Rackspace Technology Reports Fourth Quarter and Full Year 2024 Results
Rackspace Technology (RXT) reported Q4 2024 results with revenue of $686 million, down 5% year-over-year. Full-year 2024 revenue was $2,737 million, declining 7% from 2023. The company's Q4 performance exceeded guidance for revenue, operating profit, and EPS.
Q4 Private Cloud revenue decreased 6% to $269 million, while Public Cloud revenue fell 4% to $417 million. The company reported a Q4 net loss of $60 million, or $(0.26) per diluted share, compared to net income of $28 million in Q4 2023. Operating cash flow was $54 million in Q4.
For full-year 2024, the company recorded a net loss of $863 million, with Non-GAAP Operating Profit at $106 million, down 33% year-over-year. Despite revenue declines, bookings grew 14% year-over-year, achieving record-breaking quarterly sales bookings.
Rackspace Technology (RXT) ha riportato i risultati del Q4 2024 con un fatturato di 686 milioni di dollari, in calo del 5% rispetto all'anno precedente. Il fatturato dell'intero anno 2024 è stato di 2.737 milioni di dollari, in diminuzione del 7% rispetto al 2023. Le performance del Q4 hanno superato le previsioni per fatturato, utile operativo ed EPS.
Il fatturato del Private Cloud nel Q4 è diminuito del 6% a 269 milioni di dollari, mentre il fatturato del Public Cloud è calato del 4% a 417 milioni di dollari. L'azienda ha riportato una perdita netta nel Q4 di 60 milioni di dollari, ovvero $(0,26) per azione diluita, rispetto a un utile netto di 28 milioni di dollari nel Q4 2023. Il flusso di cassa operativo è stato di 54 milioni di dollari nel Q4.
Per l'intero anno 2024, l'azienda ha registrato una perdita netta di 863 milioni di dollari, con un utile operativo Non-GAAP di 106 milioni di dollari, in calo del 33% rispetto all'anno precedente. Nonostante il calo del fatturato, gli ordini sono cresciuti del 14% su base annua, raggiungendo vendite record per prenotazioni trimestrali.
Rackspace Technology (RXT) reportó los resultados del Q4 2024 con ingresos de 686 millones de dólares, una disminución del 5% en comparación con el año anterior. Los ingresos del año completo 2024 fueron de 2,737 millones de dólares, cayendo un 7% desde 2023. El desempeño del Q4 superó las expectativas de ingresos, utilidad operativa y EPS.
Los ingresos del Private Cloud en el Q4 disminuyeron un 6% a 269 millones de dólares, mientras que los ingresos del Public Cloud cayeron un 4% a 417 millones de dólares. La compañía reportó una pérdida neta en el Q4 de 60 millones de dólares, o $(0.26) por acción diluida, en comparación con una utilidad neta de 28 millones de dólares en el Q4 2023. El flujo de caja operativo fue de 54 millones de dólares en el Q4.
Para el año completo 2024, la compañía registró una pérdida neta de 863 millones de dólares, con una utilidad operativa No-GAAP de 106 millones de dólares, un descenso del 33% en comparación con el año anterior. A pesar de la caída en los ingresos, las reservas crecieron un 14% en comparación con el año anterior, alcanzando un récord en las reservas de ventas trimestrales.
랙스페이스 테크놀로지 (RXT)는 2024년 4분기 실적을 보고하며 수익이 6억 8,600만 달러로 전년 대비 5% 감소했다고 발표했습니다. 2024년 전체 수익은 27억 3,700만 달러로 2023년 대비 7% 감소했습니다. 4분기 실적은 수익, 운영 이익 및 주당 순이익(EPS)에 대한 가이던스를 초과했습니다.
4분기 프라이빗 클라우드 수익은 6% 감소한 2억 6,900만 달러였고, 퍼블릭 클라우드 수익은 4% 감소한 4억 1,700만 달러로 나타났습니다. 회사는 4분기 순손실이 6,000만 달러, 즉 희석 주당 $(0.26)로, 2023년 4분기의 순이익 2,800만 달러에 비해 감소했다고 보고했습니다. 운영 현금 흐름은 4분기 동안 5,400만 달러였습니다.
2024년 전체 연도 동안 회사는 8억 6,300만 달러의 순손실을 기록했으며, 비-GAAP 운영 이익은 1억 600만 달러로 전년 대비 33% 감소했습니다. 수익 감소에도 불구하고 예약은 전년 대비 14% 증가하여 분기별 판매 예약에서 기록적인 성과를 달성했습니다.
Rackspace Technology (RXT) a annoncé ses résultats pour le 4ème trimestre 2024 avec un chiffre d'affaires de 686 millions de dollars, en baisse de 5 % par rapport à l'année précédente. Le chiffre d'affaires pour l'année complète 2024 s'élevait à 2 737 millions de dollars, en baisse de 7 % par rapport à 2023. Les performances du 4ème trimestre ont dépassé les prévisions de chiffre d'affaires, de bénéfice d'exploitation et de BPA.
Le chiffre d'affaires du Private Cloud pour le 4ème trimestre a diminué de 6 % pour atteindre 269 millions de dollars, tandis que le chiffre d'affaires du Public Cloud a chuté de 4 % à 417 millions de dollars. L'entreprise a signalé une perte nette de 60 millions de dollars pour le 4ème trimestre, soit $(0,26) par action diluée, par rapport à un bénéfice net de 28 millions de dollars au 4ème trimestre 2023. Le flux de trésorerie opérationnel s'élevait à 54 millions de dollars au 4ème trimestre.
Pour l'année complète 2024, l'entreprise a enregistré une perte nette de 863 millions de dollars, avec un bénéfice d'exploitation non-GAAP de 106 millions de dollars, en baisse de 33 % par rapport à l'année précédente. Malgré la baisse des revenus, les commandes ont augmenté de 14 % par rapport à l'année précédente, atteignant des niveaux record pour les réservations de ventes trimestrielles.
