N-able, Inc.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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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.

FY2025 · Filed Feb 26, 2026

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,
	2025	2024	2023
Cash flows from operating activities
Net (loss) income	$(17,032)	$30,958	$23,412
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	44,057	25,725	21,623
Provision for (benefit from) doubtful accounts	3,173	(285)	(159)
Stock-based compensation expense	46,593	45,351	43,570
Amortization of debt issuance costs and discounts	2,844	1,598	1,601
Deferred taxes	(3,821)	(1,952)	330
Loss on foreign currency exchange rates	1,565	2,702	358
Loss (gain) on contingent consideration	2,148	(6,281)	(1,443)
Deferred consideration expense	14,316	1,843	—
Loss on lease modification	998	1,063	—
Other non-cash expenses (benefits)	532	(263)	220
Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations:
Accounts receivable	(8,507)	(2,131)	(7,060)
Income taxes receivable	217	4,685	(174)
Recoverable taxes	14,596	(12,965)	(11,392)
Current contract assets	(6,742)	(11,430)	(894)
Operating lease right-of-use assets, net	(836)	438	(1,550)
Prepaid and other current assets	(8,232)	(1,253)	1,463
Accounts payable	2,539	(461)	1,833
Accrued liabilities and other	4,269	630	16,065
Income taxes payable	311	4,881	2,966
Deferred revenue	(732)	2,261	684
Other long-term assets	927	(5,721)	(1,274)
Other long-term liabilities	19	44	(90)
Net cash provided by operating activities	93,202	79,437	90,089
Cash flows from investing activities
Purchases of property and equipment	(18,139)	(17,570)	(13,780)
Purchases of intangible assets	(11,118)	(6,157)	(8,556)
Acquisitions, net of cash acquired	—	(98,694)	—
Return of deposits in escrow	299	—	—
Net cash used in investing activities	(28,958)	(122,421)	(22,336)
Cash flows from financing activities
Payments of tax withholding obligations related to restricted stock	(13,171)	(20,489)	(11,976)
Repurchase of common stock	(30,038)	—	—
Exercise of stock options	2	12	72
Proceeds from issuance of common stock under employee stock purchase plan	2,358	2,382	1,681
Deferred acquisition payments	(57,073)	(1,000)	(1,450)
Repayments of borrowings from credit agreement	(338,625)	(3,500)	(3,500)
Proceeds from credit agreement	400,000	—	—
Payments for debt issuance costs	(4,078)	—	—
Net cash used in financing activities	(40,625)	(22,595)	(15,173)
Effect of exchange rate changes on cash and cash equivalents	3,022	(2,273)	1,621
Net increase (decrease) in cash and cash equivalents	26,641	(67,852)	54,201
Cash and cash equivalents
Beginning of period	85,196	153,048	98,847
End of period	$111,837	$85,196	$153,048

	Year Ended December 31,
	2025	2024	2023
Supplemental disclosure of cash flow information
Cash paid for interest	$24,973	$28,690	$28,437
Cash paid for income taxes	$18,064	$12,772	$14,934
Supplemental disclosure of non-cash activities:
Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses	$695	$24	$(378)
Right-of-use assets obtained in exchange for operating lease liabilities	$6,750	$2,628	$5,123
Non-cash consideration exchanged in business combinations	$—	$14,678	$—

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.