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–Bookings of $23.2 million increases 47% compared to fourth quarter of 2010
–Bookings of $80.9 million increases 49% for the full year 2011 compared to 2010
–Revenue of $17.3 million increases 50% compared to fourth quarter of 2010
–Revenue of $60.5 million increases 57% for the full year 2011 compared to 2010
–Cash flow from operations of $4.9 million for the fourth quarter of 2011

BOSTON, Feb. 9, 2012 –/BackupReview.info/– Carbonite, Inc. (NASDAQ: CARB), a leading provider of online backup solutions for consumers and small and medium sized businesses, today announced financial results for the fourth quarter and full year ended December 31, 2011.

David Friend, Chairman and Chief Executive Officer of Carbonite, stated, “The fourth quarter was a strong end to a solid year for Carbonite in which we achieved record bookings, revenue and cash flow. During 2011, we significantly expanded our product offerings to better serve the small business market, as well as provide consumer and home office users with additional features and functionality. We also improved our customer support and infrastructure to ensure the highest quality customer satisfaction and service. We enter 2012 well positioned to capitalize on our enormous market opportunity and will continue to invest in the business to drive significant levels of growth.”

Financial and Operating Metrics for the Fourth Quarter Ended December 31, 2011

– Bookings for the fourth quarter of 2011 were $23.2 million, an increase of 47% from $15.8 million in the fourth quarter 2010.

– Revenue for the fourth quarter of 2011 was $17.3 million, an increase of 50% from $11.6 million in the fourth quarter of 2010.

– Gross margin for the fourth quarter of 2011 was 60.9%, compared to 60.4% in the fourth quarter 2010.

– Net loss for the fourth quarter of 2011 was ($6.1) million, compared to ($5.0) million in the fourth quarter 2010.

– Net loss per share attributable to common stockholders for the fourth quarter 2011 was ($0.24) per share (basic and diluted), compared to a net loss of ($1.13) per share (basic and diluted) in the fourth quarter of 2010.

– Non-GAAP gross margin, which excludes amortization expense on intangible assets and stock-based compensation expense, was 61.5% in the fourth quarter of 2011, compared to 60.4% in the fourth quarter 2010.

– Non-GAAP net loss for the fourth quarter of 2011, which excludes amortization expense on intangible assets, stock-based compensation expense and patent litigation expense, was ($5.3) million, compared to ($4.9) million in the fourth quarter of 2010.

– Non-GAAP net loss per share for the fourth quarter 2011 was ($0.21) compared to a non-GAAP net loss per share of ($0.20) in the fourth quarter of 2010.

– Cash flow from operations for the fourth quarter of 2011 was $4.9 million, compared to $3.6 million in the fourth quarter 2010.

– Non-GAAP free cash flow for the fourth quarter of 2011 was $886,000 compared to $407,000 in the fourth quarter 2010.

– Quarterly retention rates for the quarter were in the 96% to 97% range, consistent with prior quarters since 2009.

Financial and Operating Metrics for the Full Year 2011

– Bookings for the full year 2011 were $80.9 million, an increase of 49% from $54.1 million in 2010.

– Revenue for the full year 2011 was $60.5 million, an increase of 57% from $38.6 million in 2010.

– Gross margin in the full year 2011 was 61.7%, compared to 57.8% in the full year 2010.

– Net loss for the full year 2011 was ($23.5) million, compared to ($25.8) million in 2010.

– Net loss per share attributable to common stockholders for the full year 2011 was ($1.84) per share (basic and diluted), compared to a net loss of ($5.90) per share (basic and diluted) in 2010.

– Non-GAAP gross margin for the full year 2011, which excludes amortization expense on intangible assets and stock-based compensation expense, was 62.2%, compared to 57.9% in 2010.

– Non-GAAP net loss for the full year 2011, which excludes amortization expense on intangible assets, stock-based compensation expense and patent litigation expense, was ($21.0) million, compared to ($25.2) million in 2010.

– Non-GAAP net loss per share for the full year 2011 was ($0.84) compared to a non-GAAP net loss per share of ($1.04) in 2010.

– Cash flow from operations for the full year 2011 was $7.6 million, compared to ($1.6) million in 2010.

– Non-GAAP free cash flow for the full year 2011 was ($6.0) million compared to ($12.2) million in 2010.

– Cash, cash equivalents and short-term investments were $72.5 million as of December 31, 2011, compared to $71.7 million as of September 30, 2011 and $23.9 million as of December 31, 2010. The increase in cash was
primarily the result of approximately $55.7 million in net proceeds that were raised through the Company’s initial public offering, which was completed on August 16, 2011.

An explanation of non-GAAP measures is provided under the “Non-GAAP Financial Measures” below and reconciliation to the most comparable GAAP measure is provided in the tables at the end of this press release.

Recent Business Highlights:

– Unveiled the latest version of Carbonite Business, our online backup service designed specifically for small-to-medium sized businesses (SMBs). The latest release of Carbonite Business delivers expanded file restore capabilities and a new user interface (UI) to ensure SMB customers faced with the need to recover their data files have an easier-to-manage process.

