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ņ DigitalOcean DigitalOcean Announces First Quarter 2021 Financial Results Revenue of $ 93.7 million , grew 29 % and ARR Increased to $ 388 million , up 30 % Adjusted EBITDA Margin Expanded by 740 bps to 33 % Capex as a Percentage of Revenue decreased by more than 1800 basis points year over year NEW YORK -- ( BUSINESS WIRE ) -- DigitalOcean Holdings , Inc. ( NYSE : DOCN ) , the cloud for developers , startups and SMBs , today announced results for its first quarter ended March 31 , 2021 . " We are pleased that in our first quarter as a public company , we delivered faster revenue growth , higher adjusted EBITDA margin and made a substantial improvement in our capital efficiency , " said Yancey Spruill , CEO of DigitalOcean . " Our initial public offering was an exciting milestone for DigitalOcean and now we are focused on moving forward into the next phase of our mission to simplify cloud computing for software developers and SMBs . " First Quarter 2021 Financial Highlights : • Revenue was $ 93.7 million , an increase of 29 % year - over - year . • Annual Run - Rate Revenue ( ARR ) ended the quarter at $ 388 million , an increase of 30 % year - over - year . Adjusted Gross Profit of $ 73.5 million or 79 % of revenue . Adjusted EBITDA was $ 30.7 million and adjusted EBITDA margin was 33 % of revenue as compared to adjusted EBITDA of $ 18.4 million and adjusted EBITDA margin of 25 % in the prior year period . ● ● ● Capital expenditures were $ 23.8 million or 25 % of revenue as compared to $ 32.2 million or 44 % of revenue in the prior year period . • The company completed an initial public offering and sold 16.5 million shares for net proceeds of $ 723.1 million and used a portion to pay off all outstanding debt . • Cash , cash equivalents , and restricted cash were $ 562.3 million with zero debt as of March 31 , 2021 . First Quarter 2021 Operational Highlights : • Total customers of approximately 585K at the end of the quarter , up 7 % as compared to the first quarter 2020 .