Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 30, 2013 | Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'CUDA | ' |
Entity Registrant Name | 'BARRACUDA NETWORKS INC | ' |
Entity Central Index Key | '0001348334 | ' |
Current Fiscal Year End Date | '--02-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 50,864,290 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $117,249 | $30,095 |
Marketable securities | 1,231 | 1,550 |
Accounts receivable, net of allowance for doubtful accounts of $1,252 and $1,923 as of February 28, 2013 and November 30, 2013, respectively | 28,781 | 24,066 |
Inventories | 6,365 | 5,138 |
Prepaid income taxes | 297 | 1,120 |
Deferred costs | 24,461 | 20,119 |
Deferred income taxes | 29,717 | 26,158 |
Other current assets | 3,253 | 3,216 |
Total current assets | 211,354 | 111,462 |
Property and equipment, net | 20,299 | 16,972 |
Deferred costs, noncurrent | 23,809 | 19,351 |
Deferred income taxes, noncurrent | 25,265 | 21,065 |
Other noncurrent assets | 1,724 | 1,637 |
Intangible assets, net | 9,383 | 7,983 |
Goodwill | 36,026 | 33,778 |
Total assets | 327,860 | 212,248 |
Current liabilities: | ' | ' |
Accounts payable | 13,688 | 12,756 |
Accrued payroll and related benefits | 6,388 | 9,967 |
Other accrued liabilities | 11,439 | 9,925 |
Deferred revenue | 159,578 | 146,257 |
Deferred income taxes | 132 | 132 |
Note payable | 233 | 222 |
Total current liabilities | 191,458 | 179,259 |
Long-term liabilities: | ' | ' |
Deferred revenue, noncurrent | 139,245 | 114,986 |
Deferred income taxes, noncurrent | 672 | 660 |
Note payable, noncurrent | 4,695 | 4,872 |
Other long-term liabilities | 4,873 | 4,537 |
Commitments and contingencies (Note 9) | ' | ' |
Redeemable convertible preferred stock: $0.001 par value; 17,626,227 and zero shares authorized as of February 28, 2013 and November 30, 2013, respectively; 17,626,227 and zero shares issued and outstanding as of February 28, 2013 and November 30, 2013, respectively | ' | 167,554 |
Stockholders' deficit: | ' | ' |
Preferred stock, $0.001 par value; zero and 20,000,000 shares authorized as of February 28, 2013 and November 30, 2013, respectively; zero shares issued and outstanding as of February 28, 2013 and November 30, 2013 | ' | ' |
Common stock, $0.001 par value; 53,333,334 and 1,000,000,000 shares authorized as of February 28, 2013 and November 30, 2013, respectively; 28,091,081 and 50,850,602 shares issued and outstanding as of February 28, 2013 and November 30, 2013, respectively | 51 | 28 |
Additional paid-in capital | 277,139 | 23,080 |
Accumulated other comprehensive loss | -868 | -1,112 |
Accumulated deficit | -286,359 | -279,131 |
Total stockholders' deficit controlling interest | -10,037 | -257,135 |
Total stockholders' deficit non-controlling interest | -3,046 | -2,485 |
Total stockholders' deficit | -13,083 | -259,620 |
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $327,860 | $212,248 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $1,923 | $1,252 |
Redeemable convertible preferred stock, par value | $0.00 | $0.00 |
Redeemable convertible preferred stock, shares authorized | 0 | 17,626,227 |
Redeemable convertible preferred stock, shares issued | 0 | 17,626,227 |
Redeemable convertible preferred stock, shares outstanding | 0 | 17,626,227 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 1,000,000,000 | 53,333,334 |
Common stock, shares issued | 50,850,602 | 28,091,081 |
Common stock, shares outstanding | 50,850,602 | 28,091,081 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Revenue: | ' | ' | ' | ' |
Appliance | $18,174 | $15,424 | $53,583 | $43,199 |
Subscription | 41,212 | 36,003 | 119,870 | 103,261 |
Total revenue | 59,386 | 51,427 | 173,453 | 146,460 |
Cost of revenue | 14,017 | 11,394 | 40,498 | 32,680 |
Gross profit | 45,369 | 40,033 | 132,955 | 113,780 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 12,083 | 8,925 | 34,563 | 25,015 |
Sales and marketing | 28,785 | 25,471 | 86,013 | 74,773 |
General and administrative | 7,513 | 9,198 | 22,018 | 22,080 |
Total operating expenses | 48,381 | 43,594 | 142,594 | 121,868 |
Loss from operations | -3,012 | -3,561 | -9,639 | -8,088 |
Other income (expense), net | 121 | 362 | -329 | -526 |
Loss before income taxes and non-controlling interest | -2,891 | -3,199 | -9,968 | -8,614 |
Benefit for income taxes | 599 | 1,076 | 2,735 | 2,369 |
Consolidated net loss | -2,292 | -2,123 | -7,233 | -6,245 |
Net loss attributable to non-controlling interest | 199 | 150 | 561 | 612 |
Net loss attributable to Barracuda Networks, Inc. | ($2,093) | ($1,973) | ($6,672) | ($5,633) |
Net loss per share attributable to Barracuda Networks, Inc.: | ' | ' | ' | ' |
Basic and diluted | ($0.06) | ($0.06) | ($0.22) | ($0.17) |
Weighted-average shares used to compute net loss per share attributable to Barracuda Networks, Inc.: | ' | ' | ' | ' |
Basic and diluted | 34,256 | 30,441 | 30,179 | 33,360 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss attributable to Barracuda Networks, Inc. | ($2,093) | ($1,973) | ($6,672) | ($5,633) |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Change in net foreign currency translation adjustment | 467 | 307 | 433 | -730 |
Available-for-sale investments: | ' | ' | ' | ' |
Change in net unrealized gains (losses) (net of tax effect of $95 and $18 for the three months ended November 30, 2012 and 2013, respectively, and $360 and $113 for the nine months ended November 30, 2012 and 2013, respectively) | 16 | -157 | -189 | -595 |
Less: reclassification adjustment for net (gains) losses included in net income | ' | ' | ' | ' |
Net change | 16 | -157 | -189 | -595 |
Other comprehensive income (loss) | 483 | 150 | 244 | -1,325 |
Comprehensive loss attributable to Barracuda Networks, Inc. | ($1,610) | ($1,823) | ($6,428) | ($6,958) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Change in net unrealized gains (losses), tax | $18 | $95 | $113 | $360 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 |
Operating activities | ' | ' |
Consolidated net loss | ($7,233) | ($6,245) |
Adjustments to reconcile consolidated net loss to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 7,115 | 6,006 |
Stock-based compensation expense | 7,551 | 6,357 |
Excess tax benefits from employee stock-based option plan | -374 | -1,687 |
Loss on disposal of property and equipment | 296 | 113 |
Deferred income taxes | -8,340 | 365 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -4,541 | 121 |
Inventory | -1,227 | 302 |
Income taxes, net | 2,547 | -6,179 |
Deferred costs | -8,801 | -8,045 |
Other current assets | 17 | -1,892 |
Other noncurrent assets | 383 | -202 |
Accounts payable | -2,307 | -2,492 |
Accrued payroll and related benefits | -1,429 | 5,769 |
Other accrued liabilities | 1,211 | 5,121 |
Other long-term liabilities | 331 | 88 |
Deferred revenue | 37,477 | 33,111 |
Net cash provided by operating activities | 22,676 | 30,611 |
Investing activities | ' | ' |
Proceeds from sales of marketable securities | ' | 388 |
Purchase of investment in nonmarketable equity and debt securities | -310 | ' |
Purchase of property and equipment | -5,857 | -3,051 |
Purchase of intangible assets | -28 | ' |
Business combinations, net of cash acquired | -8,475 | -4,356 |
Net cash used in investing activities | -14,670 | -7,019 |
Financing activities | ' | ' |
Net proceeds from initial public offering | 78,007 | ' |
Proceeds from issuance of common stock | 1,929 | 2,452 |
Dividends paid | -1,419 | -128,385 |
Proceeds from issuance of Series B stock, net of issuance costs | ' | 125,732 |
Issuance costs on line of credit | ' | -313 |
Repurchase of common stock | -723 | -127,612 |
Excess tax benefits from employee stock-based option plan | 374 | 1,687 |
Repayment of employee loans, net of loans extended | 1,195 | ' |
Repayment of note payable | -166 | -139 |
Net cash (used in) provided by financing activities | 79,197 | -126,578 |
Effect of exchange rate changes on cash and cash equivalents | -49 | -72 |
Net (decrease) increase in cash and cash equivalents | 87,154 | -103,058 |
Cash and cash equivalents at beginning of period | 30,095 | 126,507 |
Cash and cash equivalents at end of period | 117,249 | 23,449 |
