N-able, Inc 10-K for FY2021

N-able, Inc. (NABL)

10-K 2022-03-08 For: 2021-12-31

Added on April 04, 2026

About this 10-K

N-able, Inc filed this 10-K on March 8, 2022, covering the fiscal year ended December 31, 2021 (FY2021).

Headline figures

Fiscal year ended December 31, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $346.46M; up 14.4% from $302.87M a year earlier
Net income: $113K; compared with a net loss of $7.16M a year earlier
Diluted EPS: $0.00; compared with -$0.05 a year earlier

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Delaware						85-4069861
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


30 Corporate Drive
Suite 400
Burlington,	Massachusetts	01803
(address of principal executive offices)


Securities registered pursuant to section 12(b) of the Act:
Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common stock, $0.001 par value	NABL	New York Stock Exchange
Securities registered pursuant to section 12(g) of the Act: None


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☐
Emerging growth company	☑


PART I
		Page
Item 1.	Business	4
Item 1A.	Risk Factors	17
Item 1B.	Unresolved Staff Comments	48
Item 2.	Properties	49
Item 3.	Legal Proceedings	49
Item 4.	Mine Safety Disclosures	49
PART II
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	50

Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	52
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	68
Item 8.	Financial Statements and Supplementary Data	69
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	69
Item 9A.	Controls and Procedures	69
Item 9B.	Other Information	70
PART III
Item 10.	Directors, Executive Officers and Corporate Governance	71
Item 11.	Executive Compensation	71
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	71
Item 13.	Certain Relationships and Related Transactions, and Director Independence	71
Item 14.	Principal Accountant Fees and Services	71
PART IV
Item 15.	Exhibits, Financial Statement Schedules	72
Item 16.	Form 10-K Summary	74
	Signatures


			(Mark One)
☑			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



Period	Number of Shares Purchased (1)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of a Publicly Announced Plan or Program	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan or Program (in thousands)
October 1 - 31, 2021	—	$	—	—	$	—
November 1 - 30, 2021	17,562	$	0.00	—	—
December 1 - 31, 2021	—	$	—	—	—
Total	17,562			—


	Year Ended December 31,
	2021				2020
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Change

	(in thousands, except percentages)
Subscription revenue	$	336,845	97.2	%	$	292,027	96.4	%	$	44,818
Other revenue	9,611		2.8		10,844		3.6		(1,233)
Total subscription and other revenue	$	346,456	100.0	%	$	302,871	100.0	%	$	43,585


	Year Ended December 31,
	2020				2019
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Change

	(in thousands, except percentages)
Subscription Revenue	$	292,027	96.4	%	$	251,695	95.5	%	$	40,332
Other revenue	10,844		3.6		11,823		4.5		(979)
Total subscription and other revenue	$	302,871	100.0	%	$	263,518	100.0	%	$	39,353


Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			F-2
Consolidated Balance Sheets			F-3
Consolidated Statements of Operations			F-4
Consolidated Statements of Comprehensive Income (Loss)			F-5
Consolidated Statements Stockholders' Equity			F-6
Consolidated Statements of Cash Flows			F-7
Notes to Consolidated Financial Statements			F-9


Exhibit Number						Exhibit Title
2.1#						Separation and Distribution Agreement, dated as of July 16, 2021, by and between SolarWinds Corporation and N-able, Inc. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
3.1						Amended and Restated Certificate of Incorporation of N-able, Inc., dated as of July 16, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
3.2						Amended and Restated Bylaws of N-able, Inc., dated as of July 16, 2021 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
4.1						Stockholders' Agreement, dated as of July 19, 2021, by and among N-able, Inc. and the stockholders' named therein (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
4.2						First Amendment to Stockholders' Agreement among the Company and the stockholders named therein, dated December 13, 2021 (incorporated by reference to Exhibit 10 .1 to the Company’s Current Report on Form 8-K filed with the Commission on December 15 , 2021).
4.3						Registration Rights Agreement, dated as of July 19, 2021, by and among N-able, Inc. and the stockholders' named therein (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.1#						Transition Services Agreement, dated as of July 16, 2021, by and between SolarWinds Corporation and N-able, Inc. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.2						Tax Matters Agreement, dated as of July 16, 2021, by and between SolarWinds Corporation and N-able, Inc. (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.3						Employee Matters Agreement, dated as of July 16, 2021, by and between SolarWinds Corporation and N-able, Inc. (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.4#						Intellectual Property Matters Agreement, dated as of July 16, 2021, by and between SolarWinds Corporation and N-able, Inc. (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).


