Stoke Therapeutics to Present at the Canaccord Genuity 45 th Annual Growth Conference
A live webcast of the presentation, along with an archived replay, will be available in the Investors & News section of Stoke's website at https://investor.stoketherapeutics.com/.
About Stoke Therapeutics
Stoke Therapeutics (Nasdaq: STOK), is a biotechnology company dedicated to restoring protein expression by harnessing the body's potential with RNA medicine. Using Stoke's proprietary TANGO (Targeted Augmentation of Nuclear Gene Output) approach, Stoke is developing antisense oligonucleotides (ASOs) to selectively restore naturally-occurring protein levels. Stoke's first medicine in development, zorevunersen, has demonstrated the potential for disease modification in patients with Dravet syndrome and is currently being evaluated in a Phase 3 study. Stoke's initial focus are diseases of the central nervous system and the eye that are caused by a loss of ~50% of normal protein levels (haploinsufficiency). Proof of concept has been demonstrated in other organs, tissues, and systems, supporting broad potential for Stoke's proprietary approach. Stoke is headquartered in Bedford, Massachusetts. For more information, visit https://www.stoketherapeutics.com/.
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N-able also believes that these non-GAAP financial measures are used by investors and securities analysts to (a) compare and evaluate its performance from period to period and (b) compare its performance to those of its competitors. These non-GAAP measures exclude certain items that can vary substantially from company to company depending upon their financing and accounting methods, the book value of their assets, their capital structures and the method by which their assets were acquired. As a result, these non-GAAP financial measures have limitations and should not be considered in isolation from, or as a substitute for, their most comparable GAAP measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Certain items that are excluded from these non-GAAP financial measures can have a material impact on operating and net income. N-able's management and board of directors compensate for these limitations by using these non-GAAP financial measures as supplements to GAAP financial measures and by reviewing the reconciliations of the non-GAAP financial measures to their most comparable GAAP financial measure. Set forth in the tables below are the corresponding GAAP financial measures for each non-GAAP financial measure presented. Investors are encouraged to review the reconciliations of these non-GAAP financial measures to their most comparable GAAP financial measures that are set forth in the tables below. Definitions of Non-GAAP and Other Metrics Annual Recurring Revenue (ARR). 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 believe ARR enhances the understanding of our business performance and the growth of our relationships with our customers. Non-GAAP Gross Margin, Non-GAAP Operating Income and Non-GAAP Operating Margin. We provide non-GAAP total cost of revenue, non-GAAP gross margin, non-GAAP operating expense and non-GAAP operating income and related non-GAAP gross and operating margins excluding such items as stock-based compensation expense and related employer-paid payroll taxes, amortization of acquired intangible assets, transaction related costs, spin-off costs and restructuring costs and other. We define non-GAAP gross and operating margins as non-GAAP gross profit and operating income, respectively, divided by total revenue. Management believes these measures are useful for the following reasons: Stock-Based Compensation Expense and Related Employer-Paid Payroll Taxes. We provide non-GAAP information that excludes expenses related to stock-based compensation and related employer-paid payroll taxes associated with our employees' participation in N-able's stock-based incentive compensation plans. We believe that the exclusion of stock-based compensation expense provides for a better comparison of our operating results to prior periods and to our peer companies as the calculations of stock-based compensation vary from period to period and company to company due to different valuation methodologies, subjective assumptions and the variety of award types. Employer-paid payroll taxes on stock-based compensation is dependent on our stock price and the timing of the taxable events related to the equity awards, over which our management has little control, and does not necessarily correlate to the core operation of our business. Because of these unique characteristics of stock-based compensation and related employer-paid payroll taxes, management excludes these expenses when analyzing the organization's business performance. Amortization of Acquired Technologies and Intangible Assets. We provide non-GAAP information that excludes expenses related to purchased technologies and intangible assets associated with our acquisitions. We believe that eliminating this expense from our non-GAAP measures is useful to investors because the amortization of acquired technologies and intangible assets can be inconsistent in amount and frequency and is significantly impacted by the timing and magnitude of our acquisition transactions, which also vary in frequency from period to period. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. Transaction Related Costs. We exclude certain expense items resulting from proposed and completed acquisitions, dispositions and similar transactions, such as legal, accounting and advisory fees, changes in fair value of contingent consideration, costs related to integrating the acquired businesses, deferred compensation, severance and retention expense. We consider these adjustments, to some extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, such proposed and completed transactions result in operating expenses that would not otherwise have been incurred by us in the normal course of our organic business operations. We believe that providing non-GAAP measures that exclude transaction related costs allows investors to better review and understand the historical and current results of our continuing operations and also facilitates comparisons to our historical results and results of peer companies with different transaction related activities, both with and without such adjustments. Spin-off Costs. We exclude certain expense items resulting from the spin-off into a newly created and separately traded public company. These costs include legal, accounting and advisory fees, system implementation costs and other incremental costs incurred by us related to the separation from SolarWinds. The spin-off transaction results in operating expenses that would not otherwise have been incurred by us in the normal course of our organic business operations. We believe that providing non-GAAP measures that exclude these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance. Restructuring Costs and Other. We provide non-GAAP information that excludes restructuring costs such as severance, certain employee relocation costs, and the estimated costs of exiting and terminating facility lease commitments, as they relate to our corporate restructuring and exit activities. These costs are inconsistent in amount and are significantly impacted by the timing and nature of these events. Therefore, although we may incur these types of expenses in the future, we believe that eliminating these costs for purposes of calculating the non-GAAP financial measures facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance. Non-GAAP Net Income and Non-GAAP Net Income Per Diluted Share. We believe that the use of non-GAAP net income and non-GAAP net income per diluted share is helpful to our investors to clarify and enhance their understanding of past performance and future prospects. Non-GAAP net income is calculated as net income excluding the adjustments to non-GAAP gross profit and non-GAAP operating income, interest on deferred consideration, and the income tax effect of the non-GAAP exclusions. We define non-GAAP net income per diluted share as non-GAAP net income divided by the weighted average diluted outstanding common shares. Adjusted EBITDA and Adjusted EBITDA Margin. We regularly monitor adjusted EBITDA and adjusted EBITDA margin, as they are measures we use to assess our operating performance. We define adjusted EBITDA as net income or loss, excluding amortization of acquired intangible assets and developed technology, depreciation expense, income tax expense, interest expense, net, unrealized foreign currency (gains) losses, transaction related costs, spin-off costs, stock-based compensation expense and related employer-paid payroll taxes and restructuring and other costs. We define adjusted EBITDA margin as adjusted EBITDA divided by total revenue. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include: although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our related party debt; adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure. Non-GAAP Revenue on a Constant Currency Basis. We provide non-GAAP revenue on a constant currency basis to provide a framework for assessing our performance excluding the effect of foreign currency rate fluctuations. To present this information, current period results for revenue contracts denominated in currencies other than U.S. Dollars are converted into U.S. Dollars at the average exchange rates in effect during the corresponding prior period presented. We believe that providing non-GAAP revenue on a constant currency basis facilitates the comparison of non-GAAP revenue to prior periods. Unlevered Free Cash Flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate cash flow from operations, after the deduction of capital expenditures and prior to the impact of our capital structure, transaction related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and certain one-time items, that can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses. About N-able N‑able's mission is to protect businesses against evolving cyberthreats with a unified cyber-resiliency platform to manage, secure, and recover. Our scalable technology infrastructure includes AI-powered capabilities, market-leading third-party integrations, and the flexibility to employ technologies of choice—to transform workflows and deliver critical security outcomes. Our partner-first approach combines our products with experts, training, and peer-led events that empower our customers to be secure, resilient, and successful. © 2025 N-able, Inc. All rights reserved. Category: Financial N-able, Inc. Consolidated Balance Sheets (In thousands) (Unaudited) June 30, 2025 2024 Assets Current assets: Cash and cash equivalents $ 93,874 $ 85,196 Accounts receivable, net of allowances of $1,123 and $886 as of June 30, 2025 and December 31, 2024, respectively 47,521 44,909 Income tax receivable 3,883 3,563 Recoverable taxes 7,679 24,157 Current contract assets 15,979 12,786 Prepaid and other current assets 17,720 13,312 Total current assets 186,656 183,923 Property and equipment, net 36,774 36,162 Operating lease right-of-use assets 31,276 27,998 Deferred taxes 2,234 2,026 Goodwill 1,023,226 977,013 Intangible assets, net 74,256 83,150 Other assets, net 31,580 28,575 Total assets $ 1,386,002 $ 1,338,847 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 7,563 $ 6,290 Accrued liabilities and other 44,911 51,057 Current contingent consideration 10,310 5,500 Current deferred consideration 48,288 44,023 Current operating lease liabilities 6,914 6,018 Income taxes payable 9,022 9,733 Current portion of deferred revenue 20,584 23,977 Current debt obligation 3,500 3,500 Total current liabilities 151,092 150,098 Long-term liabilities: Deferred revenue, net of current portion 2,747 2,996 Non-current deferred taxes 3,605 3,448 Non-current operating lease liabilities 32,308 30,069 Long-term debt, net of current portion 328,639 329,606 Non-current deferred consideration 57,353 54,089 Other long-term liabilities 841 9,253 Total liabilities 576,585 579,559 Commitments and contingencies Stockholders' equity: Common stock, $0.001 par value: 550,000,000 shares authorized, 189,557,878 and 187,528,505 shares issued, and 188,307,700 and 187,528,505 shares outstanding as of June 30, 2025 and December 31, 2024, respectively 190 187 Preferred stock, $0.001 par value: 50,000,000 shares authorized and no shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively — — Treasury stock, at cost: 1,250,178 and no shares as of June 30, 2025 and December 31, 2024, respectively (10,000 ) — Additional paid-in capital 726,570 708,992 Accumulated other comprehensive income (loss) 32,637 (21,095 ) Retained earnings 60,020 71,204 Total stockholders' equity 809,417 759,288 Total liabilities and stockholders' equity $ 1,386,002 $ 1,338,847 Expand N-able, Inc. Consolidated Statements of Operations (In thousands, except per share information) (Unaudited) 2025 2024 2025 2024 Revenue: Subscription and other revenue $ 131,249 $ 119,447 $ 249,446 $ 233,196 Cost of revenue: Cost of revenue 24,468 18,706 47,979 36,542 Amortization of acquired technologies 4,229 458 8,396 919 Total cost of revenue 28,697 19,164 56,375 37,461 Gross profit 102,552 100,283 193,071 195,735 Operating expenses: Sales and marketing 42,362 32,850 82,766 68,666 Research and development 26,336 22,391 50,220 44,473 General and administrative 23,229 23,048 47,137 40,097 Amortization of acquired intangibles 503 15 1,002 29 Total operating expenses 92,430 78,304 181,125 153,265 Operating income 10,122 21,979 11,946 42,470 Other expense, net: Interest expense, net (8,090 ) (7,606 ) (15,161 ) (15,227 ) Other (expense) income, net (854 ) 1,142 531 1,427 Total other expense, net (8,944 ) (6,464 ) (14,630 ) (13,800 ) Income (loss) before income taxes 1,178 15,515 (2,684 ) 28,670 Income tax expense 5,200 6,060 8,500 11,759 Net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Net (loss) income per share: Basic (loss) income per share $ (0.02 ) $ 0.05 $ (0.06 ) $ 0.09 Diluted (loss) income per share $ (0.02 ) $ 0.05 $ (0.06 ) $ 