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BOSTON, MA – July 29, 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 financial results for the second quarter ended June 30, 2015. The Company reported record revenue of $34.0 million for the second quarter, an increase of 12% year over year, and total bookings of $35.7 million for the second quarter, an increase of 17% year over year.
“With a 43% year over year increase in SMB bookings, driven by the strong performance of Carbonite Server Backup, it’s clear that small businesses are increasingly turning to Carbonite for their cloud-based business continuity needs. Our powerful yet simple suite of backup and disaster recovery products, award-winning customer service and growing global partner network continues to separate us from our competitors,” said Mohamad Ali, President and CEO of Carbonite.
Anthony Folger, Chief Financial Officer and Treasurer said, “In addition to the strong bookings performance, we also saw record revenues and non-GAAP gross margins, reflecting improved execution across the business. Our focus on operational excellence along with the investments we are making in our product portfolio and channel expansion position us for continued success in the second half of 2015.”
Second Quarter 2015 Results:
1 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, net of foreign exchange (excluding deferred revenue recorded in connection with acquisitions) during the same period.
2 Free cash flow is calculated by subtracting the cash paid for the purchase of property and equipment and adding the payments related to corporate headquarter relocation, acquisition-related payments, hostile takeover-related payments, CEO transition payments, litigation-related payments and the cash portion of the lease exit charge from net cash provided by operating activities.
3 Non-GAAP gross margin excludes amortization expense on intangible assets and stock-based compensation expense.
4 Non-GAAP net loss and non-GAAP net loss per share excludes amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, hostile takeover-related expense, and CEO transition expense.
An explanation of non-GAAP measures is provided under the heading “Non-GAAP Financial Measures” below, and a reconciliation to the most comparable GAAP measures is provided in the tables at the end of this press release.
For the full year of 2015, revenues are expected to be in the range of $137.3-$138.3 million and non-GAAP net income per share to be in the range of $0.09-$0.11 (basic and diluted).
Carbonite’s expectations of non-GAAP net income per share for the quarter and full year excludes stock-based compensation expense, litigation-related expense, hostile takeover-related expense, amortization expense on intangible assets and assumes a 2015 effective tax rate of 0% and weighted average shares outstanding of approximately 27.3 million for the quarter and 27.4 million for the full year 2015.
Conference Call and Webcast Information
Following the completion of the call, a recorded replay will be available on the company’s website, http://investor.carbonite.com, under “Events & Presentations” through July 29, 2016.
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 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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