Rackspace Reports Solid First Quarter Revenue and Margins
Revenue Grew 14 Percent Compared to the First Quarter of 2014 Adjusted EBITDA Grew 15.5 Percent Compared to the First Quarter of 2014 Net Income Grew 12 Percent Compared to the First Quarter of 2014
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SAN ANTONIO, TX -- (Marketwired) -- 05/11/15 -- Rackspace® (NYSE: RAX), the #1 managed cloud company, today announced financial results for the quarter that ended March 31, 2015.
On a GAAP basis, net revenue for the first quarter of 2015 was $480 million, up 14.1 percent from the first quarter of 2014. These results were adversely affected by shifts in currency exchange rates. On a constant currency basis, net revenue grew 16.6 percent from the first quarter of 2014.
Adjusted EBITDA for the quarter was $161 million, up 15.5 percent from the first quarter of 2014. Net income for the first quarter was $28 million, for a margin of 5.9 percent, down from 6.0 percent in the first quarter of 2014.
For the first quarter of 2015, cash flow from operating activities was $145 million, capital expenditures were $90 million, and Adjusted Free Cash Flow was $67 million. At the end of the first quarter of 2015, cash and cash equivalents were $276 million, and interest-bearing debt including capital lease obligations totaled $11 million. Return on Capital was 12.6 percent in the first quarter of 2015 compared to 11.5 percent in the first quarter of 2014.
On a worldwide basis, Rackspace employed 5,964 Rackers as of March 31, 2015.
"We delivered on our promises in the first quarter and are better positioning ourselves to benefit from the rapid growth of the managed cloud market," said Taylor Rhodes, president and CEO of Rackspace. "The execution of our strategy is driving profitable growth for Rackspace, including through a rising number of new, larger enterprise customers."
For the second quarter of 2015, Rackspace expects revenue to grow between 1.5 percent and 2.5 percent on a constant currency basis and adjusted EBITDA margins to be between 32 percent and 34 percent.
Recent Highlights
- Tinder became a new customer
Tinder, the widely popular matchmaking mobile app, is leveraging ObjectRocket™ by Rackspace to power its matching and moment rating capabilities.
- Rackspace announced support for fully-managed Microsoft SQL Server 2014 solution
Support for Microsoft® SQL Server® 2014 In-Memory Online Transaction Processing (OLTP) and AlwaysOn Availability enables rapid migration and deployment; while increasing performance up to 30x. Customers can rapidly scale up performance, drive greater database consolidation density and help reduce total cost of ownership.
- Rackspace::Solve San Francisco, Atlanta and New York City conferences
The events featured high-profile tech and business visionaries explaining how Rackspace Managed Cloud works for them, and how it can work for other companies too. The events provided an inside look into IT strategies and real-world solutions that help businesses scale, manage big data, and navigate digital trends.
- John Harper appointed to Board of Directors
John is an industry veteran with a strong track record of driving financial success for leading technology companies. His extensive background in finance and technology make him a valued addition to the Board.
Non-GAAP Financial Information
Adjusted EBITDA, Adjusted Free Cash Flow, and Return on Capital are non-GAAP financial measures. Rackspace believes these measures provide helpful information with respect to evaluating the company's performance. Other companies may calculate non-GAAP measures differently, limiting their usefulness as a comparative measure. The financial statement tables that accompany this press release include reconciliations of non-GAAP financial measures to the most comparable GAAP financial measures.
Conference Call and Webcast
Rackspace's executive management will host a conference call to discuss the results for the first quarter of 2015 starting today at 4:30 p.m. ET.
To access the conference call from the United States and Canada, please dial 800-759-0876; from the United Kingdom, please dial 0800-692-2011; and from Hong Kong, please dial 800-962-091.
A live webcast and a replay of the conference call will be available on Rackspace's website, located at ir.rackspace.com.
