Carbonite: Fiscal 3Q15 Financial Results

Carbonite, Inc. announced financial results for the third quarter ended September 30, 2015.

The company reported record revenue of $34.6 million for the third quarter, an increase of 10% year over year, and total bookings of $34.2 million for the third quarter, an increase of 12% year over year.

“We continued to see strong performance driven by the steady demand for our Carbonite Server Backup and Mailstore products,” said Mohamad Ali, president and CEO. “With recent enhancements to our entire product portfolio, including the launch of a new line-up of Carbonite Backup Appliances, and Carbonite Server Backup with bare metal recovery, we are well-positioned to meet the evolving backup and DR needs of consumers and small businesses.“

Anthony Folger, CFO and treasurer said: “In the third quarter we again showed double digit year over year revenue and bookings growth. Along with gross margin expansion through improved operational execution across the business, we continue to improve profitability and generate positive free cash flow, putting us in a strong financial position as we head into the fourth quarter.”

Third Quarter 2015 Results:

• Revenue was $34.6 million, an increase of 10% from $31.3 million in the third quarter of 2014.
• Bookings were $34.2 million, an increase of 12% from $30.6 million in the third quarter of 2014.1
• Cash flow from operations was $2.0 million, compared to $4.0 million in the third quarter of 2014. Free cash flow for the third quarter was $1.4 million, compared to $2.1 million in the third quarter of 2014.2
• Total cash, cash equivalents and marketable securities were $62.6 million as of September 30, 2015, compared to $61.1 million as of December 31, 2014.
• Gross margin was 71.7%, compared to 69.4% in the third quarter of 2014. Non-GAAP gross margin was 73.2% in the third quarter, compared to 70.2% in the third quarter of 2014.3
• Net loss was ($4.5) million, compared to a net loss of ($0.7) million in the third quarter of 2014. Non-GAAP net income for the third quarter was $2.1 million, compared to non-GAAP net income of $1.0 million in the third quarter of 2014.4
• Net loss per share was ($0.16) (basic and diluted), compared to a net loss per share of ($0.03) (basic and diluted) in the third quarter of 2014. Non-GAAP net income per share was $0.08 (basic and diluted) for the third quarter, compared to non-GAAP net income per share of $0.04 (basic and diluted) in the third quarter of 2014.