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First Quarter 2015 Financial Highlights
- Registrar services revenue increased 12% to $42.0 million compared to $37.5 million primarily due to new gTLD registrations, improved performance by existing resellers and the continued onboarding of eNom wholesale partners.
- Registry services revenue increased to $1.6 million compared to $42 thousand.
- Aftermarket and other revenue was $7.3 million compared to $7.0 million.
- Total revenue increased 13% to $50.5 million compared to $44.6 million.
- Gain on other assets, net was $7.2 million representing the gain on withdrawals of its interest in gTLD applications during the period compared to $4.9 million.
- Net income was $1.9 million compared to a net loss of $3.9 million.
- Adjusted EBITDA was $0.6 million, compared to adjusted EBITDA of ($2.3 million).
- Over half of registrar service revenue growth during the first quarter came from new gTLD registrations.
- Name.com revenue grew over 30% during the period. Year-to-date, approximately 15% of Name.com new registrations came from new gTLDs with an average selling price of the new gTLDs over three times that of legacy gTLDs.
- As of March 31, 2015, Rightside had cash and cash equivalents of $45.9 million, compared to $49.7 million as of December 31, 2014.
Liquidity and Capital Resources
- As of March 31, 2015, Rightside had cash and cash equivalents of $45.9 million, compared to $49.7 million as of December 31, 2014.
- As of March 31, 2015, Rightside had $11.0 million of Letters of Credit outstanding under its $30 million revolving credit facility with Silicon Valley Bank, which was established on August 1, 2014 and matures in August 2017.
- As of March 31, 2015, Rightside had fully drawn its $30 million term loan credit facility with certain funds managed by Tennenbaum Capital Partners, LLC, which was established on August 6, 2014 and matures in August 2019.
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