# N-able, Inc. (NABL) Informational only - not investment advice. CIK: 0001834488 SIC: 7372 Services-Prepackaged Software SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/) Latest 10-K filed: 2026-02-26 SEC page: https://www.sec.gov/edgar/browse/?CIK=1834488 Filing source: https://www.sec.gov/Archives/edgar/data/1834488/000183448826000007/nabl-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-08-10 · accession 0001834488-26-000046 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001834488.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 508,840,000 USD | 2025 | verified | | Net income | -18,815,000 USD | 2025 | verified | | Assets | 1,409,718,000 USD | 2025 | verified | | Free cash flow | 75,063,000 USD | 2025 | computed | | Net margin | -3.70% | 2025 | computed | | Operating margin | 6.66% | 2025 | computed | | Revenue YoY | +9.30% | 2025 | computed | | ROE | -2.35% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | NABL | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -3.7% | 1.5% | 36 | 122 | | Operating margin | 6.7% | 1.3% | 62 | 121 | | Revenue growth | 9.3% | 13.5% | 36 | 124 | | FCF margin | 14.8% | 19.3% | 40 | 120 | | ROE | -2.3% | 2.0% | 41 | 112 | | ROA | -1.3% | 0.9% | 38 | 124 | | Liabilities / equity | 0.76 | 0.91 | 38 | 113 | | Current ratio | 1.17 | 1.57 | 31 | 124 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 508840000 | USD | 2025 | 2026-08-10 | | Net income | -18815000 | USD | 2025 | 2026-08-10 | | Assets | 1409718000 | USD | 2025 | 2026-08-10 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001834488.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 263,518,000 | 302,871,000 | 346,456,000 | 371,769,000 | 422,163,000 | 465,552,000 | 508,840,000 | | Net income | | -2,512,000 | -7,158,000 | 113,000 | 16,707,000 | 23,818,000 | 30,740,000 | -18,815,000 | | Operating income | | 36,612,000 | 33,766,000 | 33,330,000 | 47,396,000 | 70,366,000 | 81,883,000 | 33,896,000 | | Gross profit | | 206,198,000 | 239,698,000 | 294,024,000 | 313,159,000 | 353,893,000 | 384,678,000 | 391,483,000 | | Diluted EPS | | -0.02 | -0.05 | 0.00 | 0.09 | 0.13 | 0.16 | -0.10 | | Operating cash flow | | 25,540,000 | 85,665,000 | 45,341,000 | 71,413,000 | 90,089,000 | 79,437,000 | 93,202,000 | | Capital expenditures | | 5,793,000 | 11,919,000 | 30,664,000 | 12,834,000 | 13,780,000 | 17,570,000 | 18,139,000 | | Assets | | | 1,079,735,000 | 1,055,699,000 | 1,078,857,000 | 1,162,791,000 | 1,339,063,000 | 1,409,718,000 | | Liabilities | | | 448,538,000 | 437,344,000 | 436,786,000 | 451,431,000 | 579,507,000 | 607,674,000 | | Stockholders' equity | 551,747,000 | 563,696,000 | 631,197,000 | 618,355,000 | 642,235,000 | 711,930,000 | 759,556,000 | 802,044,000 | | Cash and cash equivalents | | | 99,790,000 | 66,736,000 | 98,847,000 | 153,048,000 | 85,196,000 | 111,837,000 | | Free cash flow | | 19,747,000 | 73,746,000 | 14,677,000 | 58,579,000 | 76,309,000 | 61,867,000 | 75,063,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -0.95% | -2.36% | 0.03% | 4.49% | 5.64% | 6.60% | -3.70% | | Operating margin | | 13.89% | 11.15% | 9.62% | 12.75% | 16.67% | 17.59% | 6.66% | | Return on equity | | -0.45% | -1.13% | 0.02% | 2.60% | 3.35% | 4.05% | -2.35% | | Return on assets | | | -0.66% | 0.01% | 1.55% | 2.05% | 2.30% | -1.33% | | Liabilities / equity | | | 0.71 | 0.71 | 0.68 | 0.63 | 0.76 | 0.76 | | Current ratio | | | 2.48 | 1.99 | 2.49 | 2.75 | 1.22 | 1.17 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/NABL/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001834488.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.00 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.02 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.02 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 107,567,000 | 6,013,000 | 0.03 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 108,415,000 | 9,351,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 113,749,000 | 7,456,000 | 0.04 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 119,447,000 | 9,455,000 | 0.05 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 116,442,000 | 10,757,000 | 0.06 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 116,509,000 | 3,290,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 118,197,000 | -7,162,000 | -0.04 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 131,249,000 | -4,022,000 | -0.02 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 131,710,000 | 1,383,000 | 0.01 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 130,274,000 | -7,231,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 133,675,000 | -615,000 | 0.00 | reported discrete quarter | | 2026-Q2 | 2026-03-31 | 132,369,000 | -1,683,000 | -0.01 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from NABL's latest 10-K: [/company/NABL/business/](/company/NABL/business/). ## Risk Factors Verbatim Item 1A Risk Factors from