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As Of Filer Filing For·On·As Docs:Size 7/25/19 Carbonite Inc 8-K:2,5,7,9 7/25/19 16:2.1M |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 42K 2: EX-10.1 Material Contract HTML 49K 3: EX-99.1 Miscellaneous Exhibit HTML 193K 4: EX-99.2 Miscellaneous Exhibit HTML 19K 5: EX-99.3 Miscellaneous Exhibit HTML 20K 12: R1 Cover Page Cover Page HTML 47K 14: XML IDEA XML File -- Filing Summary XML 13K 11: XML XBRL Instance -- q22019earningsrelease_htm XML 15K 13: EXCEL IDEA Workbook of Financial Reports XLSX 6K 7: EX-101.CAL XBRL Calculations -- carb-20190725_cal XML 7K 8: EX-101.DEF XBRL Definitions -- carb-20190725_def XML 9K 9: EX-101.LAB XBRL Labels -- carb-20190725_lab XML 66K 10: EX-101.PRE XBRL Presentations -- carb-20190725_pre XML 36K 6: EX-101.SCH XBRL Schema -- carb-20190725 XSD 16K 15: JSON XBRL Instance as JSON Data -- MetaLinks 12± 19K 16: ZIP XBRL Zipped Folder -- 0001340127-19-000153-xbrl Zip 50K
Exhibit |
• | Revenue
of $121.5 million increased 56% year-over-year. |
• | Non-GAAP revenue of $135.0 million increased 69% year-over-year.1 |
• | Net loss was ($11.3) million, compared to net loss of ($5.7) million in 2018. |
• | Net loss per share was
($0.33) (basic and diluted), as compared to ($0.20) (basic and diluted) in 2018. |
• | Non-GAAP net income per share was $0.58 (basic) and $0.56 (diluted), as compared to $0.50 (basic) and $0.45 (diluted) in 2018.2 |
• | Adjusted EBITDA of $39.1 million, or 29% of non-GAAP revenue, compared to $20.9 million, or 26% of non-GAAP revenue in 2018.3 |
• | Revenue for the second quarter was $121.5 million, an increase of 56% from
$77.7 million in the second quarter of 2018. Non-GAAP revenue for the second quarter was $135.0 million, an increase of 69% from $79.9 million in the second quarter of 2018.1 |
• | Net loss for the second quarter was ($11.3) million, compared to net loss of ($5.7) million in the second quarter of 2018. Non-GAAP net income for the second
quarter was $19.8 million, compared to non-GAAP net income of $14.2 million in the second quarter of 2018.2 |
• | Net loss per share for the second quarter was ($0.33) (basic and diluted), compared to net loss per share of ($0.20) (basic and diluted) in the second quarter of 2018. Non-GAAP net income per share was $0.58 (basic) and $0.56 (diluted) for the second quarter, compared to non-GAAP net income per share of $0.50 (basic) and $0.45
(diluted) in the second quarter of 2018.2 |
• | Adjusted EBITDA for the second quarter was $39.1 million, compared to $20.9 million in the second quarter of 2018.3 |
• | Gross margin for the second
quarter was 72.4%, compared to 70.3% in the second quarter of 2018. Non-GAAP gross margin was 82.3% in the second quarter, compared to 77.1% in the second quarter of 2018.4 |
• | Cash flow from operations for the second quarter was $20.3 million, compared to $13.6 million in the second quarter of 2018. Adjusted free cash flow for the second
quarter was $24.3 million, compared to $13.3 million in the second quarter of 2018.5 |
1 | Non-GAAP revenue excludes the impact of purchase accounting adjustments for acquisitions. |
2 | Non-GAAP
net income and non-GAAP net income per share excludes the impact of purchase accounting adjustments on acquired deferred revenue, amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, non-cash convertible debt interest expense and the income tax effect of non-GAAP adjustments. |
