Barracuda Networks (CUDA) Reports In-Line Q1 EPS, Beats on Revenues

Barracuda Networks (NYSE: CUDA) reported Q1 EPS of $0.18, in-line with the analyst estimate of $0.18. Revenue for the quarter came in at $94.2 million versus the consensus estimate of $91.15 million.

"We delivered a strong first quarter exceeding our guidance on both revenue and billings, driven by continued momentum with our email security, public cloud and MSP solutions, which led to 20% core product billings growth year-over-year. We also had strong customer renewals in the quarter that contributed to an annualized renewal rate of 93% and included expanding a multi-year public cloud engagement with a Fortune 500 customer," said BJ Jenkins, president and CEO. \"We are excited by the progress we are making in our core focus areas as a growing number of customers turn to Barracuda for our email security and management, network and application security and data protection solutions. We plan to continue to invest in the growth opportunities we see in the market and provide new easy-to-deploy and manage solutions that help customers navigate the evolving threat landscape safely and affordably."

First Quarter Fiscal 2018 Financial Summary

• Total revenue increased 9% to $94.2 million, compared with $86.7 million in the first quarter of fiscal 2017. Subscription revenue grew to $73.9 million, up 13% from $65.3 million in the first quarter of fiscal 2017, representing 78% of total revenue, and appliance revenue was $20.3 million, compared with $21.3 million in the first quarter of fiscal 2017.
• Gross billings were $105.2 million, compared with $98.2 million in the first quarter of fiscal 2017. Billings for core products increased 20% to $67.1 million, compared with $55.9 million in the first quarter of fiscal 2017. The number of active subscribers grew approximately 17% to over 335,000 as of May 31, 2017. The renewal rate was 90% on a dollar-basis and in constant currency, and 93% on an annualized basis.
• GAAP net income was $2.7 million, or $0.05 per share, based on a diluted share count of 54.3 million, compared to a GAAP net income of $2.8 million, or $0.05 per share, in the first quarter of fiscal 2017.
• Non-GAAP net income was $10.0 million, or $0.18 per share, based on a diluted share count of 54.3 million. Non-GAAP net income excludes $7.4 million in stock-based compensation expense, $1.8 million in income tax benefits, $1.7 million in amortization of intangibles, $1.0 million in other income and $0.9 million in acquisition and other charges.

For earnings history and earnings-related data on Barracuda Networks (CUDA) click here.

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