Non-cash financing and investing activities: | ' | ' |
Accretion of issuance costs | ' | 1,812 |
Conversion of preferred stock into common stock | $167,554 | ' |
Overview_and_Basis_of_Presenta
Overview and Basis of Presentation | 9 Months Ended |
Nov. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Overview and Basis of Presentation | ' |
1. Overview and Basis of Presentation | |
Nature of Operations | |
Barracuda Networks, Inc., also referred to in this report as “we,” “our” or “us,” headquartered in Campbell, California, designs and delivers powerful yet easy-to-use security and storage solutions. We offer cloud-connected solutions that help our customers address security threats, improve network performance and protect and store their data. Our solutions are designed to simplify IT operations for our customers, allowing them to enhance their return on technology investment. | |
Initial Public Offering | |
On November 12, 2013, we completed our initial public offering (the “IPO”) in which we sold 4,761,000 shares of our common stock at a public offering price of $18.00 per share, which included 621,000 shares of common stock issued pursuant to the exercise in full of the over-allotment option by the underwriters. The IPO resulted in proceeds of $75.5 million, net of offering costs and underwriting discounts and commissions. As of November 30, 2013, $2.7 million of accrued costs remained unpaid and these costs are expected to be paid by the end of our fiscal year. In connection with the closing of the IPO, all of our outstanding redeemable convertible preferred stock automatically converted into 17,626,227 shares of common stock on a one-to-one basis. | |
Reverse Stock Split | |
On October 15, 2013, we effected a one-for-three reverse stock split and our board of directors (the “Board”) and stockholders approved an amendment of our certificate of incorporation such that, immediately prior to the completion of our IPO, our authorized capital stock consisted of 1,000,000,000 shares of common stock, $0.001 par value per share, and 20,000,000 shares of preferred stock, $0.001 par value per share. All information in this Quarterly Report on Form 10-Q relating to the number of shares, price per share and per share amounts gives retroactive effect to the one-for-three reverse stock split of our capital stock. | |
Basis of Presentation | |
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and following the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited condensed financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial information. The results for the nine months ended November 30, 2013 are not necessarily indicative of the results expected for the full fiscal year. The condensed balance sheet as of February 28, 2013 has been derived from audited financial statements at that date but does not include all of the information required by GAAP. | |
The accompanying unaudited condensed financial statements include the accounts of Barracuda Networks, Inc. and our wholly and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
The accompanying unaudited condensed financial statements and related financial information should be read in conjunction with the audited financial statements and related footnotes included in our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), with the SEC on November 6, 2013 (the “Prospectus”). There have been no material changes in our significant accounting policies from those that were disclosed in our audited consolidated financial statements for the fiscal year ended February 28, 2013 included in the Prospectus. | |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the fair values of stock-based awards, income taxes and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which addressed the presentation of amounts reclassified from accumulated other comprehensive income (loss). This update does not change current financial reporting requirements, instead an entity is required to cross-reference to other required disclosures that provide additional detail about amounts reclassified out of accumulated other comprehensive income (loss). In addition, the guidance requires an entity to present significant amounts reclassified out of accumulated other comprehensive income (loss) by line item of net income (loss) if the amount reclassified is required to be reclassified to net income (loss) in its entirety in the same reporting period. This standard is effective prospectively for reporting periods beginning after December 15, 2012. We adopted this standard during the first quarter of fiscal 2014 and did not have any amounts reclassified in fiscal 2014. Since the standard impacts financial statement disclosure requirements only, we did not have material effects on our results of operations, financial position or liquidity. | |
In July 2013, the FASB issued an accounting standards update which provided guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. This standard will be effective for us beginning in the first quarter of fiscal 2015. Early adoption is permitted. Since the standard impacts financial statement disclosure requirements only, we do not expect its adoption to have an impact on our results of operations, financial position or liquidity. |
Net_Loss_Per_Share
Net Loss Per Share | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss Per Share | ' | ||||||||||||||||
2. Net Loss Per Share | |||||||||||||||||
Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. In the event a dividend is declared or paid on our common stock, holders of Series A and Series B redeemable convertible preferred stock are entitled to a proportionate share of such dividend in proportion to the holders of common stock on an as-if converted basis. In connection with our IPO in November 2013, all of our outstanding redeemable convertible preferred stock converted into common stock. Prior to their conversion, we considered all of our redeemable convertible preferred stock to be participating securities. | |||||||||||||||||
Under the two-class method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding during the period. Net loss attributable to common stockholders is determined by allocating undistributed earnings between common and redeemable convertible preferred stockholders. Diluted net income per share attributable to common stockholders is computed by using the weighted average number of shares of common stock outstanding, including potential dilutive common shares assuming the dilutive effect of outstanding stock options, restricted stock units, common stock subject to repurchase or forfeiture and redeemable convertible preferred stock using the treasury stock method. As we had net losses for the periods presented, the number of shares used in the computation of diluted net loss per share is the same as that used for the computation of basic net loss per share, as the inclusion of dilutive securities would be anti-dilutive. Under the two-class method, the net loss attributable to common stockholders is not allocated to the convertible redeemable preferred stock as the convertible redeemable preferred stock do not have a contractual obligation to share in our losses. | |||||||||||||||||
The following table presents the calculation of basic and diluted net loss per share of common stock (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 30, | November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Net loss attributable to Barracuda Networks, Inc. | $ | (1,973 | ) | $ | (2,093 | ) | $ | (5,633 | ) | $ | (6,672 | ) | |||||
Shares used to compute basic and diluted net loss per share attributable to Barracuda Networks, Inc.: | |||||||||||||||||
Weighted average common shares outstanding | 30,442 | 34,256 | 33,368 | 30,179 | |||||||||||||
Less: Weighted average shares subject to repurchase or forfeiture | (1 | ) | — | (8 | ) | — | |||||||||||
Weighted average shares used to compute net loss per share, basic and diluted | 30,441 | 34,256 | 33,360 | 30,179 | |||||||||||||
Basic and diluted net loss per share attributable to Barracuda Networks, Inc. | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.17 | ) | $ | (0.22 | ) | |||||