3 | Adjusted EBITDA is calculated by excluding the impact of interest expense, net, income taxes, depreciation, amortization, purchase accounting adjustments on acquired deferred
revenue, stock-based compensation expense, litigation-related expense, restructuring-related expense, and acquisition-related expense from net (loss) income. |
4 | Non-GAAP gross margin excludes the impact of purchase accounting adjustments on acquired deferred revenue, amortization expense on intangible assets, stock-based compensation expense, and acquisition-related expense. |
5 | Adjusted free cash flow is calculated by subtracting the cash paid for the purchase of property and equipment and
adding the payments related to acquisitions, restructuring, and litigation to net cash provided by operating activities. |
Current Guidance (7/25/2019) | |
GAAP Revenue | $117 - $119 million |
Non-GAAP Revenue | $131
- $133 million |
Adjusted EBITDA | $34 - $37 million |
Prior Guidance (5/2/2019) | Current Guidance (7/25/2019) | |
GAAP Revenue | $457
- $471 million | $443.5 - $448.5 million |
Non-GAAP Revenue | $491 - $505 million | $477.5 - $482.5 million |
Non-GAAP Gross Margin | 80.5% - 81.5% | 80.5% - 81.5% |
Adjusted EBITDA | $132 - $137 million | $132 - $137 million |
Three
Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue: | |||||||||||||||
Services | $ | 114,431 | $ | 68,814 | $ | 185,934 | $ | 123,388 | |||||||
Product | 7,079 | 8,920 | 16,791 | 18,372 | |||||||||||
Total
revenue | 121,510 | 77,734 | 202,725 | 141,760 | |||||||||||
Cost of revenue: | |||||||||||||||
Services | 23,956 | 18,358 | 41,058 | 33,688 | |||||||||||
Product | 440 | 374 | 823 | 931 | |||||||||||
Amortization
of intangible assets | 9,081 | 4,325 | 12,375 | 6,750 | |||||||||||
Total cost of revenue | 33,477 | 23,057 | 54,256 | 41,369 | |||||||||||
Gross
profit | 88,033 | 54,677 | 148,469 | 100,391 | |||||||||||
Operating expenses: | |||||||||||||||
Research
and development | 27,879 | 15,719 | 43,686 | 28,238 | |||||||||||
General and administrative | 17,567 | 13,460 | 38,556 | 27,920 | |||||||||||
Sales
and marketing | 36,945 | 22,086 | 58,710 | 41,946 | |||||||||||
Amortization of intangible assets | 9,765 | 3,652 | 14,065 | 4,591 | |||||||||||
Restructuring
charges | 702 | 41 | 702 | 903 | |||||||||||
Total operating expenses | 92,858 | 54,958 | 155,719 | 103,598 | |||||||||||
Loss
from operations | (4,825 | ) | (281 | ) | (7,250 | ) | (3,207 | ) | |||||||
Interest expense | (11,844 | ) | (3,420 | ) | (15,855 | ) | (6,021 | ) | |||||||
Interest
income | 418 | 169 | 1,383 | 413 | |||||||||||
Other income (expense), net | 175 | 183 | 387 | 195 | |||||||||||
Loss
before income taxes | (16,076 | ) | (3,349 | ) | (21,335 | ) | (8,620 | ) | |||||||
(Benefit) provision for income taxes | (4,802 | ) | 2,338 | (12,064 | ) | (14,877 | ) | ||||||||
Net
(loss) income | $ | (11,274 | ) | $ | (5,687 | ) | $ | (9,271 | ) | $ | 6,257 | ||||
Net
(loss) income per share: | |||||||||||||||
Basic | $ | (0.33 | ) | $ | (0.20 | ) | $ | (0.27 | ) | $ | 0.22 | ||||
Diluted | $ | (0.33 | ) | $ | (0.20 | ) | $ | (0.27 | ) | $ | 0.20 | ||||
Weighted-average
shares outstanding: | |||||||||||||||
Basic | 34,459,359 | 28,628,173 | 34,312,971 | 28,485,695 | |||||||||||
Diluted | 34,459,359 | 28,628,173 | 34,312,971 | 30,885,633 |
Assets | |||||||
Current
assets | |||||||
Cash and cash equivalents | $ | 83,378 | $ | 198,087 | |||
