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Revenue of $18.5 million increases 44%; Bookings of $24.5 million increases 29%
BOSTON, May 1, 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 quarter ended March 31, 2012.
“Our first quarter highlights include record quarterly bookings and revenue that exceeded our prior guidance, and we continue to be pleased with the initial uptake of our new Home suite and the increasing contribution from our small business solutions,” saidDavid Friend, Chairman and Chief Executive Officer of Carbonite. “The strength of the market demand, our competitive position and brand awareness are helping to drive a high level of customer interest in our solutions. Carbonite’s online backup solutions are delivering an unmatched value proposition and we are executing well on serving our large cloud-based market opportunity.
Financial and Operating Metrics for the First Quarter Ended March 31, 2012
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:
Based on information available as of May 1, 2012, Carbonite is issuing guidance for the second quarter and full year 2012 as follows:
Second Quarter 2012: The Company expects total revenue for the second quarter to be in the range of $20.1 million to $20.3 million and non-GAAP net loss per common share to be in the range of ($0.18) to ($0.19). Carbonite’s expectations of non-GAAP net loss per diluted common share for the second quarter exclude stock-based compensation expense, patent litigation expense and amortization expense on intangible assets and assume a tax rate of 0% and weighted average shares outstanding of approximately 25.5 million.
Full Year 2012: The Company expects 2012 total revenue to be in the range of $83.6 million to $84.9 million and non-GAAP net loss per diluted common share to be in the range of ($0.77) to ($0.81). Carbonite’s expectations of non-GAAP net loss per common share for the full year excludes stock-based compensation expense, patent litigation expense, a lease exit charge and amortization expense on intangible assets and assumes a tax rate of 0% and weighted average shares outstanding of approximately 25.5 million.
Conference Call and Webcast Information
Carbonite will host a conference call on May 1, 2012, at 5:00 p.m. Eastern Time (ET) to discuss the Company’s first quarter financial results and its business outlook. To access this call, dial 877-329-7568 (domestic) or +1-719-325-2215 (international). A replay of this conference call will be available until May 8, 2012 at 877-870-5176 (domestic) or +1-858-384-5517 (international). The replay pass code is 5479134. 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
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 order to compensate for these limitations, management 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.
Cautionary Language Concerning Forward-Looking Statements
Investor Relations Contacts:
SOURCE: Carbonite, Inc.
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