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N-able
🇺🇸 NYSE:NABL
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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%.

Total Revenue
$108M
Previous year: $95.8M
+13.2%
EPS
$0.11
Previous year: $0.1
+10.0%
GAAP Gross Margin
83.7%
Previous year: 84.3%
-0.7%
Non-GAAP Gross Margin
84.5%
Previous year: 85%
-0.6%
Adjusted EBITDA
$39.2M
Previous year: $31.2M
+25.6%
Gross Profit
$90.8M
Previous year: $80.7M
+12.5%
Cash and Equivalents
$153M
Previous year: $98.8M
+54.8%
Free Cash Flow
$27.9M
Previous year: $15.3M
+83.1%
Total Assets
$1.16B
Previous year: $1.08B
+7.8%

N-able

N-able

N-able 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.
  • The excluded items in the non-GAAP measures could be material to GAAP results in future periods.
  • The outlook is subject to risks and uncertainties, including macroeconomic conditions and foreign exchange rates.
  • The forward-looking statements are based on management's beliefs and assumptions and on information currently available to management.

Company Overview

Full financial data and analysis

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