Trade accounts receivable, net | 47,110 | 31,569 | |||||
Prepaid
expenses and other current assets | 22,573 | 10,409 | |||||
Total current assets | 153,061 | 240,065 | |||||
Property and equipment, net | 45,961 | 34,101 | |||||
Right-of-use
lease assets | 48,299 | — | |||||
Other assets | 24,176 | 13,876 | |||||
Acquired intangible assets, net | 417,827 | 117,963 | |||||
Goodwill | 543,524 | 155,086 | |||||
Total
assets | $ | 1,232,848 | $ | 561,091 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities | |||||||
Accounts
payable | $ | 7,787 | $ | 2,114 | |||
Accrued compensation | 20,919 | 11,620 | |||||
Accrued
expenses and other current liabilities | 29,947 | 15,844 | |||||
Current portion of deferred revenue | 180,053 | 121,553 | |||||
Total current liabilities | 238,706 | 151,131 | |||||
Long-term
debt | 598,301 | 118,305 | |||||
Long-term lease liabilities | 46,750 | — | |||||
Deferred revenue, net of current portion | 43,727 | 29,151 | |||||
Long-term
deferred tax liabilities | 43,052 | 1,456 | |||||
Other long-term liabilities | 3,140 | 3,838 | |||||
Total liabilities | 973,676 | 303,881 | |||||
Stockholders’
equity | |||||||
Common stock | 374 | 366 | |||||
Additional paid-in capital | 461,633 | 451,618 | |||||
Treasury
stock, at cost | (47,850 | ) | (48,522 | ) | |||
Accumulated other comprehensive income | 2,188 | 1,650 | |||||
Accumulated deficit | (157,173 | ) | (147,902 | ) | |||
Total
stockholders’ equity | 259,172 | 257,210 | |||||
Total liabilities and stockholders’ equity | $ | 1,232,848 | $ | 561,091 |
Six Months Ended June 30, 2019 | |||||||
2019 | 2018 | ||||||
Operating
activities | |||||||
Net (loss) income | $ | (9,271 | ) | $ | 6,257 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation
and amortization | 34,214 | 17,763 | |||||
Amortization of right-of-use lease assets | 3,556 | — | |||||
Amortization of deferred costs | 1,413 | 931 | |||||
Gain
on disposal of equipment | (17 | ) | (141 | ) | |||
Impairment of capitalized software | — | 653 | |||||
Stock-based compensation expense | 9,717 | 8,478 | |||||
Benefit
for deferred income taxes | (12,241 | ) | (16,317 | ) | |||
Non-cash interest expense related to amortization of debt discount | 3,955 | 3,101 | |||||
Other non-cash items,
net | (262 | ) | 64 | ||||
Changes in assets and liabilities, net of acquisition: | |||||||
Accounts receivable | 3,401 | (6,437 | ) | ||||
Prepaid
expenses and other current assets | (394 | ) | (1,541 | ) | |||
Other assets | (1,512 | ) | (3,771 | ) | |||
Accounts payable | 4,553 | (3,895 | ) | ||||
Accrued
expenses and other current liabilities | (6,254 | ) | 2,549 | ||||
Other long-term liabilities | (6,858 | ) | 53 | ||||
Deferred revenue | 15,020 | 9,099 | |||||
Net
cash provided by operating activities | 39,020 | 16,846 | |||||
Investing activities | |||||||
Purchases of property and equipment | (6,023 | ) | (7,795 | ) | |||
Proceeds
from sale of property and equipment and businesses | 77 | 534 | |||||
Proceeds from maturities of derivatives | 1,340 | 1,680 | |||||
Purchases of derivatives | (6 | ) | (1,403 | ) | |||
Payment
for intangibles | — | (1,250 | ) | ||||
Payment for acquisition, net of cash acquired | (622,009 | ) | (144,597 | ) | |||
Net cash used in investing activities | (626,621 | ) | (152,831 | ) | |||
Financing
activities | |||||||
Proceeds from exercise of stock options | 263 | 942 | |||||
Proceeds from issuance of treasury stock under employee stock purchase plan | 1,582 | 1,215 | |||||
