BARRACUDA NETWORKS INC CAMPBELL, Calif., Sept. 29, 2015 /PRNewswire/ -- Barracuda Networks, Inc. (NYSE: CUDA), a leading provider of cloud-connected security and storage solutions, today announced results for its second quarter of fiscal 2016, which ended August 31, 2015.
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Billings & Revenue: For the second quarter of fiscal 2016, gross billings grew to $98.4 million, up from $89.0 million in the second quarter of fiscal 2015. Total revenue increased 14% to $78.4 million, up from $68.7 million in the second quarter of fiscal 2015. Appliance revenue in the second quarter of fiscal 2016 grew to $22.3 million, up from $20.7 million in the second quarter of fiscal 2015, and recurring subscription revenue grew to $56.1 million in the second quarter of fiscal 2016, up from $48.0 million in the second quarter of fiscal 2015, representing 72% of total revenue.
Net Income: GAAP net loss in the second quarter of fiscal 2016 was $2.2 million, or $0.04 loss per share, based on a basic share count of 53.3 million. Non-GAAP net income for the second quarter of fiscal 2016 was $5.6 million, or $0.10 per share, based on a diluted share count of 54.9 million. Non-GAAP net income excludes $7.2 million in stock-based compensation expense, $0.6 million in acquisition and other non-recurring charges, $0.6 million in amortization of intangibles, $0.4 million in income tax benefits of non-GAAP exclusions, and $0.2 million in other income. The reconciliation between GAAP and non-GAAP information is contained in the tables below.
"We now have more than 261,000 active subscribers and this quarter's dollar-based renewal rates were 95.1%. In the second quarter, gross billings grew to $98.4 million, up 4% sequentially and up 14% year-over-year in constant currency. The currency environment and longer sales cycles which we experienced in EMEA in Q2 impacted our gross billing performance this quarter. Our storage category billings grew in the mid-twenty percent range year-over-year on a constant currency basis in Q2. However, we do see some evidence that growth in the overall storage market has slowed and that customer requirements are evolving, and we are adjusting our approach accordingly," said BJ Jenkins, President and CEO.
"Further, we are excited about our pending acquisition of Intronis because it will significantly expand our presence with managed service providers, and enables Barracuda to reach more of the market, by offering storage and security solutions the way customers want to consume them."
"During the quarter, we achieved 14% year-over-year growth in revenue and delivered better than expected bottom-line results by executing on our business model," said David Faugno, CFO. "In the quarter, non-GAAP operating income grew 22% year-over-year to $8.1 million, representing 10.3% of total revenue."
Recent Company Highlights
-- Signed Definitive Agreement to Acquire Intronis, Inc.: The Intronis
ECHOplatform currently enables nearly 2,000 managed service providers
(MSPs) which today serve more than 36,000 end customers in the small
business and mid-market segment. Intronis' focus on the MSP experience
and award-winning infrastructure will expand Barracuda's channel reach
in the fast-growing MSP partner segment. There are, according to
Gartner(1), significant opportunities for MSPs to support their clients'
cloud migration plans and their IT service deployment, management and
security needs. For additional information please refer to
http://cuda.co/intronispr.
-- Enhanced Public Cloud Integration: Extended relationship with Microsoft
Azure by integrating the Barracuda Web Application Firewall into the
Azure App service, allowing customers to easily augment security for
applications developed on any platform through the Azure App Service.
-- Enhanced Products and Services: Introduced Barracuda Backup Virtual
Appliance (Vx), a software solution that can be deployed in virtual
environments to leverage existing compute and storage infrastructures
while optimizing local storage and bandwidth requirements with
deduplication and compression; launched CudaDrive, a flexible and secure
cloud service with virtual and user data protection that enables
businesses to securely store, share, and access files stored in the
Barracuda cloud from anywhere.
Conference Call Information
Barracuda will host a conference call and corresponding live webcast at 1:30 p.m. PT today. To access the conference call, dial 1-855-560-2573 for the U.S. or 1-412-542-4159 for international callers. The webcast will be available live on the investor relations section of the company's website at https://investors.barracuda.com, and via replay beginning approximately two hours after the completion of the call for a period of one year. An audio replay of the call will be available to investors beginning at approximately 5:00 p.m. PT today through October 6, 2015 by dialing 1-877-344-7529 in the U.S. or 1-412-317-0088 for international callers, and entering conference ID 10072086. Additional information can be found in an accompanying supplemental investor slide presentation located at https://investors.barracuda.com.
