N-able Inc

For the period ended Dec 31, 2024. Filed Mar 7, 2025.

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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.

FY2024 · Filed Mar 7, 2025

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,
	2024	2023	2022
Cash flows from operating activities
Net income	$30,958	$23,412	$16,707
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,725	21,623	24,440
Benefit from doubtful accounts	(285)	(159)	(323)
Stock-based compensation expense	45,351	43,570	36,527
Amortization of debt issuance costs	1,598	1,601	1,623
Deferred taxes	(1,952)	330	(1,423)
Loss (gain) on foreign currency exchange rates	2,702	358	(1,246)
Gain on contingent consideration	(6,281)	(1,443)	(83)
Deferred consideration expense	1,843	—	—
Loss on lease modification	1,063	—	—
Other non-cash expenses	(263)	220	148
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable	(2,131)	(7,060)	(3,432)
Income taxes receivable	4,685	(174)	(567)
Recoverable taxes	(12,965)	(11,392)	102
Current contract assets	(11,430)	(894)	(230)
Operating lease right-of-use assets, net	438	(1,550)	(1,168)
Prepaid expenses and other assets	(1,253)	1,463	411
Accounts payable	(461)	1,833	(1,624)
Due to and from affiliates	—	—	(402)
Accrued liabilities and other	630	16,065	3,003
Income taxes payable	4,881	2,966	(3,188)
Deferred revenue	2,261	684	1,358
Other long-term assets	(5,721)	(1,274)	780
Other long-term liabilities	44	(90)	—
Net cash provided by operating activities	79,437	90,089	71,413
Cash flows from investing activities
Purchases of property and equipment	(17,570)	(13,780)	(12,834)
Purchases of intangible assets	(6,157)	(8,556)	(8,176)
Acquisitions, net of cash acquired	(98,694)	—	(9,199)
Net cash used in investing activities	(122,421)	(22,336)	(30,209)
Cash flows from financing activities
Payments of tax withholding obligations related to restricted stock units	(20,489)	(11,976)	(8,325)
Exercise of stock options	12	72	108

	Year Ended December 31,
	2024	2023	2022
Proceeds from issuance of common stock under employee stock purchase plan	2,382	1,681	1,315
Deferred acquisition payments	(1,000)	(1,450)	—
Repayments of borrowings from Credit Agreement	(3,500)	(3,500)	(3,500)
Net cash used in financing activities	(22,595)	(15,173)	(10,402)
Effect of exchange rate changes on cash and cash equivalents	(2,273)	1,621	1,309
Net (decrease) increase in cash and cash equivalents	(67,852)	54,201	32,111
Cash and cash equivalents
Beginning of period	153,048	98,847	66,736
End of period	$85,196	$153,048	$98,847
Supplemental disclosure of cash flow information
Cash paid for interest	$28,690	$28,437	$15,570
Cash paid for income taxes	$12,772	$14,934	$16,303
Supplemental disclosure of non-cash activities:
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses	$24	$(378)	$(728)
Right-of-use assets obtained in exchange for operating lease liabilities	$2,628	$5,123	$967
Non-cash consideration exchanged in business combinations	$14,678	$—	$—

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