NABL's latest 10-K: [/company/NABL/risk-factors/](/company/NABL/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1834488/000183448826000047/nabl-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes thereto included elsewhere in this report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially and adversely from those anticipated in the forward-looking statements. Please see the section entitled “Safe Harbor Cautionary Statement” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, for a discussion of the uncertainties, risks and assumptions associated with these statements. The following discussion and analysis also includes a discussion of certain non-GAAP financial measures. For a description and reconciliation of the non-GAAP measures discussed in this section, see “Non-GAAP Financial Measures” below. Overview N-able, Inc., a Delaware corporation, together with its subsidiaries (“Company”, “we,” “us” and “our”), protects businesses from evolving cyberthreats. Our AI-powered cybersecurity platform delivers business resilience to approximately 500,000 organizations worldwide, leveraging advanced end-to-end capabilities, simplified workflows, market-leading integrations, and flexible deployment options to improve efficiency and drive critical security outcomes. Our partner-first approach pairs our technology with experts, training, and peer-led events that empower customers to be secure, resilient, and successful. Revision of Previously Issued Financial Statements See Note 2. Summary of Significant Accounting Policies for additional information, including the effect of the revision on each previously issued period presented. Amounts presented herein for prior periods reflect the revision. Second Quarter Financial Highlights Revenue Our total revenue was $138.2 million and $130.5 million for the three months ended June 30, 2026 and 2025, respectively. See Note 2. Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for further details regarding revenue recognized from subscription and other services. Annual Recurring Revenue Total annual recurring revenue (“ARR”) as of June 30, 2026 was $544.5 million, compared to $513.7 million as of June 30, 2025, representing an increase of 6.0%. This increase was primarily due to steady demand for our solutions. As of June 30, 2026, we had 2,706 customers with ARR over $50,000 on our platform, up from 2,540 as of June 30, 2025, representing an increase of 6.5%. Over the same period, customers with over $50,000 of ARR on our platform grew from approximately 60% of our total ARR as of June 30, 2025 to approximately 63% of our total ARR as of June 30, 2026. We calculate ARR by annualizing the recurring revenue and related usage revenue inclusive of discounts, excluding the impacts of credits and reserves, recognized during the last day of the reporting period from both long-term and month-to-month subscriptions. We use ARR, and in particular ARR attributable to customers with over $50,000 of ARR, to enhance the understanding of our business performance and the growth of our relationships with our customers. 30 Profitability Our operating income for the three months ended June 30, 2026 was $16.5 million, compared to operating income of $9.3 million for the three months ended June 30, 2025. Our net income for the three months ended June 30, 2026 was $1.8 million, compared to net loss of $4.6 million for the three months ended June 30, 2025. The return to profitability during the three months ended June 30, 2026 was primarily due to an increase in revenue and decreases in general and administrative expense and other (expense) income, net, offset in part by increases in cost of revenue, income tax expense, research and development expense, sales and marketing expense, and interest expense, net. Our Adjusted EBITDA, calculated as net income of $1.8 million and net loss of $4.6 million for the three months ended June 30, 2026 and 2025, respectively, excluding amortization of acquired intangibles and developed technology of $6.8 million and $6.3 million, respectively, depreciation expense of $3.8 million and $4.7 million, respectively, income tax expense of $6.0 million and $5.0 million, respectively, interest expense, net of $8.3 million and $8.1 million, respectively, unrealized foreign currency losses of $1.3 million and $2.4 million, respectively, transaction related costs of $1.1 million and $5.6 million, respectively, stock-based compensation expense and related employer-paid payroll taxes of $10.3 million and $13.2 million, respectively, and restructuring costs and other of $0.6 million and $0.4 million, respectively, was $39.9 million and $40.9 million for the three months ended June 30, 2026 and 2025, respectively. For a description and reconciliation of the non-GAAP measures discussed in this section, see Non-GAAP Financial Measures below. Cash Flow We have built our