0.09 Weighted-average shares used to compute net (loss) income per share: Expand N-able, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cash flows from operating activities Net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation and amortization 10,864 5,904 21,281 11,723 Provision for doubtful accounts 177 41 237 94 Stock-based compensation expense 12,884 11,808 24,553 23,355 Deferred taxes 59 6 79 — Amortization of debt issuance costs 394 398 784 797 Loss on foreign currency exchange rates 2,377 445 1,594 1,241 Loss (gain) on contingent consideration 918 60 1,618 (1,347 ) Deferred consideration expense 3,842 — 7,530 — Gain on lease modification (28 ) — (441 ) — Other non-cash expenses 380 — 521 84 Changes in operating assets and liabilities, net of assets acquired and liabilities assumed in business combinations: Accounts receivable (3,106 ) 2,013 (2,838 ) 1,892 Income tax receivable (142 ) (1,921 ) (231 ) (4,383 ) Recoverable taxes 4,293 (3,214 ) 16,713 (6,678 ) Current contract assets (6,052 ) (7,749 ) (3,193 ) (11,457 ) Operating lease right-of-use assets, net 202 151 (163 ) 105 Prepaid expenses and other assets 2,252 (1,367 ) (4,446 ) (3,176 ) Accounts payable 3,363 2,208 653 819 Accrued liabilities and other (1,778 ) 8,212 (5,679 ) (3,493 ) Income taxes payable (790 ) 3,160 (441 ) 9,165 Deferred revenue (3,083 ) (2,371 ) (3,641 ) (2,082 ) Other long-term assets 1,085 289 424 (1,631 ) Other long-term liabilities 98 (250 ) 134 (477 ) Net cash provided by operating activities 24,187 27,278 43,864 31,462 Cash flows from investing activities Purchases of property and equipment (3,788 ) (3,242 ) (7,076 ) (6,680 ) Purchases of intangible assets (3,009 ) (1,903 ) (5,797 ) (3,592 ) Return of deposits in escrow 299 — 299 — Net cash used in investing activities (6,498 ) (5,145 ) (12,574 ) (10,272 ) Cash flows from financing activities Payments of tax withholding obligations related to restricted stock units (2,058 ) (3,098 ) (9,770 ) (15,339 ) Exercise of stock options — 8 2 8 Proceeds from issuance of common stock under employee stock purchase plan — — 1,296 1,200 Repurchase of common stock (10,000 ) — (10,000 ) — Deferred acquisition payments (5,358 ) (1,000 ) (5,358 ) (1,000 ) Repayments of borrowings from Credit Agreement (875 ) (875 ) (1,750 ) (1,750 ) Net cash used in financing activities (18,291 ) (4,965 ) (25,580 ) (16,881 ) Effect of exchange rate changes on cash and cash equivalents 386 1,114 2,968 152 Net (decrease) increase in cash and cash equivalents (216 ) 18,282 8,678 4,461 Cash and cash equivalents Beginning of period 94,090 139,227 85,196 153,048 End of period $ 93,874 $ 157,509 $ 93,874 $ 157,509 Supplemental disclosure of cash flow information: Cash paid for interest $ 6,259 $ 7,292 $ 12,706 $ 14,562 Cash paid for income taxes $ 3,740 $ 4,236 $ 5,897 $ 6,015 Supplemental disclosure of non-cash activities: Change in purchases of property, equipment and leasehold improvements included in accounts payable and accrued expenses $ 462 $ (25 ) $ 491 $ 154 Right-of-use assets obtained in exchange for operating lease liabilities $ 2,242 $ — $ 5,580 $ — Expand N-able, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (In thousands, except per share information) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP cost of revenue $ 28,697 $ 19,164 $ 56,375 $ 37,461 Stock-based compensation expense and related employer-paid payroll taxes (473 ) (441 ) (941 ) (888 ) Amortization of acquired technologies (4,229 ) (458 ) (8,396 ) (919 ) Transaction related costs (107 ) — (254 ) — Non-GAAP cost of revenue $ 23,888 $ 18,265 $ 46,784 $ 35,654 GAAP gross profit $ 102,552 $ 100,283 $ 193,071 $ 195,735 Stock-based compensation expense and related employer-paid payroll taxes 473 441 941 888 Amortization of acquired technologies 4,229 458 8,396 919 Transaction related costs 107 — 254 — Non-GAAP gross profit $ 107,361 $ 101,182 $ 202,662 $ 197,542 GAAP sales and marketing expense $ 42,362 $ 32,850 $ 82,766 $ 68,666 Stock-based compensation expense and related employer-paid payroll taxes (4,715 ) (3,856 ) (9,180 ) (8,229 ) Transaction related costs (1,369 ) (4 ) (2,320 ) (4 ) Restructuring costs and other (69 ) (247 ) (229 ) (418 ) Non-GAAP sales and marketing expense $ 36,209 $ 28,743 $ 71,037 $ 60,015 GAAP research and development expense $ 26,336 $ 22,391 $ 50,220 $ 44,473 Stock-based compensation expense and related employer-paid payroll taxes (3,084 ) (2,748 ) (6,059 ) (5,533 ) Transaction related costs (206 ) (25 ) (286 ) (25 ) Restructuring costs and other — (33 ) (122 ) (57 ) Non-GAAP research and development expense $ 23,046 $ 19,585 $ 43,753 $ 38,858 GAAP general and administrative expense $ 23,229 $ 23,048 $ 47,137 $ 40,097 Stock-based