N-able, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenue to $116.4 million from $107.6 million in the same quarter the previous year. Subscription revenue rose by 9.3% primarily driven by sales of data protection, security, and remote monitoring solutions.
Cost of revenue for the quarter was $19,900, representing 17.1% of total revenue, compared to 16.1% in the same quarter of the previous year, primarily due to increased public cloud infrastructure and hosting fees.
The company reported an operating income of $23.9 million for the quarter, compared to $18.4 million in the previous year, with the increase attributed to higher revenue and reduced sales and marketing expenses.
Net income for the quarter was $10.8 million, up from $6.0 million in the previous year. The increase in net income was primarily due to an increase in revenue and a decrease in interest expenses.
Cash provided by operating activities was $53.5 million for the nine months ended September 30, 2024, compared to $58.9 million in the previous year.
N-able had cash and cash equivalents of $174.4 million as of September 30, 2024. The company continues to focus on expanding its subscription base and enhancing its cloud-based software solutions for managed service providers.
The filing also details various financial metrics, including a gross profit of $96.5 million and an adjusted EBITDA of $44.8 million for the quarter.
N-able does not anticipate any material changes in its risk factors from those disclosed in its 2023 Annual Report. The company continues to monitor market conditions and potential impacts on its financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the N-able Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email [email protected].