About Rackspace
Rackspace (NYSE: RAX) is the #1 managed cloud company. Its technical expertise and Fanatical Support® allow companies to tap the power of the cloud without the pain of hiring experts in dozens of complex technologies. Rackspace is also the leader in hybrid cloud, giving each customer the best fit for its unique needs -- whether on single- or multi-tenant servers, or a combination of those platforms. Rackspace is the founder of OpenStack®, the open-source operating system for the cloud. Headquartered in San Antonio, Rackspace serves more than 300,000 business customers from data centers on four continents. For more information, visit www.rackspace.com.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of Rackspace Hosting could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including any statements concerning expected operational and financial results, long-term investment strategies, growth plans, expected results from the integration of technologies and acquired businesses, or the performance or market share relating to products and services; any statements of expectation or belief; and any statements or assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include infrastructure failures; the deterioration of economic conditions or fluctuations, disruptions, instability or downturns in the economy; the effectiveness of managing company growth; technological and competitive factors; regulatory factors; and other risks that are described in Rackspace Hosting's Form 10-K for the year ended December 31, 2014, filed with the SEC on March 2, 2015, and subsequent filings. Except as required by law, Rackspace Hosting assumes no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Consolidated Statements of Income
(Unaudited)
Three Months Ended
----------------------------------------
(In millions, except per share March 31, December 31, March 31,
data) 2014 2014 2015
------------ -------------- ------------
Net revenue $ 421.0 $ 472.5 $ 480.2
Costs and expenses:
Cost of revenue 140.4 153.9 161.3
Research and development 25.2 31.4 32.0
Sales and marketing 57.4 59.2 59.0
General and administrative 71.1 82.8 86.6
Depreciation and amortization 87.8 95.2 96.9
------------ -------------- ------------
Total costs and expenses 381.9 422.5 435.8
------------ -------------- ------------
Income from operations 39.1 50.0 44.4
------------ -------------- ------------
Other income (expense):
Interest expense (0.5) (0.4) (0.4)
Interest and other income
(expense) 0.3 (0.3) (2.0)
------------ -------------- ------------
Total other income (expense) (0.2) (0.7) (2.4)
------------ -------------- ------------
Income before income taxes 38.9 49.3 42.0
Income taxes 13.5 12.3 13.6
------------ -------------- ------------
Net income $ 25.4 $ 37.0 $ 28.4
============ ============== ============
Net income per share
Basic $ 0.18 $ 0.26 $ 0.20
============ ============== ============
Diluted $ 0.18 $ 0.26 $ 0.20
============ ============== ============
Weighted average number of shares
outstanding
Basic 141.0 141.8 141.4
============ ============== ============
Diluted 143.8 144.5 144.2
============ ============== ============
Consolidated Balance Sheets
December 31, March 31,
(In millions) 2014 2015
-------------- --------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 213.5 $ 275.7
Accounts receivable, net of allowance for
doubtful accounts and customer credits of
$5.3 as of December 31, 2014 and $6.5 as of
March 31, 2015 156.5 154.0
Deferred income taxes 9.3 8.0
Prepaid expenses 33.6 32.3
Other current assets 8.8 9.1
-------------- --------------
Total current assets 421.7 479.1
Property and equipment, net 1,057.7 1,068.8
Goodwill 81.1 81.1
Intangible assets, net 16.6 14.6
Other non-current assets 47.2 48.7
-------------- --------------
Total assets $ 1,624.3 $ 1,692.3
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $ 137.3 $ 135.1
Accrued compensation and benefits 66.7 68.8
Income and other taxes payable 11.8 10.9
Deferred revenue 20.9 24.6
Capital lease obligations 15.0 9.9
Debt 25.1 0.1
-------------- --------------
Total current liabilities 276.8 249.4
Non-current liabilities:
Deferred revenue 1.4 1.5
Capital lease obligations (1) 1.5 0.8
Finance lease obligations for build-to-suit
leases (1) 117.4 146.6
Deferred income taxes 71.2 60.8
Deferred rent 49.9 50.0
Other liabilities 32.3 30.3
-------------- --------------
Total liabilities 550.5 539.4
Commitments and Contingencies
Stockholders' equity:
Common stock 0.1 0.1
Additional paid-in capital 696.0 757.9
Accumulated other comprehensive loss (20.7) (31.9)
Retained earnings 398.4 426.8
-------------- --------------
Total stockholders' equity 1,073.8 1,152.9
-------------- --------------
Total liabilities and stockholders'
equity $ 1,624.3 $ 1,692.3
============== ==============
(1) Prior period amounts have been revised to reflect the impact of a
reclassification of certain finance obligations associated with build-
to-suit leases to conform to the current period presentation.
