N-able Q1 2023 Earnings Report
Key Takeaways
N-able reported strong Q1 2023 results with total revenue of $99.8 million, representing approximately 10% year-over-year growth. The company exceeded both revenue and adjusted EBITDA outlook, and raised full-year 2023 constant currency revenue and adjusted EBITDA outlook.
Total revenue reached $99.8 million, a 10% year-over-year increase (13% on a constant currency basis).
Subscription revenue was $97.4 million, also representing approximately 10% year-over-year growth (13% on a constant currency basis).
GAAP net income was $3.5 million, or $0.02 per diluted share, while non-GAAP net income was $15.0 million, or $0.08 per diluted share.
Adjusted EBITDA amounted to $32.7 million, with an adjusted EBITDA margin of 32.8%.
N-able
N-able
N-able Revenue by Segment
Forward Guidance
N-able provided financial outlook for Q2 2023 and full-year 2023, expecting total revenue in the range of $102.5 to $103.0 million for Q2 and $414 to $417 million for the full year. Adjusted EBITDA is expected to be in the range of $32.0 to $32.5 million for Q2 and $127 to $130 million for the full year.
Positive Outlook
- Total revenue in the range of $102.5 to $103.0 million for Q2 2023, representing approximately 12% year-over-year growth.
- Adjusted EBITDA in the range of $32.0 to $32.5 million for Q2 2023, representing approximately 31% to 32% of total revenue.
- Total revenue in the range of $414 to $417 million for full-year 2023, representing 11% to 12% year-over-year growth.
- Total revenue in the range of $414 to $417 million for full-year 2023, representing 12% to 13% year-over-year growth on a constant currency basis.
- Adjusted EBITDA in the range of $127 to $130 million for full-year 2023, representing approximately 31% of total revenue.