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BOSTON, Feb. 04, 2016 -- Carbonite, Inc. (NASDAQ:CARB), a leading provider of cloud and hybrid business continuity solutions for small and midsize businesses (SMBs), today announced financial results for the fourth quarter and full year ended December 31, 2015.

The Company reported:

  • Record revenue of $136.6 million for 2015, an increase of 11% year over year
  • Record bookings of $144.1 million for 2015, an increase of 12% year over year
  • Record revenue of $35.1 million for the fourth quarter, an increase of 10% year over year
  • Record bookings of $37.4 million for the fourth quarter, an increase of 8% year over year

The Company also reported that both SMB and consumer bookings for 2015 were consistent with expectations. SMB bookings grew 35% over 2014, consistent with expectations of growth greater than 30% and consumer bookings grew 2% consistent with expectations of zero to 5%.  Non-GAAP gross margins and non-GAAP net income per share significantly outperformed expectations for the year ended December 31, 2015.

"2015 was a strong year for Carbonite, driven by the growth in SMB bookings which accounted for 38% of total bookings in 2015 versus 31% in 2014. Now that we have closed the acquisition of EVault, integration will be a top priority as we integrate the two businesses to maximize operational and go-to-market synergies, positioning ourselves for continued growth," said Anthony Folger, CFO of Carbonite.

"The acquisition of EVault is transformative for Carbonite," said Mohamad Ali, President and CEO of Carbonite. With EVault, Carbonite now has a complete family of products that address the needs of all sizes of SMBs, positioning us to gain share in the cloud-based backup and disaster recovery market and enter the disaster recovery as a service (DRaaS) market - a market with an estimated 30% CAGR through 2018 according to Gartner - with customer-proven solutions. I'm most pleased with how we continue to deliver value above and beyond what our customers expect of us, which is evident by the numerous customer-choice awards we won in 2015. There's no doubt we've hit our stride and after substantial progress made in 2015, we're well positioned for continued success in the year ahead."

Fourth Quarter 2015 Results:

  • Revenue for the fourth quarter was $35.1 million, an increase of 10% from $31.9 million in the fourth quarter of 2014.
  • Bookings for the fourth quarter were $37.4 million, an increase of 8% from $34.5 million in the fourth quarter of 2014.1
  • Gross margin for the fourth quarter was 73.8%, compared to 68.7% in the fourth quarter of 2014. Non-GAAP gross margin was 75.3% in the fourth quarter, compared to 69.5% in the fourth quarter of 2014.2
  • Net loss for the fourth quarter was ($4.6) million, compared to a net loss of ($5.1) million in the fourth quarter of 2014. Non-GAAP net income for the fourth quarter was $3.6 million, compared to non-GAAP net loss of ($0.9) million in the fourth quarter of 2014.3
  • Net loss per share for the fourth quarter was ($0.17) (basic and diluted), compared to a net loss per share of ($0.19) (basic and diluted) in the fourth quarter of 2014. Non-GAAP net income per share was $0.13 (basic and diluted) for the fourth quarter, compared to non-GAAP net loss per share of ($0.03) (basic and diluted) in the fourth quarter of 2014.3
  • Total cash, cash equivalents and marketable securities were $64.9 million as of December 31, 2015, compared to $61.1 million as of December 31, 2014.
  • Cash flow from operations for the fourth quarter was $4.6 million, compared to $7.9 million in the fourth quarter of 2014. Free cash flow for the fourth quarter was $7.1 million, compared to $7.1 million in the fourth quarter of 2014.4

Full Year 2015 Results:

