N-able (NABL) FY2023 results: revenue $422 million, up 13.5% on the year

N-able, Inc. (NABL) reported revenue of $422 million for fiscal 2023, the year ended 31 December 2023, up 13.5% on the year before. Net income was $24 million, up 42.6%, and diluted earnings per share $0.13. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue

$422 million

+13.5% on the year

FY2019FY2023

Operating margin

16.7%

12.7% a year earlier

FY2019FY2023

Net income

$24 million

+42.6% on the year

FY2019FY2023

Diluted EPS

$0.13

+44.4% on the year

FY2019FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	422	372	346	+13.5%
Cost of revenue	68.2	58.6	52.4	+16.4%
Gross profit	354	313	294	+12.9%
Gross margin	83.8%	84.2%	84.9%
Research and development	78.2	63.5	54.0	+23.1%
Operating income	70.3	47.4	33.3	+48.4%
Operating margin	16.7%	12.7%	9.6%
Pre-tax income	44.7	30.4	11.6	+47.0%
Income tax	20.9	13.7	11.5	+52.5%
Effective tax rate	46.8%	45.1%	99.0%
Net income	23.8	16.7	0.1	+42.6%
Net margin	5.6%	4.5%	0.0%
Diluted EPS	$0.13	$0.09	$0.00	+44.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	90.1	71.4	45.3	+26.2%
Capital expenditure	13.8	12.8	30.7	+7.4%
Free cash flow	76.3	58.6	14.7	+30.3%
Free cash flow margin	18.1%	15.8%	4.2%
Cash from investing	-22.3	-30.2	-34.8
Cash from financing	-15.2	-10.4	-42.3
Depreciation and amortisation	21.7	24.4	33.8	-11.3%
Share-based compensation	43.6	36.5	29.4	+19.3%
Diluted shares, weighted	186m	181m	169m	+2.6%
Shares outstanding at period end	183m	181m	179m	+1.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	711	642	618	+10.8%
Debt	335	337	339	-0.6%
Operating lease liabilities	33.1	33.1	37.8	-0.1%
Other liabilities	83.4	66.7	60.6	+25.0%
Total liabilities and equity	1,163	1,079	1,056	+7.8%
Fixed assets	36.8	37.4	38.7	-1.5%
Goodwill	838	829	841	+1.2%
Intangible assets	6.7	8.9	8.1	-24.3%
Cash and equivalents	153	98.8	66.7	+54.8%
Receivables	40.0	34.8	33.0	+15.0%
Other assets	87.7	70.1	68.2	+25.0%
Total assets	1,163	1,079	1,056	+7.8%

10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.