockholders' equity
Current liabilities:
Accounts payable
$
4,032
$
5,239
Accrued liabilities and other
36,421
49,366
Current operating lease liabilities
6,310
6,443
Income taxes payable
10,612
4,523
Current portion of deferred revenue
12,884
12,646
Current debt obligation
3,500
3,500
Total current liabilities
73,759
81,717
Long-term liabilities:
Deferred revenue, net of current
portion
217
167
Non-current deferred taxes
1,775
1,820
Non-current operating lease
liabilities
31,554
33,064
Long-term debt, net of current portion
331,032
331,509
Other long-term liabilities
2,532
3,154
Total liabilities
440,869
451,431
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value:
550,000,000 shares authorized and 184,762,998 and 183,220,689
shares issued and outstanding as of March 31, 2024 and December 31,
2023, respectively
185
183
Preferred stock, $0.001 par value:
50,000,000 shares authorized and no shares issued and outstanding
as of March 31, 2024 and December 31, 2023, respectively
—
—
Additional paid-in capital
667,161
666,522
Accumulated other comprehensive loss
(income)
(5,986
)
4,409
Retained earnings
47,702
40,246
Total stockholders' equity
709,062
711,360
Total liabilities and stockholders'
equity
$
1,149,931
$
1,162,791
N-able, Inc.
Consolidated Statements of
Operations
(In thousands, except per
share information)
(Unaudited)
Three Months Ended March
31,
2024
2023
Revenue:
Subscription and other revenue
$
113,749
$
99,818
Cost of revenue:
Cost of revenue
17,836
15,753
Amortization of acquired technologies
461
456
Total cost of revenue
18,297
16,209
Gross profit
95,452
83,609
Operating expenses:
Sales and marketing
35,816
32,563
Research and development
22,082
18,810
General and administrative
17,049
17,348
Amortization of acquired intangibles
14
564
Total operating expenses
74,961
69,285
Operating income
20,491
14,324
Other expense:
Interest expense, net
(7,621
)
(7,200
)
Other income, net
285
988
Total other expense, net
(7,336
)
(6,212
)
Income before income taxes
13,155
8,112
Income tax expense
5,699
4,573
Net income
$
7,456
$
3,539
Net income per share:
Basic earnings per share
$
0.04
$
0.02
Diluted earnings per share
$
0.04
$
0.02
Weighted-average shares used to compute
net income per share:
Shares used in computation of basic
earnings per share:
184,015
181,435
Shares used in computation of diluted
earnings per share:
187,174
183,191
N-able, Inc.
Consolidated Statements of
Cash Flows
(In thousands)
(Unaudited)
Three Months Ended March
31,
2024
2023
Cash flows from operating activities
Net income
$
7,456
$
3,539
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
5,819
5,667
Provision for (benefit from) doubtful
accounts
53
(91
)
Stock-based compensation expense
11,547
9,850
Deferred taxes
(6
)
8
Amortization of debt issuance costs
399
394
Operating lease right-of-use assets,
net
(46
)
(110
)
Loss on foreign currency exchange
rates
796
25
(Gain) loss on contingent
consideration
(1,407
)
240
Other non-cash expenses
84
31
Changes in operating assets and
liabilities, net of assets acquired and liabilities assumed in
business combinations:
Accounts receivable
(121
)
(1,393
)
Income tax receivable
(2,462
)
(5,816
)
Prepaid expenses and other assets
(8,981
)
(2,181
)
Accounts payable
(1,389
)
(270
)
Accrued liabilities and other
(11,705
)
(3,837
)
Income taxes payable
6,005
5,297
Deferred revenue
289
509
Other long-term assets
(1,920
)
(1,275
)
Other long-term liabilities
(227
)
44
Net cash provided by operating
activities
4,184
10,631
Cash flows from investing activities
Purchases of property and equipment
(3,438
)
(3,404
)
Purchases of intangible assets
(1,689
)
(2,211
)
Net cash used in investing activities
(5,127
)
(5,615
)
Cash flows from financing activities
Payments of tax withholding obligations
related to restricted stock units
(12,241
)
(5,838
)
Exercise of stock options
—
21
Proceeds from issuance of common stock
under employee stock purchase plan
1,200
771
Repayments of borrowings from Credit
Agreement
(875
)
(875
)
Net cash used in financing activities
(11,916
)
(5,921
)
Effect of exchange rate changes on cash
and cash equivalents
(962
)
138
Net decrease in cash and cash
equivalents
(13,821
)
(767
)
Cash and cash equivalents
Beginning of period
153,048
98,847
End of period
$
139,227
$
98,080
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
7,270
$
6,689
Cash paid for income taxes
$
1,779
$
4,665
Supplemental disclosure of non-cash
activities:
Change in purchases of property, equipment
and leasehold improvements included in accounts payable and accrued
expenses
$
179
$
(163
)
N-able, Inc.