compensation expense and related employer-paid payroll taxes (4,878 ) (5,118 ) (9,654 ) (10,480 ) Transaction related costs (3,895 ) (4,890 ) (8,971 ) (3,494 ) Restructuring costs and other (322 ) 21 98 (410 ) Spin-off costs — — — (51 ) Non-GAAP general and administrative expense $ 14,134 $ 13,061 $ 28,610 $ 25,662 GAAP operating income $ 10,122 $ 21,979 $ 11,946 $ 42,470 Amortization of acquired technologies 4,229 458 8,396 919 Amortization of acquired intangibles 503 15 1,002 29 Stock-based compensation expense and related employer-paid payroll taxes 13,150 12,164 25,834 25,131 Transaction related costs 5,577 4,919 11,831 3,523 Restructuring costs and other 391 259 253 885 Spin-off costs — — — 51 Non-GAAP operating income $ 33,972 $ 39,794 $ 59,262 $ 73,008 GAAP operating margin 7.7 % 18.4 % 4.8 % 18.2 % Non-GAAP operating margin 25.9 % 33.3 % 23.8 % 31.3 % GAAP net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Amortization of acquired technologies 4,229 458 8,396 919 Amortization of acquired intangibles 503 15 1,002 29 Stock-based compensation expense and related employer-paid payroll taxes 13,150 12,164 25,834 25,131 Transaction related costs 5,577 4,919 11,831 3,523 Restructuring costs and other 391 259 253 885 Interest on deferred consideration 1,424 — 2,833 — Spin-off costs — — — 51 Tax benefits associated with above adjustments (1) (857 ) (624 ) (1,540 ) (968 ) Non-GAAP net income $ 20,395 $ 26,646 $ 37,425 $ 46,481 GAAP diluted (loss) income per share $ (0.02 ) $ 0.05 $ (0.06 ) $ 0.09 Non-GAAP diluted income per share $ 0.11 $ 0.14 $ 0.20 $ 0.25 Shares used in computation of GAAP diluted (loss) income per share: 188,823 187,274 188,527 187,560 Shares used in computation of non-GAAP diluted income per share: 189,302 187,274 189,244 187,560 Expand ____________________ (1) The tax benefits associated with non-GAAP adjustments for the three and six months ended June 30, 2025, and 2024, respectively, is calculated utilizing the Company's individual statutory tax rates for each impacted subsidiary. Expand N-able, Inc. Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net (loss) income $ (4,022 ) $ 9,455 $ (11,184 ) $ 16,911 Amortization 6,262 1,879 12,440 3,741 Depreciation 4,602 4,025 8,841 7,982 Income tax expense 5,200 6,060 8,500 11,759 Interest expense, net 8,090 7,606 15,161 15,227 Unrealized foreign currency losses 2,377 445 1,594 1,241 Transaction related costs 5,577 4,919 11,831 3,523 Spin-off costs — — — 51 Stock-based compensation expense and related employer-paid payroll taxes 13,150 12,164 25,834 25,131 Restructuring costs and other 391 259 253 885 Adjusted EBITDA $ 41,627 $ 46,812 $ 73,270 $ 86,451 Adjusted EBITDA margin 31.7 % 39.2 % 29.4 % 37.1 % Expand N-able, Inc. Reconciliation of GAAP Revenue to Non-GAAP Revenue on a Constant Currency Basis (In thousands, except percentages) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Growth Rate 2025 2024 Growth Rate GAAP subscription revenue $ 129,874 $ 117,413 10.6 % $ 246,723 $ 228,930 7.8 % Estimated foreign currency impact (1) (2,395 ) — (2.0 ) (369 ) — (0.2 ) Non-GAAP subscription revenue on a constant currency basis $ 127,479 $ 117,413 8.6 % $ 246,354 $ 228,930 7.6 % GAAP other revenue $ 1,375 $ 2,034 (32.4 )% $ 2,723 $ 4,266 (36.2 )% Estimated foreign currency impact (1) (4 ) — (0.2 ) 14 — 0.3 Non-GAAP other revenue on a constant currency basis $ 1,371 $ 2,034 (32.6 )% $ 2,737 $ 4,266 (35.8 )% GAAP subscription and other revenue $ 131,249 $ 119,447 9.9 % $ 249,446 $ 233,196 7.0 % Estimated foreign currency impact (1) (2,399 ) — (2.0 ) (355 ) — (0.2 ) Non-GAAP subscription and other revenue on a constant currency basis $ 128,850 $ 119,447 7.9 % $ 249,091 $ 233,196 6.8 % Expand ____________________ (1) The estimated foreign currency impact is calculated using the average foreign currency exchange rates in the comparable prior year monthly periods and applying those rates to foreign-denominated revenue in the corresponding monthly periods for the three and six months ended June 30, 2025. Expand N-able, Inc. Reconciliation of Unlevered Free Cash Flow (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net cash provided by operating activities $ 24,187 $ 27,278 $ 43,864 $ 31,462 Purchases of property and equipment (3,788 ) (3,242 ) (7,076 ) (6,680 ) Purchases of intangible assets (3,009 ) (1,903 ) (5,797 ) (3,592 ) Free cash flow 17,390 22,133 30,991 21,190 Cash paid for interest, net of cash interest received 6,259 7,292 12,706 14,562 Cash paid for transaction related costs, restructuring costs, spin-off costs, employer-paid payroll taxes on stock awards and other one-time items 9,628 6,029 17,715 6,981 Unlevered free cash flow $ 33,277 $ 35,454 $ 61,412 $ 42,733 Expand
