N-able Q3 2023 Earnings Report
Key Takeaways
N-able reported strong third-quarter results, with total revenue of $107.6 million, representing approximately 15.0% year-over-year growth. The company's adjusted EBITDA was $36.6 million, up approximately 27% year-over-year, representing an adjusted EBITDA margin of 34.0%. N-able is maintaining its full-year 2023 revenue growth outlook of 13% year-over-year and raised its full-year 2023 adjusted EBITDA outlook to $139.2 - $139.7 Million with Adjusted EBITDA Margin of 33%.
Total revenue of $107.6 million, representing approximately 15.0% year-over-year growth.
Subscription revenue of $105.2 million, representing approximately 15.3% year-over-year growth.
GAAP gross margin of 83.9% and non-GAAP gross margin of 84.6%.
Adjusted EBITDA of $36.6 million, up approximately 27% year-over-year, representing an adjusted EBITDA margin of 34.0%.
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N-able Revenue by Segment
Forward Guidance
N-able provided its financial outlook for the fourth quarter of 2023 and full-year 2023.
Positive Outlook
- Total revenue in the range of $106.5 to $107.0 million for Q4 2023, representing approximately 11% to 12% year-over-year growth.
- Total revenue in the range of $106.5 to $107.0 million for Q4 2023, representing approximately 10% to 11% growth on a constant currency basis.
- Adjusted EBITDA in the range of $35.0 to $35.5 million for Q4 2023, representing approximately 33% of total revenue.
- Total revenue in the range of $420.0 to $420.5 million for full year 2023, representing approximately 13% year-over-year growth on both a reported and constant currency basis.
- Adjusted EBITDA in the range of $139.2 to $139.7 million for full year 2023, representing approximately 33% of total revenue.