N-able, Inc. (NABL) reported third quarter net income of $6.01 million compared to $0.3 million, prior year. Earnings per share was $0.03 compared to breakeven, prior year. Non-GAAP earnings per share increased to $0.09 from $0.07. On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.08, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA was $36.6 million, up approximately 27% year-over-year.
Third quarter total revenue was $107.6 million, an approximately 15.0% year-over-year growth, or approximately 12.9% year-over-year growth on a constant currency basis. Subscription revenue was $105.2 million, an approximately 15.3% year-over-year growth, or approximately 13.2% year-over-year growth on a constant currency basis. Analysts on average had estimated $106.46 million in revenue.
For the fourth quarter of 2023, N-able projects total revenue in the range of $106.5 to $107.0 million, representing approximately 11% to 12% year-over-year growth, or approximately 10% to 11% growth on a constant currency basis. Adjusted EBITDA is projected in the range of $35.0 to $35.5 million.
For 2023, N-able projects: total revenue in the range of $420.0 to $420.5 million, representing approximately 13% year-over-year growth on both a reported and constant currency basis; and adjusted EBITDA in the range of $139.2 to $139.7 million.
At September 30, 2023, total cash and cash equivalents were $127.4 million and total debt, net of debt issuance costs, was $335.5 million.
Shares of N-able are down 13% in pre-market trade on Monday.
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