Forward-Looking Statements
This announcement contains forward-looking statements related to future product performance, changes in the growth rate of overall storage market, changes in customer requirements, the closing and potential benefits of the acquisition of Intronis, and potential results from new initiatives that involve risks and uncertainties, including statements regarding the company's expectations regarding financial performance and the potential impact of our new and updated products. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risk factors, including, but not limited to: fluctuations in demand for the company's products and services; a highly competitive business environment for network security and storage solutions; the company's effectiveness in controlling expenses; the effects of significant developments in IT infrastructure deployments, particularly cloud computing; the impact of foreign currency fluctuations; the possibility that the company might experience delays in the development of new technology and products; risks related to the Intronis acquisition and other potential; customer response to its new technology and products; risks related to pending or future litigation and regulatory matters; and a dependency on third parties for certain components of the company's products. The company undertakes no obligation to update the forward-looking information in this release. More information about potential factors that could affect the company's business and financial results is included in its filings with the Securities and Exchange Commission, including, without limitation, under the captions: "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Risk Factors," which are on file with the Securities and Exchange Commission.
Non-GAAP Financial Measures
Barracuda provides all financial information required in accordance with generally accepted accounting principles (GAAP). To supplement our consolidated financial statements presented in accordance with GAAP, we are also providing with this press release non-GAAP net income, non-GAAP operating income, adjusted EBITDA and adjusted free cash flow. In preparing our non-GAAP information, we have excluded certain amounts as set forth in the attached financial tables and footnotes. We believe that excluding these items provides both management and investors with additional insight into our current operations and the trends affecting the company. In particular, management finds it useful to exclude these items in order to more readily correlate the company's operating activities with the company's ability to generate cash from operations. Accordingly, management uses these non-GAAP measures, along with the comparable GAAP information, in evaluating our historical performance and in planning our future business activities. Please note that our non-GAAP measures may be different than those used by other companies. The additional non-GAAP financial information we present should be considered in conjunction with, and not as a substitute for, our financial information presented in accordance with GAAP. We have provided a non-GAAP reconciliation of the Condensed Consolidated Statement of Operations for the periods presented in this release, which exclude certain amounts as set forth in the attached financial tables and footnotes for these periods. These measures should only be used to evaluate the company's results of operations in conjunction with the corresponding GAAP measures for comparable financial information and understanding of the company's ongoing performance as a business. Barracuda uses both GAAP and non-GAAP measures to evaluate and manage its operations.
About Barracuda Networks Inc. (NYSE: CUDA)
Barracuda provides cloud-connected security and storage solutions that simplify IT. These powerful, easy-to-use and affordable solutions are trusted by more than 150,000 organizations worldwide and are delivered in appliance, virtual appliance, and cloud and hybrid deployments. Barracuda's customer-centric business model focuses on delivering high-value, subscription-based IT solutions that provide end-to-end network and data security. For additional information, please visit http://www.barracuda.com.
Barracuda Networks, Barracuda and the Barracuda Networks logo are registered trademarks or trademarks of Barracuda Networks, Inc. in the US and other countries.
Contacts:
Investor Relations: Adam Carson; +1-408-342-5480; ir@barracuda.com Corporate Communications: Mary Catherine Petermann; +1 404-307-6290; mc@barracuda.com
Barracuda Networks, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
August 31, 2015 February 28, 2015
--------------- -----------------
Assets
Current assets:
Cash and cash equivalents $173,683 $151,373
Marketable securities 44,066 40,754
Accounts receivable, net of allowance