The following potential shares of common stock outstanding were excluded from the computation of diluted net loss per share attributable to Barracuda Networks, Inc. for the periods presented as their effect would have been anti-dilutive (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 30, | November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Stock options and restricted stock units | 6,322 | 6,026 | 6,322 | 6,026 | |||||||||||||
Redeemable convertible preferred stock | 17,626 | — | 17,626 | — |
Balance_Sheet_Information
Balance Sheet Information | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Balance Sheet Information | ' | ||||||||||||||||
3. Balance Sheet Information | |||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 20,812 | $ | 24,278 | |||||||||||||
Money market funds | 9,283 | 92,971 | |||||||||||||||
Total cash and cash equivalents | $ | 30,095 | $ | 117,249 | |||||||||||||
Marketable securities: | |||||||||||||||||
Equity securities | 1,550 | 1,231 | |||||||||||||||
Total marketable securities | $ | 1,550 | $ | 1,231 | |||||||||||||
The following table summarizes our marketable securities (in thousands): | |||||||||||||||||
February 28, 2013 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||
Gains | Losses | ||||||||||||||||
Equity securities | $ | 1,458 | $ | 92 | $ | — | $ | 1,550 | |||||||||
November 30, 2013 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||
Gains | Losses | ||||||||||||||||
Equity securities | $ | 1,440 | $ | — | $ | (209 | ) | $ | 1,231 | ||||||||
Fair Value Measurements | |||||||||||||||||
We determine the fair values of our financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value assumes that the transaction to sell the asset or transfer the liability occurs in the principal or most advantageous market for the asset or liability and establishes that the fair value of an asset or liability shall be determined based on the assumptions that market participants would use in pricing the asset or liability. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. The fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: | |||||||||||||||||
Level 1: | Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
Level 2: | Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. | ||||||||||||||||
Level 3: | Inputs are unobservable inputs based on our assumptions. | ||||||||||||||||
Cash equivalents and marketable securities are classified within Level 1 because they are valued using quoted market prices or alternative pricing sources and models utilizing market observable inputs. | |||||||||||||||||
Financial assets measured at fair value on a recurring basis are summarized below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
February 28, | |||||||||||||||||
2013 | |||||||||||||||||
Money market funds | $ | 9,283 | $ | — | $ | — | $ | 9,283 | |||||||||
Equity securities | 1,550 | — | — | 1,550 | |||||||||||||
$ | 10,833 | $ | — | $ | — | $ | 10,833 | ||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
November 30, | |||||||||||||||||
2013 | |||||||||||||||||
Money market funds | $ | 92,971 | $ | — | $ | — | $ | 92,971 | |||||||||
Equity securities | 1,231 | — | — | 1,231 | |||||||||||||
$ | 94,202 | $ | — | $ | — | $ | 94,202 | ||||||||||
Inventories | |||||||||||||||||
Inventories consisted of the following (in thousands): | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Raw materials | $ | 3,042 | $ | 2,987 | |||||||||||||
Finished goods | 2,096 | 3,378 | |||||||||||||||
Total inventories | $ | 5,138 | $ | 6,365 | |||||||||||||
Deferred Costs | |||||||||||||||||
Deferred costs consisted of the following (in thousands): | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Appliance | $ | 27,751 | $ | 33,524 | |||||||||||||
Commissions | 11,719 | 14,746 | |||||||||||||||
Total deferred costs | $ | 39,470 | $ | 48,270 | |||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment consisted of the following (in thousands): | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Land | $ | 5,100 | $ | 5,100 | |||||||||||||
Building | 6,549 | 6,549 | |||||||||||||||
Computer hardware and software | 8,656 | 11,091 | |||||||||||||||
Vehicles, machinery and equipment | 1,478 | 2,257 | |||||||||||||||
Leasehold improvements | 1,488 | 2,310 | |||||||||||||||
23,271 | 27,307 | ||||||||||||||||
Less: accumulated depreciation | 6,299 | 7,008 | |||||||||||||||
$ | 16,972 | $ | 20,299 | ||||||||||||||
Depreciation expense was $0.7 million and $1.9 million for the three and nine months ended November 30, 2012, respectively, and $1.1 million and $2.7 million for the three and nine months ended November 30, 2013, respectively. | |||||||||||||||||
Investment in Nonmarketable Equity Security | |||||||||||||||||
In October 2011, we acquired stock in a privately held company for $750,000, which represents an ownership interest of approximately 24%. Under the equity method of accounting, we recognize our proportional share of earnings and losses of the investee in our financial statements and adjust the carrying amount of our investment accordingly. For the three and nine months ended November 30, 2012 and 2013, our proportionate share of the investee’s losses was not material. | |||||||||||||||||
The investment is classified in other noncurrent assets in the consolidated balance sheets. | |||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The components of accumulated other comprehensive income (loss), net of tax, were as follows (in thousands): | |||||||||||||||||
Foreign | Unrealized Gains | Total | |||||||||||||||
Currency | (Losses) on | ||||||||||||||||
Translation | Available-for- | ||||||||||||||||
Adjustments | Sale Investments | ||||||||||||||||
Balance as of February 28, 2013 | $ | (1,169 | ) | $ | 57 | $ | (1,112 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 433 | (189 | ) | 244 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | ||||||||||||||
Other comprehensive income (loss) | 433 | (189 | ) | 244 | |||||||||||||
Balance as of November 30, 2013 | $ | (736 | ) | $ | (132 | ) | $ | (868 | ) | ||||||||
Acquisition
Acquisition | 9 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisition | ' | ||||||||||||
4. Acquisition | |||||||||||||
SignNow | |||||||||||||
On April 24, 2013, we completed our acquisition of SignNow, Inc. (“SignNow”), a privately-held provider of mobile eSignature applications located in California. The acquisition of SignNow will enable us to expand our cloud-based offerings. We acquired all outstanding stock of SignNow for aggregate cash consideration of approximately $6.7 million. In addition, $4.5 million of cash consideration is contingent upon the continued employment of certain key employees of SignNow and is recognized as compensation expense over the requisite service period. We assumed $0.6 million of unvested SignNow stock options, which will be recorded as stock compensation expense over the weighted-average remaining service period of approximately 3.0 years from the date of acquisition. | |||||||||||||
We recorded the assets acquired and liabilities assumed at their estimated fair value, with the difference between the fair value of the net assets acquired and the purchase consideration reflected as goodwill. | |||||||||||||
The following table reflects the fair values of assets acquired and liabilities assumed as of the acquisition date (in thousands): | |||||||||||||
Cash | $ | 56 | |||||||||||
Accounts receivable | 110 | ||||||||||||
Developed technology | 4,780 | ||||||||||||
Customer relationships | 510 | ||||||||||||
Trade name | 390 | ||||||||||||
Goodwill | 1,899 | ||||||||||||
Accrued expenses | (340 | ) | |||||||||||
Deferred tax liability | (686 | ) | |||||||||||
Total value of assets acquired and liabilities assumed | $ | 6,719 | |||||||||||
The goodwill of $1.9 million is primarily attributed to the synergies expected to arise after the acquisition. No goodwill was deemed to be deductible for income tax purposes. | |||||||||||||
