0001834488-25-000172
SEC filingN-able operates as a single segment; $20M share buybacks in 9M25 with $55M remaining; $243.8M in remaining performance obligations.
As of September 30, 2025, the company's total debt (term loan principal) stood at $336.0M, down from $338.6M at December 31, 2024, reflecting quarterly repayments of $2.6M. Deferred revenue decreased to $21.4M from $27.0M, driven by $26.1M recognized and $20.5M deferred. Contract assets (current) increased to $22.8M from $12.8M, driven by the Long-Term Contract Initiative. Remaining performance obligations totaled $243.8M, with $174.7M expected to be recognized within one year.
The Notes disclose no material purchase commitments for inventory or capacity. Commitments primarily arise from acquisition-related contingent and deferred consideration: $12.2M in contingent consideration (Level 3) and $109.5M in deferred consideration (undiscounted) related to the Adlumin acquisition. These are recorded at fair value and subject to quarterly remeasurement.
During the nine months ended September 30, 2025, the company repurchased $20.0M of its common stock under a $75.0M authorization, leaving $55.0M remaining. No dividends were paid or declared. Debt repayments totaled $2.6M. Capital expenditures are not detailed in the Notes; however, depreciation and amortization for the nine months was $32.4M (including $12.6M amortization of acquired technologies). The company has no material off-balance-sheet arrangements.
N-able operates as a single operating segment. Revenue for the three months ended September 30, 2025 was $131.7M, with subscription revenue representing 99.1%. Geographically, United States contributed $64.9M (49.3%), United Kingdom $13.5M (10.2%), and all other international $53.3M (40.5%). No other country exceeded 10% of revenue. The company's long-lived assets are concentrated in Switzerland ($12.8M), United States ($12.3M), and United Kingdom ($5.8M).
Operating cash flow (CFO) of $67.9M significantly exceeded net loss of ($9.8M), driven by large non-cash add-backs: depreciation & amortization ($32.4M), stock-based compensation ($36.4M), and deferred consideration expense ($11.4M). The divergence between CFO and net income is typical for a growing SaaS company with heavy non-cash charges.
Capex intensity (PP&E + intangible purchases) rose to $22.3M (33% of CFO), up from $15.6M (29% of CFO) in the prior period, reflecting increased investment in property, equipment, and software. Free cash flow (CFO minus capex) was approximately $45.6M, providing ample coverage for the $20.0M in share repurchases.
Working capital changes were mixed: a large $16.9M inflow from recoverable taxes and a $10.1M outflow from contract assets. The $20.0M share repurchase is a notable new capital allocation action, absent in the prior period. Overall, cash generation remains strong, supporting both organic investment and shareholder returns.