Rackspace Technology (RXT) hat die Ergebnisse für das 4. Quartal 2024 bekannt gegeben, mit einem Umsatz von 686 Millionen Dollar, was einem Rückgang von 5% im Vergleich zum Vorjahr entspricht. Der Umsatz für das gesamte Jahr 2024 betrug 2.737 Millionen Dollar, was einem Rückgang von 7% gegenüber 2023 entspricht. Die Leistung im 4. Quartal übertraf die Prognosen für Umsatz, operativen Gewinn und EPS.
Der Umsatz im Private Cloud-Segment sank im 4. Quartal um 6% auf 269 Millionen Dollar, während der Umsatz im Public Cloud-Segment um 4% auf 417 Millionen Dollar zurückging. Das Unternehmen meldete im 4. Quartal einen Nettoverlust von 60 Millionen Dollar, oder $(0,26) pro verwässerter Aktie, im Vergleich zu einem Nettogewinn von 28 Millionen Dollar im 4. Quartal 2023. Der operative Cashflow betrug im 4. Quartal 54 Millionen Dollar.
Für das gesamte Jahr 2024 verzeichnete das Unternehmen einen Nettoverlust von 863 Millionen Dollar, mit einem Non-GAAP-operativen Gewinn von 106 Millionen Dollar, was einem Rückgang von 33% im Vergleich zum Vorjahr entspricht. Trotz des Rückgangs der Einnahmen wuchsen die Buchungen im Jahresvergleich um 14% und erreichten Rekordwerte bei den vierteljährlichen Verkaufsbuchungen.
- Record-breaking quarterly sales bookings with 14% year-over-year growth in 2024
- Q4 performance exceeded guidance for revenue, operating profit, and EPS
- Q4 operating cash flow of $54 million
- $144 million cash on hand with $375 million undrawn credit facility
- Q4 revenue declined 5% year-over-year to $686 million
- Full-year 2024 revenue dropped 7% to $2,737 million
- Q4 net loss of $60 million compared to net income of $28 million in Q4 2023
- Full-year net loss increased to $863 million from $838 million in 2023
- Non-GAAP Operating Profit decreased 33% to $106 million in 2024
Insights
The Q4 and FY2024 results paint a complex picture of Rackspace's transformation efforts. While the headline numbers show concerning trends with revenue declining
The record-breaking quarterly sales bookings and
The Q4 operating cash flow of
However, the widening operational losses and declining margins in both Private and Public Cloud segments indicate significant competitive pressures. The Private Cloud revenue decline of
The reduction in Non-GAAP Operating Profit from
- Fourth Quarter Revenue of
$686 million , down5% Year-over-Year; 2024 Revenue of$2,737 million , down7% Year-over-Year - Fourth Quarter Private Cloud Revenue of
$269 million , down6% Year-over-Year; 2024 Private Cloud Revenue of$1,055 million , down13% Year-over-Year - Fourth Quarter Public Cloud Revenue of
$417 million , down4% Year-over-Year; 2024 Public Cloud Revenue of$1,683 million down3% Year-over-Year - Fourth Quarter Cash Flow From Operating Activities of
$54 million
SAN ANTONIO, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end, hybrid cloud and AI solutions company, today announced results for its fourth quarter and year ended December 31, 2024.
Amar Maletira, Chief Executive Officer, stated, “We closed the year on a high note, exceeding guidance for fourth-quarter revenue, operating profit, and EPS. Our company achieved record-breaking quarterly sales bookings—the highest since the inception of our two business units. Fiscal 2024 bookings grew
Mr. Maletira added, “I am proud of our steady execution across our three strategic priorities: operational turnaround, innovation, and capital structure optimization. With a solid foundation in place, we are well-positioned to accelerate our progress in 2025.”
Fourth Quarter 2024 Results
Revenue was
Private Cloud revenue was
Public Cloud revenue was
Loss from operations was
Net loss was
Net loss per diluted share was
Non-GAAP Operating Profit was
Non-GAAP Loss Per Share was
Capital expenditures were
Full Year 2024 Results
Revenue was
Private Cloud revenue was
Public Cloud revenue was
Loss from operations was
Net loss was
Net loss per diluted share was
Non-GAAP Operating Profit was
Non-GAAP Loss Per Share was
Capital expenditures were
As of December 31, 2024, we had cash and cash equivalents of
| (1) | Constant currency revenue and certain other measures in this release are non-GAAP financial measures. See “Non-GAAP Financial Measures” and the tables that accompany this release for definitions and reconciliations of these non-GAAP measures to the most comparable GAAP measures. | |
Financial Outlook
Rackspace Technology is providing guidance as follows:
| Q1 2025 Guidance | |
| Revenue | |
| Private Cloud Revenue | |
| Public Cloud Revenue | |
| Non-GAAP Operating Profit | |
| Non-GAAP Loss Per Share | ( |
| Non-GAAP Other Income (Expense) | ( |
| Non-GAAP Tax Expense Rate | |
| Non-GAAP Weighted Average Shares | 245 million |
Information about Rackspace Technology’s use of non-GAAP financial measures is provided below under “Non-GAAP Financial Measures”.
Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable measures in accordance with generally accepted accounting principles in the United States (“GAAP”) are provided in subsequent sections of this press release narrative and supplemental schedules. Rackspace Technology has not reconciled Non-GAAP Operating Profit, Non-GAAP Loss Per Share, Non-GAAP Other Income (Expense) or Non-GAAP Tax Expense Rate guidance to the most directly comparable GAAP measure because it does not provide guidance on GAAP net income (loss) or the reconciling items between these Non-GAAP measures and GAAP net income (loss) as a result of the uncertainty regarding, and the potential variability of, certain of these items, such as share-based compensation expense. Accordingly, a reconciliation of the non-GAAP financial measure guidance to the corresponding GAAP measure is not available without unreasonable effort. With respect to Non-GAAP Operating Profit, Non-GAAP Loss Per Share, Non-GAAP Other Income (Expense) and Non-GAAP Tax Expense Rate guidance, adjustments in future periods are generally expected to be similar to the kinds of charges and costs excluded from these Non-GAAP measures in prior periods, but the impact of such adjustments could be significant.
Conference Call and Webcast
Rackspace Technology will hold a conference call today, February 20, 2025, at 4:00pm CT / 5:00pm ET to discuss its fourth quarter and full year 2024 results. Interested parties may access the conference call as follows:
To listen to the live webcast or access the replay following the webcast, please visit our IR website at the following link: https://ir.rackspace.com/news-and-events/events-and-presentations.
To obtain a dial-in number, please pre-register at the following link:
https://register.vevent.com/register/BIad56d9097db646978aea4b4bd013e646
Registrants will receive dial-in information and a PIN allowing them to access the live call.
About Rackspace Technology
Rackspace Technology is a leading end-to-end, hybrid cloud and AI solutions company. We can design, build, and operate our customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products, and adopt innovative technologies.
Forward-looking Statements
Rackspace Technology has made statements in this press release and other reports, filings, and other public written and verbal announcements that are forward-looking and therefore subject to risks and uncertainties. All statements, other than statements of historical fact, included in this press release are, or could be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are made in reliance on the safe harbor protections provided thereunder. These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcome of regulatory proceedings, market conditions, and other matters. Any forward-looking statement made in this press release speaks only as of the date on which it is made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Forward-looking statements can be identified by various words such as “expects,” “intends,” “will,” “anticipates,” “believes,” “confident,” “continue,” “propose,” “seeks,” “could,” “may,” “should,” “estimates,” “forecasts,” “might,” “goals,” “objectives,” “targets,” “planned,” “projects,” and similar expressions. These forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. Rackspace Technology cautions that these statements are subject to risks and uncertainties, many of which are outside of our control, and could cause future events or results to be materially different from those stated or implied in this press release, including among others, risk factors that are described in Rackspace Technology, Inc.’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other filings with the Securities and Exchange Commission, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein.
Non-GAAP Financial Measures
This press release includes several non-GAAP financial measures such as constant currency revenue, Non-GAAP Gross Profit, Non-GAAP Net Income (Loss), Non-GAAP Operating Profit, Adjusted EBITDA and Non-GAAP Earnings (Loss) Per Share. These non-GAAP financial measures exclude the impact of certain costs, losses and gains that are required to be included in our profit and loss measures under GAAP. Although we believe these measures are useful to investors and analysts for the same reasons they are useful to management, as described in the accompanying pages, these measures are not a substitute for, or superior to, GAAP financial measures or disclosures. Other companies may calculate similarly-titled non-GAAP measures differently, limiting their usefulness as comparative measures. We have reconciled each of these non-GAAP measures to the applicable most comparable GAAP measure in the accompanying pages.
Beginning in the fourth quarter of 2024, we have updated the presentation of our non-GAAP financial measures to no longer exclude certain cash compensation paid to employees who remain employed with Rackspace which were previously included in “special bonuses and other compensation expenses” and “restructuring and transformation expenses” line items of our reconciliations. Additionally, we have removed “special bonuses and other compensation expenses” line item and the remaining adjustments are now presented within “restructuring and transformation expenses” line item. All prior period Non-GAAP Gross Profit, Non-GAAP Net Income (Loss), Non-GAAP Operating Profit, Adjusted EBITDA and Non-GAAP Earnings (Loss) Per Share financial measures have been recasted to reflect current period presentation in the accompanying pages.
IR Contact
Sagar Hebbar
Rackspace Technology Investor Relations
ir@rackspace.com
PR Contact
Natalie Silva
Rackspace Technology Corporate Communications
publicrelations@rackspace.com
| RACKSPACE TECHNOLOGY, INC. CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) | |||||||||||||||||||||||
| Three Months Ended December 31, | |||||||||||||||||||||||
| 2023 | 2024 | Year-Over-Year Comparison | |||||||||||||||||||||
| (In millions, except % and per share data) | Amount | % Revenue | Amount | % Revenue | Amount | % Change | |||||||||||||||||
| Revenue | $ | 719.7 | 100.0 | % | $ | 685.6 | 100.0 | % | $ | (34.1 | ) | (4.7 | )% | ||||||||||
| Cost of revenue | (565.6 | ) | (78.6 | )% | (553.9 | ) | (80.8 | )% | 11.7 | (2.1 | )% | ||||||||||||
| Gross profit | 154.1 | 21.4 | % | 131.7 | 19.2 | % | (22.4 | ) | (14.5 | )% | |||||||||||||
| Selling, general and administrative expenses | (165.5 | ) | (23.0 | )% | (160.5 | ) | (23.4 | )% | 5.0 | (3.0 | )% | ||||||||||||
| Impairment of assets, net | (3.8 | ) | (0.5 | )% | — | — | % | 3.8 | (100.0 | )% | |||||||||||||
| Loss from operations | (15.2 | ) | (2.1 | )% | (28.8 | ) | (4.2 | )% | (13.6 | ) | 89.5 | % | |||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense | (50.9 | ) | (7.1 | )% | (17.9 | ) | (2.6 | )% | 33.0 | (64.8 | )% | ||||||||||||
| Gain (loss) on investments, net | 0.1 | 0.0 | % | (0.1 | ) | (0.0 | )% | (0.2 | ) | NM | |||||||||||||
| Gain on debt extinguishment | 108.2 | 15.0 | % | — | — | % | (108.2 | ) | (100.0 | )% | |||||||||||||
| Other expense, net | (4.7 | ) | (0.7 | )% | (9.9 | ) | (1.4 | )% | (5.2 | ) | 110.6 | % | |||||||||||
| Total other income (expense) | 52.7 | 7.3 | % | (27.9 | ) | (4.1 | )% | (80.6 | ) | NM | |||||||||||||
| Income (loss) before income taxes | 37.5 | 5.2 | % | (56.7 | ) | (8.3 | )% | (94.2 | ) | NM | |||||||||||||
| Provision for income taxes | (9.5 | ) | (1.3 | )% | (3.7 | ) | (0.6 | )% | 5.8 | (61.1 | )% | ||||||||||||
| Net income (loss) | $ | 28.0 | 3.9 | % | $ | (60.4 | ) | (8.8 | )% | $ | (88.4 | ) | NM | ||||||||||
| Net earnings (loss) per share: | |||||||||||||||||||||||
| Basic | $ | 0.13 | $ | (0.26 | ) | ||||||||||||||||||
| Diluted | $ | 0.13 | $ | (0.26 | ) | ||||||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||
| Basic | 216.6 | 228.1 | |||||||||||||||||||||
| Diluted | 219.6 | 228.1 | |||||||||||||||||||||
NM = not meaningful.