Included in our results of operations for the nine months ended November 30, 2013 are $0.4 million and $0.7 million of revenue and net loss, respectively, attributable to SignNow since the April 24, 2013 date of acquisition. The following table presents our unaudited pro forma revenue and net loss for periods presented, assuming the acquisition had occurred on March 1, 2012 (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
November 30, | November 30, | ||||||||||||
2012 | 2012 | 2013 | |||||||||||
Pro forma revenue | $ | 51,439 | $ | 146,475 | $ | 173,578 | |||||||
Pro forma net loss attributable to Barracuda Networks, Inc. | $ | (3,184 | ) | $ | (9,425 | ) | $ | (7,349 | ) |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
5. Goodwill and Intangible Assets | |||||||||||||
The changes in the carrying amount of goodwill are summarized below (in thousands): | |||||||||||||
Balance as of February 28, 2013 | $ | 33,778 | |||||||||||
Goodwill acquired | 1,899 | ||||||||||||
Effect of foreign exchange rates | 349 | ||||||||||||
Balance as of November 30, 2013 | $ | 36,026 | |||||||||||
Intangible assets subject to amortization are summarized below (in thousands): | |||||||||||||
February 28, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Value | ||||||||||||
Acquired developed technology | $ | 21,403 | $ | 16,910 | $ | 4,493 | |||||||
Software license | 400 | 400 | — | ||||||||||
Customer relationships | 6,814 | 4,708 | 2,106 | ||||||||||
Patents | 1,625 | 687 | 938 | ||||||||||
Trade name | 273 | 259 | 14 | ||||||||||
Acquired developed software | 200 | 177 | 23 | ||||||||||
$ | 30,715 | $ | 23,141 | $ | 7,574 | ||||||||
November 30, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Value | ||||||||||||
Acquired developed technology | $ | 26,299 | $ | 20,336 | $ | 5,963 | |||||||
Software license | 400 | 400 | — | ||||||||||
Customer relationships | 7,445 | 5,628 | 1,817 | ||||||||||
Patents | 1,625 | 826 | 799 | ||||||||||
Trade name | 662 | 295 | 367 | ||||||||||
Acquired developed software | 200 | 200 | — | ||||||||||
$ | 36,631 | $ | 27,685 | $ | 8,946 | ||||||||
In addition to the above, we maintain other intangible assets not subject to amortization, principally related to the domain name www.barracuda.com, of $409,000 as of February 28, 2013 and $437,000 as of November 30, 2013. | |||||||||||||
Acquired developed technology, software license, customer relationships, patents, trade name and acquired developed software are amortized on a straight-line basis and have weighted-average useful lives from the date of purchase of 5.0 years, 5.0 years, 5.8 years, 9.0 years, 3.7 years and 5.0 years, respectively, as of February 28, 2013, and 5.0 years, 5.0 years, 5.9 years, 9.0 years, 7.4 years and 5.0 years, respectively, as of November 30, 2013. | |||||||||||||
Amortization expense was $1.4 million and $4.2 million for the three and nine months ended November 30, 2012, respectively, and $1.3 million and $4.4 million for the three and nine months ended November 30, 2013, respectively. | |||||||||||||
As of November 30, 2013, amortization expense for intangible assets for each of the next five years is as follows: $1.0 million in fiscal 2014, $3.0 million in fiscal 2015, $1.7 million in fiscal 2016, $1.5 million in fiscal 2017, $1.2 million in fiscal 2018 and $0.5 million thereafter. |
Stockholders_Deficit
Stockholders' Deficit | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Stockholders' Deficit | ' | ||||||||||||||||
6. Stockholders’ Deficit | |||||||||||||||||
Redeemable Convertible Preferred Stock | |||||||||||||||||
In connection with the closing of our IPO, all of our outstanding redeemable convertible preferred stock was converted into 17,626,227 shares of common stock on a one-to-one basis. | |||||||||||||||||
Stock Option Plan and Restricted Stock Units | |||||||||||||||||
Our 2004 Stock Option Plan (the “2004 Plan”) authorized the Board to grant incentive stock options and non-statutory stock options, as well as restricted stock to employees, directors and consultants. In May 2012, the Board approved the termination of the 2004 Plan and the introduction of the 2012 Equity Incentive Plan (the “2012 Plan”), which provides for the grant of stock options, stock appreciation rights, restricted stock and restricted stock units (“RSUs”) to employees, directors and consultants. | |||||||||||||||||
Total stock-based compensation expense has been classified as follows in the accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||||||
Three Months Ended November 30, | Nine Months Ended November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Cost of revenue | $ | 53 | $ | 58 | $ | 129 | $ | 146 | |||||||||
Research and development | 603 | 209 | 1,486 | 1,474 | |||||||||||||
Sales and marketing | 314 | 578 | 813 | 1,278 | |||||||||||||
General and administrative | 753 | 1,578 | 3,929 | 4,653 | |||||||||||||
Total compensation expense | $ | 1,723 | $ | 2,423 | $ | 6,357 | $ | 7,551 | |||||||||
For the nine months ended November 30, 2013, options to purchase 310,970 shares of common stock were granted and options to purchase 59,726 shares of common stock were assumed in the acquisition of SignNow (Note 4). | |||||||||||||||||
During the nine months ended November 30, 2012 and 2013, the total grant-date fair value of stock options vested was $2.5 million and $4.2 million, respectively, and the aggregate intrinsic value of stock option awards exercised, which is measured as the difference between the exercise price and the value of our common stock at the date of exercise, was $10.2 million and $3.2 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Nov. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
7. Income Taxes | |
For the three months ended November 30, 2012 and 2013, we recorded income tax benefit of $1.1 million and $0.6 million, respectively, resulting in an effective tax rate of 33.6% and 20.7%, respectively. For the nine months ended November 30, 2012 and 2013, we recorded income tax benefit of $2.4 million and $2.7 million, respectively, resulting in an effective tax rate of 27.5% and 27.4%, respectively. | |
The difference between the income tax benefit that would be derived by applying the statutory rate to our loss before tax and the income tax benefit actually recorded is primarily due to the impact of non-deductible stock-based compensation expenses and other currently non-deductible items and various discrete items. | |
We recognize interest and/or penalties related to uncertain tax positions in income tax expense. In the three and nine months ended November 30, 2013, we recorded interest and penalties of $17,000 and $169,000, respectively. |
Segment_Information
Segment Information | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Information | ' | ||||||||||||||||
8. Segment Information | |||||||||||||||||
Our chief operating decision maker reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating our financial performance. Accordingly, we have determined that we operate in a single reporting segment. | |||||||||||||||||
Revenue by geographic region is presented as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 30, | November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
North America | $ | 36,975 | $ | 43,293 | $ | 109,430 | $ | 126,122 | |||||||||
United States | 34,651 | 40,538 | 103,506 | 118,066 | |||||||||||||
Other | 2,324 | 2,755 | 5,924 | 8,056 | |||||||||||||
Latin America | 923 | 726 | 2,377 | 2,662 | |||||||||||||
Asia-Pacific | 4,094 | 4,058 | 10,561 | 12,200 | |||||||||||||
EMEA | 9,435 | 11,309 | 24,092 | 32,469 | |||||||||||||
Total | $ | 51,427 | $ | 59,386 | $ | 146,460 | $ | 173,453 | |||||||||
Revenue earned in any one foreign country did not exceed 10% of total revenue in the three and nine months ended November 30, 2012 and 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
9. Commitments and Contingencies | |
Legal Matters | |
