Business Type: New County: Washoe County Development Authority Representative: Joel Grace - EDAWN
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1 Board Summary Rackspace US, Inc. 1 Fanatical Place, San Antonio, TX Date: September 17, 2015 Main Location: Las Vegas Gary Boyd, Senior Director DC Project Engineering Information Technology Business Type: New County: Washoe County Development Authority Representative: Joel Grace - EDAWN APPLICATION HIGHLIGHTS - Rackspace US, Inc. is applying for the 20-year Data Center Sales Tax and Personal Property Tax abatements. - Meets the statutory requirement for job creation, average wage and capital investment. - Estimated 50 new employees over statutory period (50 required over 5-year period) - Estimated $422,000,000 capital investment over the 20-year period ($100 million over a 5-year period required) PROFILE Rackspace (NYSE: RAX) is the #1 managed cloud company with over 6,000 employees, who they call "Rackers," across the globe. Headquartered in San Antonio, Rackspace serves more than 300,000 business customers from data centers in Texas, Virginia,lIIinois, the United Kingdom, Hong Kong and Australia. While they are best known for providing Fanatical Support to their customers, they are also known for solid corporate citizenship in the communities in which they build, buy and operate. Rackspace offers a diverse portfolio of managed cloud computing services, including public cloud, dedicated, private cloud, and hybrid cloud - all delivered with a commitment to open technologies. Source: Rackspace US, Inc. SIGNIFICANCE OF ABATEMENTS IN THE COMPANY'S DECISION TO RELOCATE/EXPAND Rackspace identified a key opportunity to provide services to customers located on the West Coast. Following an evaluation of multiple sites over a multiyear period in connection with its planning for this large scale data center facility, Reno was identified as an attractive site due to the competitive power costs, low network latency to the Bay Area, access to a skilled workforce, and an attractive state incentive program. Source: Rackspace US, Inc. REQUIREMENTS Statutory Application Sufficient % Over / Under Job Creation (5 years) Yes 0% Average Wage $20.89 $29.75 Yes 42% Capital Investment (5 years) $100,000,000 $126,600,000 Yes 27% INVESTMENTS (NOT REQUIRED) Statutory Application Equipment 20 yr (est) $422,000,000 INCENTIVES Requested Terms Estimated $ Amount Sales Tax Abmt. (Equip.) Abated to 2% for 20 yrs. $23,062,300 Personal Prop. Tax Abmt. (Equip.) 75% for 20 yrs. $10,508,264 Total $33,570,564 JOB CREATION Contracted 5-Year Projection 10-Year Projection OTHER CAPITAL INVESTMENT Land Building Purchase BTS / Bldg Improvements $4,300,000 $0 $96,000,000 ECONOMIC IMPACT ESTIMATES (20-Year Cumulative) Total Total Jobs Supported 115 Total Payroll Supported $95,512,245 Total Output Estimate $323,384,200 Estimate includes jobs, payroll & output by the company assisted as well as the secondary impacts to other local businesses. NEW TAX REVENUE ESTIMATES (20-Year Cumulative) Direct Indirect Total Local Taxes Property $23,123,473 $2,986,990 $26,110,463 Sales $6,272,600 $1,578,489 $7,851,089 Lodging $0 $110,325 $110,325 State Taxes Property $1,126,360 $156,247 $1,282,607 Sales $10,248,000 $592,172 $10,840,172 Modified Business $699,183 $521,193 $1,220,376 Commerce NA NA NA Lodging $0 $3,182 $3,182 Total $41,469,616 $5,948,598 $47,418,214 COST-BENEFIT ASSESSMENT Economic Impact per Abated Dollar New Total Tax per Abated Dollar $10 $1.41 EMPLOYEE BENEFITS - Percentage of health insurance covered by company: 75%. - Health care package cost per employee - $7,838 annually with options for dependents. - Overtime, Merit Increases, PTO/Sick/Vacation, Bonus, Retirement Plan. NOTES - 50 statutory hires to make an average of $29.75/hr. - Other states in consideration: Oregon, Texas and Virginia
