I would now like to turn the call over to Gleb. We will post the presentation on the static page as well.
BACKBLAZE EARNINGS PATCH
The site is currently redirected to a static page while our general vendor is working the patch for the Log4j vulnerability that is broadly affecting many companies on the global Internet. You'll also find a slide presentation related to our comments in the webcast viewer. Reconciliation of GAAP to non-GAAP results may be found in our earnings release which was furnished with our Form 8-K filed today with the SEC. These non-GAAP measures should be considered in addition to and not as a substitute for our GAAP results. Our discussion today will include non-GAAP financial measures.
BACKBLAZE EARNINGS UPDATE
All forward-looking statements that we make on this call are based on assumptions and beliefs as of today and we undertake no obligation to update them, except as required by law. Should not rely on our forward-looking statements as predictions of future events. In particular, those described in our risk factors that will be included in our Form 10-Q for the quarter ended September 30, 2021, in our recently filed S1 prospectus. These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those projected or implied during this call. Our ability to promote our brand, our reliance on key personnel and ability to identify, recruit and retain skilled personnel our ability to effectively manage our growth, our ability to compete effectively with existing competitors and new market entrants and the growth rates of the markets in which we compete. Our ability to acquire new customers and successfully engage and expand usage of our existing customers, the cost and success of our marketing efforts. Statements on this call include forward-looking statements of future financial results are goals and expectations regarding future revenue growth, profitability, use of IPO proceeds and investments in our business or anticipated capital expenditures and our estimates regarding our capital requirements. Today, Backblaze will discuss the quarterly financial results that were distributed earlier this afternoon. On the call with me today are Gleb Budman, Co-Founder, CEO and Chairperson of the Board and Frank Patchel, Chief Financial Officer. Good afternoon and welcome to Backblaze's third quarter 2021 earnings call. James Kisner, Vice President of Investor Relations. I would now like to turn the conference over to your host, Mr. As a reminder, today's conference call is being recorded. After the speaker's presentation, there will be a question-and-answer session. At this time, all participants are in listen-only mode. Thank you for standing by and welcome to the Backblaze Q3 2021 Earnings Conference Call. Gleb Budman - Co-Founder & Chief Executive Officerįrancis Patchel - Chief Financial Officer If their business keeps on growing like this they’ll receive many more.James Kisner - Vice President of Investor Relations Surely Gleb Budman and his team must have received acquisition offers already. It seems to Blocks & Files that, for any storage-related or compute-related business, Backblaze represents a potentially wonderful way to get into the cloud storage and computing market. This would be a $250 million/year run rate business. Imagine what its revenues would be if it had a presence in every region in the globe and five or six more in the USA. Backblaze currently has datacenters in Sacramento, California, Phoenix, Arizona, and Amsterdam, Netherlands – just three. It also has a growing list of backup partners to whom it provides target cloud storage. Its prices are low, it’s open with its customers about pricing, and publishes disk drive failure rates. This is a great business which has not put a foot wrong. Next quarter’s revenues are being guided to continue the growth trend: $21.4 million to $21.8 million – 24.7 percent growth year-on-year at the mid-point. The net revenue retention (NRR) rate was 113 percent compared to 110 percent a year ago, which means more customers are coming than leaving. Computer Backup ARR was $51.4 million – an increase of 20 percent year-on-year.Ĭloud storage is growing twice as fast as backup storage.B2 Cloud Storage ARR was $31.3 million – an increase of 44 percent year-on-year.Overall annual recurring revenue (ARR) was $82.7 million – an increase of 28 percent year-on-year. The segment annual recurring revenue numbers bear that out. It looks like the cloud storage business is catching up with the core backup storage business.
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