Consolidated Statements of Cash Flows
(Unaudited)
Three Months Ended
----------------------------------------
March 31, December 31, March 31,
(in millions) 2014 2014 2015
------------ -------------- ------------
Cash Flows From Operating
Activities
Net income $ 25.4 $ 37.0 $ 28.4
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization 87.8 95.2 96.9
Deferred income taxes (10.1) 30.5 (14.7)
Share-based compensation
expense 12.7 20.2 20.0
Excess tax benefits from share-
based compensation
arrangements (15.1) 10.8 (20.2)
Other operating activities 2.0 2.4 2.8
Changes in operating assets and
liabilities:
Accounts receivable 3.9 (26.0) (1.8)
Prepaid expenses and other
current assets 3.3 16.1 0.8
Accounts payable, accrued
expenses, and other current
liabilities 30.3 (38.5) 26.9
Deferred revenue (2.1) 1.3 4.3
Deferred rent 2.3 1.1 0.4
Other non-current assets and
liabilities 1.3 0.8 1.5
------------ -------------- ------------
Net cash provided by
operating activities 141.7 150.9 145.3
Cash Flows From Investing
Activities
Purchases of property and
equipment (85.0) (107.2) (92.5)
All other investing activities 0.5 0.3 0.7
------------ -------------- ------------
Net cash used in investing
activities (84.5) (106.9) (91.8)
Cash Flows From Financing
Activities
Principal payments of capital and
build-to-suit leases (12.5) (7.2) (5.6)
Proceeds from debt - 25.0 -
Repayments of debt (0.1) (0.1) (25.1)
Payments for deferred acquisition
obligations (0.1) - (0.1)
Receipt of Texas Enterprise Fund
grant 5.5 - -
Repurchase of common stock - (200.0) -
Shares of common stock withheld
for employee taxes (13.6) - -
Proceeds from employee stock
plans 2.1 15.1 21.8
Excess tax benefits from share-
based compensation arrangements 15.1 (10.8) 20.2
------------ -------------- ------------
Net cash provided by (used
in) financing activities (3.6) (178.0) 11.2
Effect of exchange rate
changes on cash and cash
equivalents 0.5 (2.0) (2.5)
------------ -------------- ------------
Increase (decrease) in
cash and cash
equivalents 54.1 (136.0) 62.2
Cash and cash
equivalents, beginning
of period 259.7 349.5 213.5
------------ -------------- ------------
Cash and cash
equivalents, end of
period $ 313.8 $ 213.5 $ 275.7
============ ============== ============
Supplemental Cash Flow Information
Non-cash purchases of property
and equipment (1) $ 15.7 $ (2.6) $ (2.3)
(1) Non-cash purchases of property and equipment represents changes in
amounts accrued for purchases under vendor financing and other deferred
payment arrangements.
Key Metrics - Quarter to Date
(Unaudited)
Three Months Ended
--------------------------------------------------------
(Dollar amounts in
millions, except
average monthly
revenue per March 31, June 30, September 30, December 31, March 31,
server) 2014 2014 2014 2014 2015
--------- --------- ------------- ------------ ---------
Growth
Net revenue $ 421.0 $ 441.2 $ 459.7 $ 472.5 $ 480.2
Revenue growth
(year over year) 16.2% 17.4% 18.3% 15.8% 14.1%
Number of
employees
(Rackers) at
period end 5,743 5,798 5,939 5,936 5,964
Number of servers
deployed at
period end 106,229 107,657 110,453 112,628 114,105
Average monthly
revenue per
