BOSTON, Aug. 02, 2016 (GLOBE NEWSWIRE) -- Carbonite , Inc. (NASDAQ: CARB ), a leading provider of cloud backup and restore solutions for small and midsize businesses (SMBs), today announced financial results for the quarter ended June 30, 2016.
Q2'16 Highlights:
- Revenue of $53.4 million increased 57% year over year.
- Net income (loss) per share was $0.04, as compared to ($0.18) in the second quarter of 2015.
“I am very pleased with our progress, especially the expansion of our SMB business which grew approximately 150%. The EVault integration is exceeding expectations, yielding faster and better-than-expected synergies. Market demand for our expanded set of solutions is strong and growing, and I am confident in the team’s ability to continue to drive results,” said Mohamad Ali, President and CEO of Carbonite.
“We delivered strong revenue and bookings growth that drove record profitability in the quarter and resulted in our raised outlook for 2016. Our rapidly growing SMB business now represents the majority of total bookings and the strength of that business is a key driver of our improving financial results,” said Anthony Folger, CFO of Carbonite.
Second Quarter 2016 Results:
- Revenue for the second quarter was $53.4 million, an increase of 57% from $34.0 million in the second quarter of 2015. Non-GAAP revenue for the second quarter was $54.2 million, an increase of 60% from $34.0 million in the second quarter of 2015. 1
- Bookings for the second quarter were $53.7 million, an increase of 50% from $35.7 million in the second quarter of 2015. 2
- Gross margin for the second quarter was 70.3%, compared to 71.2% in the second quarter of 2015. Non-GAAP gross margin was 72.5% in the second quarter, compared to 72.6% in the second quarter of 2015. 3
- Net income for the second quarter was $1.2 million, compared to a net loss of ($4.8) million in the second quarter of 2015. Non-GAAP net income for the second quarter was $5.2 million, compared to non-GAAP net loss of ($0.3) million in the second quarter of 2015. 4
- Net income per share for the second quarter was $0.04 (basic and diluted), compared to a net loss per share of ($0.18) (basic and diluted) in the second quarter of 2015. Non-GAAP net income per share was $0.19 (basic and diluted) for the second quarter, compared to non-GAAP net loss per share of ($0.01) (basic and diluted) in the second quarter of 2015. 4
- Total cash, cash equivalents and marketable securities were $43.2 million as of June 30, 2016, compared to $64.9 million as of December 31, 2015.
- Cash flow from operations for the second quarter was $5.1 million, compared to $4.0 million in the second quarter of 2015. Adjusted free cash flow for the second quarter was $7.3 million, compared to $3.2 million in the second quarter of 2015. 5
1 Non-GAAP revenue excludes the impact of purchase accounting adjustments for the acquisition of EVault. 2 Bookings represent the aggregate dollar value of customer subscriptions and software arrangements, which may include multiple revenue elements, such as software licenses, hardware, professional services and post-contractual support, 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. 3 Non-GAAP gross margin excludes the impact of purchase accounting adjustments, amortization expense on intangible assets, stock-based compensation expense and acquisition-related expense. 4 Non-GAAP net income (loss) and non-GAAP net income (loss) per share excludes the impact of purchase accounting adjustments, amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, hostile takeover-related expense, CEO transition expense, and the income tax effect of non-GAAP adjustments. 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 corporate headquarter relocation, acquisition-related payments, hostile takeover-related payments, CEO transition payments, restructuring-related 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 reconciliations to the most comparable GAAP measures are provided in the tables at the end of this press release.
Business Outlook
For the third quarter of 2016, revenues are expected to be in the range of $44.5-$49.5 million and non-GAAP revenues are expected to be in the range of $45.0-$50.0 million. Non-GAAP net income per share is expected to be in the range of $0.06 - $0.10.
For the full year of 2016 the Company is raising its financial guidance. Revenues are expected to be in the range of $192.7-$202.7 million and non-GAAP revenues are expected to be in the range of $195.0-$205.0 million. Non-GAAP net income per share is expected to be in the range of $0.48 - $0.52.
