Barracuda has announced Third Quarter Fiscal 2014 Results.
- Gross billings up 19% year-over-year to a record $77.5 million
- Total revenue of $59.4 million, including recurring subscription revenue of $41.2 million
- Adjusted EBITDA of $12.6 million, or 21% of revenue
- Q3 subscription renewal rate of 97.5% on a dollar basis, total active subscribers of nearly 198,000
The Third Quarter Fiscal 2014 Earnings Call took place January 9. The webcast of the call is available on-demand from this link.
BJ Jenkins, Barracuda President and CEO:
“Our business showed strong performance in the third quarter across both our security and storage segments, and we continue to see positive results from our high growth market segments … During the quarter, we added over 6,800 new active subscribers, including both small businesses and large firms, across multiple geographies and industries. We believe that with our recent product releases and expanded distribution channels, Barracuda is well positioned to address the growing market trends of cloud computing, information growth and the increasing adoption of virtualization.”
David Faugno, CFO:
“The results reflect solid financial performance and controls, and we outperformed against our outlook in several key metrics including gross billings, revenue, non-GAAP operating income and adjusted EBITDA, … Adjusted EBITDA in the third quarter was $12.6 million, or 21% of total revenue, non-GAAP operating income was $1.3 million, or 2% of total revenue, and adjusted free cash flow in the third quarter was $9.7 million, or 16% of total revenue. The Company closed the quarter with total deferred revenue of $298.8 million, up from $286.8 million in the prior quarter.”
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