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Carbonite: Fiscal 2Q17 Financial Results

Revenue of $59 million up 10% Y/Y

(in $ million) 2Q16 2Q17 6 mo. 16 6 mo. 17
Revenue 53.4 59.0 101.6 116.1
Growth   10%   14%
Net income (loss) 1.2 (6.4) (3.5) 1.2

Carbonite, Inc. announced financial results for the quarter ended June 30, 2017.

Second Quarter 2017 Highlights:
• Revenue of $59.0 million increased 10% year-over-year.
• Non-GAAP revenue of $61.1 million increased 13% year-over-year.
• Bookings of $63.9 million increased 19% year-over-year.
• Lifetime company bookings surpassed $1.0 billion.
• Net (loss) income per share was ($0.23), as compared to $0.04 in 2016 (basic and diluted).
• Non-GAAP net income per share was $0.15, as compared to $0.19 in 2016 (basic and diluted).

We continued our momentum through the second quarter of 2017 and saw strong interest in our portfolio of data protection solutions, in part generated by the increasing market awareness of ransomware threats. Carbonite has helped more than 10,000 customers defeat ransomware attacks, saving important files and critical business data, while ensuring our customers successfully recovered without paying a ransom,” said Mohamad Ali, president and CEO.

We delivered another quarter of solid results across all of our key financial metrics, including strong business subscription bookings, and non-GAAP net income. We remain ahead of plan integrating our recent acquisitions and I am confident that our continued focus on operating discipline will yield increased profitability while we deliver balanced organic and inorganic growth,” said Anthony Folger, CFO.

Second Quarter 2017 Results:
Revenue for the second quarter was $59.0 million, an increase of 10% from $53.4 million in the second quarter of 2016. Non-GAAP revenue for the second quarter was $61.1 million, an increase of 13% from $54.2 million in the second quarter of 2016.1
Bookings for the second quarter were $63.9 million, an increase of 19% from $53.7 million in the second quarter of 2016.2
Gross margin for the second quarter was 69.0%, compared to 70.3% in the second quarter of 2016. Non-GAAP gross margin was 74.1% in the second quarter, compared to 72.5% in the second quarter of 2016.
Net loss for the second quarter was ($6.4) million, compared to net income of $1.2 million in the second quarter of 2016. Non-GAAP net income for the second quarter was $4.3 million, compared to non-GAAP net income of $5.2 million in the second quarter of 2016.
Net loss per share for the second quarter was ($0.23) (basic and diluted), compared to net income per share of $0.04 (basic and diluted) in the second quarter of 2016. Non-GAAP net income per share was $0.15 (basic and diluted) for the second quarter, compared to non-GAAP net income per share of $0.19 (basic and diluted) in the second quarter of 2016.
Cash flow from operations for the second quarter was $2.9 million, compared to $5.1 million in the second quarter of 2016. Adjusted free cash flow for the second quarter was $2.1 million, compared to $7.3 million in the second quarter of 2016.

Third Quarter 2017 Guidance:

  • GAAP revenue: $59.0 to $61.0 million

Full Year 2017 Guidance:

  • Business bookings: $158.6 to $170.2 million
  • GAAP revenue: $229.0 to $246.0 million

Comments

In this second quarter, Carbonite delivered $59 million in GAAP revenue and $61.1 million in non-GAAP revenue, up 10% and 13%, respectively, from the year ago quarter.

Total bookings grew 19% Y/Y and business subscription bookings grew 19%. Bookings from business customers now represent 67% of total bookings, a market improvement from 1Q14 when they were 36%. Nonsubscription bookings, which consist of software, hardware, maintenance and support and professional services, were approximately $13.7 million. Consumer bookings of $20.9 million were down 2% Y/Y.

During the second quarter, the commpany completed the consolidation of our East Coast data center footprint moving more than 70PB of customer data over the wire.

During this three-month period, Carbonite crossed a milestone, surpassing more than $1 billion in lifetime bookings.

Total cash and investments as of June 30 was $125.1 million.

Bookings growth

Revenue and growth margin

To read the earnings call transcript

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