business to generate strong cash flow over the long term. For the three months ended June 30, 2026 and 2025, cash flows from operations were $26.5 million and $24.2 million, respectively. Our cash flows from operations were reduced by cash payments for interest of $6.5 million and $6.3 million for the three months ended June 30, 2026 and 2025, respectively, and cash payments for income taxes of $8.0 million and $3.7 million for the three months ended June 30, 2026 and 2025, respectively. Delayed Draw Term Loan In June 2026, we entered into an amendment to the Credit Agreement to add a delayed draw term loan facility (the “Delayed Draw Term Loan Facility”) with a committed borrowing availability of $75.0 million (the “Delayed Draw Term Loan”). The Credit Agreement, as amended, permits us to draw up to five times in the six months after the effective date of the amendment. Once funded, the Delayed Draw Term Loan’s maturity date and interest rate are equal to the existing Term Loan. As of June 30, 2026, there were no borrowings under the Delayed Draw Term Loan Facility. See Note 8. Debt in the Notes to Consolidated Financial Statements for further details regarding the Delayed Draw Term Loan Facility. Components of Our Results of Operations Revenue Our revenue consists of the following: •Subscription Revenue. We primarily derive subscription revenue from the sale of subscriptions to the SaaS solutions that we host and manage on our platform. Our subscriptions provide access to the latest versions of our software platform, technical support and unspecified software upgrades and updates. Subscription revenue for our SaaS solutions is generally recognized ratably over the subscription term once the service is made available to the customer or when we have the right to invoice for services performed. In addition, our subscription revenue includes sales of our self-managed solutions, which are hosted and managed by our customers. Subscriptions of our self-managed solutions include term licenses, technical support and unspecified software upgrades. Revenue from the license performance obligation of our self-managed solutions is recognized at a point in time upon delivery of the access to the licenses and revenue from the performance obligation related to the technical support and unspecified software upgrades of our subscription-based license arrangements is recognized ratably over the agreement period. We generally invoice subscription agreements monthly based on usage or in advance over the subscription period on either a monthly or annual basis. •Other Revenue. Other revenue consists primarily of revenue from the sale of our maintenance services associated with the historical sales of perpetual licenses and revenue from professional services. Customers with maintenance agreements are entitled to receive technical support and unspecified upgrades or enhancements to new versions of their solutions on a when-and-if-available basis for the specified agreement period. 31 Cost of Revenue •Cost of Revenue. Cost of revenue consists of public cloud infrastructure and hosting fees, an allocation of overhead costs for our subscription revenue and maintenance services, royalty fees, and personnel costs for technical support and our security operations center. We allocate facilities, depreciation, IT and benefits costs based on headcount. •Amortization of Acquired Technologies. We amortize to cost of revenue capitalized costs of technologies acquired in connection with the July 1, 2022 acquisition of Spinpanel B.V. (“Spinpanel”) and November 20, 2024 acquisition of Adlumin, Inc. (“Adlumin”). Operating Expenses Operating expenses consist of sales and marketing, research and development and general and administrative expenses as well as amortization of acquired intangibles. Generally, personnel costs are the most significant component of operating expenses and include salaries, bonuses and stock-based compensation and related employer-paid payroll taxes, as well as an allocation of our facilities, depreciation, IT and benefits costs. We had total employees of 1,978, 1,852, and 1,800 as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. Our stock-based compensation expense decreased during the three months ended June 30, 2026 as compared to the corresponding period of the prior fiscal year primarily due to a decrease in the fair value of equity awards granted to employees as a result of a decline in our stock price during the three months ended June 30, 2026. We expect stock-based compensation expense to continue to decrease during the remainder of the year ending December 31, 2026. •Sales and Marketing. Sales and marketing expenses primarily consist of related personnel costs, including our sales, marketing, partner success and product management teams, net of capitalized commissions related to long-term committed contracts, as well as an