Company Reaffirms Q3 2017 Business
Outlook
Carbonite, Inc. (NASDAQ:CARB), a leading provider of cloud, hybrid
and onsite data protection solutions, will host its Inaugural
Financial Analyst and Investor Day today, Tuesday, September 19,
2017 from approximately 1:00 p.m. ET to 5:00 p.m. ET at the
Company’s headquarters in Boston, Massachusetts.
“Our inaugural financial analyst and investor day provides an
opportunity for us to showcase the incredible team at Carbonite,
detail our growth strategy, discuss our key differentiators, and
outline our long-term financial goals. We have made
incredible progress in building the architecture and integrating
the technologies that create the foundation for our market-leading
data protection platform, and I look forward to sharing our plans
for continued growth and success,” said Mohamad Ali, President and
CEO of Carbonite.
The Company reiterated its third quarter 2017 business outlook
previously issued in conjunction with the reporting of its second
quarter 2017 financial results on August 3, 2017. Outlook for
the third quarter of 2017 is as follows:
- GAAP Revenue in the range of $59.0 - $61.0 million
- Non-GAAP Revenue in the range of $60.5 - $62.5 million
- Non-GAAP Net Income per share in the range of $0.19 -
$0.21
“We are confident in our ability to deliver a meaningful
sequential increase in profitability during the third quarter,
driven in part by the continued operational efficiencies from
building and operating an extremely efficient cloud platform,” said
Anthony Folger, CFO of Carbonite. “As a result, we are reiterating
our previously issued third quarter 2017 business outlook.”
“Today we are outlining our long-term financial model, which
showcases the opportunity for a significant expansion in
profitability and free cash flow generation, with a continued
balance of organic and inorganic revenue growth,” continued
Folger.
Financial Analyst and Investor Day to be Webcast at
1:00p.m. ET
The Company will webcast its Inaugural Financial Analyst and
Investor Day presentations from approximately 1:00 p.m. to 5:00
p.m. ET. The live audio webcast and presentation slides can
be accessed in the “Investors” section of Carbonite’s
website. The webcast will also be archived for future
access.
Non-GAAP Financial Measures
This press release contains non-GAAP financial measures,
including non-GAAP revenue and non-GAAP net income per share.
The Company believes that these non-GAAP measures of financial
results provide useful information to management and investors
regarding certain financial and business trends relating to the
Company's financial condition and ordinary results of
operations. The Company's management uses these non-GAAP
measures to compare the Company's performance to that of prior
periods and uses these measures in financial reports prepared for
management and the Company's board of directors. The Company
believes that the use of these non-GAAP financial measures provides
an additional tool for investors to use in evaluating ongoing
operating results and trends and in comparing the Company's
financial measures with other software-as-a-service companies, many
of which present similar non-GAAP financial measures to
investors.
The Company does not consider these non-GAAP measures in
isolation or as an alternative to financial measures determined in
accordance with GAAP. The principal limitation of these
non-GAAP financial measures is that they exclude significant items
that are required by GAAP to be recorded in the Company's financial
statements. In addition, they are subject to inherent
limitations as they reflect the exercise of judgments by
management.
The Company has not reconciled these non-GAAP measures in this
press release because we do not provide guidance for stock-based
compensation expense, litigation-related expense,
acquisition-related expense, amortization expense on intangible
assets, non-cash convertible debt interest expense, and the income
tax effect of non-GAAP adjustments as we are unable to quantify
certain of these amounts that would be required to be included in
the GAAP measure without unreasonable efforts. In addition, the
Company believes such reconciliations would imply a degree of
precision that would be confusing or misleading to investors.
Cautionary Language Concerning Forward-Looking
Statements
Certain matters discussed in this press release, including
"Third Quarter 2017 Business Outlook," have "forward-looking
statements" intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of
1995. These forward-looking statements may generally be identified
as such because the context of such statements will include words
such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," "will," "would" or words of similar import. Similarly,
statements that describe the Company's future plans, objectives or
goals are also forward-looking statements. Such statements
include, but are not limited to, statements regarding guidance on
our future financial results and other projections or measures of
future performance. Forward-looking statements are subject to a
number of risks and uncertainties, many of which involve factors or
circumstances that are beyond the Company's control. The Company's
actual results could differ materially from those stated or implied
in forward-looking statements due to a number of factors,
including, but not limited to, the Company's ability to profitably
attract new customers and retain existing customers, the Company's
dependence on the market for cloud backup services, the Company's
ability to manage growth, and changes in economic or regulatory
conditions or other trends affecting the Internet and the
information technology industry. These and other important risk
factors are discussed under the heading "Risk Factors" in our
Annual Report on Form 10-K for the fiscal year ended December 31,
2016 filed with the Securities and Exchange Commission (the "SEC"),
which is available on www.sec.gov, and elsewhere in any
subsequent periodic or current reports filed by us with the SEC.
Except as required by applicable law, we do not undertake any
obligation to update our forward-looking statements to reflect
future events, new information or circumstances.
About Carbonite
Carbonite provides data protection solutions for businesses and
the IT professionals who serve them. Our solution suite provides a
full complement of backup, disaster recovery, high availability and
migration solutions for any size business in locations around the
world, all supported by secure and scalable global cloud
infrastructure. To learn more visit www.Carbonite.com.
Investor Relations Contact:
Jeremiah
SisitskyCarbonite781-928-0713investor.relations@carbonite.com
Media Contacts:
Sarah KingCarbonite617-421-5601media@carbonite.com
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