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7 Data Center Tax Abatement Incentive Application Company Name: Rackspace US, Inc. Date of Application: August 12, 2015 Company is an / a: (check one) New location in Nevada Expansion of a Nevada company Section 1 - Type of Incentives Please check all that the company is applying for on this application: Data Center Sales & Use Tax Abatement: abated to 2% up to 10 or 20 years for Tangible Personal Property Data Center Personal Property Tax Abatement: 75% up to 10 or 20 years for Eligible Machinery or Equipment Other: Section 2 - Corporate Information COMPANY NAME (Legal name under which business will be transacted in Nevada) Rackspace US, Inc. CORPORATE ADDRESS 1 Fanatical Place MAILING ADDRESS TO RECEIVE DOCUMENTS (If different from above) CITY / TOWN San Antonio FEDERAL TAX ID # STATE / PROVINCE ZIP Texas CITY / TOWN STATE / PROVINCE ZIP TELEPHONE NUMBER COMPANY CONTACT NAME Gary Boyd ADDRESS gary.boyd@rackspace.com WEBSITE COMPANY CONTACT TITLE Senior Director DC Project Engineering PREFERRED PHONE NUMBER (210) Has your company ever applied and been approved for incentives available by the Governor's Office of Economic Development? If Yes, list the program awarded, date of approval, and status of the accounts (attach separate sheet if necessary): Yes No Section 3 - Job Creation Requirement Please check the applicable category the company intends to qualify under with this application: NAICS CODE / SIC Year Abatement: Data Center shall have or have added 10 or more full-time Nevada employees within 5 years from the effective date 20 Year Abatement: Data Center shall have or have added 50 or more full-time Nevada employees within 5 years from the effective date Section 4 - Capital Investment Requirement (check applicable duration consistent with the category above) Please check the applicable category the company intends to qualify under with this application: 10 Year Abatement: Within 5 years from the effective date, the data center and one or more colocated businesses in each county shall make a cumulative capital investment 20 Year Abatement: Within 5 years from the effective date, the data center and one or more colocated businesses in each county shall make a cumulative capital investment Section 5 - Nevada Facility Type of Facility (Check all that apply): Headquarters Private Data Center Co-Location Data Center EXPECTED DATE OF NEW OPERATION (MONTH/YEAR) Jun-17 PROPOSED / ACTUAL NEVADA FACILITY ADDRESS WHAT OTHER STATES / REGIONS / CITIES ARE BEING CONSIDERED FOR YOUR COMPANY'S RELOCATION / EXPANSION / STARTUP? Oregon, Texas and Virginia Other: EXPECTED DATE OF EXPANDED OPERATION (MONTH / YEAR) INDUSTRY TYPE Tech/Hosting Public Cloud Provider Scientific Computing Center DESCRIPTION OF COMPANY'S NEVADA OPERATIONS Rackspace and its development partners will build and operate a Data Center in a technology park; creation of 50 full time permanent jobs to be hired from within the state of Nevada; spend over $300 million in land cost, construction cost, and capital equipment; attract other employers during the construction process; establish an office in Reno to manage data center procurement activities; as well as additional employers for vendors that will support the data center CITY / TOWN COUNTY ZIP Reno Washoe County 1
8 Section 6 - Complete Forms (see additional tabs at the bottom of this sheet for each form listed below ) Check the applicable box when form has been completed. 6 (A) Real Estate and Construction 6 (E) Employment Schedule 6 (B) Capital Equipment List 6 (F) Health Plan Evaluation 6 (C) 6 (D) Co-Located Tenants List Data Center General Taxable Items List Section 7 - Employment (Fill in either New Operations/Startup or Expansion, not both ) NEW OPERATIONS / STARTUP EXPANSIONS How many full-time equivalent (FTE*) employees will be created by the end of the first fourth quarter of new operations?: 20 Average hourly wage of these new employees: $29.75 How many full-time equivalent (FTE*) employees will be created by the end of the first fourth quarter of expanded operations?: Average hourly wage of these new employees: How many FTE employees prior to expansion?: Average hourly wage of these existing employees: Total number of employees after expansion: * FTE means a person who is in a permanent position of employment, works and average of 30 hours per week, and is eligible for company-sponsored health benefits. OTHER COMPENSATION (Check all that apply): Overtime PTO / Sick / Vacation Merit Increase Tuition assistance Bonus COLA adjustments Retirement Plan / Profit Sharing / 401(k) Other: BRIEF DESCRIPTION OF ADDITIONAL COMPENSATION PROGRAMS AND ELIGIBILITY REQUIREMENTS (Attach a separate sheet if necessary): Section 8 - Employee Health Insurance Benefit Program Is health insurance for employees and an option for dependents offered?: Yes (copy of benefit plan must be attached) Package includes (check all that apply): Medical Vision Dental Other: Qualified after (check one): Upon employment Three months after hire date Six months after hire date Other: Health Insurance Costs: Percentage of health insurance coverage by: Cost of health insurance for company (annual amount per employee): $ 7, Company: 75% Health Plan annual out-of-pocket maximum (individual): $ 2, Employee: 25% No [SIGNATURE PAGE FOLLOWS] 2
