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N-ABLE(NABL) - 2024 Q4 - Annual Results
NABLN-ABLE(NABL)2025-03-03 12:05

Revenue Growth - Total revenue for Q4 2024 was 116.5million,representing7.5116.5 million, representing 7.5% year-over-year growth[5] - Subscription revenue for Q4 2024 was 115.0 million, reflecting an 8.5% year-over-year growth[5] - Full-year 2024 total revenue reached 466.1million,indicatinga10.5466.1 million, indicating a 10.5% year-over-year growth[5] - Full-year 2024 subscription revenue was 459.0 million, showing an 11.4% year-over-year growth[5] - Total ARR for Q4 2024 was 482.5million,reflectingan8.6482.5 million, reflecting an 8.6% year-over-year growth[5] - N-able expects total ARR for 2025 to be in the range of 514.0 million to 522.0million,representing7522.0 million, representing 7% to 8% year-over-year growth[13] - Non-GAAP revenue for the three months ended December 31, 2024, was 116,509,000, an increase of 7.3% compared to 108,415,000forthesameperiodin2023[31]−Non−GAAPsubscriptionrevenueforQ42024was108,415,000 for the same period in 2023[31] - Non-GAAP subscription revenue for Q4 2024 was 115,050, reflecting an 8.5% growth from 106,067inQ42023[41]−TotalGAAPrevenueforthetwelvemonthsendedDecember31,2024,was106,067 in Q4 2023[41] - Total GAAP revenue for the twelve months ended December 31, 2024, was 466,147, an increase of 10.5% compared to 421,880in2023[41]ProfitabilityMetrics−AdjustedEBITDAforQ42024was421,880 in 2023[41] Profitability Metrics - Adjusted EBITDA for Q4 2024 was 38.1 million, with an adjusted EBITDA margin of 32.7%[5] - Full-year 2025 adjusted EBITDA outlook is projected to be between 132.0millionand132.0 million and 138.0 million, representing approximately 27% to 28% of total revenue[13] - Adjusted EBITDA for Q4 2024 was 38,144,slightlydownfrom38,144, slightly down from 39,200 in Q4 2023, showing a decrease of 2.7%[39] - Non-GAAP operating income for the twelve months ended December 31, 2024, was 142,867,upfrom142,867, up from 119,600 in 2023, representing a 19.4% increase[39] - Non-GAAP net income for the twelve months ended December 31, 2024, was 89,570,upfrom89,570, up from 68,221 in 2023, reflecting a growth of 31.3%[37] - GAAP operating margin for Q4 2024 was 13.7%, down from 20.1% in Q4 2023[39] - Non-GAAP operating margin for the twelve months ended December 31, 2024, was 30.6%, compared to 28.3% in 2023, indicating an improvement[39] Cash Flow and Assets - As of December 31, 2024, total cash and cash equivalents were 85.2million,whiletotaldebtwas85.2 million, while total debt was 333.1 million[7] - Total current assets decreased to 183,923,000asofDecember31,2024,from183,923,000 as of December 31, 2024, from 224,791,000 in 2023, representing a decline of 18.2%[29] - Cash and cash equivalents decreased to 85,196,000asofDecember31,2024,from85,196,000 as of December 31, 2024, from 153,048,000 in 2023, a decline of 44.7%[29] - Total net cash provided by operating activities for the twelve months ended December 31, 2024, was 79,437thousand,downfrom79,437 thousand, down from 90,089 thousand in 2023, a decline of 11.8%[33] - The company reported a net cash decrease of 89,249thousandincashandcashequivalentsforthethreemonthsendedDecember31,2024,comparedtoanincreaseof89,249 thousand in cash and cash equivalents for the three months ended December 31, 2024, compared to an increase of 25,615 thousand in the same period of 2023[33] Expenses and Liabilities - Total operating expenses for the twelve months ended December 31, 2024, were 303,098,000,comparedto303,098,000, compared to 283,353,000 in 2023, an increase of 6.9%[31] - Total liabilities increased to 579,559,000asofDecember31,2024,comparedto579,559,000 as of December 31, 2024, compared to 451,431,000 in 2023, indicating a rise of 28.4%[29] - Cash paid for interest in the twelve months ended December 31, 2024, was 28,690thousand,slightlyupfrom28,690 thousand, slightly up from 28,437 thousand in 2023[34] - Stock-based compensation expense for the twelve months ended December 31, 2024, was 45,351thousand,comparedto45,351 thousand, compared to 43,570 thousand in 2023, indicating an increase of 4.1%[33] - Depreciation and amortization expenses for the twelve months ended December 31, 2024, were 25,725thousand,upfrom25,725 thousand, up from 21,623 thousand in 2023, representing a growth of 19.0%[33] Acquisitions and Strategic Moves - The strategic acquisition of Adlumin enhances N-able's security capabilities by adding cloud-native XDR and MDR[4] - The company incurred 98,694thousandinacquisitionsduringthetwelvemonthsendedDecember31,2024,withnocashacquiredinthepreviousyear[33]ForeignExchangeandDeferredRevenue−Thecompanyreportedalossonforeigncurrencyexchangeratesof98,694 thousand in acquisitions during the twelve months ended December 31, 2024, with no cash acquired in the previous year[33] Foreign Exchange and Deferred Revenue - The company reported a loss on foreign currency exchange rates of 2,009 thousand for the three months ended December 31, 2024, compared to a gain of 1,779thousandinthesameperiodof2023[33]−Deferredrevenueincreasedto1,779 thousand in the same period of 2023[33] - Deferred revenue increased to 3,903 thousand for the three months ended December 31, 2024, compared to 1,127thousandinthesameperiodof2023,reflectingagrowthof246.01,127 thousand in the same period of 2023, reflecting a growth of 246.0%[33] Net Income - Net income for the three months ended December 31, 2024, was 3,290,000, down from 9,351,000inthesameperiodof2023,adecreaseof64.89,351,000 in the same period of 2023, a decrease of 64.8%[31] - GAAP net income for Q4 2024 was 3,290, a decrease of 64.8% compared to $9,351 in Q4 2023[39]