N-able, Inc.

Listed Company

NABLCIK 0001834488NYSELarge AcceleratedServices-Prepackaged SoftwareFY ends Dec 31

Period

FY 2025

Revenue

$511.43M

Net Income

$-17.03M

Total Assets

$1.41B

Equity

$804.65M

Shares Out

188.38M

Op. Cash Flow

$93.20M

Business

N-able, Inc. is a provider of cloud-based security, data protection, and unified endpoint management software designed for IT services providers, including managed service providers (MSPs). Its offerings include unified endpoint management, layered security (endpoint protection, XDR, MDR, patching, web and mail protection), cloud-based data protection-as-a-service, and business management tools such as professional services automation, password management and reporting/automation capabilities. The company organizes its business around three core solution categories—UEM, security and data protection—supported by partner success, sales and R&D functions. It sells subscription solutions globally to MSPs that serve small and mid-market businesses via direct inside sales, trials and a network of distributors and resellers.

Summary from filing dated 2025-03-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Subscription and other revenue	511	466	422	372	346
Cost of revenue	100	77	66	56	47
Amortization of acquired technologies	17	4	2	3	6
Total cost of revenue	117	81	68	59	52
Gross profit	394	385	354	313	294
Sales and marketing	163	136	135	125	113
Research and development	101	91	78	63	54
General and administrative	92	77	70	71	81
Amortization of acquired intangibles	2	278,000	597,000	6	13
Total operating expenses	358	303	283	266	261
Operating income	37	82	70	47	33
Interest expense, net	−36	−30	−30	−19	−20
Other income, net	2	2	4	2	−1
Total other expense, net	−34	−28	−26	−17	−22
Income before income taxes	2	54	44	30	12
Income tax expense	19	23	21	14	11
Net (loss) income	−17	31	23	17	113,000
Basic earnings per share (in dollars per share)	−0.09	0.17	0.13	0.09	0
Diluted earnings per share (in dollars per share)	−0.09	0.16	0.13	0.09	0
Shares used in computation of basic earnings per share (in shares)	188	185	182	180	167
Shares used in computation of diluted earnings per share (in shares)	188	188	186	181	169

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	112	85	153	99	67
Accounts receivable, net of allowances of $4,059 and $886 as of December 31, 2025 and 2024, respectively	50	45	40	35	33
Income tax receivable	3	4	8	8	7
Recoverable taxes	10	24	12	—	—
Current contract assets	20	13	1	—	—
Prepaid and other current assets	21	13	10	13	14
Total current assets	216	184	225	154	121
Property and equipment, net	38	36	37	37	39
Operating lease right-of-use assets	29	28	32	32	36
Deferred taxes	4	2	1	795,000	2
Goodwill	1,024	977	838	829	841
Intangible assets, net	65	83	7	9	8
Other assets, net	33	29	23	17	9
Total assets	1,410	1,339	1,163	1,079	1,056
Accounts payable	9	6	5	4	6
Accrued liabilities and other	56	51	49	36	31
Current contingent consideration	11	6	—	—	—
Current deferred consideration	61	44	0	—	—
Current operating lease liabilities	7	6	6	6	5
Income taxes payable	10	10	5	2	5
Current portion of deferred revenue	24	24	13	12	11
Current debt obligation	4	4	4	4	4
Total current liabilities	182	150	82	62	61
Deferred revenue, net of current portion	2	3	167,000	387,000	223,000
Non-current deferred taxes	2	3	2	3	3
Non-current operating lease liabilities	29	30	33	33	38
Long-term debt, net of current portion	390	330	332	333	335
Non-current deferred consideration	0	54	0	—	—
Other long-term liabilities	685,000	9	3	5	410,000
Total liabilities	605	580	451	437	437
Commitments and contingencies (Note 15)	—	—	—	—	—
Common stock, $0.001 par value: 550,000,000 shares authorized, 190,459,837 and 187,528,505 shares issued, and 186,683,682 and 187,528,505 shares outstanding as of December 31, 2025 and 2024, respectively	190,000	187,000	183,000	181,000	179,000
Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of December 31, 2025 and 2024, respectively	0	0	0	0	0
Additional paid-in capital	747	709	667	633	603
Treasury stock, at cost: 3,776,155 and no shares as of December 31, 2025 and 2024, respectively	−30	0	—	—	—
Accumulated other comprehensive income (loss)	34	−21	4	−8	15
Retained earnings	54	71	40	17	127,000
Total stockholders' equity	805	759	711	642	618
Total liabilities and stockholders' equity	1,410	1,339	1,163	1,079	1,056

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	44	26	22	24	34
Provision for (benefit from) doubtful accounts	3	−285,000	−159,000	−323,000	2
Stock-based compensation expense	47	45	44	37	29
Amortization of debt issuance costs and discounts	3	2	2	2	700,000
Deferred taxes	−4	−2	330,000	−1	−2
Loss on foreign currency exchange rates	2	3	358,000	−1	1
Loss (gain) on contingent consideration	2	−6	−1	−83,000	0
Deferred consideration expense	14	2	0	0	—
Loss on lease modification	998,000	1	0	0	271,000
Other non-cash expenses (benefits)	532,000	−263,000	220,000	148,000	0
Accounts receivable	−9	−2	−7	−3	−6
Income taxes receivable	217,000	5	−174,000	−567,000	−6
Recoverable taxes	15	−13	−11	102,000	—
Current contract assets	−7	−11	−894,000	−230,000	—
Operating lease right-of-use assets, net	−836,000	438,000	−2	−1	−741,000
Prepaid and other current assets	−8	−1	1	411,000	−11
Accounts payable	3	−461,000	2	−2	−455,000
Accrued liabilities and other	4	630,000	16	3	12
Income taxes payable	311,000	5	3	−3	158,000
Deferred revenue	−732,000	2	684,000	1	1
Other long-term assets	927,000	−6	−1	780,000	231,000
Other long-term liabilities	19,000	44,000	−90,000	0	0
Net cash provided by operating activities	93	79	90	71	45
Purchases of property and equipment	−18	−18	−14	−13	−31
Purchases of intangible assets	−11	−6	−9	−8	−4
Acquisitions, net of cash acquired	0	−99	0	−9	0
Return of deposits in escrow	299,000	0	0	—	—
Net cash used in investing activities	−29	−122	−22	−30	−35
Payments of tax withholding obligations related to restricted stock	−13	−20	−12	−8	−2
Repurchase of common stock	−30	0	0	—	—
Exercise of stock options	2,000	12,000	72,000	108,000	23,000
Proceeds from issuance of common stock under employee stock purchase plan	2	2	2	1	0
Deferred acquisition payments	−57	−1	−1	0	0
Repayments of borrowings from credit agreement	−339	−4	−4	—	—
Proceeds from credit agreement	400	0	0	—	—
Payments for debt issuance costs	−4	0	0	0	−10
Net cash used in financing activities	−41	−23	−15	−10	−42
Effect of exchange rate changes on cash and cash equivalents	3	−2	2	1	−1
Net increase (decrease) in cash and cash equivalents	27	−68	54	—	—
Cash paid for interest	25	29	28	16	20
Cash paid for income taxes	18	13	15	16	19
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses	695,000	24,000	−378,000	—	—
Right-of-use assets obtained in exchange for operating lease liabilities	7	3	5	967,000	31
Non-cash consideration exchanged in business combinations	0	15	0	0	—

Filings

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