N-ABLE(NABL) - 2024 Q4 - Annual Results

Revenue Growth - Total revenue for Q4 2024 was $116.5 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 $466.1 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 $482.5 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 $522.0 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 $108,415,000 for the same period in 2023[31] - Non-GAAP subscription revenue for Q4 2024 was $115,050, reflecting an 8.5% growth from $106,067 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 $421,880 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 $132.0 million and $138.0 million, representing approximately 27% to 28% of total revenue[13] - Adjusted EBITDA for Q4 2024 was $38,144, 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, 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, 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 $85.2 million, while total debt was $333.1 million[7] - Total current assets decreased to $183,923,000 as of December 31, 2024, from $224,791,000 in 2023, representing a decline of 18.2%[29] - Cash and cash equivalents decreased to $85,196,000 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 $79,437 thousand, down from $90,089 thousand in 2023, a decline of 11.8%[33] - The company reported a net cash decrease of $89,249 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, compared to $283,353,000 in 2023, an increase of 6.9%[31] - Total liabilities increased to $579,559,000 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 $28,690 thousand, slightly up from $28,437 thousand in 2023[34] - Stock-based compensation expense for the twelve months ended December 31, 2024, was $45,351 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 $25,725 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 $98,694 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 $1,779 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 $1,127 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 $9,351,000 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]