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Rackspace Soars in Q4 2010

Rackspace Hosting reports strong fourth quarter 2010 results; greater ambitions still for 2011

"While we are pleased that we achieved our goals for 2010, we have even more ambitious plans for 2011 that are designed to position us to succeed well in the future," said Lanham Napier, President & CEO of Rackspace Hosting as the company announced on Thursday its financial results for the quarter ended December 31, 2010.

Rackspace, it was also announced yesterday, has become "Gold Sponsor" of Cloud Expo 2011 New York, the 8th International Cloud Expo (6-9 June, 2011).

The company's Q4 2010 results can be summarized as follows:

  • Net revenue of $214.7 million grew 26.7% year-over-year and 7.5% from Q3 2010
  • Adjusted EBITDA of $72.0 million grew 28.7% year-over-year and 5.2% from Q3 2010
  • Achieved adjusted EBITDA margin of 33.5%, up from 33.0% year-over-year and down from 34.3% in Q3 2010
  • Net income of $13.5 million grew 49.9% year-over-year and 14.6% from Q3 2010
  • Generated $5.6 million of Adjusted Free Cash Flow for the quarter and $34.2 million for the 2010 year

“At the beginning of the year we outlined our objectives for 2010, to grow faster than 2009, while maintaining margins and investing in our business," said Bruce Knooihuizen, chief financial officer, "We also said that we expected adjusted free cash flow to be positive at growth rates below 35%."

"With the year completed," he continued, "I am very pleased to report that we delivered on all three objectives,”

Adjusted EBITDA for the quarter was $72.0 million, a 5.2% increase compared to the third quarter of 2010 and a 28.7% increase compared to the fourth quarter of 2009. Net income was $13.5 million for the quarter, up 14.6% from the previous quarter and 49.9% from the fourth quarter of 2009.

On a worldwide basis, Rackspace employed 3,262 Rackers as of December 31, 2010, up from 3,130 Rackers as of September 30, 2010 and 2,774 Rackers as of December 31, 2009.

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