server $ 1,336 $ 1,375 $ 1,405 $ 1,412 $ 1,412
Profitability
Income from
operations $ 39.1 $ 33.9 $ 40.5 $ 50.0 $ 44.4
Depreciation and
amortization $ 87.8 $ 90.6 $ 98.3 $ 95.2 $ 96.9
Share-based
compensation
expense $ 12.7 $ 17.3 $ 19.8 $ 20.2 $ 20.0
--------- --------- ------------- ------------ ---------
Adjusted EBITDA
(1) $ 139.6 $ 141.8 $ 158.6 $ 165.4 $ 161.3
Adjusted EBITDA
margin 33.2% 32.1% 34.5% 35.0% 33.6%
Operating
income margin 9.3% 7.7% 8.8% 10.6% 9.3%
Income from
operations $ 39.1 $ 33.9 $ 40.5 $ 50.0 $ 44.4
Effective tax rate 34.6% 33.0% 32.0% 25.1% 32.4%
--------- --------- ------------- ------------ ---------
Net operating
profit after tax
(NOPAT) (1) $ 25.6 $ 22.7 $ 27.5 $ 37.5 $ 30.0
NOPAT margin 6.1% 5.1% 6.0% 7.9% 6.3%
Capital efficiency
and returns
Interest bearing
debt (2) $ 45.9 $ 34.2 $ 24.0 $ 41.6 $ 10.8
Stockholders'
equity $1,100.0 $1,171.2 $ 1,223.7 $ 1,073.8 $1,152.9
Less: Excess cash $ (263.3) $ (287.4) $ (294.3) $ (156.8) $ (218.1)
--------- --------- ------------- ------------ ---------
Capital base (2) $ 882.6 $ 918.0 $ 953.4 $ 958.6 $ 945.6
Average capital
base (2) $ 892.6 $ 900.3 $ 935.8 $ 956.0 $ 952.1
Capital turnover
(annualized)
(2) 1.89 1.96 1.97 1.98 2.02
Return on
capital
(annualized)
(1) (2) 11.5% 10.1% 11.8% 15.7% 12.6%
Capital
expenditures
Cash purchases of
property and
equipment $ 85.0 $ 114.0 $ 124.1 $ 107.2 $ 92.5
Non-cash purchases
of property and
equipment (3) $ 15.7 $ (1.6) $ (6.7) $ (2.6) $ (2.3)
--------- --------- ------------- ------------ ---------
Total capital
expenditures $ 100.7 $ 112.4 $ 117.4 $ 104.6 $ 90.2
Customer gear $ 60.7 $ 64.8 $ 78.7 $ 72.5 $ 58.7
Data center build
outs $ 11.0 $ 13.8 $ 14.8 $ 11.1 $ 13.4
Office build outs $ 9.2 $ 6.8 $ 3.5 $ 1.6 $ 2.3
Capitalized
software and
other projects $ 19.8 $ 27.0 $ 20.4 $ 19.4 $ 15.8
--------- --------- ------------- ------------ ---------
Total capital
expenditures $ 100.7 $ 112.4 $ 117.4 $ 104.6 $ 90.2
Infrastructure
capacity and
utilization
Megawatts under
contract at
period end (4) 58.1 58.1 58.1 58.1 63.2
Megawatts
available for
customer use at
period end (5) 45.3 45.4 45.4 49.7 52.0
Megawatts utilized
at period end 28.1 29.0 29.9 30.5 31.0
Annualized net
revenue per
average Megawatt
of power utilized $ 60.7 $ 61.8 $ 62.4 $ 62.6 $ 62.5
(1) See discussion and reconciliation of our Non-GAAP financial measures to
the most comparable GAAP measures.
(2) Prior period amounts have been revised to reflect the impact of a
reclassification of certain finance obligations associated with build-
to-suit leases in the consolidated balance sheets, to conform to the
current period presentation.
(3) Non-cash purchases of property and equipment represents changes in
amounts accrued for purchases under vendor financing and other deferred
payment arrangements.
(4) Megawatts under contract at period end represents data center capacity
for which we have a contract enabling us to take control of the space.
For our newest data center in London, as of March 31, 2015, we have
included four megawatts.
(5) Megawatts available for customer use at period end represents data
center capacity that is built-out and is being used to provide service
to customers.
