Barracuda Networks, Inc. NYSE: CUDA. February 2014

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1 Barracuda Networks, Inc. NYSE: CUDA February 2014

2 Safe Harbor This presentation and the accompanying oral presentation contain forward-looking statements that are based on our management s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements other than statements of historical fact contained in this presentation, including information concerning our future financial performance, business plans and objectives, potential growth opportunities, financing plans, competitive position, industry environment and potential market opportunities. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors including, but not limited to, those related to our future financial performance, market acceptance of our security and storage solutions; our ability to increase sales of our solutions and renewals of our subscriptions, including to attract and retain customers and to cross-sell our existing customers, our ability to develop new solutions and bring them to market in a timely manner, our ability to maintain, protect and enhance our brand and intellectual property, and our ability to continue to expand internationally and to stay in compliance with applicable laws and regulations and potential penalties relating to our voluntary disclosure to BIS and OFAC. Moreover, we operate in very competitive and rapidly changing environments, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. These factors, together with those described in greater detail in the registration statement (including a prospectus) that we may filed with the Securities and Exchange Commission ( SEC ) for the offering to which this presentation relates, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Although our management believes that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Moreover, neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this presentation to conform these statements to actual results or to changes in our expectations, except as required by law. In addition to the U.S. GAAP financials, this presentation includes certain non-gaap financial measures. The non-gaap measures have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under U.S. GAAP. There are a number of limitations related to the use of these non-gaap financial measures versus their nearest GAAP equivalents. First, gross billings, adjusted EBITDA and free cash flow are not substitutes for total revenue, net income and cash provided by operating activities, respectively. Second, other companies may calculate non-gaap financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-gaap financial measures as tools for comparison. Finally, adjusted EBITDA excludes certain non-cash and non-operating charges, including non-cash stock-based compensation and depreciation and amortization expense, which are recurring. Therefore adjusted EBITDA does not reflect the non-cash impact of stock-based compensation or working capital needs, that will continue for the foreseeable future. Adjusted EBITDA and free cash flow also exclude certain acquisition and other non-recurring charges. See Appendix for a reconciliation between each non-gaap financial measure and its nearest U.S. GAAP equivalent. We have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC website at Alternatively, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Morgan Stanley & Co. LLC at , J.P. Morgan Securities LLC at , or Merrill Lynch, Pierce, Fenner & Smith Incorporated at

3 3 Barracuda provides cloud-connected security and storage solutions that simplify IT.

4 Barracuda Snapshot Founded in 2003, IPO in 2013 Headquartered in Silicon Valley, offices in 15 countries 1,000+ employees worldwide 5,000+ reseller and distribution partners More than 150,000 customers in 100+ countries Gross Billings* Revenue $MM $MM % 70% 71% 69% 27% 30% 29% 31% FY12 FY13 9M13 9M14 FY12 FY13 9M13 9M14 4 Note: Fiscal year end February 28 / 29 * Non-GAAP, see Appendix for reconciliation Appliance Subscription

5 Recent News Announced public cloud integrations and new purchasing options Delivered new products and enhancements across portfolio Obtained market share recognition in Backup & Content Security Received industry accolades across portfolio Expanded channel reach with new distributor Reported Q3 FY14 financial results 5

6 Our Market Opportunity Large Enterprises 1.0 million companies With 100 to 4,999 employees $8.7Bn $30Bn 28.5 million companies with 5 to 99 employees $14Bn Source: Compass Intelligence 2013, Gartner 2013, IDC

7 Good for Customers Customer Benefit Cloud-Connected Trusted Brand High-Velocity Sales Efficient Operations Subscriptions Proactive, Live Support Integrated and optimized solution Easy to find, reliable vendor Simple, 30 day risk-free procurement process Time to value Up-to-date features and investment protection Issues resolved quickly 7

8 Applying the Barracuda Formula in the Storage Market Complex Traditional Backup Solutions File/Application Servers Backup Software Removeable Media Device Removeable Media Labor Courier Services Offsite Location Where Customers Want Simplicity The three key requirements for backup modernization are cost-efficiency, backup and recovery service level, and management simplicity. -Gartner 11/21/13 8 Gartner Competitive Landscape: Backup and Recovery Appliances for Open Systems, Worldwide, 2013 by Jimmie Chang, Dave Russell, Pushan Rinnen, November 21, 2013.

9 Our Cloud-Connected Backup Solution Delivers Simplicity 9

10 Our Differentiated Simplicity Leads the Market Worldwide Integrated Purpose Built Backup Appliance Shipments for the Top 4 Vendors 1H2013 Symantec EMC Dell ,000 1,500 2,000 2,500 3,000 IDC Worldwide Quarterly PBBA Tracker, CQ2, September

11 Growth Drivers Increase sales in fastgrowing product markets Apply Barracuda formula to enter new categories & markets Expand within existing customer base 11

12 Apply Barracuda Formula to Incremental Opportunities Convergence Load Balancer ADC Firewall Consumerization of IT Copy SignNow Virtualization & Cloud Backup LiveBoot Web Application Firewall 12

