Carbonite, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported revenue of $64,026,000 compared to $57,009,000 a year ago. Loss from operations was $2,926,000 compared to $6,873,000 a year ago. Loss before income taxes was $5,271,000 compared to $6,795,000 a year ago. Net income was $11,944,000 or $0.40 per diluted share compared to $7,595,000 or $0.27 per basic and diluted share a year ago. Net cash provided by operating activities was $3,291,000 compared to $7,561,000 a year ago. Purchases of property and equipment were $3,288,000 compared to $6,568,000 a year ago. Payment for intangibles was $1,250,000. Non-GAAP revenue was $64,908,000 compared to $59,087,000 a year ago. Non-GAAP net income was $8,124,000 or $0.27 per diluted share compared to $2,529,000 or $0.09 per basic and diluted share a year ago. Free cash flow was $3,000 compared to $993,000 a year ago. Adjusted free cash flow was $2,442,000 compared to $2,255,000 a year ago.

The company provided earnings guidance for the second quarter of 2018 and revised earnings guidance for the full year of 2018. For the second quarter of 2018, the company expects GAAP revenue to be in the range of $75.8 million to $77.8 million, non-GAAP revenue to be in the range of $78.0 million to $80.0 million and non-GAAP net income per share to be in the range of $0.34 to $0.38.

For the year 2018, the company now expects GAAP revenue to be in the range of $296.9 million to $306.9 million compared to previous guidance to be in the range of $294 million to $304.0 million, non-GAAP revenue to be in the range of $302.5 million to $312.5 million compared to previous guidance to be in the range of $302.5 million to $312.5 million, non-GAAP net income per share to be in the range of $1.51 to $1.59 compared to previous guidance to be in the range of $1.45 to $1.55, non-GAAP gross margin to be in the range of 76.0% to 77.0% compared to previous guidance to be in the range of 76.0% to 77.0% and adjusted free cash flow to be in the range of $32.0 million to $38.0 million compared to previous guidance to be in the range of $32.0 million to $38.0 million. Tax rate is expected to be approximately 8%, which is down from prior guidance of approximately 11%.