Carbonite’s expectations of non-GAAP net income per share for the third quarter and full year of 2016 excludes the impact of purchase accounting adjustments, stock-based compensation expense, litigation-related expense, acquisition-related expense, amortization expense on intangible assets and the income tax effect of non-GAAP adjustments. Non-GAAP net income per share assumes an effective tax rate of 11% for the full year of 2016. Non-GAAP net income per share assumes fully-diluted weighted average shares outstanding of approximately 27.0 million for the third quarter and full year of 2016.
Conference Call and Webcast Information
In conjunction with this announcement, Carbonite will host a conference call on Tuesday, August 2, 2016 at 8:30 a.m. ET 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 46452332.
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 August 2, 2017.
Non-GAAP Financial Measures
Carbonite provides all financial information required in accordance with generally accepted accounting principles (GAAP). To supplement our consolidated financial statements presented in accordance with GAAP, 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 adjusted free cash flow. In preparing our non-GAAP information, we have excluded certain amounts as set forth in the attached financial tables.
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. In order to compensate for these limitations, management presents its non-GAAP financial measures in connection with its GAAP results. Exclusion of certain amounts in the calculation of non-GAAP financial measures should not be construed as an inference that these exclusions are unusual or infrequent. We anticipate that these exclusions will continue to be made in the future presentation of the Company’s non-GAAP financial measures. 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.
With respect to our expectations under "Business Outlook" above, the Company has not reconciled non-GAAP net income per share to net income (loss) per share 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 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
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, 2015 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 backup and restore solutions for small and mid-sized businesses. Together with our partners we protect millions of devices and their valuable data for businesses and individuals around the world who rely on us to ensure their important data is secure, available and useful. To learn more visit Carbonite.com .
| Carbonite, Inc. | |||||||||||||||
| Condensed Consolidated Statement of Operations (unaudited) | |||||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Revenue | $ | 53,435 | $ | 33,972 | $ | 101,550 | $ | 66,998 | |||||||
| Cost of revenue | 15,864 | 9,800 | 30,619 | 19,814 | |||||||||||
| Gross profit | 37,571 | 24,172 | 70,931 | 47,184 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 8,380 | 7,448 | 17,116 | 14,377 | |||||||||||
| General and administrative | 10,389 | 7,624 | 21,809 | 15,200 | |||||||||||
| Sales and marketing | 17,323 | 13,570 | 34,205 | 27,951 | |||||||||||
| Restructuring charges | 32 | 6 | 805 | 125 | |||||||||||
| Total operating expenses | 36,124 | 28,648 | 73,935 | 57,653 | |||||||||||
| Income (loss) from operations | 1,447 | (4,476 | ) | (3,004 | ) | (10,469 | ) | ||||||||
| Interest and other income (expense), net | 3 | 59 | (147 | ) | 26 | ||||||||||
| Income (loss) before income taxes | 1,450 | (4,417 | ) | (3,151 | ) | (10,443 | ) | ||||||||