Exhibit Number						Exhibit Title
10.5#						Trademark License Agreement, dated as of July 16, 2021, by and between SolarWinds Corporation and N-able, Inc. (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.6#						Software Cross-License Agreement, dated as of July 16, 2021, by and between SolarWinds Corporation and N-able, Inc. (incorporated by reference to Exhibit 10.6 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.7#						Credit Agreement, dated as of July 19, 2021, among N-able International Holdings I, LLC, N-able International Holdings II, LLC, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent and an issuing bank (incorporated by reference to Exhibit 10.7 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.8^						Employment Agreement, dated as of July 19, 2021, by and between N-able Technologies, Inc. and John Pagliuca (incorporated by reference to Exhibit 10.8 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.9^						Employment Agreement, dated as of July 19, 2021, by and between N-able Solutions ULC and Frank Colletti (incorporated by reference to Exhibit 10.9 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.10^						Employment Agreement, dated as of July 19, 2021, by and between N-able Technologies, Inc. and Kathleen Pai (incorporated by reference to Exhibit 10.10 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.11^*						Employment Agreement, dated as of July 19, 2021, by and between N-able Technologies, Inc. and Tim O'Brien.
10.12^*						Employment Agreement, dated as of February 9, 2021, by and between N-able Technologies, Inc. and Michael Adler.
10.13						Form of Indemnification Agreement of N-able, Inc. (incorporated by reference to Exhibit 10.11 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.14^#						N-able, Inc. 2021 Equity Incentive Plan and form of agreements thereunder (incorporated by reference to Exhibit 4.3 to the Company’s Registration Statement on Form S-8 filed with the Commission on July 17, 2021).
10.15^#						N-able, Inc. 2021 Employee Stock Purchase Plan (incorporated by reference to Exhibit 4.4 to the Company’s Registration Statement on Form S-8 filed with the Commission on July 17, 2021).
10.16^						N-able, Inc. Bonus Plan (incorporated by reference to Exhibit 10.14 to the Company’s Current Report on Form 8-K filed with the Commission on July 20, 2021).
10.17						Purchase Agreement, dated July 11, 2021, by and among N-able, Inc., N-able International Holdings II, LLC and the Investors named therein (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Commission on July 12, 2021).
21.1*						Subsidiaries of N-able, Inc.
23.1*						Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm
31.1*						Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*						Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**						Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101*						Interactive Data Files (formatted as Inline XBRL)
101.INS						XBRL Instance Document - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH						XBRL Taxonomy Extension Schema Document
101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB						XBRL Taxonomy Extension Labels Linkbase Document
101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document
104*						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)



*			Filed herewith
**			The certifications attached as Exhibit 32.1 accompanying this Annual Report on Form 10-K, are deemed furnished and not filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing
#			Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC.
^			Identifies a management contract or compensatory plan or arrangement in which an executive officer or director of N-able participates.


		N-able, Inc.

Dated:	March 7, 2022	By:	/s/ Tim O'Brien

			Tim O'Brien
			Chief Financial Officer
			(Principal Financial and Accounting Officer)


	Year Ended December 31,
	2021				2020
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Change

	(in thousands, except percentages)
Cost of revenue	$	46,677	13.5	%	$	38,916	12.8	%	$	7,761
Amortization of acquired technologies	5,755		1.7		24,257		8.0		(18,502)
Total cost of revenue	$	52,432	15.2	%	$	63,173	20.8	%	$	(10,741)


	Year Ended December 31,
	2021				2020
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Change

	(in thousands, except percentages)
Sales and marketing	$	112,678	32.5	%	$	82,034	27.1	%	$	30,644
Research and development	53,959		15.6		42,719		14.1		11,240
General and administrative	80,575		23.3		57,331		18.9		23,244
Amortization of acquired intangibles	13,482		3.9		23,848		7.9		(10,366)
Total operating expenses	$	260,694	75.3	%	$	205,932	68.0	%	$	54,762


