LONDON, UK / ACCESSWIRE / January 16, 2018 / Active-Investors.com has just released a free earnings report on Barracuda Networks, Inc. (NYSE: CUDA) ("Barracuda"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CUDA. The Company reported its third quarter fiscal 2018 (Q3 FY18) operating results on January 08, 2018. The cloud-based security and storage services provider outperformed top- and bottom-line expectations, while its subscriber base jumped 16% on a y-o-y basis. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Barracuda Networks most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Earnings Highlights and Summary
For the quarter ended November 30, 2017, Barracuda's total revenue increased 7% to $94.7 million compared to $88.8 million in Q3 FY17. The Company's revenue numbers topped analysts' expectations of $93.8 million.
During Q3 FY18, Barracuda's gross profit totaled $72.65 million compared to $67.71 million for Q3 FY17. The Company's income from operations came in at $4.68 million compared to $5.55 million in the year ago same period.
Barracuda's GAAP net income was $7.8 million, or $0.14 per share, based on a diluted share count of 55.0 million in Q3 FY18 compared to a GAAP net income of $1.8 million, or $0.03 per share, in Q3 FY17. The Company's non-GAAP net income was $11.6 million, or $0.21 per share, in the reported quarter, but excluded $9.3 million in stock-based compensation expenses; $0.4 million in income tax benefits; $1.6 million in amortization of intangibles; $7.7 million in other net income that includes a gain of $7.4 million from the sale of the SignNow business; and $0.9 million in acquisition and other benefits. The Company's earnings exceeded Wall Street's estimates of $0.18 per share.
During Q3 FY18, Barracuda's subscription revenue grew 13% to $77.3 million compared to $68.3 million in Q3 FY17, representing 82% of total revenue for the reported quarter. The Company's appliance revenue came in at $17.5 million in Q3 FY18 compared to $20.5 million in Q3 FY17.
For Q3 FY18, Barracuda's gross billings totaled $110.6 million compared to $100.4 million in Q3 FY17. The Company's billings for core products increased 24% to $76.6 million on a y-o-y basis in the reported quarter, versus $61.6 million in the year earlier comparable quarter. Excluding Sonian, which Barracuda acquired during Q3 FY18, billings for core products increased 22% to $75.5 million. The Company's number of active subscribers grew 16% to over 360,000 as of November 30, 2017. The annualized renewal rate from subscriptions was 101% on a dollar basis.
On November 27, 2017, Barracuda entered into a definitive agreement to be acquired by the leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at $27.55 per share, or approximately $1.6 billion. The proposed transaction is expected to close before the Company's fiscal year end of February 28, 2018.
Stock Performance Snapshot
January 12, 2018 - At Friday's closing bell, Barracuda Networks' stock ended the trading session flat at $27.50.
Volume traded for the day: 545.14 thousand shares.
Stock performance in the last three-month – up 24.04%; previous six-month period – up 21.15%; and past twelve-month period – up 14.63%
After last Friday's close, Barracuda Networks' market cap was at $1.46 billion.
Price to Earnings (P/E) ratio was at 161.76.
The stock is part of the Technology sector, categorized under the Communication Equipment industry. This sector was up 0.5% at the end of the session.
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