for doubtful accounts 43,026 40,725
Inventories, net 5,579 4,454
Deferred costs 31,926 30,221
Deferred income taxes 152 479
Other current assets 12,494 12,260
------
Total current assets 310,926 280,266
Property and equipment, net 27,787 27,839
Deferred costs, non-current 28,288 27,715
Deferred income taxes, non-current 384 443
Other non-current assets 5,128 4,123
Intangible assets, net 8,748 9,217
Goodwill 40,063 39,742
Total assets $421,324 $389,345
======== ========
Liabilities and stockholders' deficit
Current liabilities:
Accounts payable $18,530 $16,356
Accrued payroll and related benefits 11,424 11,656
Other accrued liabilities 13,003 12,465
Deferred revenue 225,387 209,904
Deferred income taxes 362 563
Note payable 259 252
---
Total current liabilities 268,965 251,196
Long-term liabilities:
Deferred revenue, non-current 164,519 163,253
Deferred income taxes, non-current 2,250 2,396
Note payable, non-current 4,251 4,383
Other long-term liabilities 7,769 7,201
Stockholders' deficit:
Common stock 53 53
Additional paid-in capital 333,316 316,035
Accumulated other comprehensive loss (2,789) (4,233)
Accumulated deficit (357,010) (350,939)
---------
Total stockholders' deficit (26,430) (39,084)
Total liabilities and
stockholders' deficit $421,324 $389,345
======== ========
Barracuda Networks, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share information)
(Unaudited)
Three months ended August Six months ended August
31, 31,
------------------------- ------------------------
2015 2014 2015 2014
---- ---- ---- ----
Revenue:
Appliance $22,288 $20,676 $45,970 $41,512
Subscription 56,083 47,976 110,375 93,349
----------
Total revenue 78,371 68,652 156,345 134,861
Cost of revenue 15,935 14,044 31,901 28,450
------ ------ ------ ------
Gross profit 62,436 54,608 124,444 106,411
Operating expenses:
Research and
development 17,502 13,826 35,502 26,778
Sales and
marketing 34,470 31,031 68,602 60,510
General and
administrative 10,770 8,624 21,468 17,188
----------
Total operating expenses 62,742 53,481 125,572 104,476
------ ------ ------- -------
Income (loss) from operations (306) 1,127 (1,128) 1,935
Other income (expense), net 97 (681) (471) (738)
--- ---- ---- ----
Income (loss) before income taxes (209) 446 (1,599) 1,197
Benefit from (provision for) income
taxes (2,030) 292 (4,472) (308)
------ --- ------ ----
Net income (loss) $(2,239) $738 $(6,071) $889
======= ==== ======= ====
Net income (loss) per share:
Basic $(0.04) $0.01 $(0.11) $0.02
Diluted $(0.04) $0.01 $(0.11) $0.02
=======
Weighted-average shares used to compute net income (loss) per
share:
Basic 53,270 51,667 53,133 51,412
Diluted 53,270 53,743 53,133 53,675
=======
Barracuda Networks, Inc.
Reconciliation of Selected GAAP to Non-GAAP Financial Measures
(in thousands)
(Unaudited)
Three months ended August 31, Six months ended August 31,
----------------------------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
GAAP cost of revenue $15,935 $14,044 $31,901 $28,450
Amortization of intangible assets
(1) 424 673 828 1,346
Depreciation expense (2) 1,100 756 2,132 1,428
Stock-based compensation expense
(3) 255 73 466 125
Non-GAAP cost of revenue $14,156 $12,542 $28,475 $25,551
======= ======= ======= =======
GAAP sales and marketing
expense $34,470 $31,031 $68,602 $60,510
Amortization of intangible assets
(1) 189 438 363 741
Depreciation expense (2) 43 38 69 77
Stock-based compensation expense
(3) 1,639 821 3,189 1,403
Acquisition and other non-
recurring charges (4) 32 - (293) -
Non-GAAP sales and
marketing expense $32,567 $29,734 $65,274 $58,289
======= ======= ======= =======
GAAP research and
development expense $17,502 $13,826 $35,502 $26,778
Depreciation expense (2) 160 156 329 307
Stock-based compensation expense
(3) 2,000 902 3,835 1,650
Acquisition and other non-
recurring charges (4) 585 383 1,690 755
Non-GAAP research and
development expense $14,757 $12,385 $29,648 $24,066
======= ======= ======= =======
GAAP general and
administrative expense $10,770 $8,624 $21,468 $17,188
Depreciation expense (2) 379 274 748 523
Stock-based compensation expense
(3) 3,272 1,940 6,220 3,640
Acquisition and other non-
recurring charges (4) 10 257 303 274
Non-GAAP general and
administrative expense $7,109 $6,153 $14,197 $12,751
====== ====== ======= =======
GAAP total expense $78,677 $67,525 $157,473 $132,926
Amortization of intangible assets
(1) 613 1,111 1,191 2,087
Depreciation expense (2) 1,682 1,224 3,278 2,335
Stock-based compensation expense
(3) 7,166 3,736 13,710 6,818
Acquisition and other non-
recurring charges (4) 627 640 1,700 1,029
Non-GAAP total expense $68,589 $60,814 $137,594 $120,657
======= ======= ======== ========
Depreciation expense (2) 1,682 1,224 3,278 2,335
Non-GAAP total expense
including depreciation $70,271 $62,038 $140,872 $122,992
======= ======= ======== ========
Barracuda Networks, Inc.