Payments
of withholding taxes in connection with restricted stock unit vesting | (905 | ) | (1,184 | ) | |||
Proceeds from long-term borrowings, net of debt issuance costs | 529,483 | 88,068 | |||||
Payments
on long-term borrowings | (55,000 | ) | (10,000 | ) | |||
Net cash provided by financing activities | 475,423 | 79,041 | |||||
Effect of currency exchange rate changes on
cash | (92 | ) | (305 | ) | |||
Net decrease in cash, cash equivalents and restricted cash | (112,270 | ) | (57,249 | ) | |||
Cash, cash equivalents and restricted cash, beginning of
period | 198,087 | 128,231 | |||||
Cash, cash equivalents and restricted cash, end of period | $ | 85,817 | $ | 70,982 |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
GAAP revenue | $ | 121,510 | $ | 77,734 | $ | 202,725 | $ | 141,760 | |||||||
Add: | |||||||||||||||
Fair
value adjustment of acquired deferred revenue | 13,537 | 2,116 | 15,290 | 2,998 | |||||||||||
Non-GAAP revenue | $ | 135,047 | $ | 79,850 | $ | 218,015 | $ | 144,758 |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Gross
profit | $ | 88,033 | $ | 54,677 | $ | 148,469 | $ | 100,391 | |||||||
Gross
margin | 72.4 | % | 70.3 | % | 73.2 | % | 70.8 | % | |||||||
Add: | |||||||||||||||
Fair
value adjustment of acquired deferred revenue | 13,537 | 2,116 | 15,290 | 2,998 | |||||||||||
Amortization of intangibles | 9,081 | 4,325 | 12,375 | 6,750 | |||||||||||
Stock-based
compensation expense | 478 | 413 | 902 | 738 | |||||||||||
Acquisition-related expense | — | 3 | 14 | 57 | |||||||||||
Non-GAAP
gross profit | $ | 111,129 | $ | 61,534 | $ | 177,050 | $ | 110,934 | |||||||
Non-GAAP
gross margin | 82.3 | % | 77.1 | % | 81.2 | % | 76.6 | % |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
GAAP
net (loss) income | $ | (11,274 | ) | $ | (5,687 | ) | $ | (9,271 | ) | $ | 6,257 | ||||
Add: | |||||||||||||||
Fair
value adjustment of acquired deferred revenue | 13,537 | 2,116 | 15,290 | 2,998 | |||||||||||
Amortization of intangibles | 18,846 | 7,977 | 26,440 | 11,341 | |||||||||||
Stock-based
compensation expense | 5,512 | 4,741 | 9,717 | 8,478 | |||||||||||
Litigation-related expense | 73 | 46 | 171 | 63 | |||||||||||
Restructuring-related
expense | 702 | 41 | 702 | 903 | |||||||||||
Acquisition-related expense | 872 | 2,357 | 10,735 | 5,977 | |||||||||||
Non-cash
debt interest expense | 2,243 | 1,558 | 3,955 | 3,101 | |||||||||||
Less: | |||||||||||||||
Income
tax effect of non-GAAP adjustments | 10,664 | (1,027 | ) | 22,455 | 16,818 | ||||||||||
Non-GAAP net income | $ | 19,847 | $ | 14,176 | $ | 35,284 | $ | 22,300 | |||||||
GAAP
net (loss) income per share: | |||||||||||||||
Basic | $ | (0.33 | ) | $ | (0.20 | ) | $ | (0.27 | ) | $ | 0.22 | ||||
Diluted | $ | (0.33 | ) | $ | (0.20 | ) | $ | (0.27 | ) | $ | 0.20 | ||||
Non-GAAP
net income per share: | |||||||||||||||
Basic | $ | 0.58 | $ | 0.50 | $ | 1.03 | $ | 0.78 | |||||||
Diluted | $ | 0.56 | $ | 0.45 | $ | 1.00 | $ | 0.72 | |||||||
GAAP
weighted-average shares outstanding: | |||||||||||||||
Basic | 34,459,359 | 28,628,173 | 34,312,971 | 28,485,695 | |||||||||||
Diluted | 34,459,359 | 28,628,173 | 34,312,971 | 30,885,633 | |||||||||||
Non-GAAP
weighted-average shares outstanding: | |||||||||||||||
Basic | 34,459,359 | 28,628,173 | 34,312,971 | 28,485,695 | |||||||||||
Diluted | 35,277,653 | 31,718,232 | 35,285,788 | 30,885,633 |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Research
