N-able Reports 13.5% Revenue Growth

N-able, Inc. (NYSE:NABL) has announced its financial results for the fourth quarter and full year of 2023, revealing a 13.5% year-over-year increase in full-year revenue. The company also reported a TTM dollar-based net retention rate of 110%. Looking ahead, N-able's management has set a full-year 2024 revenue outlook of 9% to 10% year-over-year growth, along with an adjusted EBITDA margin outlook of 34% to 35%.

John Pagliuca, President and CEO of N-able, commented on the company's performance, stating, "Our 2023 performance was strong, and we believe lays the groundwork for a successful 2024. With our expanding suite of purpose-built software products - including the recent additions of MDR and Cloud Commander - N-able is poised to meet these needs. We have high ambitions in 2024 and are determined to deliver for our customers and stakeholders."

Tim O'Brien, N-able's CFO, added, "Our fourth quarter results exceeded expectations on the top and bottom lines capping a successful year where we advanced our product roadmap, expanded our cross-sell opportunity, and drove double-digit revenue growth while growing our full-year adjusted EBITDA margin by over 300 basis points."

In the fourth quarter of 2023, N-able reported total revenue of $108.4 million, representing 13.2% year-over-year growth. For the full year of 2023, the company reported total revenue of $421.9 million, also representing a 13.5% year-over-year growth. The company's subscription revenue for the full year amounted to $412.1 million, marking a 13.6% year-over-year growth.

As of February 22, 2024, N-able is providing its financial outlook for the first quarter of 2024 and full-year 2024. The company expects total revenue in the range of $111.0 to $111.5 million for the first quarter of 2024, representing approximately 11% to 12% year-over-year growth. For the full-year 2024, N-able management anticipates total revenue in the range of $460.0 to $465.0 million, representing approximately 9% to 10% year-over-year growth.

The company's full 8-K submission is available here.

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