Consolidated Quarterly Statements of Income
(Unaudited)
Three Months Ended
---------------------------------------------------------
March 31, June 30, September 30, December 31, March 31,
(In millions) 2014 2014 2014 2014 2015
--------- -------- -------------- ------------- ---------
Net revenue $ 421.0 $441.2 $ 459.7 $ 472.5 $ 480.2
Costs and
expenses:
Cost of revenue 140.4 145.1 142.9 153.9 161.3
Research and
development 25.2 29.7 30.7 31.4 32.0
Sales and
marketing 57.4 60.4 60.6 59.2 59.0
General and
administrative 71.1 81.5 86.7 82.8 86.6
Depreciation and
amortization 87.8 90.6 98.3 95.2 96.9
--------- -------- -------------- ------------- ---------
Total costs
and expenses 381.9 407.3 419.2 422.5 435.8
--------- -------- -------------- ------------- ---------
Income from
operations 39.1 33.9 40.5 50.0 44.4
--------- -------- -------------- ------------- ---------
Other income
(expense):
Interest expense (0.5) (0.5) (0.5) (0.4) (0.4)
Interest and
other income
(expense) 0.3 0.1 (2.1) (0.3) (2.0)
--------- -------- -------------- ------------- ---------
Total other
income
(expense) (0.2) (0.4) (2.6) (0.7) (2.4)
--------- -------- -------------- ------------- ---------
Income
before
income
taxes 38.9 33.5 37.9 49.3 42.0
Income taxes 13.5 11.0 12.2 12.3 13.6
--------- -------- -------------- ------------- ---------
Net income $ 25.4 $ 22.5 $ 25.7 $ 37.0 $ 28.4
========= ======== ============== ============= =========
Three Months Ended
---------------------------------------------------------
(Percent of net March 31, June 30, September 30, December 31, March 31,
revenue) 2014 2014 2014 2014 2015
--------- -------- -------------- ------------- ---------
Net revenue 100.0% 100.0% 100.0% 100.0% 100.0%
Costs and
expenses:
Cost of revenue 33.3% 32.9% 31.1% 32.6% 33.6%
Research and
development 6.0% 6.7% 6.7% 6.6% 6.7%
Sales and
marketing 13.6% 13.7% 13.2% 12.5% 12.3%
General and
administrative 16.9% 18.5% 18.9% 17.5% 18.0%
Depreciation and
amortization 20.9% 20.5% 21.4% 20.2% 20.2%
--------- -------- -------------- ------------- ---------
Total costs
and expenses 90.7% 92.3% 91.2% 89.4% 90.7%
--------- -------- -------------- ------------- ---------
Income from
operations 9.3% 7.7% 8.8% 10.6% 9.3%
--------- -------- -------------- ------------- ---------
Other income
(expense):
Interest expense (0.1)% (0.1)% (0.1)% (0.1)% (0.1)%
Interest and
other income
(expense) 0.1% 0.0% (0.5)% (0.1)% (0.4)%
--------- -------- -------------- ------------- ---------
Total other
income
(expense) (0.1)% (0.1)% (0.6)% (0.1)% (0.5)%
--------- -------- -------------- ------------- ---------
Income
before
income
taxes 9.2% 7.6% 8.2% 10.4% 8.8%
Income taxes 3.2% 2.5% 2.6% 2.6% 2.8%
--------- -------- -------------- ------------- ---------
Net income 6.0% 5.1% 5.6% 7.8% 5.9%
========= ======== ============== ============= =========
Due to rounding, totals may not equal the sum of the line items in the
table above.
Non-GAAP Financial Measures
Adjusted EBITDA
We use Adjusted EBITDA as a supplemental measure to review and assess our performance. Adjusted EBITDA is a metric that is used by analysts and investors for comparative and valuation purposes. We disclose this metric in order to support and facilitate the dialogue with research analysts and investors.
We define Adjusted EBITDA as net income, plus income taxes, total other (income) expense, depreciation and amortization, and non-cash charges for share-based compensation. The following table presents a reconciliation of Adjusted EBITDA to net income.
Three Months Ended
----------------------------------------------------------
(Dollars in March 31, June 30, September 30, December 31, March 31,
millions) 2014 2014 2014 2014 2015
--------- -------- --------------- ------------- ---------
Net revenue $ 421.0 $ 441.2 $ 459.7 $ 472.5 $ 480.2
Income from
operations $ 39.1 $ 33.9 $ 40.5 $ 50.0 $ 44.4
Net income $ 25.4 $ 22.5 $ 25.7 $ 37.0 $ 28.4
Plus: Income
taxes 13.5 11.0 12.2 12.3 13.6
Plus: Total
other (income)
expense 0.2 0.4 2.6 0.7 2.4
Plus:
Depreciation
and
amortization 87.8 90.6 98.3 95.2 96.9
Plus: Share-
based
compensation
expense 12.7 17.3 19.8 20.2 20.0
--------- -------- --------------- ------------- ---------
Adjusted EBITDA $ 139.6 $ 141.8 $ 158.6 $ 165.4 $ 161.3
Operating income
margin 9.3% 7.7% 8.8% 10.6% 9.3%
Adjusted EBITDA
margin 33.2% 32.1% 34.5% 35.0% 33.6%
Return on Capital ("ROC")
We believe that ROC is an important metric for investors in evaluating our company's performance. ROC measures how effectively a company generates profits from the capital that is deployed. We calculate ROC by dividing net operating profit after tax by our average capital base. The following table presents a reconciliation of ROC to return on assets, which we calculate directly from amounts on the Consolidated Statements of Income and the Consolidated Balance Sheets.
