N-able, Inc. (NYSE: NABL), a leading provider of cloud-based software solutions for managed service providers (MSPs), reported strong results for the third quarter of 2024, driven by robust subscription revenue growth and improved operational efficiency.

The company's total revenue for the quarter was $116.4 million, an increase of 8.3% year-over-year, surpassing analyst estimates. Subscription revenue, the primary growth driver, rose 9.3% to $115.0 million, benefiting from both new customer additions and increased adoption of N-able's solutions by existing MSP partners.

N-able's financial performance was underpinned by solid execution and a continued focus on operational excellence. The company's non-GAAP gross margin improved to 83.7%, up from 82.9% in the same period last year. This margin expansion was driven by economies of scale and cost optimization efforts, enabling N-able to deliver higher profitability while investing in product development and go-to-market initiatives.

On the bottom line, N-able reported non-GAAP net income of $24.3 million, or $0.13 per diluted share, exceeding analyst expectations. This strong profitability was supported by the company's efficient cost structure and disciplined expense management.