Carbonite: Fiscal 2Q18 Financial Results

Carbonite, Inc. announced financial results for the quarter ended June 30, 2018.

Second Quarter 2018 Highlights:
• Revenue of $77.7 million increased 32% Y/Y
• Non-GAAP revenue of $79.9 million increased 31% Y/Y
• Bookings of $81.8 million increased 28% Y/Y
• Net loss per share was ($0.20) (basic and diluted), as compared to ($0.23) in 2017 (basic and diluted).
• Non-GAAP net income per share was $0.50 (basic) and $0.45 (diluted), as compared to $0.15 (basic and diluted) in 2017.

“I am very pleased with our financial and operating results in the second quarter,” said Mohamad Ali, CEO. “We closed our acquisition of Mozy in March and the integration continues to progress well. We completed a successful equity offering in July strengthening our balance sheet and positioning us to become the premier data protection company.”

“In the second quarter we again delivered financial results that were at or above the top of our guidance range. Business subscription bookings increased approximately 50% year-over-year, and we drove a meaningful expansion in profitability. Our focus on delivering growth and our disciplined approach to investing in the business and integrating acquisitions yielded another quarter of strong financial results,” said Anthony Folger, CFO.

Second Quarter 2018 Results:
• Revenue for the second quarter was $77.7 million, an increase of 32% from $59.0 million in 2Q17. Non-GAAP revenue for the second quarter was $79.9 million, an increase of 31% from $61.1 million in the second quarter of 2017.1
• Bookings for the second quarter were $81.8 million, an increase of 28% from $63.9 million in 2Q17.
• Gross margin for the second quarter was 70.3%, compared to 69.0% in 2Q17. Non-GAAP gross margin was 77.1% in the second quarter, compared to 74.1% in 2Q17.
• Net loss for the second quarter was $(5.7) million, compared to net loss of ($6.4) million in 2Q17. Non-GAAP net income for the second quarter was $14.2 million, compared to non-GAAP net income of $4.3 million in 2Q17.
• Net loss per share for the second quarter was ($0.20) (basic and diluted), compared to net loss per share of ($0.23) (basic and diluted) in 2Q17. Non-GAAP net income per share was $0.50 (basic) and $0.45 (diluted) for the second quarter, compared to non-GAAP net income per share of $0.15 (basic and diluted) in 2Q17.
• Cash flow from operations for the second quarter was $13.6 million, compared to $2.9 million in 2Q17. Adjusted free cash flow for the second quarter was $13.3 million, compared to $2.1 million in 2Q17.