| RACKSPACE TECHNOLOGY, INC. CONSOLIDATED RESULTS OF OPERATIONS (Unaudited) | |||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| 2023 | 2024 | Year-Over-Year Comparison | |||||||||||||||||||||
| (In millions, except % and per share data) | Amount | % Revenue | Amount | % Revenue | Amount | % Change | |||||||||||||||||
| Revenue | $ | 2,957.1 | 100.0 | % | $ | 2,737.1 | 100.0 | % | $ | (220.0 | ) | (7.4 | )% | ||||||||||
| Cost of revenue | (2,328.3 | ) | (78.7 | )% | (2,203.7 | ) | (80.5 | )% | 124.6 | (5.4 | )% | ||||||||||||
| Gross profit | 628.8 | 21.3 | % | 533.4 | 19.5 | % | (95.4 | ) | (15.2 | )% | |||||||||||||
| Selling, general and administrative expenses | (767.2 | ) | (25.9 | )% | (707.6 | ) | (25.9 | )% | 59.6 | (7.8 | )% | ||||||||||||
| Impairment of goodwill | (708.8 | ) | (24.0 | )% | (714.9 | ) | (26.1 | )% | (6.1 | ) | 0.9 | % | |||||||||||
| Impairment of assets, net | (52.2 | ) | (1.8 | )% | (20.0 | ) | (0.7 | )% | 32.2 | (61.7 | )% | ||||||||||||
| Loss from operations | (899.4 | ) | (30.4 | )% | (909.1 | ) | (33.2 | )% | (9.7 | ) | 1.1 | % | |||||||||||
| Other income (expense): | |||||||||||||||||||||||
| Interest expense | (221.6 | ) | (7.5 | )% | (98.0 | ) | (3.6 | )% | 123.6 | (55.8 | )% | ||||||||||||
| Gain on investments, net | 0.3 | 0.0 | % | 0.1 | 0.0 | % | (0.2 | ) | (66.7 | )% | |||||||||||||
| Gain on debt extinguishment, net of debt modification costs | 271.3 | 9.2 | % | 147.2 | 5.4 | % | (124.1 | ) | (45.7 | )% | |||||||||||||
| Other expense, net | (5.0 | ) | (0.2 | )% | (21.7 | ) | (0.8 | )% | (16.7 | ) | NM | ||||||||||||
| Total other income (expense) | 45.0 | 1.5 | % | 27.6 | 1.0 | % | (17.4 | ) | (38.7 | )% | |||||||||||||
| Loss before income taxes | (854.4 | ) | (28.9 | )% | (881.5 | ) | (32.2 | )% | (27.1 | ) | 3.2 | % | |||||||||||
| Benefit for income taxes | 16.6 | 0.6 | % | 18.9 | 0.7 | % | 2.3 | 13.9 | % | ||||||||||||||
| Net loss | $ | (837.8 | ) | (28.3 | )% | $ | (862.6 | ) | (31.5 | )% | $ | (24.8 | ) | 3.0 | % | ||||||||
| Net loss per share: | |||||||||||||||||||||||
| Basic and diluted | $ | (3.89 | ) | $ | (3.84 | ) | |||||||||||||||||
| Weighted average number of shares outstanding: | |||||||||||||||||||||||
| Basic and diluted | 215.3 | 224.8 | |||||||||||||||||||||
NM = not meaningful.
