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Carbonite: Fiscal 4Q13 Financial Results

Surpasses $100 million for 2013, up 28% from 2012.

This is a Press Release edited by StorageNewsletter.com on February 4, 2014 at 2:53 pm
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(in $ million) 4Q12 4Q13 FY12 FY13
Revenue 23.7 28.8 84.0 107.2
Growth   22%   28%
Net income (loss) (2.2) 0.3 (18.9) (10.6)

Carbonite, Inc. announced financial results for the fourth quarter and full year ended December 31, 2013.

Fourth Quarter 2013 Results:

  • Revenue for the fourth quarter was $28.8 million, an increase of 22% from $23.7 million in the fourth quarter of 2012.
  • Bookings for the fourth quarter were $31.6 million, an increase of 15% from $27.5 million in the fourth quarter of 2012.
  • Net income for the fourth quarter was $0.3 million, compared to a net loss of ($2.2) million in the fourth quarter of 2012. Non-GAAP net income for the fourth quarter was $1.7 million, compared to non-GAAP net loss of ($0.3) million in the fourth quarter of 2012.1
  • Net income for the fourth quarter was $0.01 per share (basic and diluted), compared to a net loss of ($0.09) per share (basic and diluted) in the fourth quarter of 2012. Non-GAAP EPS was $0.06 per share (basic and diluted), for the fourth quarter, compared to non-GAAP EPS ($0.01) per share (basic and diluted), in the fourth quarter of 2012.
  • Gross margin for the fourth quarter was 69.8%, compared to 65.9% in the fourth quarter of 2012. Non-GAAP gross margin was 70.5% in the fourth quarter, compared to 66.8% in the fourth quarter of 2012.2
  • Total cash and investments were $65.4 million as of December 31, 2013, compared to $62.3 million as of September 30, 2013.
  • Cash flow from operations for the fourth quarter was $4.8 million, compared to $5.3 million in the fourth quarter of 2012. Non-GAAP free cash flow for the fourth quarter was $2.8 million, compared to $2.1 million in the fourth quarter of 2012.3

Full Year 2013 Results:

  • Revenue for the full year was $107.2 million, an increase of 28% from $84 million in 2012.
  • Bookings for the full year were $116 million, an increase of 18% from $98.5 million in 2012.
  • Net loss for the full year was ($10.6) million, compared to ($18.9) million in 2012. Non-GAAP net loss for the full year was ($3.2) million, compared to non-GAAP net loss of ($11.7) million in 2012.1
  • Net loss for the full year was ($0.41) per share (basic and diluted), compared to a net loss of ($0.74) per share (basic and diluted) in 2012. Non-GAAP EPS was ($0.12) per share (basic and diluted), for the full year, compared to non-GAAP EPS of ($0.46) per share (basic and diluted), in 2012.
  • Gross margin for the full year was 67.5%, compared to 65.4% in 2012. Non-GAAP gross margin was 68.4% for the full year, compared to 66.2% in 2012.2
  • Total cash and investments were $65.4 million as of December 31, 2013, compared to $55.3 million as of December 31, 2012.
  • Cash flow from operations for the full year was $14.3 million, compared to $9.2 million last year. Non-GAAP free cash flow for the full year 2013 was $6.0 million, compared to ($4.1) million in 2012.3

“I am pleased to announce another record-setting quarter of revenue, free cash flow and non-GAAP gross margins, along with our second quarter of profitability. These metrics illustrate that the initiatives we undertook in 2013 to reposition Carbonite as a backup cloud solutions provider focused on small businesses are working,” said David Friend, chairman and CEO, Carbonite. “We now offer customers a full suite of solutions from endpoint to server backup and, with the introduction of our new website in January, we now offer Carbonite Server Backup as a standalone solution. Customers are responding positively to our local/cloud hybrid approach to server backup, particularly as a part of their larger BC plan. We look forward to building on the strong foundation we established in 2013.“

Business Outlook

  • For the first quarter of 2014, revenues are expected to be in the range of $28.3-$28.7 million and non-GAAP net loss per share to be in the range of ($0.03)-($0.05).
  • For the full year of 2014, revenues are expected to be in the range of $120.8-$122.8 million and non-GAAP net loss per share to be in the range of ($0.10) to ($0.16).
  • Carbonite’s expectations of non-GAAP net loss per share for the quarter and full year excludes stock-based compensation expense, patent litigation expense, amortization expense on intangible assets and assumes a tax rate of 0% and weighted average shares outstanding of approximately 26.7 million.

Comments

Abstracts the earnings call transcript:

David Friend, chairman, CEO and president:
"In 2013, we added over 1,500 resellers, ending the year with over 4,300.
"We expect to move the company into new headquarters in downtown Boston during the second half of the year. We also expect to open a new data center in a relatively low-cost location and exit a data center that is no longer competitive from a cost standpoint."

Anthony Folger, CFO:
"In the fourth quarter, total bookings increased 15% year-over-year to $31.6 million, reflecting 40% growth in small business bookings, combined with 5% growth in consumer bookings, when compared to the same quarter last year. Small business bookings accounted for 33% of total bookings and nearly 1/2 of all new bookings during the quarter.
"Our full year results echoed the performance we saw in the fourth quarter as total bookings increased 18% year-over-year to $116 million. Of the $116 million in total bookings, small business bookings were approximately $32 million, reflecting 72% growth over last year and representing 27% of total bookings, up from 19% in 2012.
"Customer retention for the quarter remained strong, coming in at the low end of our historical average of 96% to 97%.
"Total customers at the end of the quarter were 1,513,000 compared to 1,431,000 in the same period last year."

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