Reconciliation of Selected GAAP to Non-GAAP Financial Measures
(in thousands, except per share information)
(Unaudited)
Three months ended August 31, Six months ended August 31,
----------------------------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
GAAP operating income (loss) $(306) $1,127 $(1,128) $1,935
Amortization of intangible assets
(1) 613 1,111 1,191 2,087
Stock-based compensation expense
(3) 7,166 3,736 13,710 6,818
Acquisition and other non-
recurring charges (4) 627 640 1,700 1,029
Non-GAAP operating income $8,100 $6,614 $15,473 $11,869
====== ====== ======= =======
GAAP net income (loss) $(2,239) $738 $(6,071) $889
Amortization of intangible assets
(1) 613 1,111 1,191 2,087
Stock-based compensation expense
(3) 7,166 3,736 13,710 6,818
Acquisition and other non-
recurring charges (4) 627 640 1,700 1,029
Income tax effect of non-GAAP
exclusions (5) (382) (2,243) (142) (3,186)
Other expense (income) adjustments
(6) (156) 569 378 516
Non-GAAP net income $5,629 $4,551 $10,766 $8,153
====== ====== ======= ======
Non-GAAP diluted earnings
per share (7) $0.10 $0.08 $0.20 $0.15
===== ===== ===== =====
Weighted-average shares
used to compute diluted
earnings per share 54,913 53,743 54,974 53,675
====== ====== ====== ======
(1) Amortization of Intangible Assets. We
provide non-GAAP information which
excludes expenses for the amortization
of intangible assets, as well as certain
losses from disposal of such assets,
that primarily relate to purchased
intangible assets associated with our
acquisitions. We believe that
eliminating this expense from our non-
GAAP measures is useful to investors,
because the amortization of intangible
assets can be inconsistent in amount and
frequency and is significantly impacted
by the timing and magnitude of our
acquisition transactions, which also
vary in frequency from period to period.
Accordingly, we analyze the performance
of our operations in each period without
regard to such expenses.
-----------------------------------------
(2) Depreciation Expense. We provide non-
GAAP information which excludes
depreciation expense related to the
amortization of property and equipment,
as well as certain losses from disposal
of such assets. We believe that
eliminating this expense from our non-
GAAP measures is useful to investors,
because the acquisition of property and
equipment, and the corresponding
depreciation expense, can be
inconsistent in amount and can vary from
period to period.
----------------------------------------
(3) Stock-Based Compensation Expense. We
provide non-GAAP information which
excludes expenses for stock-based
compensation. We believe the exclusion
of this item allows for financial
results that are more indicative of our
continuing operations. We believe that
the exclusion of stock-based
compensation expense provides for a
better comparison of our operating
results to prior periods and to our peer
companies as the calculations of stock-
based compensation vary from period to
period and company to company due to
different valuation methodologies,
subjective assumptions and the variety
of award types.
-----------------------------------------
(4) Acquisition and Other Non-Recurring
Charges. We exclude certain expense
items resulting from acquisitions and
other non-recurring charges, which we
do not expect to recur in our continuing
operating results. We believe that
adjusting for these charges allows us to
better compare results from period to
period in order to assess the ongoing
operating results of our business. The
charges include: (i) costs associated
with an internal investigation of export
control compliance and (ii) legal,
valuation consulting and other expenses
incurred in connection with
acquisitions, the fair value
remeasurements of contingent
considerations, the payments made under
the terms of certain acquisition
agreements and other non-recurring
expenses.
-----------------------------------------
(5) Income Tax Effect of Non-GAAP
Exclusions. We believe providing
financial information with and without
the income tax effect of excluding items
related to our non-GAAP financial
measures provide our management and
users of the financial statements with
better clarity regarding the ongoing
performance and future liquidity of our
business. Excluded items include, but
are not limited to: (i) amortization
expense of intangible assets, (ii)
stock-based compensation expense, (iii)
acquisition and other non-recurring
charges, and (iv) quarterly changes to
the valuation allowance previously
established.
-----------------------------------------
(6) Other Expense (Income) Adjustments. We
provide non-GAAP information that
excludes the effect of certain other
income and losses. These adjustments
most significantly consist of foreign
currency remeasurement gains and losses.
For all non-functional currency account
balances, the remeasurement of such
balances to the functional currency will
result in either a foreign exchange gain
or a loss which is recorded in other
income (expense), net. We believe that
eliminating these items from our non-
GAAP measures is useful to investors,
because foreign currency remeasurement
adjustments can be inconsistent in
amount and can vary from period to
period.