| RACKSPACE TECHNOLOGY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
| (In millions, except per share data) | December 31, 2023 | December 31, 2024 | |||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 196.8 | $ | 144.0 | |||
| Accounts receivable, net allowance for credit losses and accrued customer credits of | 339.7 | 298.8 | |||||
| Prepaid expenses | 87.4 | 84.9 | |||||
| Other current assets | 114.2 | 91.1 | |||||
| Total current assets | 738.1 | 618.8 | |||||
| Property, equipment and software, net | 608.8 | 601.0 | |||||
| Goodwill, net | 1,452.4 | 735.7 | |||||
| Intangible assets, net | 1,019.0 | 844.7 | |||||
| Operating right-of-use assets | 126.3 | 134.6 | |||||
| Other non-current assets | 151.6 | 116.2 | |||||
| Total assets | $ | 4,096.2 | $ | 3,051.0 | |||
| LIABILITIES AND STOCKHOLDERS' DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued expenses | $ | 432.7 | $ | 389.6 | |||
| Accrued compensation and benefits | 72.2 | 96.7 | |||||
| Deferred revenue | 78.8 | 84.2 | |||||
| Debt | 23.0 | 29.2 | |||||
| Accrued interest | 20.5 | 7.4 | |||||
| Operating lease liabilities | 66.0 | 55.9 | |||||
| Finance lease liabilities | 55.8 | 53.1 | |||||
| Financing obligations | 14.0 | 16.4 | |||||
| Other current liabilities | 36.5 | 34.1 | |||||
| Total current liabilities | 799.5 | 766.6 | |||||
| Non-current liabilities: | |||||||
| Debt | 2,839.6 | 2,756.4 | |||||
| Operating lease liabilities | 74.6 | 77.8 | |||||
| Finance lease liabilities | 308.0 | 293.1 | |||||
| Financing obligations | 52.4 | 39.2 | |||||
| Deferred income taxes | 79.2 | 31.5 | |||||
| Other non-current liabilities | 97.4 | 95.0 | |||||
| Total liabilities | 4,250.7 | 4,059.6 | |||||
| Commitments and Contingencies | |||||||
| Stockholders' deficit: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 2.2 | 2.3 | |||||
| Additional paid-in capital | 2,638.2 | 2,682.8 | |||||
| Accumulated other comprehensive income | 60.3 | 24.1 | |||||
| Accumulated deficit | (2,824.2 | ) | (3,686.8 | ) | |||
| Treasury stock, at cost; 3.1 shares held | (31.0 | ) | (31.0 | ) | |||
| Total stockholders' deficit | (154.5 | ) | (1,008.6 | ) | |||
| Total liabilities and stockholders' deficit | $ | 4,096.2 | $ | 3,051.0 | |||
| RACKSPACE TECHNOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
| Year Ended December 31, | ||||||||
| (In millions) | 2023 | 2024 | ||||||
Cash Flows From Operating Activities | ||||||||
| Net loss | $ | (837.8 | ) | $ | (862.6 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 369.7 | 295.4 | ||||||
| Amortization of operating right-of-use assets | 73.2 | 67.6 | ||||||
| Deferred income taxes | (41.9 | ) | (30.6 | ) | ||||
| Share-based compensation expense | 65.4 | 63.4 | ||||||
| Impairment of goodwill | 708.8 | 714.9 | ||||||
| Impairment of assets, net | 52.2 | 20.0 | ||||||
| Gain on debt extinguishment, net of debt modification costs | (271.3 | ) | (147.2 | ) | ||||
| Unrealized loss on derivative contracts | 15.5 | — | ||||||
| Gain on investments, net | (0.3 | ) | (0.1 | ) | ||||
| Provision for bad debts and accrued customer credits | 9.0 | 19.5 | ||||||
| Amortization of debt issuance costs and debt discount and premium | 7.9 | 2.2 | ||||||
| Third party fees paid in connection with the March 2024 Refinancing Transactions | — | (31.7 | ) | |||||
| Non-cash fair value adjustments | (1.0 | ) | (2.2 | ) | ||||
| Other operating activities | 0.4 | (6.5 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 275.1 | 20.5 | ||||||
| Prepaid expenses and other current assets | 24.6 | 10.5 | ||||||
| Accounts payable, accrued expenses, and other current liabilities | (44.2 | ) | (22.2 | ) | ||||
| Deferred revenue | (5.8 | ) | 2.4 | |||||
| Operating lease liabilities | (65.6 | ) | (82.8 | ) | ||||
| Other non-current assets and liabilities | 41.0 | 9.4 | ||||||
| Net cash provided by operating activities | 374.9 | 39.9 | ||||||
Cash Flows From Investing Activities | ||||||||
| Purchases of property, equipment and software | (96.9 | ) | (111.1 | ) | ||||
| Proceeds from sale of headquarters | — | 16.9 | ||||||
| Other investing activities | 0.9 | 7.6 | ||||||
| Net cash used in investing activities | (96.0 | ) | (86.6 | ) | ||||
Cash Flows From Financing Activities | ||||||||
| Proceeds from employee stock plans | 1.3 | 0.9 | ||||||
| Shares of common stock withheld for employee taxes | (1.0 | ) | (4.3 | ) | ||||
| Proceeds from borrowings under long-term debt arrangements | 50.0 | 275.0 | ||||||
| Payments on long-term debt | (241.9 | ) | (163.0 | ) | ||||
| Debt extinguishment costs | — | (22.1 | ) | |||||
| Payments on financing component of interest rate swap | (18.8 | ) | (17.3 | ) | ||||
| Principal payments of finance lease liabilities | (79.7 | ) | (56.9 | ) | ||||
| Principal payments of financing obligations | (22.7 | ) | (15.3 | ) | ||||
| Net cash used in financing activities | (312.8 | ) | (3.0 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 2.2 | (3.0 | ) | |||||
| Decrease in cash, cash equivalents, and restricted cash | (31.7 | ) | (52.7 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 231.4 | 199.7 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 199.7 | $ | 147.0 | ||||
| Supplemental Cash Flow Information | ||||||||
| Cash payments for interest, net of amount capitalized | $ | 213.9 | $ | 103.6 | ||||
| Cash payments for income taxes, net of refunds | $ | 11.9 | $ | 10.8 | ||||
| Non-cash Investing and Financing Activities | ||||||||
| Acquisition of property, equipment and software by finance leases | $ | 67.7 | $ | 40.8 | ||||
| Acquisition of property, equipment and software by financing obligations | 25.0 | 4.4 | ||||||
| Decrease in property, equipment and software accrued in liabilities | (13.6 | ) | (9.9 | ) | ||||
| Other non-cash activity | 5.3 | (10.0 | ) | |||||
| Non-cash purchases of property, equipment and software | $ | 84.4 | $ | 25.3 | ||||
| SEGMENT DATA | |||||||||||||||
| (In millions, except %) | Three Months Ended December 31, | % Change | |||||||||||||
| Revenue by segment: | 2023 | 2024 | Actual | Constant Currency (a) | |||||||||||
| Public Cloud | $ | 434.0 | $ | 417.0 | (3.9 | )% | (4.0 | )% | |||||||
| Private Cloud | 285.7 | 268.6 | (6.0 | )% | (6.7 | )% | |||||||||
| Total consolidated revenue | $ | 719.7 | $ | 685.6 | (4.7 | )% | (5.1 | )% | |||||||
| (In millions, except %) | Year Ended December 31, | % Change | |||||||||||||
| Revenue by segment: | 2023 | 2024 | Actual | Constant Currency (a) | |||||||||||
| Public Cloud | $ | 1,742.7 | $ | 1,682.6 | (3.4 | )% | (3.5 | )% | |||||||
| Private Cloud | 1,214.4 | 1,054.5 | (13.2 | )% | (13.6 | )% | |||||||||
| Total consolidated revenue | $ | 2,957.1 | $ | 2,737.1 | (7.4 | )% | (7.7 | )% | |||||||
(a) Refer to "Non-GAAP Financial Measures" in this section for further explanation and reconciliation.
