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Carbonite: Fiscal 1Q17 Financial Results

Revenue up 19%, back to profitability

(in $ million) 1Q16 1Q17 Growth
Revenue
48.1 57.1 19%
Net income (loss) (4.7) 7.6  

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.
    •    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).

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 backup, DR and HA solutions,” said Mohamad Ali, president and CEO.

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.

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.
    •    Bookings for the first quarter were $62.1 million, an increase of 19% from $52.3 million in the first quarter of 2016.
    •    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.
    •    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.
    •    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.
    •    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.

For next quarter the company expects revenue of $56 to $60 million.

Comments

Abstracts of the earnings call transcript:

Mohamad Ali, CEO and president:
"We're encouraged by the early results of our cross-sell efforts between the Carbonite EVault and Carbonite Double-Take installed bases.
" (...) we've recently divested our Rebit and Fanfare assets, two non-core assets with technology focused on consumer and home users."

Anthony Folger, CFO:
"SMB subscription bookings were $27.3 million and non-subscription bookings, which consist of software, hardware and professional services, were $12.8 million. Consumer bookings of $22 million were down $0.04 year-over-year.
"Our East Coast data center consolidation is running ahead of plan and, during Q1, we accelerated things further by investing $5.6 million in capital equipment for use in our new data centers. With over-the-wire data transfer rates of more than half of petabyte a day, we expect to complete the East Coast consolidation, our largest, in early to mid-Q2.
"Total cash and investments as of March 31 was $41.8 million.
"Based on the strength of our Q1 results across the entire business, we're updating the following elements of our annual outlook, GAAP revenue in the range of $229 million to $246 million, non-GAAP revenue in the range of $234.5 million to $252.5 million."

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