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Rackspace Hosting Reports First Quarter 2010 Results
Rackspace Hosting, the world’s leader in the hosting and cloud computing industry, announced financial results for the quarter ended March 31, 2010. Net revenue for the first quarter ended March 31, 2010 was $178.8 million, up 5.5% from the previous quarter and up 23.2% from the first quarter of 2009.
For the quarter ended March 31, 2010:
• Net revenue of $178.8 million grew 23.2% year-over-year and 5.5% from Q4 2009
• Adjusted EBITDA (1) of $59.4 million grew 31.8% year-over-year and 6.1% from Q4 2009
• Achieved adjusted EBITDA margin of 33.2%, up from 31.1% in Q1 2009 and 33.0% in Q4 2009
• Net income of $9.8 million grew 48.9% year-over-year and 8.6% from Q4 2009
SAN ANTONIO – May 3, 2010 – Rackspace® Hosting, Inc. (NYSE: RAX), the world’s leader in the hosting and cloud computing industry, announced financial results for the quarter ended March 31, 2010.
Net revenue for the first quarter ended March 31, 2010 was $178.8 million, up 5.5% from the previous quarter and up 23.2% from the first quarter of 2009. Net revenue for the first quarter of 2010 was negatively impacted by currency exchange rates when compared to the fourth quarter of 2009, but was favorably impacted when compared to the first quarter of 2009.
Changes in currency exchange rates quarter-over-quarter, had a negative impact on net revenue of $2.1 million and a positive impact on net revenue of $3.6 million on a year-over-year basis.
Managed hosting revenue for the quarter increased to $159.5 million, up from $152.4 million in the fourth quarter of 2009. Cloud revenue increased to $19.3 million in the quarter, up from $17.1 million in the fourth quarter of 2009.
Total server count increased to 59,876, up from 56,671 servers at the end of the fourth quarter of 2009, and total customers increased to 99,446, up from 90,925 at the end of the fourth quarter of 2009.
“We are very pleased with our performance in Q1 as we accelerated revenue growth while improving margins,” said Lanham Napier, president and chief executive officer. “2010 will be an exciting year for Rackspace. Our advantages as the leader and specialist in hosted computing, and provider of Fanatical Support®, are validated every day by customers who pay us premium rates, stay with us for years, and recommend us to their friends. Our customers are incredibly loyal. We aspire to serve them so well that we will be known as the most trusted company in all of IT. We have earned a strong position in the market, and we will create more and more value for our stakeholders. We see the opportunity, and we intend to grab it.”
Rackspace Hosting Reports First Quarter 2010 Results
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