N-able Announces Strong Performance in Third Quarter 2024 Results

BURLINGTON, Massachusetts – N-able, Inc. (NYSE:NABL), a global software company focused on assisting IT services providers in delivering remote monitoring, management, data protection, and security solutions, has disclosed its financial results for the third quarter concluding on September 30, 2024.

President and CEO of N-able, John Pagliuca, expressed the company’s dedication to keeping IT systems operational for small and medium-sized enterprises and Managed Services Providers (MSPs) worldwide. The company made notable advancements during the quarter, driven by resilient product development and go-to-market strategies supporting customer needs. As the year wraps up, N-able is positioned to continue building upon this progress.

Financial highlights for the third quarter of 2024 include total revenue of $116.4 million, a rise of 8.3% year-over-year. Subscription revenue reached $115.0 million, reflecting a year-over-year growth of 9.3%. Moreover, N-able reported a GAAP net income of $10.8 million, or $0.06 per diluted share, with a non-GAAP net income of $24.3 million, or $0.13 per diluted share. The company achieved an adjusted EBITDA of $44.8 million, marking a 22.7% increase year-over-year and representing an adjusted EBITDA margin of 38.5%.

N-able expanded its Technology Alliance Program (TAP) to enhance its open Ecoverse vision, fostering relationships with companies like Bocada, AlertOps, DeskDay, PIXM, and Hudu. These collaborations improve N-able’s portfolio with diverse integrations and services, empowering MSPs to cater to their customers with more flexibility.

As of September 30, 2024, N-able’s total cash and cash equivalents stood at $174.4 million, while total debt net of debt issuance costs amounted to $333.6 million.

The preliminary financial results are pending final review by the company and external auditors, awaiting the filing of the quarterly report on Form 10-Q for the period. N-able aims to provide continued value to customers with a robust outlook for the fourth quarter of 2024 and full-year 2024. The company forecasts total revenue between $461.2 to $462.7 million for the full year, indicating a 9% to 10% year-over-year growth.

These improvements follow the company’s commitment to innovation and customer service, positioning N-able for sustained growth in the evolving IT landscape.

For further details, the company will be hosting a conference call on November 7, 2024, at 8:30 a.m. ET to discuss its financial performance, business updates, and outlook.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read N-able’s 8K filing here.

About N-able

N-able, Inc provides cloud-based software solutions for managed service providers in the United States, the United Kingdom, and internationally. The company's solutions enable MSPs to support digital transformation and growth within small and medium-sized enterprises. It provides software platform designed to be an integrated, enterprise-grade solution that serves as an operating system for its MSP partners and scales as their businesses grow.