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N-able Inc. (NABL+0.53%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $466.1 million for 2024, a 10.5% increase from $421.9 million in 2023. This growth was primarily driven by an 11.4% increase in subscription revenue.
Operating income for the year was $82.4 million, up from $70.3 million in the previous year. The increase in operating income was attributed to revenue growth and operational efficiencies.
N-able reported net income of $31.0 million for 2024, an increase from $23.4 million in 2023. The company's effective tax rate decreased to 43.0% from 47.2% in the prior year.
The company completed the acquisition of Adlumin, Inc. on November 20, 2024, for a total consideration of $227.2 million, including $98.7 million in cash and the issuance of 1,570,762 shares of common stock.
Total annual recurring revenue (ARR) as of December 31, 2024, was $482.5 million, an increase of 8.6% from the previous year. Customers with ARR over $50,000 grew to 2,349, representing 57% of total ARR.
N-able's cash and cash equivalents were $85.2 million as of December 31, 2024. The company also reported total borrowings of $333.1 million under its credit agreement.
Operating expenses increased to $303.1 million in 2024 from $283.4 million in 2023, primarily due to higher research and development expenses and general administrative costs.
The company continues to focus on expanding its global presence and enhancing its platform capabilities to support digital transformation for small and medium-sized businesses.
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. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.