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Carbonite Inc

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2019 10-Q, filed Nov 12, 2019. Its latest SEC filing is a SC 13G/A from Feb 14, 2020.

The sections below describe the company as of the FY2018 annual report.

What Did They Do?

Provides data protection, including backup, recovery and workload migration, for individuals and businesses.

How Did They Make Money?

Most customers pay monthly or annually in advance for subscription services, which are delivered over the subscription period. The rest comes from software arrangements, including licenses, hardware and support; professional services may be prepaid or billed by time and materials.

FY2018 revenue

Who Were Their Customers?

Individuals buy through the website; businesses buy through the website, inside sales, or channel partners such as distributors, resellers, managed service providers and systems integrators.

Did Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2018 and turned 14 cents into free cash flow.

Operating income, FY2018
1% of revenue
▲ Now profitable vs FY2017 (−$12.1M, −5%)
Net income, FY2018
3% of revenue
▲ Now profitable vs FY2017 (−$4M, −2%)
Free cash flow, FY2018
14% of revenue
▲ +192% vs FY2017 ($13.8M, 6%)

How Were They Changing?

Since the FY2018 annual report
Latest quarter: Q3 FY2019, the three months to Sep 30, 2019
Revenue
▲ +62%
vs $77.7M in Q3 FY2018
Net income
▼ Now a loss
vs $586K in Q3 FY2018
  • Dec 26, 2019 OpenText completed its acquisition of Carbonite Carbonite became a wholly owned subsidiary of OpenText; shares converted into the right to receive cash.
  • Nov 12, 2019 Carbonite agreed to be acquired by OpenText The agreement called for $23.00 per share in cash.
  • Jul 25, 2019 CEO Mohamad Ali departed and Steve Munford became interim CEO

Grew. Revenue grew 2.4x in 4 years, from $122.6M in FY2014 to $296.4M in FY2018, about 25% a year.

Broader product range The latest report describes backup and recovery alongside high availability, workload migration and email archiving; the older report centers on cloud and hybrid business continuity, including personal, small-business and server backup.

More than subscriptions The older report says revenue came principally from subscriptions; the latest also describes software arrangements that can include licenses, hardware, professional services and support.

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