Barracuda Networks, Inc. (NYSE:CUDA) Files An 8-K

ME Staff
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Barracuda Networks, Inc. (NYSE:CUDA), a leading provider of cloud-enabled security and data protection solutions, today announced results for its second quarter fiscal 2017 that ended August 31, 2016.

“In the second quarter, we are pleased with our financial results, and continue to execute on our strategy to position Barracuda as the clear choice to help customers protect their email, networks, applications and data across diverse and distributed deployments. Our total revenue grew 12% year-over-year, gross billings reached $100.3 million and our non-GAAP earnings per share more than doubled year-over-year to reach $0.21 per share,” said BJ Jenkins, president and CEO. “We continue to innovate and bring new solutions to market that fortify the security fabric across public, private and hybrid cloud deployments and can be centrally managed from a single pane of glass. We believe Barracuda is well positioned to build on our momentum and be a market leader in our targeted focus areas as customers look to adopt new application and network deployment models and move workloads to the cloud.”

Second Quarter Fiscal 2017 Financial Summary

  • Total revenue increased 12% to $87.9 million, compared with $78.4 million in the second quarter of fiscal 2016. Subscription revenue grew to $66.9 million, up 19% from $56.1 million in the second quarter of fiscal 2016, representing 76% of total revenue, and appliance revenue was $21.0 million, compared with $22.3 million in the second quarter of fiscal 2016.
  • Gross billings were $100.3 million, compared with $98.4 million in the second quarter of fiscal 2016. The number of active subscribers grew approximately 14% to over 298,000 and the dollar-based renewal rate was 96% for the quarter.
  • GAAP net income was $2.4 million, or $0.05 per share, based on a diluted share count of 53.3 million, compared to a GAAP net loss of $2.2 million, or $0.04 per share, in the second quarter of fiscal 2016.
  • Non-GAAP net income was $11.4 million, or $0.21 per share, based on a diluted share count of 53.3 million. Non-GAAP net income excludes $7.9 million in stock-based compensation expense, $1.9 million in amortization of intangibles, $0.4 million in acquisition and other non-recurring charges, $0.3 million of income tax effect, and $1.5 million in other income