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10 6(C) Colocated Businesses Company Name: Rackspace US, Inc. County: Washoe Section 1 - Tenant Information Directions: Provide information on Colocated businesses, if applicable, in or proposed to be in the Data center. A Colocated business means a business that enters into a contract to use or occupy all or part of a Data center that is qualified to receive a tax abatements pursuant to S.B. 170 (78th (2015) Session). A Data center means one or more buildings located at one or more physical locations in Nevada which house a group of networked server computers for the purpose of centralizing the storage, management and dissemination of data and information pertaining to one or more businesses and includes any modular or preassembled components, associated telecommunications and storage systems and, if the data center includes more than one building or physical location, any network or connection between such buildings or physical locations. (a) Year Year-1 Year-2 Year-3 Year-4 Year-5 Year-6 Year-7 Year-8 Year-9 Year-10 Year-11 Year-12 Year-13 Year-14 Year-15 Year-16 Year-17 Year-18 Year-19 Year-20 (b) Projected Number of Tenants (c ) (d) Estimated Annual Average of Capital Total Amount $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 7
11 6(F) Evaluation of Health Plans Offered by Company Company Name: Rackspace US, Inc. County: Washoe County Total Number of Full-Time Employees: 50 Average Hourly Wage per Employee $29.75 Average Annual Wage per Employee (implied) $61, Annual Cost of Health Insurance per Employee $7, Percentage of Cost Covered by: Company (must be at least 50%) 75% Employee 25% Health Plan Annual Out-of-Pocket Maximum $2,600 Generalized Criteria for Essential Health Benefits (EHB) [following requirements outlined in the Affordable Care Act and US Code, including 42 USC Section 18022] Covered employee's premium not to exceed 9.5% of annual wage 4.2% MMQ Annual Out-of-Pocket Maximum not to exceed $6,600 (2015) $2,600 MMQ Minimum essential health benefits covered (Company offers PPO): (A) Ambulatory patient services (B) Emergency services (C) Hospitalization (D) Maternity and newborn care (E) Mental health/substance use disorder/behavioral health treatment (F) Prescription drugs (G) Rehabilitative and habilitative services and devices (H) Laboratory services (I) Preventive and wellness services and chronic disease management (J) Pediatric services, including oral and vision care No Annual Limits on Essential Health Benefits I, the undersigned, hereby declare to the Governor's Office of Economic Development that the facts herein stated are true, and that I have attached sufficient plan information for GOED to independently confirm the same. Name of person authorized for signature Signature Title Date 10
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16 Site Selection Factors Company Name: Rackspace US, Inc. County: Washoe County Section 1 - Site Selection Ratings Directions: Please rate the select factors by importance to the company's business (1 = very low; 5 = very high). Attach this form to the Incentives Application. Availability of qualified workforce: 4 Transportation infrastructure: 3 Labor costs: 3 Transportation costs: 2 Real estate availability: 4 State and local tax structure: 5 Real estate costs: 4 State and local incentives: 5 Utility infrastructure: 5 Business permitting & regulatory structure: 3 Utility costs: 4 Access to higher education resources: 4 OTHER FACTORS & RATINGS: Number of bandwidth providers in the area; improved latency to the bay area; direct flights from San Antonio; options for green energy; network effect of Apple, Stream and Tesla in the area; access to vendors; Senior Leadership's familiarity with the area and relationship with the local community; and option to expand Open Cloud Academy in the area to provide technical training to establish a local talent base from which to expand our existing technical workforce 4
