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Carbonite: Fiscal 4Q11 Financial Results

Revenues growing fast but company far to be profitable
This is a Press Release edited by StorageNewsletter.com on 2012.02.14

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 (in US$ millions) 4Q10 4Q11 FY10   FY11
 Revenues 11.6 17.3 38.6  60.5
 Growth   50%   57%
 Net income (loss) (5.0) (6.1) (25.8) (23.5)

Carbonite, Inc. announced financial results for the fourth quarter and full year ended December 31, 2011.

David Friend, Chairman and Chief Executive Officer of Carbonite, stated: "The fourth quarter was a strong end to a solid year for Carbonite in which we achieved record bookings, revenue and cash flow. During 2011, we significantly expanded our product offerings to better serve the small business market, as well as provide consumer and home office users with additional features and functionality. We also improved our customer support and infrastructure to ensure the highest quality customer satisfaction and service. We enter 2012 well positioned to capitalize on our enormous market opportunity and will continue to invest in the business to drive significant levels of growth."

Financial and Operating Metrics
for the Fourth Quarter Ended December 31, 2011

  • Bookings for the fourth quarter of 2011 were $23.2 million, an increase of 47% from $15.8 million in the fourth quarter 2010.
  • Revenue for the fourth quarter of 2011 was $17.3 million, an increase of 50% from $11.6 million in the fourth quarter of 2010.
  • Gross margin for the fourth quarter of 2011 was 60.9%, compared to 60.4% in the fourth quarter 2010.
  • Net loss for the fourth quarter of 2011 was ($6.1) million, compared to ($5.0) million in the fourth quarter 2010.
  • Net loss per share attributable to common stockholders for the fourth quarter 2011 was ($0.24) per share (basic and diluted), compared to a net loss of ($1.13) per share (basic and diluted) in the fourth quarter of 2010.
  • Non-GAAP gross margin, which excludes amortization expense on intangible assets and stock-based compensation expense, was 61.5% in the fourth quarter of 2011, compared to 60.4% in the fourth quarter 2010.
  • Non-GAAP net loss for the fourth quarter of 2011, which excludes amortization expense on intangible assets, stock-based compensation expense and patent litigation expense, was ($5.3) million, compared to ($4.9) million in the fourth quarter of 2010.
  • Non-GAAP net loss per share for the fourth quarter 2011 was ($0.21) compared to a non-GAAP net loss per share of ($0.20) in the fourth quarter of 2010.
  • Cash flow from operations for the fourth quarter of 2011 was $4.9 million, compared to $3.6 million in the fourth quarter 2010.
  • Non-GAAP free cash flow for the fourth quarter of 2011 was $886,000 compared to $407,000 in the fourth quarter 2010.
  • Quarterly retention rates for the quarter were in the 96% to 97% range, consistent with prior quarters since 2009.

Financial and Operating Metrics for the Full Year 2011

  • Bookings for the full year 2011 were $80.9 million, an increase of 49% from $54.1 million in 2010.
  • Revenue for the full year 2011 was $60.5 million, an increase of 57% from $38.6 million in 2010.
  • Gross margin in the full year 2011 was 61.7%, compared to 57.8% in the full year 2010.
  • Net loss for the full year 2011 was ($23.5) million, compared to ($25.8) million in 2010.
  • Net loss per share attributable to common stockholders for the full year 2011 was ($1.84) per share (basic and diluted), compared to a net loss of ($5.90) per share (basic and diluted) in 2010.
  • Non-GAAP gross margin for the full year 2011, which excludes amortization expense on intangible assets and stock-based compensation expense, was 62.2%, compared to 57.9% in 2010.
  • Non-GAAP net loss for the full year 2011, which excludes amortization expense on intangible assets, stock-based compensation expense and patent litigation expense, was ($21.0) million, compared to ($25.2) million in 2010.
  • Non-GAAP net loss per share for the full year 2011 was ($0.84) compared to a non-GAAP net loss per share of ($1.04) in 2010.
  • Cash flow from operations for the full year 2011 was $7.6 million, compared to ($1.6) million in 2010.
  • Non-GAAP free cash flow for the full year 2011 was ($6.0) million compared to ($12.2) million in 2010.
  • Cash, cash equivalents and short-term investments were $72.5 million as of December 31, 2011, compared to $71.7 million as of September 30, 2011 and $23.9 million as of December 31, 2010. The increase in cash was primarily the result of approximately $55.7 million in net proceeds that were raised through the company's initial public offering, which was completed on August 16, 2011.

Recent Business Highlights:

  • Unveiled the latest version of Carbonite Business, our online backup service designed specifically for SMBs. The latest release of Carbonite Business delivers expanded file restore capabilities and a new user interface (UI) to ensure SMB customers faced with the need to recover their data files have an easier-to-manage process.
  • Completed the transition of customer support from overseas third-party providers to Carbonite's domestic location. The company hired and trained employees to staff its new support center in Lewiston, Maine. The company now supports all customer interactions using U.S. based resources.
  • Carbonite now has backed up nearly 200 billion files, restored more than 7 billion files and currently backs up more than 300 million files each day.
  • Carbonite Home was awarded the Parent Tested, Parent Approved (PTPA) Winner's Seal of Approval. Carbonite Home was among many entries from across North America competing to earn the PTPA Seal. With independent parent volunteers evaluating products in their own homes, PTPA winners are chosen based on merit and consumer experience.

Business Outlook
Based on information available as of February 9, 2012, Carbonite is issuing guidance for the first quarter and full year 2012 as follows:

  • First Quarter 2012: The company expects total revenue for the first quarter to be in the range of $18.2 million to $18.4 million and non-GAAP net loss per common share to be in the range of ($0.32) to ($0.33). Carbonite's expectations of non-GAAP net loss per diluted common share for the first quarter exclude stock-based compensation expense, patent litigation expense, lease abandonment charges and amortization expense on intangible assets and assume a tax rate of 0% and weighted average shares outstanding of approximately 25.2 million.
  • Full Year 2012: The company expects 2012 total revenue to be in the range of $83.3 million to $84.8 million and non-GAAP net loss per diluted common share to be in the range of ($0.82) to ($0.86). Carbonite's expectations of non-GAAP net loss per common share for the full year excludes stock-based compensation expense, patent litigation expense, lease abandonment charges and amortization expense on intangible assets and assumes a tax rate of 0% and weighted average shares outstanding of approximately 25.4 million.
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