-----------------------------------------
(7) Non-GAAP Diluted Earnings Per Share. We
provide non-GAAP diluted earnings per
share. The non-GAAP diluted earnings per
share amount is calculated based on our
non-GAAP net income divided by the
weighted-average diluted shares
outstanding for the period.
----------------------------------------
Barracuda Networks, Inc.
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
(in thousands)
(Unaudited)
Three months ended August
31, Six months ended August 31,
-------------------------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
GAAP net income (loss) $(2,239) $738 $(6,071) $889
Deferred revenue, end of period 389,835 342,663 389,835 342,663
Less: Deferred revenue, beginning
of period (381,003) (328,488) (372,862) (313,157)
Less: Deferred costs, end of
period (60,214) (54,582) (60,214) (54,582)
Deferred costs, beginning of
period 59,255 52,549 57,936 50,279
Other expense (income), net (97) 681 471 738
Provision for (benefit from)
income taxes 2,030 (292) 4,472 308
Acquisition and other non-
recurring charges 627 640 1,700 1,029
Stock-based compensation expense 7,166 3,736 13,710 6,818
Amortization of intangible assets 613 1,111 1,191 2,087
Depreciation expense 1,682 1,224 3,278 2,335
Adjusted EBITDA (1) $17,655 $19,980 $33,446 $39,407
======= ======= ======= =======
(1) Adjusted EBITDA. We define adjusted
EBITDA as net income (loss) plus
increases in deferred revenue and
increases in the associated deferred
costs, plus non-cash and non-
operating charges which include: (i)
other expense (income), net, (ii)
provision for (benefit from) income
taxes, (iii) acquisition and other
non-recurring charges, (iv) stock-
based compensation expense, (v)
amortization of intangible assets,
including certain losses on disposal
of intangible assets, and (vi)
depreciation expense, including
certain losses on disposal of fixed
assets. The deferred revenue balances
for the periods presented exclude any
remaining acquisition date deferred
revenue amounts assumed in connection
with our acquisition of C2C Systems
Limited, which closed in the second
quarter of fiscal 2015. We believe
adjusted EBITDA provides an indication
of profitability from our operations,
and provides a consistent measure of
our performance from period to period.
--------------------------------------
Barracuda Networks, Inc.
Reconciliation of GAAP Cash Flows from Operating Activities to Adjusted Free Cash Flow
(in thousands)
(Unaudited)
Three months ended August Six months ended August
31, 31,
------------------------- ------------------------
2015 2014 2015 2014
---- ---- ---- ----
GAAP cash
flows from
operating
activities $22,317 $15,475 $28,619 $20,882
Purchase of
property and
equipment (1,567) (2,186) (3,443) (3,775)
Acquisition
and other
non-
recurring
charges (1) 380 390 1,266 775
Adjusted free
cash flow (2) $21,130 $13,679 $26,442 $17,882
======= ======= ======= =======
(1) Acquisition and Other Non-
Recurring Charges. We exclude
the cash flow impact resulting
from acquisitions and other
non-recurring charges, which
we do not expect to recur in
our continuing operating
results. We believe that
adjusting for these cash
outflows allows us to better
compare results from period to
period in order to assess the
ongoing operating results of
our business. The cash flows
include: (i) payments
associated with an internal
investigation of export control
compliance and (ii) payments
related to legal, valuation
consulting and other expenses
incurred in connection with
acquisitions, as well as the
payments under the terms of
certain acquisition agreements
and other non-recurring
expenses.
--------------------------------
(2) Adjusted Free Cash Flow. We
define adjusted free cash flow
as cash flows from operating
activities less the purchases
of property and equipment plus
the cash flow effect of
acquisition and other non-
recurring charges. We believe
that adjusting free cash flow
to exclude these charges allows
us to better compare results
from period to period in order
to assess the ongoing free cash
flow of our business. We
believe adjusted free cash flow
is an important liquidity
measure that reflects the cash
generated by the business after
the purchase of property and
equipment that can then be used
for, among other things,
strategic acquisitions,
investments in the business and
funding ongoing operations.
-------------------------------
Barracuda Networks, Inc.
