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Bookings Growth and Profitability Ahead of Expectations

BOSTON, MA – May 04, 2017 — /BackupReview.info/ — Carbonite, Inc. (NASDAQ:CARB), a leading provider of data protection solutions for businesses, today announced financial results for the quarter ended March 31, 2017.

First Quarter 2017 Highlights:

  • Closed acquisition of Double-Take Software.
  • Priced $143.8 million private offering of senior convertible notes.
  • Repurchased $15.0 million in common stock.
  • Revenue of $57.1 million increased 19% year-over-year.
  • Non-GAAP revenue of $59.1 million increased 21% year-over-year.1
  • Net income (loss) per share was $0.27, as compared to ($0.17) in 2016.
  • Non-GAAP net income per share was $0.09 (basic and diluted), as compared to $0.15 in 2016 (basic and diluted).4

“I am very pleased with our strong start to the year.  Our data protection solutions continue to gain traction with businesses and the IT professionals who serve them.  Over the last few years we have expanded our portfolio of solutions to cover nearly every form of data protection, positioning us well in the highest growth areas of the market.  We are delivering success for our customers, and as a result, we are increasingly becoming the trusted provider across a spectrum of back-up, disaster recovery and high-availability solutions,” said Mohamad Ali, President and CEO of Carbonite.

“We delivered 21% non-GAAP revenue growth in the first quarter, exceeded our profitability expectations and performed well across all of our key metrics.  In addition, we completed another value-creating acquisition, acquiring Double-Take Software earlier this year, and we strengthened our balance sheet with a successful convertible debt issuance which included the repurchase of approximately $15 million in common stock.  In Q1, we continued our trend of balanced organic and inorganic growth coupled with margin expansion, which sets us up for a strong 2017,” said 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.

First Quarter 2017 Results:

  • Revenue for the first quarter was $57.1 million, an increase of 19% from $48.1 million in the first quarter of 2016. Non-GAAP revenue for the first quarter was $59.1 million, an increase of 21% from $48.7 million in the first quarter of 2016.1
  • Bookings for the first quarter were $62.1 million, an increase of 19% from $52.3 million in the first quarter of 2016.2
  • Gross margin for the first quarter was 69.6%, compared to 69.3% in the first quarter of 2016. Non-GAAP gross margin was 73.8% in the first quarter, compared to 71.9% in the first quarter of 2016.3
  • Net income for the first quarter was $7.6 million, compared to a net loss of ($4.7 million) in the first quarter of 2016. Non-GAAP net income for the first quarter was $2.5 million, compared to non-GAAP net income of $4.1 million in the first quarter of 2016.4
  • Net income per share for the first quarter was $0.27 (basic and diluted), compared to a net loss per share of ($0.17) (basic and diluted) in the first quarter of 2016. Non-GAAP net income per share was $0.09 (basic and diluted) for the first quarter, compared to non-GAAP net income per share of $0.15 (basic and diluted) in the first quarter of 2016.4
  • Cash flow from operations for the first quarter was $7.7 million, compared to ($6.8) million in the first quarter of 2016. Adjusted free cash flow for the first quarter was $2.4 million, compared to ($0.5) million in the first quarter of 2016.5

__________________________________________________________________________________________
Non-GAAP revenue excludes the impact of purchase accounting adjustments for significant acquisitions.

Bookings represent the aggregate dollar value of customer subscriptions and software arrangements, which may include multiple revenue elements, such as software licenses, hardware, professional services and post-contractual support, received during a period and are calculated as revenue recognized during a particular period plus the change in total deferred revenue, excluding deferred revenue recorded in connection with acquisitions, net of foreign exchange during the same period.

Non-GAAP gross margin excludes the impact of purchase accounting adjustments on acquired deferred revenue, amortization expense on intangible assets, stock-based compensation expense and acquisition-related expense.

Non-GAAP net income and non-GAAP net income per share excludes the impact of purchase accounting adjustments on acquired deferred revenue, amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, and the income tax effect of non-GAAP adjustments.