	Year Ended December 31,
	2021					2020
	Amount			Percentage of Revenue		Amount			Percentage of Revenue		Change

	(in thousands, except percentages)
Income before income taxes	$	11,592		3.3	%	$	4,856		1.6	%	$	6,736
Income tax expense	11,479			3.3		12,014			4.0		(535)
Effective tax rate	99.0		%			247.4		%			(148.4)		%


	Year Ended December 31,
	2020				2019
	Amount		Percentage of Revenue		Amount		Percentage of Revenue		Change

	(in thousands, except percentages)
Cost of revenue	$	38,916	12.8	%	$	33,253	12.6	%	$	5,663
Amortization of acquired technologies	24,257		8.0		24,067		9.1		190
Total cost of revenue	$	63,173	20.8	%	$	57,320	21.8	%	$	5,853


			Page

Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			F-2
C onsolidated Balance Sheets			F-3
Co nsolidated Statements of Operations			F-4
C onsolidated Statements of Comprehensive (Loss) Income			F-5
Consolidated Statements Stockholders' Equity			F-6
C onsolidated Statements of Cash Flows			F-7
Notes to Consolidated Financial Statements			F-9
1. Organization and Nature of Operations			F-9
2. Summary of Significant Accounting Policies			F-10
3. Goodwill and Intangible Assets			F-21

4. Property and Equipment			F-22
5. Leases			F-23
6. Accrued Liabilities and Other			F-23
7. Debt			F-24
8. Stock-Based Compensation			F-25
9. Earnings Per Share			F-29
10. Employee Benefit Plans			F-29
11. Relationship with Parent and Related Entities			F-30
12. Income Taxes			F-33
13. Commitments and Contingencies			F-35
14. Operating Segments and Geographic Information			F-35


Schedule II - Valuation and Qualifying Accounts			F-37


	December 31,
	2021		2020
Assets
Current assets:
Cash and cash equivalents	$	66,736	$	99,790

Accounts receivable, net of allowances of $1,653 and $751 as of December 31, 2021 and 2020, respectively	33,041		29,086
Income tax receivable	7,250		1,262
Prepaid and other current assets	13,962		5,584
Total current assets	120,989		135,722
Property and equipment, net	38,748		19,590
Operating lease right-of-use assets	36,206		13,697
Deferred taxes	1,681		2,982
Goodwill	840,923		874,083
Intangible assets, net	8,066		27,374
Other assets, net	9,086		6,287
Total assets	$	1,055,699	$	1,079,735
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	5,865	$	5,542
Due to affiliates	464		8,023
Accrued liabilities and other	30,944		21,976
Current operating lease liabilities	4,830		2,860

Accrued related party interest payable	—		2,477
Income taxes payable	4,600		4,447
Current portion of deferred revenue	10,675		9,502
Current debt obligation	3,500		—
Total current liabilities	60,878		54,827

Long-term liabilities:
Due to affiliates	—		372,650
Deferred revenue, net of current portion	223		168
Non-current deferred taxes	2,632		5,846
Non-current operating lease liabilities	37,822		14,641
Long-term debt, net of current portion	335,379		—
Other long-term liabilities	410		406
Total liabilities	437,344		448,538

Commitments and contingencies (Note 13)

Stockholders’ equity:
Common stock, $0.001 par value: 550,000,000 shares authorized and 179,049,429 and no shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	179		—
Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	—		—
Parent company net investment	—		582,206
Additional paid-in capital	602,996		—
Accumulated other comprehensive income	15,053		48,991
Retained earnings	127		—
Total stockholders' equity	618,355		631,197
Total liabilities and stockholders' equity	$	1,055,699	$	1,079,735