13 Today s Use Cases for our Solutions in the Public Cloud External Public Facing Applications Public facing apps should be protected by Web Application Firewalls Recreating multi-zone architecture and controlling traffic between zones Connect multiple Virtual Networks around the world or in the same location Internal Applications Applications that need a proxy especially strong with SharePoint and where customers used Microsoft TMG (Discontinued) Securely connecting multiple branch offices to internal apps in Public Cloud delivers high performance and no need to backhaul traffic 13

14 Financial Highlights Subscription-based model drives recurring revenue and sustainable growth Expanding customer lifetime value in diverse installed base High leverage operating model drives high margins Balanced investing for long-term growth 14

15 Q3 FY14 Highlights Billings grew 19% year over year to record $77.5M Revenue up 15% to $59MM with $41MM from recurring subscriptions Active Subscribers reach nearly 198,000 Renewal Rates, on a dollar basis, of 97.5% Adjusted EBITDA* of $12.6MM (21% of revenue) Free Cash Flow* of $9.7MM 15 * Non-GAAP, see Appendix for reconciliation

16 Q3 Results Reported Gross Billings* Revenue $MM % 228 $MM % % 15% 71% 69% % 69% 30% 31% 29% 31% Q3'13 Q3'14 9M'13 9M'14 Q3'13 Q3'14 9M'13 9M'14 Appliance Subscription 16 * Non-GAAP, see Appendix for reconciliation

17 Subscriber Growth and Renewal Rates Active Subscribers Renewal Rate # 000 s % % 90% 93% FY11 FY12 FY13 Q314 FY11 FY12 FY13 9M14 FY11 FY13 CAGR 16% *Subscriber numbers are as of the end of each quarter. *Renewal rates are measured on a dollars basis. 17

18 Investing to Accelerate Profitable Recurring Revenue Growth Develop products in high-growth markets Deepen engagement with customers and partners Invest in scale for the future $ 18

19 Long Term Target Financial Model FY2012A FY 2013A Target Model Non-GAAP Gross Margin* 81% 80% 80%+ Non-GAAP Operating Income* 4% 6% 17-23% Adj. EBITDA Margin 34% 25% 38-43% Free Cash Flow Margin 22% 21% 28-31% Non-GAAP gross margin excludes stock-based compensation, depreciation, amortization, acquisition and non-recurring charges. Non-GAAP operating income excludes stock-based compensation, amortization, acquisition and non-recurring charges. * Non GAAP results. See Appendix for reconciliation to GAAP. For future periods, Barracuda is unable to provide a reconciliation of non-gaap financial measures to GAAP, as a result of uncertainty regarding, and the potential variability of, stock based compensation, acquisition and non-recurring costs, that are expected to be incurred in the future. 19

20 Investment Highlights Consistent revenue growth, high margins and strong cash flow historically Award-winning, cloud-connected product suite SaaS-like model with recurring revenue visibility Disruptive, high-velocity business model Large TAM for target customers and products 20

21 Thank You.

22 Non-GAAP Reconciliation Annual Gross Billings $MM Year Ended Feb. 28/ M14 Total Revenue $142.1 $160.9 $198.9 $173.5 Total Deferred Revenue, End of Period Less: Total Deferred Revenue, Beginning of Period (122.9) (160.7) (217.2) (261.2) Add: Deferred Revenue Adjustments Total Change in Deferred Revenue and Adjustments Gross Billings $191.3 $233.2 $264.2 $

23 Non-GAAP Reconciliation Quarterly Gross Billings $MM Three Months Ended May 31, 2012 Aug 31, 2012 Nov 30, 2012 Feb 28, 2013 May 31, 2013 Aug 31, 2013 Nov 30, 2013 Total Revenue $46.0 $49.0 $51.4 $52.5 $56.3 $57.8 $59.4 Total Deferred Revenue, End of Period Less: Total Deferred Revenue, Beginning of Period Add: Deferred Revenue Adjustments Total Change in Deferred Revenue and Adjustments (217.2) (231.1) (241.7) (250.2) (261.2) (274.4) (286.8) Gross Billings $65.4 $64.3 $65.0 $69.5 $74.9 $75.6 $

24 Non-GAAP Reconciliation Adjusted EBITDA $MM Year Ended Feb 28/29 Nine Months Ended November Net Income (Loss) Attributable to Barracuda Networks, Inc. $3.0 $0.6 ($7.4) ($6.7) Total Deferred Revenue, End of Period Less: Total Deferred Revenue, Beginning of Period (122.9) (160.7) (217.2) (261.2) Total Deferred Costs, Beginning of Period Less: Total Deferred Costs, Beginning of Period (18.3) (29.3) (39.5) (48.3) Other (Income) Expenses, Net (0.3) (0.5) Provision (Benefit) for Income Taxes 1.1 (0.5) (5.1) (2.7) Depreciation and Amortization Stock-Based Compensation Acquisition and Other Non-Recurring Changes Adjusted EBITDA $46.2 $55.3 $49.1 $

25 Non-GAAP Reconciliation Free Cash Flow $MM Year Ended Feb 28/29 Nine Months Ended November Cash Provided by Operating Activities $36.9 $43.9 $39.4 $22.7 Less: Purchases of Property and Equipment (2.5) (8.5) (4.7) (5.9) Acquisition and Other Non-Recurring Charges $6.4 $3.9 Free Cash Flow $34.4 $35.4 $41.1 $

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