allocation of our facilities, depreciation, IT and benefits costs. Sales and marketing expenses also include the cost of digital marketing programs such as paid search, search engine optimization and management and website maintenance and design, marketing development funds, as well as the cost of events for existing and prospective customers. We expect to continue to grow our sales and marketing organization over time to drive new customer adds, retain and expand with existing customers, and pursue initiatives designed to help our customers succeed and grow. •Research and Development. Research and development expenses primarily consist of related personnel costs, including our engineering, development operations, user experience and internal security operations teams, as well as an allocation of our facilities, depreciation, IT and benefits costs. We expect to continue to grow our research and development organization over time and also to incur additional expenses associated with bringing new product offerings to market and our enhancements of security, monitoring and authentication of our solutions. •General and Administrative. General and administrative expenses primarily consist of personnel costs for executives, finance, legal, human resources, business applications and other administrative personnel, general restructuring charges and other transaction related costs, professional fees and other general corporate expenses, as well as an allocation of our facilities, depreciation, IT and benefits costs. We expect to continue to grow our general and administrative organization over time to support continued growth of our business. •Amortization of Acquired Intangibles. We amortize to operating expenses capitalized costs of intangible assets primarily acquired in connection with the take priva [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1834488/000183448826000007/nabl-20251231.htm Complete FY 2025 MD&A: /company/NABL/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-26 Report date: 2025-12-31 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Consolidated Financial Statements and related notes thereto included elsewhere in this report. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially and adversely from those anticipated in the forward-looking statements. Please see the sections entitled “Safe Harbor Cautionary Statement” and “Risk Factors” above for a discussion of the uncertainties, risks and assumptions associated with these statements. The following discussion and analysis also includes a discussion of certain non-GAAP financial measures. For a description and reconciliation of the non-GAAP measures discussed in this section, see “Non-GAAP Financial Measures” below. Overview N-able, Inc., a Delaware corporation, together with its subsidiaries, protects businesses from evolving cyberthreats. Our AI powered cybersecurity platform delivers business resilience to more than 500,000 organizations worldwide, leveraging advanced end-to-end capabilities, simplified workflows, market-leading integrations, and flexible deployment options to improve efficiency and drive critical security outcomes. Our partner-first approach pairs our technology with experts, training, and peer-led events that empower customers to be secure, resilient, and successful. On August 6, 2020, SolarWinds Corporation (“SolarWinds” or “Parent”) announced that its board of directors had authorized management to explore a potential spin-off of its MSP business into our company, a newly created and separately traded public company, and separate into two distinct, publicly traded companies (the “Separation”). On July 19, 2021, SolarWinds completed the Separation through a pro-rata distribution (the “Distribution”) of all the outstanding shares of our common stock it held to the stockholders of record of SolarWinds as of the close of business on July 12, 2021. As a result of the Distribution, we became an independent public company and our common stock is listed under the symbol “NABL” on the New York Stock Exchange. Fourth Quarter Financial Highlights Revenue Our total revenue was $130.3 million and $116.5 million for the three months ended December 31, 2025 and 2024, respectively. During the year ended December 31, 2024, we began increasing the proportion of our subscriptions that are long-term committed contracts, as compared to month-to-month contracts (the “Long-Term Contract Initiative”). Under Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers (“Topic 606”),” we recognize revenue for long-term subscriptions when the distinct license is made available to the customer, and support revenue is recognized ratably over the contract term. Revenue from the license performance obligation of our self-managed solutions is recognized at a point in time upon delivery of the access to the licenses and revenue from the performance