• TTM Dollar Based Net Revenue Retention Rate of 105%
  • Updates Mid-Point of Full-Year 2024 Revenue Outlook to $462M
  • Raises Full-Year 2024 Adjusted EBITDA Margin Outlook to 37%

BURLINGTON, MA – November 7, 2024 — / BackupReview.info / — N-able, Inc. (NYSE:NABL), a global software company helping IT services providers deliver remote monitoring and management, data protection as-a-service and security solutions, today reported results for its third quarter ended September 30, 2024.

“IT keeps businesses running and our software helps keep IT systems running and secure for small and medium sized enterprises and MSPs across the globe,” said N-able president and CEO John Pagliuca. “We made considerable progress during the quarter as our product development and go-to-market engines continued to deliver the resiliency and efficiency our customers need. We aim to continue building on this progress as we close out the year.”

“Our outperformance against our quarterly revenue and adjusted EBITDA guidance reflects our commitment to our mission and our execution,” added N-able CFO Tim O’Brien. “We are confident that delivering resiliency and efficiency to our customers is a winning value proposition, and we continue to make investments that drive these outcomes, positioning our customers and N-able to grow.”

Third quarter 2024 financial highlights:

  • Total revenue of $116.4 million, representing 3% year-over-year growth, or 7.3% year-over-year growth on a constant currency basis.
  • Subscription revenue of $115.0 million, representing 3% year-over-year growth, or 8.3% year-over-year growth on a constant currency basis.
  • GAAP gross margin of 9% and non-GAAP gross margin of 83.7%.
  • GAAP net income of $10.8 million, or $0.06 per diluted share, and non-GAAP net income of $24.3 million, or $0.13 per diluted share.
  • Adjusted EBITDA of $44.8 million, up 7% year-over-year, representing an adjusted EBITDA margin of 38.5%.

For a reconciliation of our GAAP to non-GAAP results, please see the tables below.

Additional highlights for the third quarter of 2024 include:

  • N-able launched global compliance initiatives to help fuel cyber resilience for its partners across a growing number of cybersecurity-focused compliance frameworks. Coming on the heels of the finalized Cybersecurity Maturity Model Certification (CMMC) 2.0 regulation, the initiatives extend ongoing product security, cloud infrastructure, and operational enhancements intended to address a number of overlapping controls in CMMC 2.0, NIS2, Cyber Essentials, Essential Eight, and other like-minded cybersecurity frameworks.
  • N-able was honored with a 2024 Stevie award for great employers. The Stevie Awards for Great Employers recognize the world’s best employers and the human resources professionals, teams, achievements, and HR-related products and suppliers who help to create and drive great places to work.
  • N-able expanded its Technology Alliance Program (TAP), furthering our open Ecoverse vision. New relationships include Bocada, AlertOps, DeskDay, PIXM, and Hudu. N-able TAP brings industry-leading technology companies together to further develop and integrate their solutions with the expansive solutions portfolio from N-able. This lets MSPs leverage a trusted community of providers focused on helping them succeed with a variety of third-party integrations and services, allowing them to serve their customers with more flexibility and choice.

Balance Sheet
As of September 30, 2024, total cash and cash equivalents were $174.4 million and total debt, net of debt issuance costs, was $333.6 million.

The financial results included in this press release are preliminary and pending final review by the company and its external auditors. Financial results will not be final until N-able files its quarterly report on Form 10-Q for the period. Information about N-able’s use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures.”

Financial Outlook
As of November 7, 2024, N-able is providing its financial outlook for the fourth quarter of 2024 and full-year 2024. The financial information below represents forward-looking non-GAAP financial information, including adjusted EBITDA. These non-GAAP financial measures exclude, among other items mentioned below, amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, transaction related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We have not reconciled our estimates of these non-GAAP financial measures to their most directly comparable GAAP measure as a result of uncertainty regarding, and the potential variability of, these excluded items in future periods. Accordingly, reconciliation is not available without unreasonable effort, although it is important to note that these excluded items could be material to our results computed in accordance with GAAP in future periods. Our reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.

The financial outlook provided below reflects N-able’s expectations, as of the date of this release, regarding the impact on its business of changing foreign exchange rates and current macroeconomic dynamics.

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Source: https://www.backupreview.info/2024/11/07/n-able-announces-third-quarter-2024-results/