	Common Stock			Parent Company Net Investment		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)		Retained Earnings		Total
	Shares	Amount
Balance as of December 31, 2018	—	$	—	$	537,280	$	—	$	14,467	$	—	$	551,747
Cumulative effect adjustment of adoption of revenue recognition accounting standard	—	—		900		—		—		—		900
Foreign currency translation adjustment	—	—		—		—		(7,890)		—		(7,890)
Net loss	—	—		(2,512)		—		—		—		(2,512)
Net transfers from Parent	—	—		12,789		—		—		—		12,789
Stock-based compensation	—	—		8,662		—		—		—		8,662
Balance as of December 31, 2019	—	$	—	$	557,119	$	—	$	6,577	$	—	$	563,696
Foreign currency translation adjustment	—	—		—		—		42,414		—		42,414
Net loss	—	—		(7,158)		—		—		—		(7,158)
Net transfers from Parent	—	—		11,192		—		—		—		11,192
Stock-based compensation	—	—		21,053		—		—		—		21,053
Balance as of December 31, 2020	—	$	—	$	582,206	$	—	$	48,991	$	—	$	631,197
Net loss	—	—		(14)		—		—		—		(14)
Foreign currency translation adjustment	—	—		—		—		(13,912)		—		(13,912)
Stock-based compensation	—	—		9,023		—		—		—		9,023
Net transfers from Parent	—	—		10,783		—		—		—		10,783
Proceeds from Private Placement shares, net of issuance costs	20,623	21		216,000		(21)		—		—		216,000
Distribution of net proceeds from Private Placement to Parent	—	—		(216,000)		—		—		—		(216,000)
Net transfers to Parent	—	—		(18,161)		—		—		—		(18,161)
Consummation of Separation transaction	158,020	158		(583,837)		583,858		—		—		179
Balance as of July 19, 2021	178,643	$	179	$	—	$	583,837	$	35,079	$	—	$	619,095
Adjustments for consummation of Separation transaction	—	—		—		863		—		—		863
Foreign currency translation adjustment	—	—		—		—		(20,026)		—		(20,026)
Net income	—	—		—		—		—		127		127
Exercise of stock options	39	—		—		23		—		—		23
Restricted stock units issued, net of shares withheld for taxes	356	—		—		(2,209)		—		—		(2,209)
Issuance of stock	11	—		—		—		—		—		—

Stock-based compensation	—	—		—		20,482		—		—		20,482
Balance as of December 31, 2021	179,049	$	179	$	—	$	602,996	$	15,053	$	127	$	618,355


			Useful Life (in years)
Equipment, servers and computers			3 - 5
Furniture and fixtures			5 - 7
Software			3 - 5
Leasehold improvements			Lesser of lease term or useful life


Performance obligation						When performance obligation is typically satisfied

SaaS solutions						Over the subscription term, once the service is made available to the MSP partner (over time)
Subscription-based term and perpetual licenses						Upon the delivery of the license key or password that provides immediate availability of the product (point in time)
Technical support and unspecified software upgrades						Ratably over the contract period (over time)


	Total Deferred Revenue
	(in thousands)





Balance as of December 31, 2019	$	8,172
Deferred revenue recognized	(13,619)
Additional amounts deferred	15,117
Balance as of December 31, 2020	$	9,670
Deferred revenue recognized	(17,517)
Additional amounts deferred	18,745
Balance as of December 31, 2021	$	10,898


	Revenue Recognition Expected by Period
	Total		Less than 1 year		1-3 years		More than 3 years

	(in thousands)
Expected recognition of deferred revenue	$	10,898	$	10,675	$	223	$	—


	Foreign Currency Translation Adjustments		Accumulated Other Comprehensive Income (Loss)

	(in thousands)
Balance as of December 31, 2019	$	6,577	$	6,577
Other comprehensive gain before reclassification	42,414		42,414

Net current period other comprehensive income	42,414		42,414
Balance as of December 31, 2020	48,991		48,991
Other comprehensive loss before reclassification	(33,938)		(33,938)

Net current period other comprehensive loss	(33,938)		(33,938)
Balance as of December 31, 2021	$	15,053	$	15,053


	Year Ended December 31,
	2021


Expected dividend yield	—	%
Volatility	45.5	%
Risk-free rate of return	0.5	%
Expected life	3.47 years


	(in thousands)
Balance as of December 31, 2019	$	836,643

Foreign currency translation	37,440
Balance as of December 31, 2020	874,083

Foreign currency translation	(33,160)
Balance as of December 31, 2021	$	840,923


	December 31, 2021						December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net

	(in thousands)
Developed product technologies	$	35,210	$	(33,542)	$	1,668	$	127,057	$	(119,392)	$	7,665
Customer relationships	95,010		(88,612)		6,398		131,045		(111,336)		19,709