| Provision for income taxes | 290 | 403 | 385 | 607 | |||||||||||
| Net income (loss) | $ | 1,160 | $ | (4,820 | ) | $ | (3,536 | ) | $ | (11,050 | ) | ||||
| Net income (loss) per share: | |||||||||||||||
| Basic | $ | 0.04 | $ | (0.18 | ) | $ | (0.13 | ) | $ | (0.41 | ) | ||||
| Diluted | $ | 0.04 | $ | (0.18 | ) | $ | (0.13 | ) | $ | (0.41 | ) | ||||
| Weighted-average shares outstanding: | |||||||||||||||
| Basic | 26,901,419 | 27,217,528 | 26,977,919 | 27,226,067 | |||||||||||
| Diluted | 27,012,361 | 27,217,528 | 26,977,919 | 27,226,067 | |||||||||||
| Carbonite, Inc. | |||||||
| Condensed Consolidated Balance Sheets (unaudited) | |||||||
| (In thousands) | |||||||
| June 30, 2016 | December 31, 2015 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 43,203 | $ | 63,936 | |||
| Marketable securities | — | 1,000 | |||||
| Trade accounts receivable, net | 17,175 | 3,736 | |||||
| Prepaid expenses and other current assets | 7,507 | 3,188 | |||||
| Restricted cash | 135 | 135 | |||||
| Total current assets | 68,020 | 71,995 | |||||
| Property and equipment, net | 24,907 | 22,083 | |||||
| Other assets | 176 | 167 | |||||
| Acquired intangible assets, net | 15,962 | 8,640 | |||||
| Goodwill | 24,322 | 23,105 | |||||
| Total assets | $ | 133,387 | $ | 125,990 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 3,620 | $ | 8,384 | |||
| Accrued expenses | 15,988 | 11,559 | |||||
| Current portion of deferred revenue | 88,360 | 80,269 | |||||
| Total current liabilities | 107,968 | 100,212 | |||||
| Deferred revenue, net of current portion | 21,689 | 18,434 | |||||
| Other long-term liabilities | 5,791 | 6,271 | |||||
| Total liabilities | 135,448 | 124,917 | |||||
| Stockholders’ equity | |||||||
| Common stock | 281 | 278 | |||||
| Additional paid-in capital | 170,297 | 165,391 | |||||
| Treasury stock, at cost | (10,319 | ) | (5,693 | ) | |||
| Accumulated deficit | (164,478 | ) | (160,943 | ) | |||
| Accumulated other comprehensive income | 2,158 | 2,040 | |||||
| Total stockholders’ (deficit) equity | (2,061 | ) | 1,073 | ||||
| Total liabilities and stockholders’ (deficit) equity | $ | 133,387 | $ | 125,990 | |||
| Carbonite, Inc. | |||||||
| Condensed Consolidated Statement of Cash Flows (unaudited) | |||||||
| (In thousands) | |||||||
| Six Months Ended June 30, | |||||||
| 2016 | 2015 | ||||||
| Operating activities | |||||||
| Net loss | $ | (3,536 | ) | $ | (11,050 | ) | |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||
| Depreciation and amortization | 8,378 | 6,838 | |||||
| Loss (gain) on disposal of equipment | 468 | (33 | ) | ||||
| Accretion of discount on marketable securities | — | (9 | ) | ||||
| Stock-based compensation expense | 4,498 | 4,873 | |||||
| Other non-cash items, net | 280 | 58 | |||||
| Changes in assets and liabilities, net of acquisition: | |||||||
| Accounts receivable | (13,458 | ) | (1,045 | ) | |||
| Prepaid expenses and other current assets | (2,026 | ) | 338 | ||||
| Other assets | 1 | 530 | |||||
| Accounts payable | (4,113 | ) | 418 | ||||
| Accrued expenses | 3,841 | 124 | |||||
| Other long-term liabilities | (522 | ) | (60 | ) | |||
| Deferred revenue | 4,516 | 5,565 | |||||
| Net cash (used in) provided by operating activities | (1,673 | ) | 6,547 | ||||
| Investing activities | |||||||
| Purchases of property and equipment | (2,809 | ) | (4,906 | ) | |||
| Proceeds from sale of property and equipment | — | 33 | |||||
| Proceeds from maturities of marketable securities and derivatives | 1,000 | 14,442 | |||||