and development | $ | 27,879 | $ | 15,719 | $ | 43,686 | $ | 28,238 | |||||||
Less: | |||||||||||||||
Stock-based
compensation expense | 1,611 | 1,047 | 2,557 | 1,734 | |||||||||||
Acquisition-related expense | — | 2 | 83 | 37 | |||||||||||
Non-GAAP
research and development | $ | 26,268 | $ | 14,670 | $ | 41,046 | $ | 26,467 | |||||||
General
and administrative | $ | 17,567 | $ | 13,460 | $ | 38,556 | $ | 27,920 | |||||||
Less: | |||||||||||||||
Stock-based
compensation expense | 2,290 | 2,494 | 4,248 | 4,618 | |||||||||||
Litigation-related expense | 73 | 46 | 171 | 63 | |||||||||||
Acquisition-related
expense | 768 | 2,321 | 10,246 | 5,811 | |||||||||||
Non-GAAP general and administrative | $ | 14,436 | $ | 8,599 | $ | 23,891 | $ | 17,428 | |||||||
Sales
and marketing | $ | 36,945 | $ | 22,086 | $ | 58,710 | $ | 41,946 | |||||||
Less: | |||||||||||||||
Stock-based
compensation expense | 1,133 | 787 | 2,010 | 1,388 | |||||||||||
Acquisition-related expense | 104 | 31 | 392 | 72 | |||||||||||
Non-GAAP
sales and marketing | $ | 35,708 | $ | 21,268 | $ | 56,308 | $ | 40,486 | |||||||
Amortization
of intangible assets | $ | 9,765 | $ | 3,652 | $ | 14,065 | $ | 4,591 | |||||||
Less: | |||||||||||||||
Amortization
of intangible assets | 9,765 | 3,652 | 14,065 | 4,591 | |||||||||||
Non-GAAP amortization of intangible assets | $ | — | $ | — | $ | — | $ | — | |||||||
Restructuring
charges | $ | 702 | $ | 41 | $ | 702 | $ | 903 | |||||||
Less: | |||||||||||||||
Restructuring-related
expense | 702 | 41 | 702 | 903 | |||||||||||
Non-GAAP restructuring charges | $ | — | $ | — | $ | — | $ | — |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
cash provided by operating activities | $ | 20,276 | $ | 13,555 | $ | 39,020 | $ | 16,846 | |||||||
Subtract: | |||||||||||||||
Purchases
of property and equipment | 3,265 | 4,507 | 6,023 | 7,795 | |||||||||||
Free cash flow | 17,011 | 9,048 | 32,997 | 9,051 | |||||||||||
Add: | |||||||||||||||
Acquisition-related
payments | 7,182 | 3,681 | 10,853 | 5,328 | |||||||||||
Restructuring-related payments | — | 461 | — | 1,125 | |||||||||||
Litigation-related
payments | 137 | 85 | 138 | 212 | |||||||||||
Adjusted free cash flow | $ | 24,330 | $ | 13,275 | $ | 43,988 | $ | 15,716 |
Three Months Ended June 30, 2019 | Six Months Ended June 30, 2019 | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
(loss) income | $ | (11,274 | ) | $ | (5,687 | ) | $ | (9,271 | ) | $ | 6,257 | ||||
Adjustments: | |||||||||||||||
Interest
expense, net | 11,426 | 3,251 | 14,472 | 5,608 | |||||||||||
Income tax (benefit) provision | (4,802 | ) | 2,338 | (12,064 | ) | (14,877 | ) | ||||||||
Depreciation
and amortization | 23,065 | 11,686 | 34,214 | 17,763 | |||||||||||
EBITDA | 18,415 | 11,588 | 27,351 | 14,751 | |||||||||||
Adjustments
to EBITDA: | |||||||||||||||
Fair value adjustment of acquired deferred revenue | 13,537 | 2,116 | 15,290 | 2,998 | |||||||||||
Stock-based
compensation expense | 5,512 | 4,741 | 9,717 | 8,478 | |||||||||||
Litigation-related expense | 73 | 46 | 171 | 63 | |||||||||||
Restructuring-related
expense | 702 | 41 | 702 | 903 | |||||||||||
Acquisition-related expense | 872 | 2,357 | 10,735 | 5,977 | |||||||||||
Adjusted
EBITDA | $ | 39,111 | $ | 20,889 | $ | 63,966 | $ | 33,170 |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on / For Period end: | 7/25/19 | |||
6/30/19 | 10-Q | |||
12/31/18 | 10-K, DEF 14A | |||
List all Filings |