  • Revenue for the full year was $136.6 million, an increase of 11% from $122.6 million in 2014.
  • Bookings for the full year were $144.1 million, an increase of 12% from $128.2 million in 2014.1
  • Gross margin for the full year was 71.6%, compared to 68.5% in 2014. Non-GAAP gross margin was 73.1% in the full year, compared to 69.3% in 2014.2
  • Net loss for the full year was ($21.6) million, compared to a net loss of ($9.4) million in 2014. Non-GAAP net income for the full year was $4.1 million, compared to non-GAAP net loss of ($0.1) million in 2014.3
  • Net loss per share for the full year was ($0.80) (basic and diluted), compared to a net loss per share of ($0.35) (basic and diluted) in 2014. Non-GAAP net income per share was $0.15 (basic and diluted), for the full year, compared to non-GAAP net loss per share of ($0.00) (basic and diluted) in 2014.3
  • Total cash and investments were $64.9 million as of December 31, 2015, compared to $61.1 million as of December 31, 2014.
  • Cash flow from operations for the full year was $13.2 million, compared to $22.7 million in 2014. Free cash flow for the full year was $14.3 million, compared to $15.1 million in 2014.4

_________

1 Bookings represent the aggregate dollar value of customer subscriptions received during a period and are calculated as revenue recognized during a particular period plus the change in total deferred revenue, excluding deferred revenue recorded in connection with acquisitions, net of foreign exchange during the same period.
2 Non-GAAP gross margin excludes amortization expense on intangible assets, stock-based compensation expense and acquisition-related expense.
3 Non-GAAP net income (loss) and non-GAAP net income (loss) per share excludes amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, hostile takeover-related expense, and CEO transition expense.
4 Free cash flow is calculated by subtracting the cash paid for the purchase of property and equipment and adding the payments related to corporate headquarter relocation, acquisition-related payments, hostile takeover-related payments, CEO transition payments, litigation-related payments and the cash portion of the lease exit charge from net cash provided by operating activities.

An explanation of non-GAAP measures is provided under the heading "Non-GAAP Financial Measures" below and reconciliation to the most comparable GAAP measures is provided in the tables at the end of this press release.

Business Outlook

For the first quarter of 2016, non-GAAP revenues are expected to be in the range of $40.0-$45.0 million and non-GAAP net loss per share to be in the range of ($0.07)-($0.05) (basic and diluted).

For the full year of 2016, non-GAAP revenues are expected to be in the range of $175.0-$190.0 million and non-GAAP net income per share to be in the range of $0.09-$0.15 (basic and diluted).

Carbonite's expectations of non-GAAP net income (loss) per share for the quarter and full year excludes stock-based compensation expense, litigation-related expense, acquisition-related expense, amortization expense on intangible assets and assumes a 2016 effective tax rate of 0% and weighted average shares outstanding of approximately 27.2 million for the quarter and 27.3 million for the full year 2016.

2015 Highlights

Investment in Product and Engineering

In 2015, Carbonite upgraded and refreshed its entire product portfolio of endpoint, server and appliance solutions to meet the changing needs of both consumers and SMBs. This includes updates to

  • Carbonite Pro Prime - which provides administrators the ability to remotely deploy and manage backups for all of the workstations in their organization, simplifying the data protection process and reducing the risk of data loss for SMBs.
  • Carbonite Server Advanced - which includes image backup and bare metal recovery, in addition to support for Microsoft Office 365, Microsoft Exchange Online email backup and increased support for Hyper-V VM backup.
  • Mailstore Server - which delivers a fully integrated job scheduler that eliminates the need for third-party scheduling tools, advances support for Microsoft Office 365 and improves search functionality.

Channel Growth

In 2015, Carbonite enhanced its Partner Program with additional tools, training and support as well as financial incentives that will help them improve their business. The Company:

  • Ended 2015 with over 8,200 active reseller partners, an increase of 41% over 2014
  • Added an award-winning regional distributor, Ebertlang in the DACH region
  • Signed agreements with two large IT distributors, ALSO and TD Azlan, in Europe

Industry Recognition

As a result of its renewed focus on product and channel, Carbonite was awarded for its commitment to its customers, receiving the highest honors in more than 15 awards programs throughout the year. Among the most notable achievements include:

