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- Q3 gross billings up 18% year-over-year to a record $92 million
- Total revenue grew 19% year-over-year to $70 million in Q3
- Adjusted EBITDA grew 54% year-over-year to $19 million
- Total active subscribers exceed 234,900, up 19% year-over-year
CAMPBELL, Calif., Jan. 8, 2015 – /BackupReview.info/ – Barracuda Networks, Inc. (NYSE: CUDA), a leading provider of cloud-connected security and storage solutions, today announced results for its third quarter of fiscal 2015, which ended November 30, 2014.
Billings & Revenue: For the third quarter of fiscal 2015, gross billings grew 18% to $91.5 million, up from $77.5 million in the third quarter of fiscal 2014. Total revenue increased 19% to $70.4 million, up from $59.4 million in the third quarter of fiscal 2014. Appliance revenue in the third quarter of fiscal 2015 increased to $20.7 million up from $18.2 million in the third quarter of fiscal 2014, and subscription revenue grew to $49.7 million in the third quarter of fiscal 2015 up from $41.2 million in the third quarter of fiscal 2014, representing 71% of total revenue.
Net Income: GAAP net loss in the third quarter of fiscal 2015 was $36,000, or $0.00 loss per share, based on a basic share count of 52.1 million. Non-GAAP net income for the third quarter of fiscal 2015 was $3.2 million, or $0.06 earnings per share, based on a diluted share count of 54.0 million. Non-GAAP net income excludes $4.9 million in stock-based compensation expense, $4.7 million in income tax benefit of non-GAAP exclusions, $1.7 million net in other income and expense, $0.8 million in amortization of intangible assets, and $0.6 million in acquisition and other non-recurring charges. The reconciliation between GAAP and non-GAAP information is contained in the tables below.
“We delivered another quarter of strong financial performance across all of our major markets and product categories,” said BJ Jenkins, president and CEO. “In the third quarter, we added more than 9,300 new active subscribers, bringing our total active subscribers to more than 234,900. Our results reflect the continued demand for our storage and network and application security products which continue to drive our top line growth. We also continued to make progress in the public cloud market with more integrations of our products into Microsoft Azure and Amazon Web Services. Given the expanding opportunities for our products, we will continue to invest to grow our sales and R&D efforts while driving toward our long-term model.”
“We achieved record results in gross billings in Q3, which grew 20% year-over-year on a constant currency basis,” said David Faugno, CFO. “In the quarter, adjusted EBITDA grew 54% year-over-year to $19 million, or 28% of total revenue. On a trailing 12-month basis, adjusted free cash flow was $46.0 million, growing 49% year-over-year.”
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About Barracuda Networks Inc. (NYSE: CUDA)
Barracuda Networks, Barracuda and the Barracuda Networks logo are registered trademarks or trademarks of Barracuda Networks, Inc. in the US and other countries.
For detailed financial information, click here: http://bit.ly/1diSadE
Source: Barracuda Networks, Inc.
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