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Revenue Growth Drives Record Profitability; Company Increases 2016 Outlook
BOSTON, MA – Aug. 02, 2016 — /BackupReview.info/ – Carbonite, Inc. (NASDAQ:CARB), a leading provider of cloud backup and restore solutions for small and midsize businesses (SMBs), today announced financial results for the quarter ended June 30, 2016.
“I am very pleased with our progress, especially the expansion of our SMB business which grew approximately 150%. The EVault integration is exceeding expectations, yielding faster and better-than-expected synergies. Market demand for our expanded set of solutions is strong and growing, and I am confident in the team’s ability to continue to drive results,” said Mohamad Ali, President and CEO of Carbonite.
“We delivered strong revenue and bookings growth that drove record profitability in the quarter and resulted in our raised outlook for 2016. Our rapidly growing SMB business now represents the majority of total bookings and the strength of that business is a key driver of our improving financial results,” said Anthony Folger, CFO of Carbonite.
Second Quarter 2016 Results:
1 Non-GAAP revenue excludes the impact of purchase accounting adjustments for the acquisition of EVault.
An explanation of non-GAAP measures is provided under the heading “Non-GAAP Financial Measures” below, and reconciliations to the most comparable GAAP measures are provided in the tables at the end of this press release.
For the full year of 2016 the Company is raising its financial guidance. Revenues are expected to be in the range of $192.7-$202.7 million and non-GAAP revenues are expected to be in the range of $195.0-$205.0 million. Non-GAAP net income per share is expected to be in the range of $0.48 – $0.52.
Carbonite’s expectations of non-GAAP net income per share for the third quarter and full year of 2016 excludes the impact of purchase accounting adjustments, stock-based compensation expense, litigation-related expense, acquisition-related expense, amortization expense on intangible assets and the income tax effect of non-GAAP adjustments. Non-GAAP net income per share assumes an effective tax rate of 11% for the full year of 2016. Non-GAAP net income per share assumes fully-diluted weighted average shares outstanding of approximately 27.0 million for the third quarter and full year of 2016.
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 August 2, 2017.
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 ordinary 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. Exclusion of certain amounts in the calculation of non-GAAP financial measures should not be construed as an inference that these exclusions are unusual or infrequent. We anticipate that these exclusions will continue to be made in the future presentation of the Company’s non-GAAP financial measures. 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.
With respect to our expectations under “Business Outlook” above, the Company has not reconciled non-GAAP net income per share to net income (loss) per share in this press release because we do not provide guidance for stock-based compensation expense, litigation-related expense, acquisition-related expense, amortization expense on intangible assets and the income tax effect of non-GAAP adjustments as we are unable to quantify certain of these amounts that would be required to be included in the GAAP measure without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors.
Cautionary Language Concerning Forward-Looking Statements
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