  • PC Magazine Business Choice Award - First Place in the Cloud Computing Services SOHO/SMB category
  • International Business Awards - Gold Stevie for Customer Service Department of the year, Silver Stevie for Customer Service Executive of the Year, and Bronze Stevie for Customer Service Team of the Year
  • CRN Partner Program Guide  - 5 Star Winner
  • ChannelPro Readers' Choice Awards - Gold Winner for Best Cloud BDR Solutions

Conference Call and Webcast Information

In conjunction with this announcement, Carbonite will host a conference call on Thursday, February 4, 2016 at 8:30 a.m. EST to review the results. This call will be webcast live and can be found in the investor relations section of the Company's website at http://investor.carbonite.com. The conference call can also be accessed by dialing (877) 303-1393 in the United States or (315) 625-3228 internationally with the passcode 18837602.

Following the completion of the call, a recorded replay will be available on the company's website, http://investor.carbonite.com, under "Events & Presentations" through February 4, 2017.

Non-GAAP Financial Measures

This press release contains non-GAAP financial measures including bookings, non-GAAP revenue, non-GAAP gross margin, non-GAAP net income (loss) and non-GAAP net income (loss) per share, non-GAAP operating expense and free cash flow. Bookings represent the aggregate dollar value of customer subscriptions received during a period and are calculated as revenue recognized during a particular period plus the change in total deferred revenue, excluding deferred revenue recorded in connection with acquisitions, net of foreign exchange during the same period. Non-GAAP revenue excludes the impact of purchase accounting adjustments.  Non-GAAP gross margin excludes amortization expense on intangible assets, stock-based compensation expense and acquisition-related expense. Non-GAAP net income (loss) and non-GAAP net income (loss) per share excludes amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, hostile takeover-related expense, and CEO transition expense. Non-GAAP operating expense excludes amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, hostile takeover-related expense, and CEO transition expense.  Free cash flow is calculated by subtracting the cash paid for the purchase of property and equipment and adding the payments related to corporate headquarter relocation, acquisition-related payments, hostile takeover-related payments, CEO transition payments, litigation-related payments and the cash portion of the lease exit charge from net cash provided by operating activities.

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 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. In order to compensate for these limitations, management presents its non-GAAP financial measures in connection with its GAAP results. The Company urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing financial results, including this press release, and not to rely on any single financial measure to evaluate the Company's business.

Cautionary Language Concerning Forward-Looking Statements

This Press Release contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent the Company's views as of the date they were first made based on the current intent, belief or expectations, estimates, forecasts, assumptions and projections of the Company and members of our management team. Words such as "expect," "anticipate," "should," "believe," "hope," "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Those 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, 2014 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, Inc. (Nasdaq:CARB) is a leading provider of cloud and hybrid business continuity solutions for small and midsized businesses. Together with our partners, we support more than 1.5 million individuals and small businesses around the world who rely on us to ensure their important data is protected, available and useful. To learn more about the cloud solutions voted #1 by PC Magazine readers, as well as our partner program and our award-winning customer support, visit us at Carbonite.com.

Carbonite, Inc.

Condensed Consolidated Statement of Operations (unaudited)

(In thousands, except share and per share amounts)

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2015

 

2014

 

2015

 

2014

Revenue

$

35,065

 

 

$

31,914

 

 

$

136,616

 

 

$

122,620

 

Cost of revenue

9,196

 

 

10,001

 

 

38,784

 

 

38,567

 

Gross profit

25,869

 

 

21,913

 

 

97,832

 

 

84,053

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

6,585

 

 

6,443

 

 

28,085

 

 

24,132

 

General and administrative

11,792

 

 

6,514

 

 

37,265

 

 

17,862

 

Sales and marketing

12,860

 

 

12,821

 

 

53,671

 

 

49,882

 

Restructuring charges

120

 

 

750

 

 

469

 

 

762

 

Total operating expenses

31,357

 

 

26,528

 

 

119,490

 

 

92,638

 

Loss from operations

(5,488

)

 

(4,615

)

 

(21,658

)

 

(8,585

)

Interest and other (expense) income, net

(20

)

 

(181

)

 

145

 

 

(398

)

Loss before income taxes

(5,508

)