obligation related to the technical support and unspecified software upgrades of our subscription-based license arrangements is recognized ratably over the agreement period. The Long-Term Contract Initiative results in an increase in point in time subscription revenue, primarily due to the impact of revenue recognition for long-term committed contracts under Topic 606, net of any volume and pricing rationalization when committing to long-term subscriptions and any fluctuations in month-to-month contracts. See Note 2. Summary of Significant Accounting Policies in the Notes to Consolidated Financial Statements for further details regarding revenue recognized from subscription and other services at a point in time and over time. Annual Recurring Revenue Total annual recurring revenue (“ARR”) as of December 31, 2025 was $539.7 million, compared to $482.5 million as of December 31, 2024, representing an increase of 11.9%. This increase was primarily due to steady demand for our solutions, including the impact of the November 20, 2024 acquisition of Adlumin. As of December 31, 2025, we had 2,671 customers with ARR over $50,000 on our platform, up from 2,349 as of December 31, 2024, representing an increase of approximately 14%. Over the same period, customers with over $50,000 of ARR on our platform grew from approximately 57% of our total ARR as of December 31, 2024 to approximately 61% of our total ARR as of December 31, 2025. We calculate ARR by annualizing the recurring revenue and related usage revenue inclusive of discounts, excluding the impacts of credits and reserves, recognized during the last day of the reporting period from both long-term and month-to-month subscriptions. We use ARR, and in particular ARR attributable to customers with over $50,000 of ARR, to enhance the understanding of our business performance and the growth of our relationships with our customers. 52 Table of Contents Profitability Our net (loss) income for the three months ended December 31, 2025 and 2024 was $(7.2) million and $3.3 million, respectively. The decrease in net income for the three months ended December 31, 2025 was due to increases in cost of revenue, sales and marketing expense, interest expense, net, amortization of acquired technologies, research and development expense, other expense, net, general and administrative expense, income tax expense, and amortization of acquired intangibles, partially offset by an increase in revenue. Our Adjusted EBITDA, calculated as net (loss) income of $(7.2) million and $3.3 million for the three months ended December 31, 2025 and 2024, respectively, excluding amortization of acquired intangible assets and developed technology of $6.9 million and $3.9 million, respectively, depreciation expense of $4.8 million and $4.0 million, respectively, income tax expense of $4.5 million and $3.7 million, respectively, interest expense, net of $12.2 million and $7.3 million, respectively, unrealized foreign currency losses of $4.2 million and $2.0 million, respectively, transaction related costs of $0.9 million and $2.4 million, respectively, stock-based compensation expense and related employer-paid payroll taxes of $10.4 million and $10.8 million, respectively, and restructuring costs and other of $2.0 million and $0.7 million, respectively, was $38.6 million and $38.1 million for the three months ended December 31, 2025 and 2024, respectively. Cash Flow We have built our business to generate strong cash flow over the long term. For the three months ended December 31, 2025 and 2024, cash flows from operations were $25.3 million and $26.0 million, respectively. Our cash flows from operations were reduced by cash payments for interest of $6.0 million and $6.9 million for the three months ended December 31, 2025 and 2024, respectively, and cash payments for income taxes of $6.5 million and $4.6 million for the three months ended December 31, 2025 and 2024, respectively. Components of Our Results of Operations Revenue Our revenue consists of the following: •Subscription Revenue. We primarily derive subscription revenue from the sale of subscriptions to the SaaS solutions that we host and manage on our platform. Our subscriptions provide access to the latest versions of our software platform, technical support and unspecified software upgrades and updates. Subscription revenue for our SaaS solutions is generally recognized ratably over the subscription term once the service is made available to the customer or when we have the right to invoice for services performed. In addition, our subscription revenue includes sales of our self-managed solutions, which are hosted and managed by our customers. Subscriptions of our self-managed solutions include term licenses, technical support and unspecified software upgrades. Revenue from the license performance obligation of our self-managed solutions is recognized