Nable Inc Reports Strong Financial Results for Second Quarter 2024
Intellectia.AI Updated: 1970-01-01
N-able, Inc. Reports Strong Financial Results for Second Quarter 2024
N-able, Inc. (NYSE:NABL), a global software company, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | YoY Change | Consensus Estimate | Performance vs. Consensus |
|---|---|---|---|---|
| Total Revenue | $119.4M | +12.6% | $116.83M | Above Estimate |
| GAAP EPS | $0.05 | N/A | $0.1 | Below Estimate |
| Non-GAAP EPS | $0.14 | N/A | N/A | - |
| Adjusted EBITDA | $46.8M | +34.1% | N/A | - |
N-able's strong Q2 performance, with a 12.6% year-over-year growth in total revenue and a significant 34.1% rise in adjusted EBITDA, indicates robust demand for its IT solutions. Despite slightly missing the consensus EPS estimate, the revenue surpassing market expectations suggests strong operational execution.
Revenue Performance by Segment
| Segment | Revenue (Q2 2024) | YoY Change |
|---|---|---|
| Total Revenue | $119.4M | +12.6% |
| Subscription Revenue | $117.4M | +13.6% |
The subscription revenue grew by 13.6%, highlighting robust demand for N-able's recurring revenue model, showcasing resilience and customer stickiness.
Operational Highlights
| Key Operational Metrics | Q2 2024 |
|---|---|
| GAAP Gross Margin | 84.0% |
| Non-GAAP Gross Margin | 84.7% |
| Cash and Cash Equivalents | $157.5M |
| Total Debt | $334.1M |
Comments from Company Officers
N-able's CEO John Pagliuca highlighted the critical role of IT solutions among SMBs and MSPs, noting the strong performance of data protection and security products. CFO Tim O’Brien emphasized the company's strong execution and raised the mid-point of the full-year revenue and profit outlook.
Forward Guidance
N-able has raised its mid-point full-year 2024 revenue outlook to $464M and adjusted EBITDA margin to 36%. The third quarter of 2024 is expected to deliver revenue in the range of $114.5M to $115M and adjusted EBITDA between $39.5M and $40M.
Stock Price Movement
Post-announcement, N-able’s stock price appreciated by approximately 0.3%.
In conclusion, N-able’s strong financial results and raised guidance underscore solid business momentum and robust demand for its IT solutions, positioning the company well for continued growth.