 

(4,796

)

 

(21,513

)

 

(8,983

)

Provision (benefit) for income taxes

(909

)

 

337

 

 

102

 

 

367

 

Net loss

$

(4,599

)

 

$

(5,133

)

 

$

(21,615

)

 

$

(9,350

)

Net loss per share:

 

 

 

 

 

 

 

Basic and diluted

$

(0.17

)

 

$

(0.19

)

 

$

(0.80

)

 

$

(0.35

)

Weighted-average shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

27,120,633

 

 

27,022,899

 

 

27,187,910

 

 

26,816,879

 

 

Carbonite, Inc.

Condensed Consolidated Balance Sheets (unaudited)

(In thousands)

 

 

December 31,
2015

 

December 31,
2014

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

63,936

 

 

$

46,084

 

Marketable securities

1,000

 

 

15,031

 

Trade accounts receivable, net

3,736

 

 

2,412

 

Prepaid expenses and other current assets

3,188

 

 

5,224

 

Restricted cash

135

 

 

828

 

Total current assets

71,995

 

 

69,579

 

Property and equipment, net

22,083

 

 

25,944

 

Other assets

167

 

 

2,181

 

Acquired intangible assets, net

8,640

 

 

10,322

 

Goodwill

23,105

 

 

23,728

 

Total assets

$

125,990

 

 

$

131,754

 

Liabilities and Stockholders' Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

8,384

 

 

$

7,346

 

Accrued expenses

11,559

 

 

10,506

 

Current portion of deferred revenue

80,269

 

 

75,494

 

Total current liabilities

100,212

 

 

93,346

 

Deferred revenue, net of current portion

18,434

 

 

15,930

 

Other long-term liabilities

6,271

 

 

7,940

 

Total liabilities

124,917

 

 

117,216

 

Stockholders' equity

 

 

 

Common stock

278

 

 

272

 

Additional paid-in capital

165,391

 

 

152,920

 

Treasury stock, at cost

(5,693

)

 

(22

)

Accumulated deficit

(160,943

)

 

(139,328

)

Accumulated other comprehensive income

2,040

 

 

696

 

Total stockholders' equity

1,073

 

 

14,538

 

Total liabilities and stockholders' equity

$

125,990

 

 

$

131,754

 

 

Carbonite, Inc.

Condensed Consolidated Statement of Cash Flows (unaudited)

(In thousands)

 

 

Twelve Months Ended
December 31,

 

2015

 

2014

Operating activities

 

 

 

Net loss

$

(21,615

)

 

$

(9,350

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Depreciation and amortization

13,634

 

 

12,469

 

Gain on disposal of equipment

(192

)

 

 

Accretion of discount on marketable securities

(9

)

 

(34

)

Stock-based compensation expense

10,216

 

 

6,065

 

(Reduction of) provision for reserves on accounts receivable

(20

)

 

63

 

Other non-cash items, net

(100

)

 

506

 

Changes in assets and liabilities, net of acquisition:

 

 

 

Accounts receivable

(1,386

)

 

17

 

Prepaid expenses and other current assets

1,019

 

 

(830

)

Other assets

2,029

 

 

(1

)

Accounts payable

2,864

 

 

1,952

 

Accrued expenses

595

 

 

1,715

 

Other long-term liabilities

(1,372

)

 

4,496

 

Deferred revenue

7,511

 

 

5,610

 

Net cash provided by operating activities

13,174

 

 

22,678

 

Investing activities

 

 

 

Purchases of property and equipment

(9,730

)

 

(14,495

)

Proceeds from sale of property and equipment

286

 

 

 

Proceeds from maturities of marketable securities and derivatives

19,149

 

 

16,499

 

Purchases of marketable securities and derivatives

(750

)

 

(16,499

)

Decrease (increase) in restricted cash

693

 

 

(828

)

Payment for acquistion, net of cash acquired

(1,325

)

 

(15,803

)

Net cash provided by (used in) investing activities

8,323

 

 

(31,126

)

Financing activities

 

 

 