In late 2011, following a voluntary internal review of our compliance with U.S. export control and sanctions laws, our management team became aware that certain of our physical appliances had been sold indirectly into embargoed countries via our distributors and resellers, potentially in violation of U.S. export control and economic sanctions laws. In addition, certain of our solutions incorporate encryption components and may be exported from the U.S. only with the required approvals; in the past, we may have exported products prior to receiving these required authorizations. After completion of a comprehensive internal investigation conducted by outside counsel, we submitted voluntary disclosures regarding these matters to the U.S. Commerce Department, Bureau of Industry and Security (“BIS”), and to the U.S. Treasury Department, Office of Foreign Assets Control (“OFAC”). These disclosures summarized potential violations of export controls and economic sanctions laws, including reexports by third parties and provision of services to end users in embargoed countries including Iran, Sudan and Syria. If we are found to have violated U.S. export control laws, we may be subject to various penalties available under the laws, the amount of which is currently not estimable. | |
On August 13, 2013, Parallel Networks, LLC (“Parallel Networks”), which we believe is a non-practicing entity, filed a lawsuit against us in the U.S. District Court for the District of Delaware, Parallel Networks, LLC v. Barracuda Networks, Inc., Case No. 1:13-cv-01412-UNA, alleging that certain of our appliances infringe two of their U.S. patents: U.S. Pat. No. 7,571,217, titled “Method and System for Uniform Resource Locator Transformation,” and U.S. Pat. No. 8,352,570, titled “Method and System for Uniform Resource Locator Transformation.” Parallel Networks has asserted similar claims against other companies, including Array Networks, Inc., Brocade Communications Systems, Inc., Citrix Systems, Inc., Riverbed Technology, Inc. and SAP AG. This matter is in its early stages, but we intend to vigorously defend the lawsuit. Given the early stage of the litigation, we are unable to estimate a possible loss or range of possible loss. | |
From time to time, we are party to litigation and subject to claims that arise in the ordinary course of our business, including actions with respect to employment claims and other matters. Although the results of litigation and claims are inherently unpredictable, we believe that the final outcome of such matters will not have a material adverse effect on our business, consolidated financial position, results of operations or cash flows. |
Overview_and_Basis_of_Presenta1
Overview and Basis of Presentation (Policies) | 9 Months Ended |
Nov. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Operations | ' |
Nature of Operations | |
Barracuda Networks, Inc., also referred to in this report as “we,” “our” or “us,” headquartered in Campbell, California, designs and delivers powerful yet easy-to-use security and storage solutions. We offer cloud-connected solutions that help our customers address security threats, improve network performance and protect and store their data. Our solutions are designed to simplify IT operations for our customers, allowing them to enhance their return on technology investment. | |
Initial Public Offering | ' |
Initial Public Offering | |
On November 12, 2013, we completed our initial public offering (the “IPO”) in which we sold 4,761,000 shares of our common stock at a public offering price of $18.00 per share, which included 621,000 shares of common stock issued pursuant to the exercise in full of the over-allotment option by the underwriters. The IPO resulted in proceeds of $75.5 million, net of offering costs and underwriting discounts and commissions. As of November 30, 2013, $2.7 million of accrued costs remained unpaid and these costs are expected to be paid by the end of our fiscal year. In connection with the closing of the IPO, all of our outstanding redeemable convertible preferred stock automatically converted into 17,626,227 shares of common stock on a one-to-one basis. | |
Reverse Stock Split | ' |
Reverse Stock Split | |
On October 15, 2013, we effected a one-for-three reverse stock split and our board of directors (the “Board”) and stockholders approved an amendment of our certificate of incorporation such that, immediately prior to the completion of our IPO, our authorized capital stock consisted of 1,000,000,000 shares of common stock, $0.001 par value per share, and 20,000,000 shares of preferred stock, $0.001 par value per share. All information in this Quarterly Report on Form 10-Q relating to the number of shares, price per share and per share amounts gives retroactive effect to the one-for-three reverse stock split of our capital stock. | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and following the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited condensed financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of our financial information. The results for the nine months ended November 30, 2013 are not necessarily indicative of the results expected for the full fiscal year. The condensed balance sheet as of February 28, 2013 has been derived from audited financial statements at that date but does not include all of the information required by GAAP. | |
The accompanying unaudited condensed financial statements include the accounts of Barracuda Networks, Inc. and our wholly and majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | |
The accompanying unaudited condensed financial statements and related financial information should be read in conjunction with the audited financial statements and related footnotes included in our prospectus filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”), with the SEC on November 6, 2013 (the “Prospectus”). There have been no material changes in our significant accounting policies from those that were disclosed in our audited consolidated financial statements for the fiscal year ended February 28, 2013 included in the Prospectus. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the fair values of stock-based awards, income taxes and contingent liabilities, among others. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update which addressed the presentation of amounts reclassified from accumulated other comprehensive income (loss). This update does not change current financial reporting requirements, instead an entity is required to cross-reference to other required disclosures that provide additional detail about amounts reclassified out of accumulated other comprehensive income (loss). In addition, the guidance requires an entity to present significant amounts reclassified out of accumulated other comprehensive income (loss) by line item of net income (loss) if the amount reclassified is required to be reclassified to net income (loss) in its entirety in the same reporting period. This standard is effective prospectively for reporting periods beginning after December 15, 2012. We adopted this standard during the first quarter of fiscal 2014 and did not have any amounts reclassified in fiscal 2014. Since the standard impacts financial statement disclosure requirements only, we did not have material effects on our results of operations, financial position or liquidity. | |
In July 2013, the FASB issued an accounting standards update which provided guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. This new standard requires the netting of unrecognized tax benefits (“UTBs”) against a deferred tax asset for a loss or other carryforward that would apply in settlement of the uncertain tax positions. UTBs will be netted against all available same-jurisdiction loss or other tax carryforwards that would be utilized, rather than only against carryforwards that are created by the UTBs. This standard will be effective for us beginning in the first quarter of fiscal 2015. Early adoption is permitted. Since the standard impacts financial statement disclosure requirements only, we do not expect its adoption to have an impact on our results of operations, financial position or liquidity. |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Calculation of Basic and Diluted Net Loss Per Share of Common Stock | ' | ||||||||||||||||
The following table presents the calculation of basic and diluted net loss per share of common stock (in thousands, except per share amounts): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 30, | November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Net loss attributable to Barracuda Networks, Inc. | $ | (1,973 | ) | $ | (2,093 | ) | $ | (5,633 | ) | $ | (6,672 | ) | |||||
