Datadobi

Carbonite: Fiscal 3Q16 Financial Results

Sales to surpass $200 million for fscal year
This is a Press Release edited by StorageNewsletter.com on 2016.11.08

AddThis Social Bookmark Button
(in $ million) 3Q15 3Q16 9 mo. 16 9 mo. 16
Revenues 34.6 51.9 101.6 153.5
Growth   50%   51%
Net income (loss) (6.0) 0.1 (17.0) (3.4)

Carbonite, Inc. announced financial results for the quarter ended September 30, 2016.

Q3'16 Highlights:
    •    Revenue of $51.9 million increased 50% year over year.
    •    Net income (loss) per share was $0.00, as compared to ($0.22) in the third quarter of 2015.

"I am very pleased with the continued execution by our team. We delivered strong results across multiple dimensions, we remain ahead of plan integrating EVault, and I am excited about the path forward," said Mohamad Ali, president and CEO.

"We drove strong bookings and revenue growth, and achieved both GAAP and non-GAAP profitability in the third quarter.  As a result, we are again raising our outlook for 2016," said Anthony Folger, CFO.

Third Quarter 2016 Results:
    •    Revenue for the third quarter was $51.9 million, an increase of 50% from $34.6 million in the third quarter of 2015. Non-GAAP revenue for the third quarter was $52.5 million, an increase of 52% from $34.6 million in the third quarter of 2015.1
    •    Bookings for the third quarter were $49.2 million, an increase of 44% from $34.2 million in the third quarter of 2015.2
    •    Gross margin for the third quarter was 70.2%, compared to 71.7% in the third quarter of 2015. Non-GAAP gross margin was 72.2% in the third quarter, compared to 73.2% in the third quarter of 2015.3
    •    Net income for the third quarter was $0.1 million, compared to a net loss of ($6.0 million) in the third quarter of 2015. Non-GAAP net income for the third quarter was $3.8 million, compared to non-GAAP net income of $2.1 million in the third quarter of 2015.4
    •    Net income per share for the third quarter was $0.00 (basic and diluted), compared to a net loss per share of ($0.22) (basic and diluted) in the third quarter of 2015. Non-GAAP net income per share was $0.14 (basic and diluted) for the third quarter, compared to non-GAAP net income per share of $0.08 (basic and diluted) in the third quarter of 2015.4
    •    Total cash, cash equivalents and marketable securities were $49.1 million as of September 30, 2016, compared to $64.9 million as of December 31, 2015.
    •    Cash flow from operations for the third quarter was $5.0 million, compared to $2.0 million in the third quarter of 2015. Adjusted free cash flow for the third quarter was $4.5 million, compared to $1.4 million in the third quarter of 2015.5

Guidance for next quarter:

  • GAAP revenue: $46.6 - $51.6 million
  • Non-GAAP revenue: $47.1 - $52.1 million
  • Non-GAAP net income per share: $0.07 - $0.11

Fiscal year 2016 guidance:

  • GAAP revenue: $200.1 - $205.1 million
  • Non-GAAP revenue: $202.5 - $207.5 million
  • Non-GAAP net income per share: $0.56 - $0.60

Non-GAAP net income per share assumes fully-diluted weighted average shares outstanding of approximately 27.6 million for the fourth quarter and 27.3 million for the full year of 2016.

To read the earnings call transcript

869
Articles_bottom