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Carbonite Delivers a Strong Close to a Transformative Year
BOSTON, MA – Feb. 09, 2017 — /BackupReview.info/ – Carbonite, Inc. (NASDAQ:CARB), a leading provider of data protection solutions for small and midsize businesses, today announced financial results for the quarter and full year ended December 31, 2016.
Full Year 2016 Highlights:
“2016 was a transformative year for Carbonite. We continued to successfully execute our strategy, acquiring and developing solutions to better serve the expanding data protection needs of businesses. The acquisition of EVault early in 2016 strengthened our technology portfolio and solidified our shift to the mid-market and we continue that momentum into 2017 with our acquisition of Double-Take Software. With a significantly expanded suite of products, a unified go-to-market organization and a strong channel, we enter 2017 well positioned to capitalize on the sizeable and growing data protection market,” said Mohamad Ali, President and CEO of Carbonite.
“I am very pleased with our strong financial performance in 2016. We grew SMB to represent approximately 60% of our total bookings for the year. We drove a dramatic increase in profitability, delivering five times the non-GAAP net income and non-GAAP net income per share that we delivered in 2015. We also meaningfully exceeded our adjusted free cash flow expectations for the year. We delivered great results across the board and I am excited about our continued momentum as we start 2017,” said Anthony Folger, CFO of Carbonite.Anthony Folger, CFO of Carbonite.
The Company uses a variety of operational and financial metrics, including non-GAAP financial measures, to evaluate its performance and financial condition. The accompanying financial data includes additional information regarding these metrics and a reconciliation of non-GAAP financial information to GAAP. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Fourth Quarter 2016 Results:
Full Year 2016 Results:
1 Non-GAAP revenue excludes the impact of purchase accounting adjustments for the acquisition of EVault.
First Quarter 2017:
Full Year 2017:
Carbonite’s expectations of non-GAAP net income per share for the first quarter and full year of 2017 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 12% for the full year of 2017. Non-GAAP net income per share assumes fully-diluted weighted average shares outstanding of approximately 28.8 million for the first quarter and 29.0 million for the full year of 2017.
Conference Call and Webcast Information
In conjunction with this announcement, Carbonite will host a conference call on Thursday, February 9, 2017 at 5:30 p.m. ET 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 47867747.
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 February 9, 2018.
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. The Company urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures provided in the tables at the end of 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
For more detailed financial report, visit: https://goo.gl/aLJi40
Investor Relations Contact:
Source: Carbonite, Inc.
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