Shares used to compute basic and diluted net loss per share attributable to Barracuda Networks, Inc.: | |||||||||||||||||
Weighted average common shares outstanding | 30,442 | 34,256 | 33,368 | 30,179 | |||||||||||||
Less: Weighted average shares subject to repurchase or forfeiture | (1 | ) | — | (8 | ) | — | |||||||||||
Weighted average shares used to compute net loss per share, basic and diluted | 30,441 | 34,256 | 33,360 | 30,179 | |||||||||||||
Basic and diluted net loss per share attributable to Barracuda Networks, Inc. | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.17 | ) | $ | (0.22 | ) | |||||
Summary of Anti-dilutive Shares not Included in Computation of Diluted Net Loss Per Share Attributable to Barracuda Networks, Inc. | ' | ||||||||||||||||
The following potential shares of common stock outstanding were excluded from the computation of diluted net loss per share attributable to Barracuda Networks, Inc. for the periods presented as their effect would have been anti-dilutive (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 30, | November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Stock options and restricted stock units | 6,322 | 6,026 | 6,322 | 6,026 | |||||||||||||
Redeemable convertible preferred stock | 17,626 | — | 17,626 | — |
Balance_Sheet_Information_Tabl
Balance Sheet Information (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | ' | ||||||||||||||||
Cash, Cash Equivalents and Marketable Securities | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||
Cash | $ | 20,812 | $ | 24,278 | |||||||||||||
Money market funds | 9,283 | 92,971 | |||||||||||||||
Total cash and cash equivalents | $ | 30,095 | $ | 117,249 | |||||||||||||
Marketable securities: | |||||||||||||||||
Equity securities | 1,550 | 1,231 | |||||||||||||||
Total marketable securities | $ | 1,550 | $ | 1,231 | |||||||||||||
Marketable Securities | ' | ||||||||||||||||
The following table summarizes our marketable securities (in thousands): | |||||||||||||||||
February 28, 2013 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||
Gains | Losses | ||||||||||||||||
Equity securities | $ | 1,458 | $ | 92 | $ | — | $ | 1,550 | |||||||||
November 30, 2013 | |||||||||||||||||
Cost | Gross | Gross | Estimated | ||||||||||||||
Unrealized | Unrealized | Fair Value | |||||||||||||||
Gains | Losses | ||||||||||||||||
Equity securities | $ | 1,440 | $ | — | $ | (209 | ) | $ | 1,231 | ||||||||
Financial Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Financial assets measured at fair value on a recurring basis are summarized below (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
February 28, | |||||||||||||||||
2013 | |||||||||||||||||
Money market funds | $ | 9,283 | $ | — | $ | — | $ | 9,283 | |||||||||
Equity securities | 1,550 | — | — | 1,550 | |||||||||||||
$ | 10,833 | $ | — | $ | — | $ | 10,833 | ||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
November 30, | |||||||||||||||||
2013 | |||||||||||||||||
Money market funds | $ | 92,971 | $ | — | $ | — | $ | 92,971 | |||||||||
Equity securities | 1,231 | — | — | 1,231 | |||||||||||||
$ | 94,202 | $ | — | $ | — | $ | 94,202 | ||||||||||
Inventories | ' | ||||||||||||||||
Inventories consisted of the following (in thousands): | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Raw materials | $ | 3,042 | $ | 2,987 | |||||||||||||
Finished goods | 2,096 | 3,378 | |||||||||||||||
Total inventories | $ | 5,138 | $ | 6,365 | |||||||||||||
Deferred Costs | ' | ||||||||||||||||
Deferred costs consisted of the following (in thousands): | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Appliance | $ | 27,751 | $ | 33,524 | |||||||||||||
Commissions | 11,719 | 14,746 | |||||||||||||||
Total deferred costs | $ | 39,470 | $ | 48,270 | |||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and equipment consisted of the following (in thousands): | |||||||||||||||||
February 28, | November 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Land | $ | 5,100 | $ | 5,100 | |||||||||||||
Building | 6,549 | 6,549 | |||||||||||||||
Computer hardware and software | 8,656 | 11,091 | |||||||||||||||
Vehicles, machinery and equipment | 1,478 | 2,257 | |||||||||||||||
Leasehold improvements | 1,488 | 2,310 | |||||||||||||||
23,271 | 27,307 | ||||||||||||||||
Less: accumulated depreciation | 6,299 | 7,008 | |||||||||||||||
$ | 16,972 | $ | 20,299 | ||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
The components of accumulated other comprehensive income (loss), net of tax, were as follows (in thousands): | |||||||||||||||||
Foreign | Unrealized Gains | Total | |||||||||||||||
Currency | (Losses) on | ||||||||||||||||
Translation | Available-for- | ||||||||||||||||
Adjustments | Sale Investments | ||||||||||||||||
Balance as of February 28, 2013 | $ | (1,169 | ) | $ | 57 | $ | (1,112 | ) | |||||||||
Other comprehensive income (loss) before reclassifications | 433 | (189 | ) | 244 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | ||||||||||||||
Other comprehensive income (loss) | 433 | (189 | ) | 244 | |||||||||||||
Balance as of November 30, 2013 | $ | (736 | ) | $ | (132 | ) | $ | (868 | ) | ||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table reflects the fair values of assets acquired and liabilities assumed as of the acquisition date (in thousands): | |||||||||||||
Cash | $ | 56 | |||||||||||
Accounts receivable | 110 | ||||||||||||
Developed technology | 4,780 | ||||||||||||
Customer relationships | 510 | ||||||||||||
Trade name | 390 | ||||||||||||
Goodwill | 1,899 | ||||||||||||
Accrued expenses | (340 | ) | |||||||||||
Deferred tax liability | (686 | ) | |||||||||||
Total value of assets acquired and liabilities assumed | $ | 6,719 | |||||||||||
Schedule of Pro Forma Revenue and Net Loss | ' | ||||||||||||
The following table presents our unaudited pro forma revenue and net loss for periods presented, assuming the acquisition had occurred on March 1, 2012 (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
November 30, | November 30, | ||||||||||||
2012 | 2012 | 2013 | |||||||||||
Pro forma revenue | $ | 51,439 | $ | 146,475 | $ | 173,578 | |||||||
Pro forma net loss attributable to Barracuda Networks, Inc. | $ | (3,184 | ) | $ | (9,425 | ) | $ | (7,349 | ) |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Nov. 30, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of Changes in Carrying Amount of Goodwill | ' | ||||||||||||
The changes in the carrying amount of goodwill are summarized below (in thousands): | |||||||||||||
Balance as of February 28, 2013 | $ | 33,778 | |||||||||||
Goodwill acquired | 1,899 | ||||||||||||
Effect of foreign exchange rates | 349 | ||||||||||||
Balance as of November 30, 2013 | $ | 36,026 | |||||||||||
Schedule of Intangible Assets Subject to Amortization | ' | ||||||||||||
Intangible assets subject to amortization are summarized below (in thousands): | |||||||||||||
February 28, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Value | ||||||||||||
Acquired developed technology | $ | 21,403 | $ | 16,910 | $ | 4,493 | |||||||
Software license | 400 | 400 | — | ||||||||||
Customer relationships | 6,814 | 4,708 | 2,106 | ||||||||||
Patents | 1,625 | 687 | 938 | ||||||||||
Trade name | 273 | 259 | 14 | ||||||||||
Acquired developed software | 200 | 177 | 23 | ||||||||||
$ | 30,715 | $ | 23,141 | $ | 7,574 | ||||||||
November 30, 2013 | |||||||||||||
Gross | Accumulated | Net | |||||||||||
Carrying | Amortization | Carrying | |||||||||||
Amount | Value | ||||||||||||
Acquired developed technology | $ | 26,299 | $ | 20,336 | $ | 5,963 | |||||||
Software license | 400 | 400 | — | ||||||||||
Customer relationships | 7,445 | 5,628 | 1,817 | ||||||||||
Patents | 1,625 | 826 | 799 | ||||||||||
Trade name | 662 | 295 | 367 | ||||||||||
Acquired developed software | 200 | 200 | — | ||||||||||
$ | 36,631 | $ | 27,685 | $ | 8,946 | ||||||||
Stockholders_Deficit_Tables
Stockholders' Deficit (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Schedule of Total Stock-Based Compensation Expense | ' | ||||||||||||||||