| Three Months Ended December 31, | |||||||||||||||||||||||
| (In millions, except %) | 2023 | 2024 | Year-Over-Year Comparison | ||||||||||||||||||||
| Segment operating profit (a): | Amount | % of Segment Revenue | Amount | % of Segment Revenue | Amount | % Change | |||||||||||||||||
| Public Cloud | $ | 25.3 | 5.8 | % | $ | 9.9 | 2.4 | % | $ | (15.4 | ) | (60.9 | )% | ||||||||||
| Private Cloud | 76.7 | 26.8 | % | 80.6 | 30.0 | % | 3.9 | 5.1 | % | ||||||||||||||
| Corporate functions (b) | (57.1 | ) | (51.4 | ) | 5.7 | (10.0 | )% | ||||||||||||||||
| Non-GAAP Operating Profit (c) | $ | 44.9 | $ | 39.1 | $ | (5.8 | ) | (12.9 | )% | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||||||||
| (In millions, except %) | 2023 | 2024 | Year-Over-Year Comparison | ||||||||||||||||||||
| Segment operating profit (a): | Amount | % of Segment Revenue | Amount | % of Segment Revenue | Amount | % Change | |||||||||||||||||
| Public Cloud | $ | 81.8 | 4.7 | % | $ | 44.2 | 2.6 | % | $ | (37.6 | ) | (46.0 | )% | ||||||||||
| Private Cloud | 343.0 | 28.2 | % | 294.4 | 27.9 | % | (48.6 | ) | (14.2 | )% | |||||||||||||
| Corporate functions (b) | (267.6 | ) | (233.0 | ) | 34.6 | (12.9 | )% | ||||||||||||||||
| Non-GAAP Operating Profit (c) | $ | 157.2 | $ | 105.6 | $ | (51.6 | ) | (32.8 | )% | ||||||||||||||
| (a) | Segment revenue less expenses directly attributable to running the respective segments’ business. These expenses exclude centralized corporate function costs. |
| (b) | Costs that are not allocated to segments. These costs are related to centralized corporate functions that provide services to the segments in areas such as accounting, information technology, marketing, legal and human resources. |
| (c) | Refer to "Non-GAAP Financial Measures" in this section for further explanation and reconciliation. |
NON-GAAP FINANCIAL MEASURES
Constant Currency Revenue
We use constant currency revenue as an additional metric for understanding and assessing our growth excluding the effect of foreign currency rate fluctuations on our international business operations. Constant currency information compares results between periods as if exchange rates had remained constant period over period and is calculated by translating the non-U.S. dollar income statement balances for the most current period to U.S. dollars using the average exchange rate from the comparative period rather than the actual exchange rates in effect during the respective period. We also believe this is an important metric to help investors evaluate our performance in comparison to prior periods.
| Three Months Ended December 31, 2023 | Three Months Ended December 31, 2024 | % Change | |||||||||||||||||||||
| (In millions, except %) | Revenue | Revenue | Foreign Currency Translation (a) | Revenue in Constant Currency | Actual | Constant Currency | |||||||||||||||||
| Public Cloud | $ | 434.0 | $ | 417.0 | $ | (0.4 | ) | $ | 416.6 | (3.9 | )% | (4.0 | )% | ||||||||||
| Private Cloud | 285.7 | 268.6 | (2.2 | ) | 266.4 | (6.0 | )% | (6.7 | )% | ||||||||||||||
| Total | $ | 719.7 | $ | 685.6 | $ | (2.6 | ) | $ | 683.0 | (4.7 | )% | (5.1 | )% | ||||||||||
| Year Ended December 31, 2023 | Year Ended December 31, 2024 | % Change | |||||||||||||||||||||
| (In millions, except %) | Revenue | Revenue | Foreign Currency Translation (a) | Revenue in Constant Currency | Actual | Constant Currency | |||||||||||||||||
| Public Cloud | $ | 1,742.7 | $ | 1,682.6 | $ | (1.4 | ) | $ | 1,681.2 | (3.4 | )% | (3.5 | )% | ||||||||||
| Private Cloud | 1,214.4 | 1,054.5 | (5.6 | ) | 1,048.9 | (13.2 | )% | (13.6 | )% | ||||||||||||||
| Total | $ | 2,957.1 | $ | 2,737.1 | $ | (7.0 | ) | $ | 2,730.1 | (7.4 | )% | (7.7 | )% | ||||||||||
| (a) | The effect of foreign currency is calculated by translating current period results using the average exchange rate from the prior comparative period. |
Non-GAAP Gross Profit
We present Non-GAAP Gross Profit because we believe the measure is useful in analyzing trends in our underlying, recurring gross margins. We define Non-GAAP Gross Profit as gross profit, adjusted to exclude the impact of share-based compensation expense, purchase accounting-related effects, certain business transformation-related costs, and costs related to the Hosted Exchange incident.