Reconciliation of GAAP Revenue to Gross Billings
(in thousands)
(Unaudited)
Three months ended August Six months ended August
31, 31,
------------------------- ------------------------
2015 2014 2015 2014
---- ---- ---- ----
GAAP Revenue $78,371 $68,652 $156,345 $134,861
Total deferred revenue, end of
period 389,835 342,663 389,835 342,663
Less: total deferred revenue,
beginning of period (381,003) (328,488) (372,862) (313,157)
Deferred revenue adjustments 11,242 6,208 19,401 12,268
------
Total change in deferred
revenue and adjustments 20,074 20,383 36,374 41,774
Gross billings (1)(2) $98,445 $89,035 $192,719 $176,635
======= ======= ======== ========
(1) Gross Billings. We define gross
billings as total revenue plus
the change in deferred revenue
and other adjustments, which
primarily consist of returns
and reserves with respect to
the 30-day right of return we
provide to customers, as well
as rebates for certain channel
partner activities. The
deferred revenue balances for
the periods presented exclude
any remaining acquisition date
deferred revenue amounts
assumed in connection with our
acquisition of C2C Systems
Limited, which closed in the
second quarter of fiscal 2015.
We believe that gross billings
provide insight into the sales
of our solutions and
performance of our business.
-------------------------------
(2) In order to determine how our
business performed exclusive of
the effect of foreign currency
fluctuations, we compare the
percentage change in our gross
billings from one period to
another using a constant
currency. To present this gross
billings information, the
current and comparative prior
period results for entities
that operate in other than U.S.
dollars are converted into U.S.
dollars at constant exchange
rates. For example, the rates
in effect at August 31, 2014,
which was the last day of our
prior fiscal year's comparable
quarter, were used to convert
current and comparable prior
period gross billings rather
than the actual exchange rates
in effect during the respective
period.
Barracuda Networks, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three months ended August 31, Six months ended August 31,
----------------------------- ---------------------------
2015 2014 2015 2014
---- ---- ---- ----
Operating activities
Net income (loss) $(2,239) $738 $(6,071) $889
Adjustments to reconcile net income (loss) to net cash
provided by operating activities:
Depreciation and amortization
expense 2,295 2,335 4,469 4,422
Stock-based compensation expense 7,166 3,736 13,710 6,818
Excess tax benefits from equity
compensation plans (1,116) (2,566) (3,260) (4,338)
Deferred income taxes 94 (2,944) 239 (6,198)
Other 333 19 670 31
Changes in operating assets and liabilities:
Accounts receivable, net 196 (3,433) (2,143) (8,527)
Inventories, net (862) (267) (1,125) 463
Income taxes, net 1,730 2,049 4,019 3,073
Deferred costs (905) (2,130) (2,284) (4,412)
Other assets (1,216) (117) (933) (147)
Accounts payable 5,338 3,312 2,225 (1,267)
Accrued payroll and related
benefits 2,359 (52) 2,298 (29)
Other liabilities 405 562 53 531
Deferred revenue 8,739 14,233 16,752 29,573
-----
Net cash provided by
operating activities 22,317 15,475 28,619 20,882
Investing activities
Proceeds from the sale of
marketable securities 3,974 - 7,177 -
Proceeds from the maturity of
marketable securities 1,641 - 4,667 -
Purchase of marketable securities (5,747) - (14,240) -
Purchase of property and equipment (1,567) (2,186) (3,443) (3,775)
Purchase of investments in non-
marketable equity and debt
securities (350) - (350) (600)
Business combinations, net of cash
acquired (749) (4,791) (749) (4,791)
-----
Net cash used in investing
activities (2,798) (6,977) (6,938) (9,166)
Financing activities
Proceeds from issuance of common
stock 1,052 4,906 4,300 7,246
Taxes paid related to net share
settlement of equity awards (1,850) (1,215) (4,026) (2,340)
Employee loans extended, net of
repayment (2,208) 393 (2,484) (70)
Excess tax benefits from equity
compensation plans 1,116 2,566 3,260 4,338
Repayment of note payable (62) (58) (125) (118)
Other (25) - (181) -
-----
Net cash provided by
financing activities (1,977) 6,592 744 9,056
Effect of exchange rate
changes on cash and cash
equivalents 79 (89) (115) (92)
---
Net increase in cash and
cash equivalents 17,621 15,001 22,310 20,680
Cash and cash equivalents at
beginning of period 156,062 141,558 151,373 135,879
Cash and cash equivalents at
end of period $173,683 $156,559 $173,683 $156,559
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Footnote:
1) Forecast Overview: Public Cloud Services, Worldwide, 2011-2016, 4Q12 Update Published: 8 February 2013
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/barracuda-reports-second-quarter-fiscal-2016-results-300151057.html
SOURCE Barracuda Networks, Inc.
