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Revenue of $24.5 million increases 32%; Bookings of $29.3 million increases 20%
BOSTON, MA – May 2, 2013 — /BackupReview.info/ — Carbonite, Inc. (NASDAQ: CARB), leading provider of cloud backup solutions for small businesses and consumers, today announced financial results for the quarter ended March 31, 2013.
“This was another successful quarter at Carbonite, highlighted by accelerating bookings growth, increasing traction in the small business market, and our third consecutive quarter of positive free cash flow,” said David Friend, Chairman and Chief Executive Officer of Carbonite. “I am pleased with the progress we’ve been making in our shift towards the small business market, the growing importance of distribution channels in reaching our target customers, and the development of new solutions that enhance our value proposition.”
Financial and Operating Metrics for the First Quarter Ended March 31, 2013
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 2, 2013, Carbonite is issuing guidance for the second quarter and full year 2013 as follows:
Second Quarter 2013: The Company expects total revenue for the second quarter to be in the range of $25.7 million to $25.9 million and non-GAAP net loss per common share to be in the range of ($0.10) to ($0.12). 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 25.9 million.
Full Year 2013: The Company expects 2013 total revenue to be in the range of $104.0 million to $106.0 million and non-GAAP net loss per diluted common share to be in the range of ($0.40) to ($0.44). 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 26.0 million.
Conference Call and Webcast Information
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
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