NABLN-able, Inc.

Services-Prepackaged Software

Revenue: $509M; 9.3% YoY
Operating margin: 6.7%; 62% YoY
EBITDA: $78M; 27% YoY
Market cap: $979M
Employees: 2,500; $204K revenue each
Net debt / EBITDA: 3.5×; $277M net debt
AI in 10-K: 8.0; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
9% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
73% of assets
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$204K · 13th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.0 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$979M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$346M	$372M	$422M	$466M	$509M	9.3%
Operating income	$33M	$47M	$70M	$82M	$34M	59%
Net income	$113K	$17M	$24M	$31M	−$19M	161%
Operating cash flow	$45M	$71M	$90M	$79M	$93M	17%
Capex	$31M	$13M	$14M	$18M	$18M	3.2%
Stock-based comp	$29M	$37M	$44M	$45M	$47M	2.7%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 12, 2024	THOMA BRAVO FUND XI, L.P.	SC 13D/A	8.8%	Passive
Dec 21, 2021	HERMES USA INVESTORS VENTURE II, LP	SC 13D/A	0.3%	Passive
Dec 20, 2021	THOMA BRAVO FUND XI, L.P.	SC 13D/A	28.0%	Passive
Dec 20, 2021	HOWARD HUGHES MEDICAL INSTITUTE	SC 13D/A	0.1%	Passive
Dec 20, 2021	NB Alternatives Advisers LLC	SC 13D/A	1.4%	Passive
Dec 20, 2021	PRUDENTIAL INSURANCE CO OF AMERICA	SC 13D/A	0.2%	Passive
Dec 20, 2021	HARBOURVEST PARTNERS LLC	SC 13D/A	2.1%	Passive
Dec 20, 2021	AlpInvest Partners B.V.	SC 13D/A	0.0%	Passive
Dec 20, 2021	Silver Lake Group, L.L.C.	SC 13D/A	24.2%	Passive
Dec 20, 2021	Lexington Co-Investment Holdings III, L.P.	SC 13D/A	0.7%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$4M	60	170
FY2024	$6M	$1M	75	144
FY2023	$6M	$14M	106	115
FY2022	$6M	$5M	82	91
FY2021	$9M	$8M	89	112