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18 Safe Harbor Safe Harbor Statement This presentation 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 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, 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 Form 10-Q for the three months ended September 30, 2014, filed with the SEC on May 11, Except as required by law, Rackspace assumes no obligation to update these forward-looking statements 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. Non-GAAP Financial Measures Please note that certain financial measures used in this presentation, such as adjusted EBITDA, are expressed on a non-gaap basis. Adjusted EBITDA has been adjusted to exclude charges relating to stock-based compensation. Our GAAP results and GAAP to non-gaap reconciliation can be found in this presentation, and have been posted on the Investors page of our website. 2
19 Rackspace by the Numbers 6,000+ Rackers 300,000+ Customers 100,000+ Physical servers 120+ Countries 9 Data Centers Worldwide America s #1 Most Trustworthy Large Company in Forbes Q2 14 Ranking Among Companies > $5B $1.9B Annualized Revenue 60+% Of Fortune 100 #1 trusted provider Of IR1000 ecommerce sites Leader in for cloud-enabled managed hosting, North America and Europe, OpenStack Founder Run world s largest OpenStack public cloud Run the most OpenStack private clouds 3
20 We re a Gartner Magic Quadrant Leader 1 4
21 Strong Growth Track Record Quarterly Revenue Performance $M Rev enue $408 $319 $336 $353 $362 $376 $389 $421 $441 $460 $472 $480 $301 $283 $265 $179 $187 $200 $215 $230 $247 Q1'10 Q2'10 Q3'10 Q4'10 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Key Takeaways Long-term track record of generating organic growth Positive sequential growth every quarter since inception 16 years ago Proven ability to evolve product offering Steady growth in both U.S. and Int l markets Sequential growth track record driven by loyalty model and new customer growth 5
22 What We Do For Customers EXPERTS IN RUNNING IT so businesses don t need to be FANATICAL SUPPORT is our product, inherent in the offering and drives economics of the business Provide MANAGED CLOUD CHOICE across hybrid platforms and customer technologies Portfolio of irresistible offerings delivers VALUE to targeted customer segments Long track record OPERATING AT SCALE provide scale economies and efficiency of expertise 6
23 Mainstream Cloud Demands Fanatical Support Innovators Geeks SMB Pragmatic Geeks Late Majority Laggards Mainstream Market Early Adopters Support Seekers 7
24 FANATICAL SUPPORT is Our Product SCALE Through Productized Services SCALE of Expertise CLOUD / SaaS Business Model 8
25 Rackspace is the MANAGED CLOUD Managed Cloud Unmanaged Cloud Business-Centric X Developer-Centric Managed X DIY Hybrid X Public-Only OpenStack X Proprietary Fanatical Support X Limited Support 9
26 What does it mean to be the #1 MANAGED CLOUD COMPANY? Over 60% of the Fortune 100 trust us to host their workloads #1 hosting provider for the top 1,000 internet retailers 200,000+ customers worldwide love our Fanatical Support A Gartner Magic Quadrant Leader Cloud-Enabled Managed Hosting, North America & Europe,
27 Rackspace Makes Hybrid Clouds Work FANATICAL SUPPORT CONFIDENTIAL & PROPRIETARY MATERIAL 11
28 OpenStack Leadership Provides Critical Mass Immediately Founder of OpenStack ~200 Rackers have contributed to the project Rackspace today is running the largest enterprise-ready open cloud platform in the world Operate the world s largest OpenStack-powered cloud Deployed and support more OpenStack-powered private clouds than any other company Contributed the most code 33% of total (#2 at 9%) CONFIDENTIAL & PROPRIETARY MATERIAL 12
29 Why We are Positioned to Win Hybrid Cloud is the Cloud Fanatical Support is Critical Unique, Specialized Outcomes Drive Value Customers Have Diverse Needs 15+ Years Operating at Scale CONFIDENTIAL & PROPRIETARY MATERIAL 13
