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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rackspace Hosting, (delisted) | NYSE:RAX | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 31.99 | 0 | 01:00:00 |
Delaware | 74-3016523 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
Rackspace Hosting, Inc. | |||
Date: | May 11, 2015 | By: | /s/ Karl Pichler |
Karl Pichler | |||
Chief Financial Officer and Treasurer |
Exhibit No. | Description | |
EX-99.1 | Press Release of Rackspace Hosting, Inc., dated May 11, 2015, reporting financial results for the first quarter of 2015. |
• | Tinder became a new customer |
• | Rackspace announced support for fully-managed Microsoft SQL Server 2014 solution |
• | Rackspace::Solve San Francisco, Atlanta and New York City conferences |
• | John Harper appointed to Board of Directors |
Investor Relations: | Media Relations: |
Jessica Drought | Brandon Brunson |
210-312-4191 | 210-312-1357 |
ir@rackspace.com | brandon.brunson@rackspace.com |
Three Months Ended | ||||||||||||
(In millions, except per share data) | March 31, 2014 | December 31, 2014 | March 31, 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 |
(In millions) | December 31, 2014 | March 31, 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. |
Three Months Ended | |||||||||||
(in millions) | March 31, 2014 | December 31, 2014 | March 31, 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. |
Three Months Ended | |||||||||||||||||||
(Dollar amounts in millions, except average monthly revenue per server) | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 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 | |||||||||
Three Months Ended | |||||||||||||||||||
(Dollar amounts in millions, except average monthly revenue per server) | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 2015 | ||||||||||||||
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. |
Three Months Ended | |||||||||||||||||||
(In millions) | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 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 revenue) | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 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. |
Three Months Ended | |||||||||||||||||||
(Dollars in millions) | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 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 | % |
Three Months Ended | |||||||||||||||||||
(Dollars in millions) | March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 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. |
Three Months Ended | |||||||
(In millions) | March 31, 2014 | March 31, 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 |
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