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Dec 31, 2023
N-able Q4 2023 Earnings Report
N-able's Q4 2023 performance was strong, exceeding expectations and capping a successful year with double-digit revenue growth and adjusted EBITDA margin expansion.
Key Takeaways
N-able reported strong Q4 2023 results with total revenue of $108.4 million, representing 13.2% year-over-year growth. The company's GAAP net income was $9.4 million, or $0.05 per diluted share, and non-GAAP net income was $19.8 million, or $0.11 per diluted share. Adjusted EBITDA was $39.2 million, representing an adjusted EBITDA margin of 36.2%.
Total revenue reached $108.4 million, a 13.2% increase year-over-year.
Subscription revenue was $106.1 million, growing 13.6% year-over-year.
GAAP gross margin was 83.7%, and non-GAAP gross margin was 84.5%.
Adjusted EBITDA was $39.2 million, with a margin of 36.2%.
Revenue by Segment
Forward Guidance
N-able provided financial outlook for Q1 2024 and full-year 2024. For Q1 2024, the company expects total revenue in the range of $111.0 to $111.5 million and adjusted EBITDA in the range of $37.5 to $38.0 million. For full-year 2024, the company expects total revenue in the range of $460.0 to $465.0 million and adjusted EBITDA in the range of $158.0 to $162.0 million.
Positive Outlook
- Expected total revenue growth of approximately 11% to 12% year-over-year for Q1 2024.
- Q1 2024 Adjusted EBITDA is expected to be approximately 34% of total revenue.
- Full-year 2024 revenue is projected to grow by approximately 9% to 10% year-over-year.
- Full-year 2024 Adjusted EBITDA is expected to be between 34% and 35% of total revenue.
- The financial outlook reflects N-able's expectations regarding foreign exchange rates and current macroeconomic dynamics.
Challenges Ahead
- The financial outlook is based on forward-looking non-GAAP financial information.
- Reconciliation of non-GAAP financial measures to GAAP measures is not available without unreasonable effort due to uncertainty regarding excluded items.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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