Total stock-based compensation expense has been classified as follows in the accompanying condensed consolidated statements of operations (in thousands): | |||||||||||||||||
Three Months Ended November 30, | Nine Months Ended November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
Cost of revenue | $ | 53 | $ | 58 | $ | 129 | $ | 146 | |||||||||
Research and development | 603 | 209 | 1,486 | 1,474 | |||||||||||||
Sales and marketing | 314 | 578 | 813 | 1,278 | |||||||||||||
General and administrative | 753 | 1,578 | 3,929 | 4,653 | |||||||||||||
Total compensation expense | $ | 1,723 | $ | 2,423 | $ | 6,357 | $ | 7,551 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 30, 2013 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Revenue by Geographic Region | ' | ||||||||||||||||
Revenue by geographic region is presented as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
November 30, | November 30, | ||||||||||||||||
2012 | 2013 | 2012 | 2013 | ||||||||||||||
North America | $ | 36,975 | $ | 43,293 | $ | 109,430 | $ | 126,122 | |||||||||
United States | 34,651 | 40,538 | 103,506 | 118,066 | |||||||||||||
Other | 2,324 | 2,755 | 5,924 | 8,056 | |||||||||||||
Latin America | 923 | 726 | 2,377 | 2,662 | |||||||||||||
Asia-Pacific | 4,094 | 4,058 | 10,561 | 12,200 | |||||||||||||
EMEA | 9,435 | 11,309 | 24,092 | 32,469 | |||||||||||||
Total | $ | 51,427 | $ | 59,386 | $ | 146,460 | $ | 173,453 | |||||||||
Overview_and_Basis_of_Presenta2
Overview and Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 9 Months Ended | |||
Nov. 12, 2013 | Oct. 15, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Feb. 28, 2013 | |
Initial Public Offering [Line Items] | ' | ' | ' | ' | ' |
Initial public offering, common stock shares issued | 4,761,000 | ' | ' | ' | ' |
Initial public offering, price per share | $18 | ' | ' | ' | ' |
Proceeds from IPO | $75,500,000 | ' | $78,007,000 | ' | ' |
Offering costs unpaid | ' | ' | $2,700,000 | ' | ' |
Number of redeemable convertible preferred stock converted to common stock | 17,626,227 | ' | 17,626,227 | ' | ' |
Conversion of outstanding redeemable convertible preferred stock into common stock | 'One-to-one basis | ' | ' | ' | ' |
Reverse stock split | ' | 'One-for-three | ' | ' | ' |
Common stock, shares authorized | ' | 1,000,000,000 | 1,000,000,000 | ' | 53,333,334 |
Common stock, par value | ' | $0.00 | $0.00 | ' | $0.00 |
Preferred stock, shares authorized | ' | 20,000,000 | 20,000,000 | ' | 0 |
Preferred stock, par value | ' | $0.00 | $0.00 | ' | $0.00 |
Underwriters [Member] | ' | ' | ' | ' | ' |
Initial Public Offering [Line Items] | ' | ' | ' | ' | ' |
Initial public offering, common stock shares issued | 621,000 | ' | ' | ' | ' |
Net_Loss_Per_Share_Calculation
Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share of Common Stock (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net loss attributable to Barracuda Networks, Inc. | ($2,093) | ($1,973) | ($6,672) | ($5,633) |
Shares used to compute basic and diluted net loss per share attributable to Barracuda Networks, Inc.: | ' | ' | ' | ' |
Weighted average common shares outstanding | 34,256 | 30,442 | 30,179 | 33,368 |
Less: Weighted average shares subject to repurchase or forfeiture | ' | -1 | ' | -8 |
Weighted average shares used to compute net loss per share, basic and diluted | 34,256 | 30,441 | 30,179 | 33,360 |
Basic and diluted net loss per share attributable to Barracuda Networks, Inc. | ($0.06) | ($0.06) | ($0.22) | ($0.17) |
Net_Loss_Per_Share_Summary_of_
Net Loss Per Share - Summary of Anti-dilutive Shares not Included in Computation of Diluted Net Loss Per Share Attributable to Barracuda Networks, Inc. (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Stock options and restricted stock units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from calculation of diluted net loss per share | 6,026 | 6,322 | 6,026 | 6,322 |
Redeemable convertible preferred stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Shares excluded from calculation of diluted net loss per share | ' | 17,626 | ' | 17,626 |
Balance_Sheet_Information_Cash
Balance Sheet Information - Cash, Cash Equivalents and Marketable Securities (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2012 | Feb. 29, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Total cash and cash equivalents | $117,249 | $30,095 | $23,449 | $126,507 |
Total marketable securities | 1,231 | 1,550 | ' | ' |
Cash [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Cash | 24,278 | 20,812 | ' | ' |
Money market funds [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Money market funds | 92,971 | 9,283 | ' | ' |
Equity securities [Member] | ' | ' | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' |
Total marketable securities | $1,231 | $1,550 | ' | ' |
Balance_Sheet_Information_Mark
Balance Sheet Information - Marketable Securities (Detail) (Equity securities [Member], USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | ||
Equity securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Marketable securities, Cost | $1,440 | $1,458 |
Marketable securities, Gross Unrealized Gains | ' | 92 |
Marketable securities, Gross Unrealized Losses | -209 | ' |
Marketable securities, Estimated Fair Value | $1,231 | $1,550 |
Balance_Sheet_Information_Fina
Balance Sheet Information - Financial Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | $94,202 | $10,833 |
Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | 92,971 | 9,283 |
Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | 1,231 | 1,550 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | 94,202 | 10,833 |
Level 1 [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | 92,971 | 9,283 |
Level 1 [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | 1,231 | 1,550 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | ' | ' |
Level 2 [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | ' | ' |
Level 2 [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | ' | ' |
Level 3 [Member] | Money market funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | ' | ' |
Level 3 [Member] | Equity securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value | ' | ' |
Balance_Sheet_Information_Inve
Balance Sheet Information - Inventories (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $2,987 | $3,042 |
Finished goods | 3,378 | 2,096 |
Total inventories | $6,365 | $5,138 |
Balance_Sheet_Information_Defe
Balance Sheet Information - Deferred Costs (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Revenue And Deferred Cost [Line Items] | ' | ' |
Total deferred costs | $48,270 | $39,470 |
Appliance [Member] | ' | ' |
Deferred Revenue And Deferred Cost [Line Items] | ' | ' |
Total deferred costs | 33,524 | 27,751 |
Commissions [Member] | ' | ' |
Deferred Revenue And Deferred Cost [Line Items] | ' | ' |
Total deferred costs | $14,746 | $11,719 |
Balance_Sheet_Information_Prop
Balance Sheet Information - Property and Equipment (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $27,307 | $23,271 |
Less: accumulated depreciation | 7,008 | 6,299 |
Property and equipment, net | 20,299 | 16,972 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 5,100 | 5,100 |
Building [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 6,549 | 6,549 |
Computer hardware and software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 11,091 | 8,656 |
Vehicles, machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,257 | 1,478 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $2,310 | $1,488 |
Balance_Sheet_Information_Addi
Balance Sheet Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Oct. 31, 2011 | |
Statement Of Financial Position [Abstract] | ' | ' | ' | ' | ' |
Depreciation expense | $1,100,000 | $700,000 | $2,700,000 | $1,900,000 | ' |
Ownership interest | ' | ' | ' | ' | 24.00% |
Stock acquired in a privately held company | ' | ' | ' | ' | $750,000 |
Balance_Sheet_Information_Comp
Balance Sheet Information - Components of Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | ($1,112) |
Other comprehensive income (loss) before reclassifications | 244 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' |