Proceeds from exercise of stock options

2,254

 

 

4,239

 

Excess tax benefit from equity awards

23

 

 

 

Repurchase of common stock

(5,671

)

 

 

Net cash (used in) provided by financing activities

(3,394

)

 

4,239

 

Effect of currency exchange rate changes on cash

(251

)

 

(99

)

Net increase (decrease) in cash and cash equivalents

17,852

 

 

(4,308

)

Cash and cash equivalents, beginning of period

46,084

 

 

50,392

 

Cash and cash equivalents, end of period

$

63,936

 

 

$

46,084

 

 

Carbonite, Inc.

Reconciliation of GAAP to Non-GAAP Measures (unaudited)

(In thousands, except share and per share amounts)

 

Calculation of Bookings

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2015

 

2014

 

2015

 

2014

Revenue

$

35,065

 

 

$

31,914

 

 

$

136,616

 

 

$

122,620

 

Add:

 

 

 

 

 

 

 

Deferred revenue ending balance

98,703

 

 

91,424

 

 

98,703

 

 

91,424

 

Impact of foreign exchange

58

 

 

 

 

211

 

 

 

Less:

 

 

 

 

 

 

 

Impact of foreign exchange

 

 

 

 

 

 

 

Beginning deferred revenue from acquisitions

 

 

1,861

 

 

 

 

1,861

 

Deferred revenue beginning balance

96,452

 

 

87,001

 

 

91,424

 

 

84,000

 

Change in deferred revenue balance

2,309

 

 

2,562

 

 

7,490

 

 

5,563

 

Bookings

$

37,374

 

 

$

34,476

 

 

$

144,106

 

 

$

128,183

 

 

Calculation of Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2015

 

2014

 

2015

 

2014

Net loss

$

(4,599

)

 

$

(5,133

)

 

$

(21,615

)

 

$

(9,350

)

Add:

 

 

 

 

 

 

 

Amortization of intangibles

530

 

 

214

 

 

2,005

 

 

890

 

Stock-based compensation expense

2,798

 

 

1,770

 

 

10,216

 

 

6,065

 

Litigation-related expense

968

 

 

 

 

6,409

 

 

42

 

Restructuring-related expense

 

 

743

 

 

334

 

 

743

 

Acquisition-related expense

3,886

 

 

422

 

 

5,025

 

 

422

 

Hostile takeover-related expense

 

 

411

 

 

1,657

 

 

411

 

CEO transition expense

 

 

683

 

 

54

 

 

683

 

Non-GAAP net income (loss)

$

3,583

 

 

$

(890

)

 

$

4,085

 

 

$

(94

)

Weighted-average shares outstanding:

 

 

 

 

 

 

 

Basic and diluted

27,120,633

 

 

27,022,899

 

 

27,187,910

 

 

26,816,879

 

Non-GAAP net income (loss) per share:

 

 

 

 

 

 

 

Basic and diluted

$

0.13

 

 

$

(0.03

)

 

$

0.15

 

 

$

 

 

Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2015

 

2014

 

2015

 

2014

Gross profit

$

25,869

 

 

$

21,913

 

 

$

97,832

 

 

$

84,053

 

Add:

 

 

 

 

 

 

 

Amortization of intangibles

327

 

 

110

 

 

1,281

 

 

438

 

Stock-based compensation expense

206

 

 

149

 

 

730

 

 

539

 

Acquisition-related expense

8

 

 

 

 

8

 

 

 

Non-GAAP gross profit

$

26,410

 

 

$

22,172

 

 

$

99,851

 

 

$

85,030

 

Non-GAAP gross margin

75.3

%

 

69.5

%

 

73.1

%

 

69.3

%

 

Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2015

 

2014

 

2015

 

2014

Research and development

$

6,585

 

 

$

6,443

 

 

$

28,085

 

 

$

24,132

 

Less:

 

 

 

 

 

 

 

Stock-based compensation expense

260

 

 

269

 

 

1,171

 

 

1,285

 

Acquisition-related expense

89

 

