N-able Q3 2022 Earnings Report
Key Takeaways
N-able announced strong third-quarter results, exceeding expectations for both revenue and profit. The company's strategy is on track, with offerings in RMM, data protection, and security leading the market. N-able is focused on helping partners manage and secure their businesses while accelerating growth.
Total revenue reached $93.5 million, a 6% year-over-year increase (13% in constant currency).
Subscription revenue was $91.2 million, also a 6% year-over-year increase (13% in constant currency).
GAAP gross margin was 83.9%, and non-GAAP gross margin was 84.8%.
Adjusted EBITDA was $28.8 million, representing a 30.9% adjusted EBITDA margin.
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N-able Revenue by Segment
Forward Guidance
N-able provided its financial outlook for the fourth quarter and full year 2022. Total revenue for Q4 2022 is expected to be in the range of $93.3 to $93.8 million, representing approximately 5% year-over-year growth, or approximately 11% to 12% growth on a constant currency basis. Adjusted EBITDA for Q4 2022 is expected to be in the range of $27.5 to $28.0 million, representing approximately 30% of total revenue. Total revenue for full year 2022 is expected to be in the range of $369.3 to $369.8 million, representing 7% year-over-year growth, or 12% to 13% year-over-year growth on a constant currency basis. Adjusted EBITDA for full year 2022 is expected to be in the range of $111.0 to $111.5 million, representing approximately 30% of total revenue.
Positive Outlook
- Total revenue in the range of $93.3 to $93.8 million for Q4 2022, representing approximately 5% year-over-year growth.
- Total revenue is expected to grow approximately 11% to 12% on a constant currency basis.
- Adjusted EBITDA in the range of $27.5 to $28.0 million for Q4 2022, representing approximately 30% of total revenue.
- Total revenue in the range of $369.3 to $369.8 million for full year 2022, representing 7% year-over-year growth.
- Total revenue is expected to grow 12% to 13% year-over-year growth on a constant currency basis for full year 2022.