Reconciliation of GAAP to
Non-GAAP Financial Measures
(In thousands, except per
share information)
(Unaudited)
Three Months Ended March
31,
2024
2023
GAAP cost of revenue
$
18,297
$
16,209
Stock-based compensation expense and
related employer-paid payroll taxes
(447
)
(336
)
Amortization of acquired technologies
(461
)
(456
)
Restructuring costs and other
—
(9
)
Non-GAAP cost of revenue
$
17,389
$
15,408
GAAP gross profit
$
95,452
$
83,609
Stock-based compensation expense and
related employer-paid payroll taxes
447
336
Amortization of acquired technologies
461
456
Restructuring costs and other
—
9
Non-GAAP gross profit
$
96,360
$
84,410
GAAP sales and marketing expense
$
35,816
$
32,563
Stock-based compensation expense and
related employer-paid payroll taxes
(4,373
)
(3,542
)
Restructuring costs and other
(171
)
—
Non-GAAP sales and marketing expense
$
31,272
$
29,021
GAAP research and development expense
$
22,082
$
18,810
Stock-based compensation expense and
related employer-paid payroll taxes
(2,785
)
(1,990
)
Restructuring costs and other
(24
)
(638
)
Non-GAAP research and development
expense
$
19,273
$
16,182
GAAP general and administrative
expense
$
17,049
$
17,348
Stock-based compensation expense and
related employer-paid payroll taxes
(5,362
)
(4,748
)
Acquisition related costs
1,396
(269
)
Restructuring costs and other
(431
)
20
Spin-off costs
(51
)
(230
)
Non-GAAP general and administrative
expense
$
12,601
$
12,121
GAAP operating income
$
20,491
$
14,324
Amortization of acquired technologies
461
456
Amortization of acquired intangibles
14
564
Stock-based compensation expense and
related employer-paid payroll taxes
12,967
10,616
Acquisition related costs
(1,396
)
269
Restructuring costs and other
626
627
Spin-off costs
51
230
Non-GAAP operating income
$
33,214
$
27,086
GAAP operating margin
18.0
%
14.4
%
Non-GAAP operating margin
29.2
%
27.1
%
GAAP net income
$
7,456
$
3,539
Amortization of acquired technologies
461
456
Amortization of acquired intangibles
14
564
Stock-based compensation expense and
related employer-paid payroll taxes
12,967
10,616
Acquisition related costs
(1,396
)
269
Restructuring costs and other
626
627
Spin-off costs
51
230
Tax benefits associated with above
adjustments (1)
(344
)
(1,327
)
Non-GAAP net income
$
19,835
$
14,974
GAAP diluted earnings per share
$
0.04
$
0.02
Non-GAAP diluted earnings per share
$
0.11
$
0.08
Shares used in computation of diluted
earnings per share:
187,174
183,191
_________________
(1) The tax benefits associated with
non-GAAP adjustments for the three months ended March 31, 2024, and
2023, 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 March
31,
2024
2023
Net income
$
7,456
$
3,539
Amortization
1,862
1,997
Depreciation
3,957
3,670
Income tax expense
5,699
4,573
Interest expense, net
7,621
7,200
Unrealized foreign currency losses
796
25
Acquisition related costs
(1,396
)
269
Spin-off costs
51
230
Stock-based compensation expense and
related employer-paid payroll taxes
12,967
10,616
Restructuring costs and other
626
627
Adjusted EBITDA
$
39,639
$
32,746
Adjusted EBITDA margin
34.8
%
32.8
%
N-able, Inc.
Reconciliation of GAAP Revenue
to Non-GAAP Revenue on a Constant Currency Basis
(In thousands, except
percentages)
(Unaudited)
Three Months Ended March
31,
2024
2023
Growth Rate
GAAP subscription revenue
$
111,517
$
97,442
14.4
%
Estimated foreign currency impact (1)
(211
)
—
(0.2
)
Non-GAAP subscription revenue on a
constant currency basis
$
111,306
$
97,442
14.2
%
GAAP other revenue
$
2,232
$
2,376
(6.1
)%
Estimated foreign currency impact (1)
4
—
0.2
Non-GAAP other revenue on a constant
currency basis
$
2,236
$
2,376
(5.9
)%
GAAP subscription and other revenue
$
113,749
$
99,818
14.0
%
Estimated foreign currency impact (1)
(207
)
—
(0.2
)
Non-GAAP subscription and other revenue on
a constant currency basis
$
113,542
$
99,818
13.7
%
_________________
(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
for the three months ended March 31, 2024.
N-able, Inc.
Reconciliation of Unlevered
Free Cash Flow
(In thousands)
(Unaudited)
Three Months Ended March
31,
2024
2023
Net cash provided by operating
activities
$
4,184
$
10,631
Purchases of property and equipment
(3,438
)
(3,404
)
Purchases of intangible assets
(1,689
)
(2,211
)
Free cash flow
(943
)
5,016
Cash paid for interest, net of cash
interest received
7,270
6,689
Cash paid for acquisition related costs,
restructuring costs, spin-off costs, employer-paid payroll taxes on
stock awards and other one-time items
952
2,157
Unlevered free cash flow
$
7,279
$
13,862
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240508631640/en/
Investors: Tim O'Brien ir@n-able.com
Media: Kim Cecchini Phone: 202.391.5205 pr@n-able.com
N able (NYSE:NABL)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
N able (NYSE:NABL)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024