N-able Q1 2024 Earnings Report
Key Takeaways
N-able reported a strong start to 2024, exceeding guidance on both revenue and adjusted EBITDA. Total revenue reached $113.7 million, a 14% year-over-year increase. The company raised its full-year constant currency revenue and adjusted EBITDA margin outlooks.
Total revenue increased by 14% year-over-year to $113.7 million.
Subscription revenue grew by 14.4% year-over-year to $111.5 million.
GAAP net income was $7.5 million, or $0.04 per diluted share; non-GAAP net income was $19.8 million, or $0.11 per diluted share.
Adjusted EBITDA increased by 21% year-over-year to $39.6 million, representing a 34.8% adjusted EBITDA margin.
N-able
N-able
N-able Revenue by Segment
Forward Guidance
N-able provided financial outlook for the second quarter and full year 2024. For Q2 2024, they expect total revenue between $116.5 to $117.0 million and adjusted EBITDA between $41.0 to $41.5 million. For full year 2024, they expect total revenue between $462.0 to $465.0 million and adjusted EBITDA between $162.0 to $165.0 million.
Positive Outlook
- Total revenue in the range of $116.5 to $117.0 million for Q2 2024, 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 for Q2 2024, representing approximately 35% of total revenue.
- Total revenue in the range of $462.0 to $465.0 million for full year 2024, 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 for full year 2024, representing approximately 35% of total revenue.
- Expectations reflect the impact on its business of changing foreign exchange rates and current macroeconomic dynamics.
Challenges Ahead
- Forward-looking non-GAAP financial information excludes items such as amortization of acquired intangible assets and developed technology.
- Depreciation expense is excluded from forward-looking non-GAAP financial information.
- Income tax expense is excluded from forward-looking non-GAAP financial information.
- Interest expense, net, is excluded from forward-looking non-GAAP financial information.
- Unrealized foreign currency (gains) losses are excluded from forward-looking non-GAAP financial information.