MSP data management and security provider N-able has posted an uplift in sales and profits for the third quarter ended September 30, 2021.
Total revenue was $88.4m, representing a rise of around 16% year-over-year.
Subscription revenue reached $86.1m, which was a 17% annual jump.
The firm's operating profit increased from $9.1m to $9.7m. The adjusted EBITDA was $29.7m, and the net income was $1.9m (up from a $1.1m loss last time).
N-able completed its spin-off from the SolarWinds Corporation on July 19, 2021, and began trading on the NYSE under ticker NABL on July 20, 2021.
“The digital evolution is accelerating with SMEs looking to increase productivity, collaboration and security as they look to differentiate for a new hybrid workforce,” said N-able president and CEO John Pagliuca. “Our MSPs are looking to us to support them with both the technology and the tools that will enable them to land, expand and retain their customers, who are relying on them for proactive and recurring IT services.”
“We saw continued robust demand for our security and data protection offerings, contributing to total annual revenue growth of 16%, that exceeded the high end of our outlook,” added N-able executive vice president and chief financial officer Tim O’Brien. “Our trailing twelve months dollar-based net retention rate remained steady at 110%, reflecting healthy expansion across our partner base.”
At September 30, 2021, total cash and cash equivalents were $61.6m and total debt was $339.3m.