30 Business Model Highlights Organic, highly recurring revenue model Rapid customer adoption of hybrid cloud provides long term growth opportunity High profits and returns driven by Fanatical Support stable over time Large and profitable book of business generating high cash flow Corporate financials reflect high reinvestment rates and conviction about the opportunity 14
31 Continuous Growth and Profitability Annual Revenue $1.79B Annual Adjusted EBITDA (1) $605M $629M $201M Growth 18% 24% 31% 28% 17% 17% Margin 32% 34% 34% 35% 33% 34% Note 1. Adjusted EBITDA calculated as GAAP operating income plus depreciation & amortization and share-based compensation expense 15
32 Investments Impact Margins and ROC NOPAT Margin Return on Capital 12% NOPAT and Return on Capital 17% 16% 16% 14% 15% 15% 17% 15% 16% 18% 9% 11% 11% 13% 12% 12% 8% 8% 9% 8% 8% 8% 9% 8% 12% 10% 11% 10% 12% 8% 13% 14% 6% 6% 6% 7% 7% 6% 6% 8% 5% 6% 5% 6% 6% 9% 4% 3% 5% 0% 0% 16
33 Unit Based Economics 17
34 Steady State Operating Model Summary % of Revenue Steady State Year / Year Revenue Growth 18.2% 24.1% 31.3% 27.7% 17.2% 16.9% 0% - 5% Cost of Revenue 31.9% 32.0% 33.8% 32.0% 32.1% 32.5% 26% Research & Development % 4.3% 5.9% 6.5% 4% Sales & Marketing 12.6% 12.3% 12.8% 12.7% 13.6% 13.2% 6% General & Administrative 26.7% 25.5% 19.0% 18.7% 19.4% 17.9% 14% (1) Adjusted EBITDA Margin 31.9% 33.6% 33.9% 35.5% 33.0% 33.7% 49% Capital Expenditures Customer Gear 17% 17% 19% 17% 19% 15% Data Center Build Outs 6% 5% 5% 2% 4% 3% Office Build Outs 2% 1% 3% 1% 2% 1% Capitalized Software 4% 4% 6% 6% 6% 5% Total CapEx 30% 28% 34% 26% 31% 24% 8%-12% (2) Adj. Free Cash Flow Margin 2.2% 4.4% (0.7%) 9.0% 1.8% 9.1% ~27% (1) Adjusted EBITDA excludes non-cash share-based comp; all other cost line items include share-based comp (2) Assumes cash tax rate of 30% at steady state 18
35 Historical Operating Results ($M) Net Revenue $629 $781 $1,025 $1,309 $1,535 $1,794 Cost of Revenue $201 $250 $346 $419 $492 $582 Research & Development $- $- $34 $57 $90 $117 Sales & Marketing $79 $96 $131 $166 $208 $238 General & Administrative $168 $199 $195 $245 $298 $322 Adjusted EBITDA $201 $262 $348 $464 $506 $605 Capital Expenditures $186 $216 $345 $338 $472 $435 Customer Gear $109 $136 $196 $218 $298 $277 Data Center Build Outs $37 $39 $50 $26 $58 $51 Office Build Outs $15 $9 $36 $14 $31 $21 Capitalized Software $25 $32 $63 $79 $85 $87 Adj. Free Cash Flow $14 $34 $(7) $119 $27 $
36 Balance Sheet Highlights $M March 31, 2015 Cash $276 Net PP&E $1,069 Other Assets $347 Total Assets $1,692 Strong Liquidity $276M of cash on the balance sheet Debt $11 Other Liabilities $528 Total Liabilities $539 Stockholders' Equity $1,153 $200M credit facility $200M accordion feature Total Liabilities and Equity $1,692 20
37 KEY METRICS (Dollar amounts in millions, except average monthly revenue per server) Growth March 31, 2014 June 30, 2014 Three Months Ended September 30, 2014 December 31, 2014 March 31, 2015 Net revenue $ $ $ $ $ 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, , , , ,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) $ $ $ $ $ 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 %
38 KEY METRICS March 31, 2014 June 30, 2014 Three Months Ended September 30, 2014 December 31, 2014 March 31, 2015 Capital efficiency and returns Interest bearing debt $ 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 $ $ $ $ $ Average capital base $ $ $ $ $ Capital turnover (annualized) Return on capital (annualized) (2) 11.5 % 10.1 % 11.8 % 15.7 % 12.6 % Capital expenditures Cash purchases of property and equipment $ 85.0 $ $ $ $ 92.5 Non-cash purchases of property and equipment (3) $ 15.7 $ (1.6) $ (6.7) $ (2.6) $ (2.3) Total capital expenditures $ $ $ $ $ 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 $ $ $ $ $ 90.2 Infrastructure capacity and utilization Megawatts under contract at period end (4) Megawatts available for customer use at period end (5) Megawatts utilized at period end Annualized net revenue per average Megawatt of power utilized $ 60.7 $ 61.8 $ 62.4 $ 62.4 $ 62.5 (1) Due to rounding, totals may not equal the sum of the line items in the table above. (2) See discussion and reconciliation of our Non-GAAP financial measures to the most comparable GAAP measures. (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 six 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.