Other comprehensive income (loss) | 244 |
Ending balance | -868 |
Foreign Currency Translation Adjustments [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | -1,169 |
Other comprehensive income (loss) before reclassifications | 433 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' |
Other comprehensive income (loss) | 433 |
Ending balance | -736 |
Unrealized Gains (Losses) on Available-for-Sale Investments [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Beginning balance | 57 |
Other comprehensive income (loss) before reclassifications | -189 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' |
Other comprehensive income (loss) | -189 |
Ending balance | ($132) |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 | Apr. 24, 2013 | Nov. 30, 2013 |
SignNow Inc. [Member] | SignNow Inc. [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquisition date | ' | ' | ' | 24-Apr-13 |
Cash consideration | ' | ' | $6,700,000 | ' |
Contingent cash consideration upon continued employment | ' | ' | 4,500,000 | ' |
Unvested stock options assumed | ' | ' | 600,000 | ' |
Unvested stock options assumed, weighted-average remaining service period | ' | ' | '3 years | ' |
Goodwill | 36,026,000 | 33,778,000 | 1,899,000 | ' |
Revenue included in results of operations | ' | ' | ' | 400,000 |
Net loss included in results of operations | ' | ' | ' | $700,000 |
Acquisition_Schedule_of_Fair_V
Acquisition - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 | Apr. 24, 2013 |
In Thousands, unless otherwise specified | SignNow Inc. [Member] | Acquired developed technology [Member] | Customer relationships [Member] | Trade name [Member] | ||
SignNow Inc. [Member] | SignNow Inc. [Member] | SignNow Inc. [Member] | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | $56 | ' | ' | ' |
Accounts receivable | ' | ' | 110 | ' | ' | ' |
Intangible assets | ' | ' | ' | 4,780 | 510 | 390 |
Goodwill | 36,026 | 33,778 | 1,899 | ' | ' | ' |
Accrued expenses | ' | ' | -340 | ' | ' | ' |
Deferred tax liability | ' | ' | -686 | ' | ' | ' |
Total value of assets acquired and liabilities assumed | ' | ' | $6,719 | ' | ' | ' |
Acquisition_Schedule_of_Pro_Fo
Acquisition - Schedule of Pro Forma Revenue and Net Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' |
Pro forma revenue | $51,439 | $173,578 | $146,475 |
Pro forma net loss attributable to Barracuda Networks, Inc. | ($3,184) | ($7,349) | ($9,425) |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 30, 2013 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Balance at beginning of fiscal period | $33,778 |
Goodwill acquired | 1,899 |
Effect of foreign exchange rates | 349 |
Balance at end of fiscal period | $36,026 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Detail) (USD $) | Nov. 30, 2013 | Feb. 28, 2013 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $36,631 | $30,715 |
Accumulated Amortization | 27,685 | 23,141 |
Net Carrying Value | 8,946 | 7,574 |
Acquired developed technology [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 26,299 | 21,403 |
Accumulated Amortization | 20,336 | 16,910 |
Net Carrying Value | 5,963 | 4,493 |
Software license [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 400 | 400 |
Accumulated Amortization | 400 | 400 |
Net Carrying Value | ' | ' |
Customer relationships [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 7,445 | 6,814 |
Accumulated Amortization | 5,628 | 4,708 |
Net Carrying Value | 1,817 | 2,106 |
Patents [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 1,625 | 1,625 |
Accumulated Amortization | 826 | 687 |
Net Carrying Value | 799 | 938 |
Trade name [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 662 | 273 |
Accumulated Amortization | 295 | 259 |
Net Carrying Value | 367 | 14 |
Acquired developed software [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 200 | 200 |
Accumulated Amortization | 200 | 177 |
Net Carrying Value | ' | $23 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | Nov. 30, 2013 | Feb. 28, 2013 | |
Acquired developed technology [Member] | Acquired developed technology [Member] | Software license [Member] | Software license [Member] | Customer relationships [Member] | Customer relationships [Member] | Patents [Member] | Patents [Member] | Trade name [Member] | Trade name [Member] | Acquired developed software [Member] | Acquired developed software [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other intangible assets not subject to amortization | $437,000 | ' | $437,000 | ' | $409,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets weighted-average useful lives | ' | ' | ' | ' | ' | '5 years | '5 years | '5 years | '5 years | '5 years 10 months 24 days | '5 years 9 months 18 days | '9 years | '9 years | '7 years 4 months 24 days | '3 years 8 months 12 days | '5 years | '5 years |
Amortization expense | 1,300,000 | 1,400,000 | 4,400,000 | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for fiscal 2014 | 1,000,000 | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for fiscal 2015 | 3,000,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for fiscal 2016 | 1,700,000 | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for fiscal 2017 | 1,500,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense for fiscal 2018 | 1,200,000 | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization expense thereafter | $500,000 | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Deficit_Additiona
Stockholders' Deficit - Additional Information (Detail) (USD $) | 9 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 12, 2013 |
Equity [Abstract] | ' | ' | ' |
Number of redeemable convertible preferred stock converted to common stock | 17,626,227 | ' | 17,626,227 |
Conversion ratio | 'One-to-one basis | ' | ' |
Options to purchase, number of common stock granted | 310,970 | ' | ' |
Options to purchase, number of common stock assumed in acquisition | 59,726 | ' | ' |
Total grant-date fair value of stock options vested | $4.20 | $2.50 | ' |
Aggregate intrinsic value of stock option exercised | $3.20 | $10.20 | ' |
Stockholders_Deficit_Schedule_
Stockholders' Deficit - Schedule of Total Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $2,423 | $1,723 | $7,551 | $6,357 |
Cost of revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 58 | 53 | 146 | 129 |
Research and development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 209 | 603 | 1,474 | 1,486 |
Sales and marketing [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | 578 | 314 | 1,278 | 813 |
General and administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock-based compensation expense | $1,578 | $753 | $4,653 | $3,929 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax benefit | $599,000 | $1,076,000 | $2,735,000 | $2,369,000 |
Effective tax rate resulting from income tax benefit | 20.70% | 33.60% | 27.40% | 27.50% |
Interest and penalties recognized related to uncertain tax positions | $17,000 | ' | $169,000 | ' |
Segment_Information_Schedule_o
Segment Information - Schedule of Revenue by Geographic Region (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $59,386 | $51,427 | $173,453 | $146,460 |
Operating Segments [Member] | North America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 43,293 | 36,975 | 126,122 | 109,430 |
Operating Segments [Member] | United States [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 40,538 | 34,651 | 118,066 | 103,506 |
Operating Segments [Member] | Other [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 2,755 | 2,324 | 8,056 | 5,924 |
Operating Segments [Member] | Latin America [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 726 | 923 | 2,662 | 2,377 |
Operating Segments [Member] | Asia-Pacific [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 4,058 | 4,094 | 12,200 | 10,561 |
Operating Segments [Member] | EMEA [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $11,309 | $9,435 | $32,469 | $24,092 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) (Sales [Member], Maximum [Member]) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | |
Sales [Member] | Maximum [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue rate, percent | 10.00% | 10.00% | 10.00% | 10.00% |