at a point in time upon delivery of the access to the licenses and revenue from the performance obligation related to the technical support and unspecified software upgrades of our subscription-based license arrangements is recognized ratably over the agreement period. We generally invoice subscription agreements monthly based on usage or in advance over the subscription period on either a monthly or annual basis. •Other Revenue. Other revenue consists primarily of revenue from the sale of our maintenance services associated with the historical sales of perpetual licenses and revenue from professional services. MSP customers with maintenance agreements are entitled to receive technical support and unspecified upgrades or enhancements to new versions of their solutions on a when-and-if-available basis for the specified agreement period. Cost of Revenue •Cost of Revenue. Cost of revenue consists of public cloud infrastructure and hosting fees, an allocation of overhead costs for our subscription revenue and maintenance services, royalty fees, and personnel costs for technical support and our security operations center. We allocate facilities, depreciation, IT and benefits costs based on headcount. •Amortization of Acquired Technologies. We amortize to cost of revenue capitalized costs of technologies acquired in connection with business combinations, including the July 1, 2022 acquisition of Spinpanel B.V. (“Spinpanel”) and November 20, 2024 acquisition of Adlumin. Operating Expenses Operating expenses consist of sales and marketing, research and development and general and administrative expenses as well as amortization of acquired intangibles. Generally, personnel costs are the most significant component of operating expenses and include salaries, bonuses and stock-based compensation and related employer-paid payroll taxes, as well as an allocation of our facilities, depreciation, IT and benefits costs. We had total employees of 1,852 and 1,773 as of December 31, 53 Table of Contents 2025 and 2024, respectively. Our stock-based compensation expense increased during the year ended December 31, 2025 as compared to the prior fiscal year primarily due to the impact of new equity awards that were granted to employees through December 31, 2025, and we expect stock-based compensation expense to continue to increase during the year ended December 31, 2026. •Sales and Marketing. Sales and marketing expenses primarily consist of related personnel costs, including our sales, marketing, partner success and product management teams, net of capitalized commissions related to long-term committed contracts, as well as an allocation of our facilities, depreciation, IT and benefits costs. Sales and marketing expenses also include the cost of digital marketing programs such as paid search, search engine optimization and management and website maintenance and design, marketing development funds, as well as the cost of events for existing and prospective customers. We expect to continue to grow our sales and marketing organization over time to drive new customer adds, retain and expand with existing customers and pursue initiatives designed to help our customers succeed and grow. •Research and Development. Research and development expenses primarily consist of related personnel costs, including our engineering, development operations, user experience and security operations teams, as well as an allocation of our facilities, depreciation, IT and benefits costs. We expect to continue to grow our research and development organization over time and also to incur additional expenses associated with bringing new product offerings to market and our enhancements of security, monitoring and authentication of our solutions. •General and Administrative. General and administrative expenses primarily consist [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/NABL/mda/fy2025/ All MD&A years: /company/NABL/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/NABL/mda/fy2024/): filed 2025-03-07; accession 0001834488-25-000053 (https://www.sec.gov/Archives/edgar/data/1834488/000183448825000053/nabl-20241231.htm) - [FY 2023 MD&A](/company/NABL/mda/fy2023/): filed 2024-02-29; accession 0001834488-24-000032 (https://www.sec.gov/Archives/edgar/data/1834488/000183448824000032/nabl-20231231.htm) - [FY 2022 MD&A](/company/NABL/mda/fy2022/): filed 2023-03-14; accession 0001834488-23-000039 (https://www.sec.gov/Archives/edgar/data/1834488/000183448823000039/nabl-20221231.htm) - [FY 2021 MD&A](/company/NABL/mda/fy2021/): filed 2022-03-08; accession 0001834488-22-000040 (https://www.sec.gov/Archives/edgar/data/1834488/000183448822000040/nabl-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/NABL.md · JSON record: /company/NABL.json · verified financials: /company/NABL/financials.json / /company/NABL/financials.csv · machine TOC for the whole site: /llms.txt