N-able Inc

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

NABL$4.66-3.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

	Year Ended December 31,
	2023	2022	2021
Cash flows from operating activities
Net income	$23,412	$16,707	$113
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	21,623	24,440	33,771
(Benefit from) provision for doubtful accounts	(159)	(323)	2,153
Stock-based compensation expense	43,570	36,527	29,430
Amortization of debt issuance costs	1,601	1,623	732
Loss on lease modification	—	—	271
Deferred taxes	330	(1,423)	(1,913)
Operating lease right-of-use assets, net	(1,550)	(1,168)	(741)
Loss (gain) on foreign currency exchange rates	358	(1,246)	1,433
Gain on contingent consideration	(1,443)	(83)	—
Other non-cash expenses	220	148	—
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable	(7,060)	(3,432)	(5,567)
Income taxes receivable	(174)	(567)	(5,999)
Prepaid expenses and other assets	(10,823)	283	(10,673)
Accounts payable	1,833	(1,624)	(455)
Due to and from affiliates	—	(402)	(8,302)
Accrued liabilities and other	16,065	3,003	11,923
Accrued related party interest payable	—	—	(2,477)
Income taxes payable	2,966	(3,188)	158
Deferred revenue	684	1,358	1,253
Other long-term assets	(1,274)	780	231
Other long-term liabilities	(90)	—	—
Net cash provided by operating activities	90,089	71,413	45,341
Cash flows from investing activities
Purchases of property and equipment	(13,780)	(12,834)	(30,664)
Purchases of intangible assets	(8,556)	(8,176)	(4,169)
Acquisitions, net of cash acquired	—	(9,199)	—
Net cash used in investing activities	(22,336)	(30,209)	(34,833)
Cash flows from financing activities
Proceeds from Private Placement, net of $9,000 of issuance costs	—	—	216,000
Distribution of net proceeds from Private Placement to Parent	—	—	(216,000)
Payments of tax withholding obligations related to restricted stock units	(11,976)	(8,325)	(2,230)
Exercise of stock options	72	108	23
Proceeds from issuance of common stock under employee stock purchase plan	1,681	1,315	—
Proceeds from Credit Agreement	—	—	350,000
Repayments of borrowings due to affiliates	—	—	(372,650)
Deferred acquisition payments	(1,450)	—	—

	Year Ended December 31,
	2023	2022	2021
Repayments of borrowings from Credit Agreement	(3,500)	(3,500)	(875)
Net transfers to Parent	—	—	(6,515)
Payment for debt issuance costs	—	—	(10,075)
Net cash used in financing activities	(15,173)	(10,402)	(42,322)
Effect of exchange rate changes on cash and cash equivalents	1,621	1,309	(1,240)
Net increase (decrease) in cash and cash equivalents	54,201	32,111	(33,054)
Cash and cash equivalents
Beginning of period	98,847	66,736	99,790
End of period	$153,048	$98,847	$66,736
Supplemental disclosure of cash flow information
Cash paid for interest	$28,437	$15,570	$20,387
Cash paid for income taxes	$14,934	$16,303	$19,029
Supplemental disclosure of non-cash activities:
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses	$(378)	$(728)	$1,138
Right-of-use assets obtained in exchange for operating lease liabilities	$5,123	$967	$31,079

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