| Purchases of marketable securities and derivatives | (1,476 | ) | (436 | ) | |||
| Decrease in restricted cash | — | 693 | |||||
| Payment for acquisition, net of cash acquired | (11,625 | ) | — | ||||
| Net cash (used in) provided by investing activities | (14,910 | ) | 9,826 | ||||
| Financing activities | |||||||
| Proceeds from exercise of stock options | 381 | 1,622 | |||||
| Repurchase of common stock | (4,626 | ) | (2,990 | ) | |||
| Net cash (used in) provided by financing activities | (4,245 | ) | (1,368 | ) | |||
| Effect of currency exchange rate changes on cash | 95 | (160 | ) | ||||
| Net (decrease) increase in cash and cash equivalents | (20,733 | ) | 14,845 | ||||
| Cash and cash equivalents, beginning of period | 63,936 | 46,084 | |||||
| Cash and cash equivalents, end of period | $ | 43,203 | $ | 60,929 | |||
| Carbonite, Inc. | |||||||||||||||
| Reconciliation of GAAP to Non-GAAP Measures (unaudited) | |||||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||||
| Reconciliation of GAAP Revenue to Non-GAAP Revenue | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| GAAP revenue | $ | 53,435 | $ | 33,972 | $ | 101,550 | $ | 66,998 | |||||||
| Add: | |||||||||||||||
| Fair value adjustment of acquired deferred revenue (1) | 800 | — | 1,363 | — | |||||||||||
| Non-GAAP revenue | $ | 54,235 | $ | 33,972 | $ | 102,913 | $ | 66,998 | |||||||
| (1) Excludes the impact of purchase accounting adjustments for the acquisition of EVault. | |||||||||||||||
| Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Gross profit | $ | 37,571 | $ | 24,172 | $ | 70,931 | $ | 47,184 | |||||||
| Add: | |||||||||||||||
| Fair value adjustment of acquired deferred revenue | 800 | — | 1,363 | — | |||||||||||
| Amortization of intangibles | 675 | 313 | 1,357 | 629 | |||||||||||
| Stock-based compensation expense | 197 | 162 | 411 | 329 | |||||||||||
| Acquisition-related expense | 54 | — | 236 | — | |||||||||||
| Non-GAAP gross profit | $ | 39,297 | $ | 24,647 | $ | 74,298 | $ | 48,142 | |||||||
| Non-GAAP gross margin | 72.5 | % | 72.6 | % | 72.2 | % | 71.9 | % | |||||||
| Calculation of Non-GAAP Net Income (Loss) and Non-GAAP Net Income (Loss) per Share | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Net income (loss) | $ | 1,160 | $ | (4,820 | ) | $ | (3,536 | ) | $ | (11,050 | ) | ||||
| Add: | |||||||||||||||
| Fair value adjustment of acquired deferred revenue | 800 | — | 1,363 | — | |||||||||||
| Amortization of intangibles | 991 | 474 | 1,988 | 953 | |||||||||||
| Stock-based compensation expense | 2,155 | 2,405 | 4,498 | 4,873 | |||||||||||
| Litigation-related expense | — | 1,104 | 1 | 1,192 | |||||||||||
| Restructuring-related expense | 32 | — | 800 | 115 | |||||||||||
| Acquisition-related expense | 618 | 369 | 4,766 | 725 | |||||||||||
| Hostile takeover-related expense | — | 215 | — | 1,512 | |||||||||||
| CEO transition expense | — | — | — | 54 | |||||||||||
| Less: | |||||||||||||||
| Income tax-effect of non-GAAP adjustments | 548 | — | 591 | — | |||||||||||
| Non-GAAP net income (loss) | $ | 5,208 | $ | (253 | ) | $ | 9,289 | $ | (1,626 | ) | |||||
| Non-GAAP net income (loss) per share: | |||||||||||||||
| Basic | $ | 0.19 | $ | (0.01 | ) | $ | 0.34 | $ | (0.06 | ) | |||||
| Diluted | $ | 0.19 | $ | (0.01 | ) | $ | 0.34 | $ | (0.06 | ) | |||||
| Weighted-average shares outstanding: | |||||||||||||||
| Basic | 26,901,419 | 27,217,528 | 26,977,919 | 27,226,067 | |||||||||||
| Diluted | 27,012,361 | 27,217,528 | 27,063,158 | 27,226,067 | |||||||||||
| Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Research and development | $ | 8,380 | $ | 7,448 | $ | 17,116 | $ | 14,377 | |||||||
| Less: | |||||||||||||||
| Stock-based compensation expense | 229 | 313 | 514 | 638 | |||||||||||
| Acquisition-related expense | 72 | 167 | 310 | 167 | |||||||||||
| Non-GAAP research and development | $ | 8,079 | $ | 6,968 | $ | 16,292 | $ | 13,572 | |||||||
| General and administrative | $ | 10,389 | $ | 7,624 | $ | 21,809 | $ | 15,200 | |||||||
| Less: | |||||||||||||||
| Amortization of intangibles | 68 | 53 | 138 | 107 | |||||||||||
| Stock-based compensation expense | 1,454 | 1,596 | 3,087 | 3,329 | |||||||||||
| Litigation-related expense | — | 1,104 | 1 | 1,192 | |||||||||||
| Acquisition-related expense | 494 | 501 | 4,103 | 562 | |||||||||||
| Hostile takeover-related expense | — | 215 | — | 1,512 | |||||||||||
| CEO transition expense | — | — | — | 54 | |||||||||||
| Non-GAAP general and administrative | $ | 8,373 | $ | 4,155 | $ | 14,480 | $ | 8,444 | |||||||
| Sales and marketing | $ | 17,323 | $ | 13,570 | $ | 34,205 | $ | 27,951 | |||||||
| Less: | |||||||||||||||
| Amortization of intangibles | 248 | 108 | 493 | 217 | |||||||||||
| Stock-based compensation expense | 275 | 334 | 486 | 577 | |||||||||||
| Acquisition-related expense | (2 | ) | (299 | ) | 117 | (4 | ) | ||||||||
| Non-GAAP sales and marketing | $ | 16,802 | $ | 13,427 | $ | 33,109 | $ | 27,161 | |||||||
| Restructuring charges | $ | 32 | $ | 6 | $ | 805 | $ | 125 | |||||||
| Less: | |||||||||||||||
| Restructuring-related expense | 32 | — | 800 | 115 | |||||||||||
| Non-GAAP restructuring charges | $ | — | $ | 6 | $ | 5 | $ | 10 | |||||||
| Calculation of Bookings | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Revenue | $ | 53,435 | $ | 33,972 | $ | 101,550 | $ | 66,998 | |||||||
| Add: | |||||||||||||||
| Deferred revenue ending balance | 110,049 | 96,815 | 110,049 | 96,815 | |||||||||||
| Impact of foreign exchange | 87 | — | — | 165 | |||||||||||
| Less: | |||||||||||||||
| Impact of foreign exchange | — | 76 | 58 | — | |||||||||||
| Beginning deferred revenue from acquisitions | — | — | 6,830 | — | |||||||||||
| Deferred revenue beginning balance | 109,878 | 95,007 | 98,703 | 91,424 | |||||||||||
| Change in deferred revenue balance | 258 | 1,732 | 4,458 | 5,556 | |||||||||||
| Bookings | $ | 53,693 | $ | 35,704 | $ | 106,008 | $ | 72,554 | |||||||
| Calculation of Adjusted Free Cash Flow | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2016 | 2015 | 2016 | 2015 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 5,084 | $ | 3,976 | $ | (1,673 | ) | $ | 6,547 | ||||||
| Subtract: | |||||||||||||||
| Purchases of property and equipment | 885 | 1,617 | 2,809 | 4,906 | |||||||||||
| Free cash flow | 4,199 | 2,359 | (4,482 | ) | 1,641 | ||||||||||
| Add: | |||||||||||||||
| Payments related to corporate headquarter relocation | — | — | — | 1,309 | |||||||||||
| Acquisition-related payments | 2,735 | 306 | 9,791 | 381 | |||||||||||
| Hostile takeover-related payments | — | 401 | — | 1,663 | |||||||||||
| CEO transition payments | — | — | — | 29 | |||||||||||
| Restructuring-related payments | 239 | — | 341 | — | |||||||||||
| Cash portion of lease exit charge | 85 | 89 | 151 | 711 | |||||||||||
| Litigation-related payments | — | 9 | 924 | 9 | |||||||||||
| Adjusted free cash flow | $ | 7,258 | $ | 3,164 | $ | 6,725 | $ | 5,743 | |||||||
Investor Relations Contact: Jeremiah Sisitsky Carbonite 781-928-0713 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