39 (In millions) NON-GAAP RECONCILIATIONS (UNAUDITED) Adjusted EBITDA $ Non-cash deferred rent 0.4 Three Months Ended Three Months Ended March 31, June 30, September 30, December 31, March 31, (Dollars in millions) March 31, Net revenue $ $ $ $ $ Income from operations $ 39.1 $ 33.9 $ 40.5 $ 50.0 $ 44.4 Total capital expenditures (90.2) Net income $ 25.4 $ 22.5 $ 25.7 $ 37.0 $ 28.4 Cash payments for interest, net of interest received (0.3 ) Cash payments for income taxes, net of refunds (3.8 ) Adjusted free cash flow $ 67.4 Plus: Income taxes Plus: Total other (income) expense Plus: Depreciation and amortization Plus: Share-based compensation expense Adjusted EBITDA $ $ $ $ $ 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 March 31, June 30, September 30, December 31, March 31, (Dollars in millions) 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 (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 noncurrent) (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 (172.1) (187.8) (210.9) (270.8) (287.7) Capital base $ $ $ $ $ Average total assets $ 1,529.4 $ 1,607.5 $ 1,686.3 $ 1,674.4 $ 1,658.3 Average capital base $ $ $ $ $ Return on assets (annualized) 6.7 % 5.6 % 6.1 % 8.8 % 6.9 % Return on capital (annualized) 11.5 % 10.1 % 11.8 % 15.7 % 12.6 %
40 References 1. Gartner, Magic Quadrant for Cloud-Enabled Managed Hosting, North America, Douglas Toombs, Lydia Leong, Tiny Haynes, Gregor Petri, Bob Gill, 15 July 2014 Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings. Gartner research publications consist of the opinions of Gartner s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. CONFIDENTIAL & PROPRIETARY MATERIAL 24
41 Nevada Regional Project Assessment System - Project Summary For the Years: Jobs and Payroll New direct jobs created 65 New direct payroll $3,094,099 Average hourly wage for project $22.89 Industry average wage $53.87 Capital Investment Value of new construction $96,000,000 Value of new equipment purchases $422,000,000 Economic Impact* Total value economic impact $323,384,204 Total new jobs supported 115 Total new payroll supported $95,512,246 Household spending supported $79,380,122 Construction Impact Total value construction impact $135,460,313 Total new jobs supported 810 Total new payroll supported $49,688,124 New Tax Revenue (direct and indirect)* Local Taxes Property $26,110,464 Sales $7,851,083 Lodging Tax $110,318 Total Local Taxes $34,071,864 State Taxes Property $1,282,606 Sales $10,840,176 Lodging Tax $3,182 Modified Business Tax and Commerce Tax $1,220,374 Total State Taxes $13,346,338 * Includes jobs, payroll, output and tax revenues of companies assisted by the Nevada Development Authorities as well as secondary impacts at other local businesses. Report includes only impacts created in Additional impacts will be generated in future years. 09-Sep-15 1 of 1
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