Barracuda Networks Inc (NYSE:CUDA) Q3 2018 Revenue Surges To $94.7 Million


Barracuda Networks Inc (NYSE:CUDA) posted financial report for its fiscal Q3 2018, closed on November 30, 2017. BJ Jenkins, the CEO and President, expressed that they delivered a robust third quarter led by continued momentum in their core focus areas. As they reported in November, they finalized a definitive agreement to be bought by major private equity investment company Thoma Bravo, LLC in a transaction valued at $27.55 a share, or around $1.6 billion. The proposed deal is anticipated to close before company’s fiscal year close of February 28, 2018.

The details

For Q3 2018, Barracuda revenue came at $94.7 million, as against $88.8 million in Q3 2017. Subscription revenue surged to $77.3 million, a jump pf 13% over the third quarter of FY 2017, exhibiting 82% of total revenue. Appliance revenue came at $17.5 million versus $20.5 million in the same quarter of fiscal 2017.

Gross billings came at $110.6 million as against $100.4 million in Q3 2017. Billings for core products jumped 24% to $76.6 million, as against $61.6 million in the same quarter of FY2017. Excluding Sonian, which company bought during the third quarter, billings for core products surged 22% to $75.5 million. The count of active subscribers jumped 16% to over 360,000 as of the close of November 30, 2017. The annualized renewal rate as recorded from subscriptions on a dollar terms came at 101%.

Barracuda reported that GAAP net income came at $7.8 million compared to $1.8 million in Q3 of FY 2017. Non-GAAP net income stood at $11.6 million depending on a diluted share figure of 55 million. Non-GAAP net income discounts stock-based compensation expense worth $9.3 million, income tax benefits amounting to $0.4 million, amortization of intangibles worth $1.6 million, $7.7 million in other net income and $0.9 million in acquisition as well as other benefits.