Carbonite: Fiscal 2Q14 Financial Results
Revenue expected to be $122-$123 million for full year
This is a Press Release edited by StorageNewsletter.com on August 4, 2014 at 2:27 pm| (in $ million) | 2Q13 | 2Q14 | 6 mo. 13 | 6 mo. 14 |
| Revenues | 26.2 | 30.3 | 50.7 | 59.4 |
| Growth | 16% | 17% | ||
| Net income (loss) | (2.3) | (2.5) | (9.7) | (3.5) |
Carbonite, Inc. announced financial results for the second quarter June 30, 2014.
Second Quarter 2014 Results:
- Revenue was $30.3 million, an increase of 16% from $26.2 million in the second quarter of 2013.
- Bookings were $30.6 million, an increase of 12% from $27.4 million in the second quarter of 2013.
- Net loss was ($2.5) million, compared to a net loss of ($2.3) million in the second quarter of 2013. Non-GAAP net loss was ($0.7) million, compared to non-GAAP net loss of ($0.4) million in the second quarter of 2013.
- Net loss was ($0.09) per share (basic and diluted), compared to a net loss of ($0.09) per share (basic and diluted) in the second quarter of 2013. Non-GAAP net loss was ($0.03) per share (basic and diluted) compared to non-GAAP net loss of ($0.02) per share (basic and diluted), in the second quarter of 2013.
- Gross margin was 67.9%, compared to 67.7% in the second quarter of 2013. Non-GAAP gross margin was 68.7, compared to 68.8% in the second quarter of 2013.[2]
- Total cash and investments were $72.4 million as of June 30, 2014, compared to $58.5 million as of June 30, 2013.
- Cash flow from operations was $3.3 million, compared to $3.4 million in the second quarter of 2013. Non-GAAP free cash flow was $1.5 million, compared to $1.2 million in the second quarter of 2013.
“The second quarter of 2014 was an exciting quarter for Carbonite with strong sales of our Carbonite Server Backup product and the production release of the Carbonite HT10 appliance,” said David Friend, president and CEO. “These hybrid solutions are designed to be just right for small businesses – priced affordably, easy-to-use, and a feature set that meets the needs of SMBs. Carbonite’s hybrid approach to backup is just the first step in supporting the BC needs of small businesses.”
Business Outlook
- For the third quarter of 2014, revenues are expected to be in the range of $31.2-$31.4 million and non-GAAP net earnings/(loss) per share to be in the range of ($0.01)-$0.01.
- For the full year of 2014, revenues are expected to be in the range of $122.4-$123.0 million and non-GAAP net loss per share to be in the range of ($0.06)-($0.02).
- 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 26.6 million.
Comments
Abstracts of the earnings call transcript:
Anthony Folger, CFO:
"Our second quarter results are highlighted by increasing growth in SMB bookings, continued solid performance in consumer, strong gross margins and free cash flow. The big drivers behind our results were better than expected performance of our hybrid server backup products and the performance of our reseller channel.
"The number of active reseller partners has increased 39% year-over-year to more than 5,000, and our partners have been successful selling both Carbonite server backup and the HT10 Appliance.
"(...) we are adjusting our SMB bookings growth estimate for the full year to be in the range of 30% to 45%. As for our consumer business growth rate, we continue to expect growth in the range of flat to low single-digits."
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