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (In millions) | 2023 | 2024 | 2023 | 2024 | |||||||||||
| Gross profit | $ | 154.1 | $ | 131.7 | $ | 628.8 | $ | 533.4 | |||||||
| Share-based compensation expense | 1.7 | 1.7 | 9.1 | 7.6 | |||||||||||
| Purchase accounting impact on expense (a) | 0.7 | 0.3 | 2.6 | 1.8 | |||||||||||
| Restructuring and transformation expenses (b) | 1.0 | 7.5 | 17.9 | 19.8 | |||||||||||
| Hosted Exchange incident expenses, net of proceeds received or expected to be received under our insurance coverage | — | — | 0.3 | — | |||||||||||
| Non-GAAP Gross Profit | $ | 157.5 | $ | 141.2 | $ | 658.7 | $ | 562.6 | |||||||
| (a) | Adjustment for the impact of purchase accounting from the November 2016 merger on expenses. |
| (b) | Adjustment for the impact of business transformation and optimization activities, as well as associated severance, certain facility closure costs and lease termination expenses. Also includes payroll taxes associated with the exercise of stock options and vesting of restricted stock. |
Non-GAAP Net Income (Loss), Non-GAAP Operating Profit and Adjusted EBITDA
We present Non-GAAP Net Income (Loss), Non-GAAP Operating Profit and Adjusted EBITDA because they are a basis upon which management assesses our performance and we believe they are useful to evaluating our financial performance. We believe that excluding items from net income that may not be indicative of, or are unrelated to, our core operating results, and that may vary in frequency or magnitude, enhances the comparability of our results and provides a better baseline for analyzing trends in our business.
We define Non-GAAP Net Income (Loss) as net income (loss) adjusted to exclude the impact of non-cash charges for share-based compensation, transaction-related costs and adjustments, restructuring and transformation charges, costs related to the Hosted Exchange incident, the amortization of acquired intangible assets, goodwill and asset impairment charges, costs related to the closure of a UK office, the interest expense impact from the refinancing transactions announced in March 2024 (the “March 2024 Refinancing Transactions”), and certain other non-operating, non-recurring or non-core gains and losses, as well as the tax effects of these non-GAAP adjustments.
We define Non-GAAP Operating Profit as income (loss) from operations adjusted to exclude the impact of non-cash charges for share-based compensation, transaction-related costs and adjustments, restructuring and transformation charges, costs related to the Hosted Exchange incident, the amortization of acquired intangible assets, goodwill and asset impairment charges, costs related to the closure of a UK office, and certain other non-operating, non-recurring or non-core gains and losses.
We define Adjusted EBITDA as net income (loss) adjusted to exclude the impact of non-cash charges for share-based compensation, transaction-related costs and adjustments, restructuring and transformation charges, costs related to the Hosted Exchange incident, costs related to the closure of a UK office, certain other non-operating, non-recurring or non-core gains and losses, interest expense, expenses for our Receivables Purchase Facility, income taxes, depreciation and amortization, and goodwill and asset impairment charges.
Non-GAAP Operating Profit and Adjusted EBITDA are management’s principal metrics for measuring our underlying financial performance. Non-GAAP Operating Profit and Adjusted EBITDA, along with other quantitative and qualitative information, are also the principal financial measures used by management and our Board in determining performance-based compensation for our management and key employees.
These non-GAAP measures are not intended to imply that we would have generated higher income or avoided net losses if the November 2016 merger and the subsequent transactions and initiatives had not occurred. In the future we may incur expenses or charges such as those added back to calculate Non-GAAP Net Income (Loss), Non-GAAP Operating Profit or Adjusted EBITDA. Our presentation of Non-GAAP Net Income (Loss), Non-GAAP Operating Profit and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. Other companies, including our peer companies, may calculate similarly-titled measures in a different manner from us, and therefore, our non-GAAP measures may not be comparable to similarly-tiled measures of other companies. Investors are cautioned against using these measures to the exclusion of our results in accordance with GAAP.
