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Board Concludes Strategic Alternatives Review Process
BOSTON, MA – April 16, 2015 — /BackupReview.info/ — Carbonite, Inc. (Nasdaq: CARB), a leading provider of cloud and hybrid business continuity solutions for small and midsize businesses (SMBs), today announced preliminary financial results for the first quarter ending March 31, 2015, indicating strong bookings and revenue for the period. In addition, the Company announced that its board of directors has concluded its strategic alternatives exploration process, which began earlier this year.
PRELIMINARY FIRST QUARTER FINANCIAL RESULTS AND GUIDANCE FOR 2015
“I am extremely pleased to share our preliminary results for the first quarter of 2015,” said Mohamad Ali, President and Chief Executive Officer. “We saw excellent performance across our product portfolio, including greater than 40% year over year growth in SMB bookings, which comprised approximately 36% of total bookings compared to 28% in the prior year quarter, and 2% year over year growth in consumer bookings. I look forward to discussing our progress and my vision for capitalizing on the tremendous opportunities in the global business continuity market following the release of our first quarter earnings on April 28, 2015.”
CONCLUSION OF STRATEGIC ALTERNATIVES REVIEW PROCESS
“We ran a robust process under the direction of our board of directors and independent advisors to ensure that all options available to deliver optimum shareholder value were thoroughly explored,” said Todd Krasnow, Lead Independent Director. “We always remain open and willing to engage in these types of discussions, and while we will not be sharing specific details about the process, the board is confident that under Mohamad Ali’s leadership, and through the execution of our strategic plan, Carbonite is well positioned to become the leading provider of cloud and hybrid business continuity solutions for SMBs and deliver greater shareholder value.”
CONFERENCE CALL AND WEBCAST INFORMATION
In conjunction with this announcement, Carbonite will host a conference call on Tuesday, April 28, 2015 at 8:30 a.m. EDT to review the results. This call will be webcast live and can be found in the investor relations section of the Company’s website at http://investor.carbonite.com. The conference call can also be accessed by dialing (877) 303-1393 in the United States or (315) 625-3228 internationally with the passcode 23959454.
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 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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