 

 

 

340

 

 

 

Non-GAAP research and development

$

6,236

 

 

$

6,174

 

 

$

26,574

 

 

$

22,847

 

 

 

 

 

 

 

 

 

General and administrative

$

11,792

 

 

$

6,514

 

 

$

37,265

 

 

$

17,862

 

Less:

 

 

 

 

 

 

 

Amortization of intangibles

40

 

 

39

 

 

200

 

 

157

 

Stock-based compensation expense

2,152

 

 

1,090

 

 

7,226

 

 

3,216

 

Litigation-related expense

966

 

 

 

 

6,407

 

 

42

 

Acquisition-related expense

4,330

 

 

422

 

 

5,222

 

 

422

 

Hostile takeover-related expense

 

 

411

 

 

1,657

 

 

411

 

CEO transition expense

 

 

683

 

 

54

 

 

683

 

Non-GAAP general and administrative

$

4,304

 

 

$

3,869

 

 

$

16,499

 

 

$

12,931

 

 

 

 

 

 

 

 

 

Sales and marketing

$

12,860

 

 

$

12,821

 

 

$

53,671

 

 

$

49,882

 

Less:

 

 

 

 

 

 

 

Amortization of intangibles

163

 

 

65

 

 

524

 

 

295

 

Stock-based compensation expense

180

 

 

262

 

 

1,089

 

 

1,025

 

Litigation-related expense

2

 

 

 

 

2

 

 

 

Acquisition-related expense

59

 

 

 

 

55

 

 

 

Non-GAAP sales and marketing

$

12,456

 

 

$

12,494

 

 

$

52,001

 

 

$

48,562

 

 

 

 

 

 

 

 

 

Restructuring charges

$

120

 

 

$

750

 

 

$

469

 

 

$

762

 

Less:

 

 

 

 

 

 

 

Restructuring-related expense

 

 

743

 

 

334

 

 

743

 

Non-GAAP restructuring charges

$

120

 

 

$

7

 

 

$

135

 

 

$

19

 

 

Reconciliation of GAAP Provision (Benefit) for Income Taxes to Non-GAAP Provision (Benefit) for Income Taxes

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2015

 

2014

 

2015

 

2014

Provision (benefit) for income taxes

(909

)

 

337

 

 

102

 

 

367

 

Less:

 

 

 

 

 

 

 

Acquisition-related expense

(600

)

 

 

 

(600

)

 

 

Non-GAAP provision (benefit) for income taxes

$

(309

)

 

$

337

 

 

$

702

 

 

$

367

 

                               

 

Calculation of Free Cash Flow

 

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

 

2015

 

2014

 

2015

 

2014

Net cash provided by operating activities

$

4,634

 

 

$

7,860

 

 

$

13,174

 

 

$

22,678

 

Subtract:

 

 

 

 

 

 

 

Purchases of property and equipment

1,457

 

 

3,893

 

 

9,730

 

 

14,495

 

Add:

 

 

 

 

 

 

 

Payments related to corporate headquarter relocation

 

 

69

 

 

1,309

 

 

3,872

 

Acquisition-related payments

509

 

 

2,053

 

 

1,406

 

 

2,053

 

Hostile takeover-related payments

 

 

100

 

 

1,791

 

 

100

 

CEO transition payments

 

 

634

 

 

29

 

 

634

 

Cash portion of lease exit charge

101

 

 

230

 

 

887

 

 

230

 

Litigation-related payments

3,346

 

 

 

 

5,385

 

 

 

Free cash flow

$

7,133

 

 

$

7,053

 

 

$

14,251

 

 

$

15,072

 

 

Investor Relations Contact:
 
 
 
Emily Walt
 
Carbonite
 
617-927-1972
 
investor.relations@carbonite.com
 
 
 
Media Contact:
 
 
 
Emily Held, PAN Communications (for Carbonite)
 
617-502-4300
 
carbonite@pancomm.com
 
 
 
Sarah King
 
Carbonite
 
617-421-5601
 

media@carbonite.com