Three Months Ended
-----------------------------------------------------------
(Dollars in March 31, June 30, September 30, December 31, March 31,
millions) 2014 2014 2014 2014 2015
--------- --------- --------------- ------------- ---------
Income from
operations $ 39.1 $ 33.9 $ 40.5 $ 50.0 $ 44.4
Effective tax
rate 34.6% 33.0% 32.0% 25.1% 32.4%
--------- --------- --------------- ------------- ---------
Net operating
profit after
tax (NOPAT) $ 25.6 $ 22.7 $ 27.5 $ 37.5 $ 30.0
Net income $ 25.4 $ 22.5 $ 25.7 $ 37.0 $ 28.4
Total assets at
period end $1,566.9 $1,648.0 $ 1,724.5 $ 1,624.3 $1,692.3
Less: Excess
cash (1) (263.3) (287.4) (294.3) (156.8) (218.1)
Less: Accounts
payable and
accrued
expenses,
accrued
compensation
and benefits,
and income
and other
taxes payable (224.4) (231.6) (244.4) (215.8) (214.8)
Less: Deferred
revenue
(current and
non-current) (24.5) (23.2) (21.5) (22.3) (26.1)
Less: Other
non-current
liabilities,
deferred
income taxes,
deferred
rent, and
finance lease
obligations
for build-to-
suit leases
(2) (172.1) (187.8) (210.9) (270.8) (287.7)
--------- --------- --------------- ------------- ---------
Capital base
(2) $ 882.6 $ 918.0 $ 953.4 $ 958.6 $ 945.6
Average
total
assets $1,529.4 $1,607.5 $ 1,686.3 $ 1,674.4 $1,658.3
Average
capital
base (2) $ 892.6 $ 900.3 $ 935.8 $ 956.0 $ 952.1
Return on
assets
(annualized
) 6.7% 5.6% 6.1% 8.8% 6.9%
Return on
capital
(annualized
) (2) 11.5% 10.1% 11.8% 15.7% 12.6%
(1) Defined as the amount of cash and cash equivalents that exceeds our
operating cash requirements, which is calculated as three percent of
our annualized net revenue for the three months prior to the period
end.
(2) Prior period amounts have been revised to reflect the impact of a
reclassification of certain finance obligations associated with build-
to suit leases in the consolidated balance sheets, to conform to the
current period presentation.
We believe that Adjusted Free Cash Flow is a performance metric used by investors to evaluate the strength and performance of a company's ongoing business. We define Adjusted Free Cash Flow as Adjusted EBITDA plus non-cash deferred rent, less total capital expenditures (including non-cash purchases of property and equipment), cash payments for interest and cash payments for income taxes. The following table presents a reconciliation of Adjusted Free Cash Flow to Adjusted EBITDA as a supplement to our reconciliation of Adjusted EBITDA to net income provided above.
Three Months Ended
------------------------
March 31, March 31,
(In millions) 2014 2015
----------- -----------
Adjusted EBITDA $ 139.6 $ 161.3
Non-cash deferred rent 2.3 0.4
Total capital expenditures (100.7) (90.2)
Cash payments for interest, net of interest
received (0.4) (0.3)
Cash payments for income taxes, net of refunds (0.9) (3.8)
----------- -----------
Adjusted free cash flow $ 39.9 $ 67.4
=========== ===========
Contacts: Investor Relations: Jessica Drought 210-312-4191 [email protected] Media Relations: Brandon Brunson 210-312-1357 [email protected]
Source: Rackspace Hosting
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