Adjusted free cash flow is calculated by subtracting the cash paid for the purchase of property and equipment and adding the payments related to acquisition-related payments, restructuring-related payments, litigation-related payments and the cash portion of the lease exit charge from net cash provided by operating activities.
__________________________________________________________________________________________

Business Outlook
Based on the information available as of May 4, 2017, Carbonite expects the following for the second quarter and full year of 2017:

Second Quarter 2017:

Current Guidance
(5/4/2017)
GAAP revenue  $56.0 – $60.0 million
Non-GAAP revenue  $58.0 – $62.0 million
Non-GAAP net income per share  $0.11 – $0.13

Full Year 2017:

Prior Guidance
(2/9/2017)
Current Guidance
(5/4/2017)
SMB Bookings $158.6 – $170.2 million  $158.6 – $170.2 million
Consumer Bookings Y/Y Growth (10%) – 0% growth (10%) – 0% growth
GAAP revenue $223.0 – $243.0 million  $229.0 – $246.0 million
Non-GAAP revenue $232.5 – $252.5 million  $234.5 – $252.5 million
Non-GAAP net income per share $0.72 – $0.80  $0.74 – $0.80
Non-GAAP Gross Margin 74.0% – 75.0% 74.0% – 75.0%
Adjusted Free Cash Flow $14.0 – $18.0 million  $16.0 – $20.0 million

Carbonite’s expectations of non-GAAP net income per share for the second 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, non-cash convertible debt interest expense, and the income tax effect of non-GAAP adjustments. Non-GAAP net income per share assumes an effective tax rate of 13% for the full year of 2017. Non-GAAP net income per share assumes fully-diluted weighted average shares outstanding of approximately 27.9 million for the second quarter and 28.1 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, May 4, 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 7845290.

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 May 4, 2018.

Non-GAAP Financial Measures
To supplement our consolidated financial statements presented in accordance with GAAP, this press release contains non-GAAP financial measures, including bookings, non-GAAP revenue, non-GAAP gross margin, non-GAAP net income and non-GAAP net income per share, non-GAAP operating expense and adjusted free cash flow.

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, non-cash convertible debt interest expense, 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
Certain matters discussed in this press release, including under “Business Outlook,” have “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe the Company’s future plans, objectives or goals are also forward-looking statements.  Such statements include, but are not limited to, statements regarding guidance on our future financial results and other projections or measures of future performance; the expected future results of the acquisition of Double-Take Software, including revenues, non-GAAP EPS and growth rates; the Company’s ability to successfully integrate Double-Take Software’s business; and the Company’s expectations regarding its future performance. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to profitably attract new customers and retain existing customers, the Company’s dependence on the market for cloud backup services, the Company’s ability to manage growth, and changes in economic or regulatory conditions or other trends affecting the Internet and the information technology industry. These and other important risk factors are discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016 filed with the Securities and Exchange Commission (the “SEC”), which is available on www.sec.gov, and elsewhere in any subsequent periodic or current reports filed by us with the SEC. Except as required by applicable law, we do not undertake any obligation to update our forward-looking statements to reflect future events, new information or circumstances.

About Carbonite
Carbonite provides data protection solutions for businesses and the IT professionals who serve them. Our product suite provides a full complement of backup, disaster recovery and high availability solutions for any size business in any location around the world, all supported by a state-of-the-art global infrastructure. To learn more visit www.Carbonite.com

For detailed financials, visithttps://goo.gl/lldjPv

Investor Relations Contact:
Jeremiah Sisitsky
Carbonite
781-928-0713
investor.relations@carbonite.com

Media Contacts:
Sarah King
Carbonite
617-421-5601
media@carbonite.com

Kelsey Shively
Weber Shandwick (for Carbonite)
425-306-2090
wswnacarbonite@webershandwick.com

Source: Carbonite

 

 

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