Trademarks	1,136		(1,136)		—		1,162		(1,162)		—


Total intangible assets	$	131,356	$	(123,290)	$	8,066	$	259,264	$	(231,890)	$	27,374


	Estimated Amortization
	(in thousands)
2022	$	7,512
2023	554




Total amortization expense	$	8,066


	As of December 31,
	2021
	Amount Outstanding		Effective Rate

	(in thousands, except interest rates)
Term loan facility	$	349,125	3.50	%
Revolving credit facility	—		—	%
Total principal amount	349,125
Unamortized discount and debt issuance costs	(10,246)
Total debt, net	338,879
Less: Current debt obligation	(3,500)
Long-term debt, net of current portion	$	335,379


	Number of Shares Outstanding	Weighted- Average Exercise Price		Aggregate Intrinsic Value (in thousands)		Weighted- Average Remaining Contractual Term (in years)
Outstanding balances as of December 31, 2020	—	$	—
Options granted through the Conversion	224,638	1.20
Options exercised	(39,480)	0.58
Options forfeited	(15,990)	1.46
Options expired	—	—
Outstanding balances as of December 31, 2021	169,168	$	1.32
Options exercisable as of December 31, 2021	138,436	$	0.97	$	1,402	5.4
Options vested and expected to vest as of December 31, 2021	169,168	$	1.32	$	1,655	5.5


	Year Ended December 31,
	2021
	(in thousands, except per share amounts)
Weighted-average grant date fair value per share of options granted during the period	$	1.62
Aggregate intrinsic value of options exercised during the period	413
Aggregate fair value of options vested during the period	157


			Number of Shares Outstanding
Unvested balances as of December 31, 2020			—
Restricted stock granted and issued through the Conversion			91,477
Restricted stock vested			(11,300)
Restricted stock repurchased - unvested shares			(4,362)
Unvested balances as of December 31, 2021			75,815


	Number of Units Outstanding	Weighted-Average Grant Date Fair Value Per Share		Aggregate Intrinsic Value (in thousands)		Weighted-Average Remaining Contractual Term (in years)
Unvested balances as of December 31, 2020	—	$	—
Restricted stock units granted through the Conversion	3,540,676	12.54
Restricted stock units granted	2,207,824	13.95
Restricted stock units vested	(525,806)	13.46
Restricted stock units forfeited	(458,481)	13.11
Unvested balances as of December 31, 2021	4,764,213	$	13.03	$	52,883	1.3


	Beginning Balance		Additions (Charge to Expense)		Deductions (Write-offs, net of Recoveries)		Ending Balance

	(in thousands)
Allowance for doubtful accounts, customers and other:
Year ended December 31, 2019	$	1,163	$	1,840	$	(1,853)	$	1,150
Year ended December 31, 2020	1,150		1,483		(1,882)		751
Year ended December 31, 2021	751		3,260		(2,358)		1,653

Tax valuation allowances:
Year ended December 31, 2019	$	938	$	5,638	$	—	$	6,576
Year ended December 31, 2020	6,576		11,680		—		18,256
Year ended December 31, 2021	18,256		—		(15,383)		2,873


LLC N-able Technology (Belarus)
N-able Acquisition Company B.V. (Netherlands)
N-able Australia Pty Ltd (Australia)
N-able Cloud GmbH (Switzerland)
N-able Global Ltd (United Kingdom)
N-able International Holdings I, LLC (Delaware)
N-able International Holdings II, LLC (Delaware)
N-able International Ltd (United Kingdom)
N-able Portugal, Unipessoal LDA. (Portugal)
N-able Solutions Ltd (United Kingdom)
N-able Solutions ULC (Canada)
N-able Technologies Ltd (United Kingdom)
N-able Technologies S.R.L. (Romania)
N-able Technologies, Inc. (Delaware)
N-able International B.V. - Austria Branch (Austria)
N-able International B.V. (Netherlands)
SolarWinds MSP International B.V. - Philippine Branch (Philippines)
SPAMExperts B.V. (Netherlands)
Trusted Metrics, Inc. (Delaware)




Dated:	March 7, 2022	By:	/s/ John Pagliuca

			John Pagliuca
			President and Chief Executive Officer
			(Principal Executive Officer)