– Completed the transition of customer support from overseas third-party providers to Carbonite’s domestic location. The Company successfully hired and trained employees to staff its new support center in Lewiston,
Maine. The Company now supports all customer interactions using U.S. based resources.

– Carbonite now has backed up nearly 200 billion files, restored more than 7 billion files and currently backs up more than 300 million files each day.

– Carbonite Home was awarded the Parent Tested, Parent Approved (PTPA) Winner’s Seal of Approval. Carbonite Home was among many entries from across North America competing to earn the PTPA(TM) Seal. With independent parent volunteers evaluating products in their own homes, PTPA winners are chosen based on merit and consumer experience.

Business Outlook
Based on information available as of February 9, 2012, Carbonite is issuing guidance for the first quarter and full year 2012 as follows:

First Quarter 2012: The Company expects total revenue for the first quarter to be in the range of $18.2 million to $18.4 million and non-GAAP net loss per common share to be in the range of ($0.32) to ($0.33). Carbonite’s expectations of non-GAAP net loss per diluted common share for the first quarter exclude stock-based compensation expense, patent litigation expense, lease abandonment charges and amortization expense on intangible assets and assume a tax rate of 0% and weighted average shares outstanding of approximately 25.2 million.

Full Year 2012: The Company expects 2012 total revenue to be in the range of $83.3 million to $84.8 million and non-GAAP net loss per diluted common share to be in the range of ($0.82) to ($0.86). Carbonite’s expectations of non-GAAP net loss per common share for the full year excludes stock-based compensation expense, patent litigation expense, lease abandonment charges and amortization expense on intangible assets and assumes a tax rate of 0% and weighted average shares outstanding of approximately 25.4 million.

Conference Call and Webcast Information
Carbonite will host a conference call on February 9, 2012, at 5:00 p.m. Eastern Time (ET) to discuss the Company’s fourth quarter and full year financial results and its business outlook. To access this call, dial 877-879-6203 (domestic) or +1-719-325-4780 (international). A replay of this conference call will be available until February 16, 2012 at 877-870-5176 (domestic) or +1-858-384-5517 (international). The replay pass code is 3741335. A live web cast of this conference call will also be available in the investor relations section on the Company’s website at http://investor.carbonite.com under “Events and Presentations” and a replay will be archived on the website as well.

Non-GAAP Financial Measures
This press release contains non-GAAP financial measures including bookings, non-GAAP gross margin, non-GAAP net loss and non-GAAP net loss per share, and free cash flow. Bookings represent the aggregate dollar value of customer subscriptions received during a period and are calculated as revenue recognized during the period plus the change in total deferred revenue during the same period. Non-GAAP gross margin, Non-GAAP net loss and Non-GAAP net loss per share excludes amortization expense on intangible assets, stock-based compensation expense and, patent litigation expense from net loss and gives effect to the conversion of preferred stock and issuance of common stock in connection with the Company’s initial public offering as if both had happened at the beginning of the period. Non-GAAP free cash flow is calculated by subtracting cash paid for the purchase of property and equipment from net cash provided by operating activities. Quarterly retention rate is defined as the percentage of customers on the last day of the prior quarter who remain customers on the last day of the current quarter.

The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods and uses these measures in financial reports prepared for management and the Company’s board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software-as-a-service companies, many of which present similar non-GAAP financial measures to investors.

The Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant items that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management in determining these non-GAAP financial measures. In order to compensate for these limitations, management of the Company presents its non-GAAP financial measures in connection with its GAAP results. The Company urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

About Carbonite
Carbonite, Inc. (NASDAQ: CARB), is a leading provider of online backup solutions for consumers and small and medium sized businesses. Subscribers in more than 100 countries rely on Carbonite to provide easy-to-use, affordable, unlimited and secure online backup solutions with anytime, anywhere data access. Carbonite’s online backup solution runs on both the Windows and Mac platforms. The company has backed up nearly 200 billion files, restored more than 7 billion files and currently backs up more than 300 million files each day. For more information, please visit www.carbonite.com, twitter.com/carbonite, twitter.com/carbonitebiz, or facebook.com/CarboniteOnlineBackup.

Cautionary Language Concerning Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company’s views as of the date of this press release based on the current intent, belief or expectations, estimates, forecasts, assumptions and projections of the Company and members of our management team. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Those statements include, but are not limited to, statements regarding guidance on our future financial results and other projections or measures of future performance, and our expectations concerning market opportunities and our ability to capitalize on them. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to profitably attract new customers and retain existing customers, the Company’s dependence on the market for online computer backup services, the Company’s ability to manage growth, and changes in economic or regulatory conditions or other trends affecting the Internet and the information technology industry. These and other important risk factors are discussed or referenced in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, which is available on www.sec.gov, under the heading “Risk Factors” and elsewhere, and any subsequent periodic or current reports filed by us with the SEC. The Company anticipates that subsequent events and developments will cause its views to change. Except as required by applicable law or regulation, we do not undertake any obligation to update our forward-looking statements to reflect future events or circumstances.

Click here to view detailed financial reports

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