Barracuda revenue up 14% YoY

Barracuda Networks, Inc. (NYSE: CUDA) said its total revenue increased 14 percent to USD 80.1 million, up from USD 70.4 million in the third quarter of fiscal 2015.

Appliance revenue in the third quarter of fiscal 2016 grew to USD 21.7 million, up from USD 20.7 million in the third quarter of fiscal 2015, and recurring subscription revenue grew to USD 58.4 million in the third quarter of fiscal 2016, up from USD 49.7 million in the third quarter of fiscal 2015, representing 73 percent of total revenue.

For the third quarter of fiscal 2016, gross billings were USD 89.0 million, compared with USD 91.5 million in the third quarter of fiscal 2015.

GAAP net loss in the third quarter of fiscal 2016 was USD 1.6 million, or USD 0.03 per share, based on a basic share count of 53.3 million. Non-GAAP net income for the third quarter of fiscal 2016 was USD 4.0 million, or USD 0.07 per share, based on a diluted share count of 54.3 million.

Non-GAAP net income excludes USD 8.5 million of income tax benefits, USD 7.7 million in stock-based compensation expense, USD 4.7 million in acquisition and other non-recurring charges, USD 1.3 million in amortization of intangibles and USD 0.3 million in other expense.

Barracuda provides cloud-connected security and storage solutions. Its customer-centric business model focuses on delivering solutions that provide end-to-end network and data security.