Net income (loss) reconciliation to Non-GAAP Net Loss
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (In millions) | 2023 | 2024 | 2023 | 2024 | |||||||||||
| Net income (loss) | $ | 28.0 | $ | (60.4 | ) | $ | (837.8 | ) | $ | (862.6 | ) | ||||
| Share-based compensation expense | 13.5 | 15.6 | 65.4 | 63.4 | |||||||||||
| Transaction-related adjustments, net (a) | 1.1 | 0.8 | 5.2 | 5.2 | |||||||||||
| Restructuring and transformation expenses (b) | 6.7 | 13.7 | 56.7 | 58.5 | |||||||||||
| Hosted Exchange incident expenses, net of proceeds received or expected to be received under our insurance coverage | (4.4 | ) | (0.3 | ) | (4.8 | ) | (1.4 | ) | |||||||
| Impairment of goodwill | — | — | 708.8 | 714.9 | |||||||||||
| UK office closure (c) | — | — | 12.1 | — | |||||||||||
| Impairment of assets, net | 3.8 | — | 52.2 | 20.0 | |||||||||||
| Net (gain) loss on divestiture and investments (d) | (0.1 | ) | 0.1 | (0.3 | ) | (0.1 | ) | ||||||||
| Gain on debt extinguishment, net of debt modification costs | (108.2 | ) | — | (271.3 | ) | (147.2 | ) | ||||||||
| Interest expense impact from the March 2024 Refinancing Transactions (e) | — | (22.3 | ) | — | (72.9 | ) | |||||||||
| Other adjustments (f) | (1.3 | ) | 5.0 | (1.0 | ) | 1.2 | |||||||||
| Amortization of intangible assets (g) | 39.4 | 38.1 | 161.0 | 154.1 | |||||||||||
| Tax effect of non-GAAP adjustments (h) | 12.6 | 5.3 | 1.7 | 3.4 | |||||||||||
| Non-GAAP Net Loss | $ | (8.9 | ) | $ | (4.4 | ) | $ | (52.1 | ) | $ | (63.5 | ) | |||
Loss from operations reconciliation to Non-GAAP Operating Profit
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (In millions) | 2023 | 2024 | 2023 | 2024 | |||||||||||
| Loss from operations | $ | (15.2 | ) | $ | (28.8 | ) | $ | (899.4 | ) | $ | (909.1 | ) | |||
| Share-based compensation expense | 13.5 | 15.6 | 65.4 | 63.4 | |||||||||||
| Transaction-related adjustments, net (a) | 1.1 | 0.8 | 5.2 | 5.2 | |||||||||||
| Restructuring and transformation expenses (b) | 6.7 | 13.7 | 56.7 | 58.5 | |||||||||||
| Hosted Exchange incident expenses, net of proceeds received or expected to be received under our insurance coverage | (4.4 | ) | (0.3 | ) | (4.8 | ) | (1.4 | ) | |||||||
| Impairment of goodwill | — | — | 708.8 | 714.9 | |||||||||||
| UK office closure (c) | — | — | 12.1 | — | |||||||||||
| Impairment of assets, net | 3.8 | — | 52.2 | 20.0 | |||||||||||
| Amortization of intangible assets (g) | 39.4 | 38.1 | 161.0 | 154.1 | |||||||||||
| Non-GAAP Operating Profit | $ | 44.9 | $ | 39.1 | $ | 157.2 | $ | 105.6 | |||||||
Net income (loss) reconciliation to Adjusted EBITDA
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (In millions) | 2023 | 2024 | 2023 | 2024 | |||||||||||
| Net income (loss) | $ | 28.0 | $ | (60.4 | ) | $ | (837.8 | ) | $ | (862.6 | ) | ||||
| Share-based compensation expense | 13.5 | 15.6 | 65.4 | 63.4 | |||||||||||
| Transaction-related adjustments, net (a) | 1.1 | 0.8 | 5.2 | 5.2 | |||||||||||
| Restructuring and transformation expenses (b) | 6.7 | 13.7 | 56.7 | 58.5 | |||||||||||
| Hosted Exchange incident expenses, net of proceeds received or expected to be received under our insurance coverage | (4.4 | ) | (0.3 | ) | (4.8 | ) | (1.4 | ) | |||||||
| Impairment of goodwill | — | — | 708.8 | 714.9 | |||||||||||
| UK office closure (c) | — | — | 12.1 | — | |||||||||||
| Impairment of assets, net | 3.8 | — | 52.2 | 20.0 | |||||||||||
| Net (gain) loss on divestiture and investments (d) | (0.1 | ) | 0.1 | (0.3 | ) | (0.1 | ) | ||||||||
| Gain on debt extinguishment, net of debt modification costs | (108.2 | ) | — | (271.3 | ) | (147.2 | ) | ||||||||
| Other expense, net (i) | 4.7 | 9.9 | 5.0 | 21.7 | |||||||||||
| Interest expense | 50.9 | 17.9 | 221.6 | 98.0 | |||||||||||
| Provision (benefit) for income taxes | 9.5 | 3.7 | (16.6 | ) | (18.9 | ) | |||||||||
| Depreciation and amortization (j) | 87.2 | 72.7 | 366.4 | 293.3 | |||||||||||
| Adjusted EBITDA | $ | 92.7 | $ | 73.7 | $ | 362.6 | $ | 244.8 | |||||||
| (a) | Includes legal, professional, accounting and other advisory fees related to acquisitions, integration costs of acquired businesses, purchase accounting adjustments, and exploratory acquisition and divestiture costs and expenses related to financing activities. |
| (b) | Includes consulting and advisory fees related to business transformation and optimization activities, as well as associated severance, certain facility closure costs and lease termination expenses. Also includes payroll taxes associated with the exercise of stock options and vesting of restricted stock. The year ended December 31, 2024 also includes a |
| (c) | Expense recognized related to the closure of a UK office that we exited in the second quarter of 2023 prior to the lease end date. |
| (d) | Includes gains and losses on investment and from dispositions. |
| (e) | Interest expense impact due to the accounting for contractual interest payments on debt instruments entered into as part of the March 2024 Refinancing Transactions, which reduced interest expense relative to contractual interest cost. |
| (f) | Primarily consists of foreign currency gains and losses. |
| (g) | All of our intangible assets are attributable to acquisitions, including the November 2016 merger. |
| (h) | We utilize an estimated structural long-term non-GAAP tax rate in order to provide consistency across reporting periods, removing the effect of non-recurring tax adjustments, which include but are not limited to tax rate changes, U.S. tax reform, share-based compensation, audit conclusions and changes to valuation allowances. We used a structural non-GAAP tax rate of |
| (i) | Primarily consists of foreign currency gains and losses and expense related to our Receivables Purchase Facility. |
| (j) | Excludes accelerated depreciation expense related to facility closures. |
Non-GAAP Earnings (Loss) Per Share
We define Non-GAAP Earnings (Loss) per Share as Non-GAAP Net Income (Loss) divided by our GAAP weighted average number of shares outstanding for the period on a diluted basis and further adjusted for the weighted average number of shares associated with securities which are anti-dilutive to GAAP loss per share but dilutive to Non-GAAP Earnings (Loss) per Share. Management uses Non-GAAP Earnings (Loss) per Share to evaluate the performance of our business on a comparable basis from period to period, including by adjusting for the impact of the issuance of shares that would be dilutive to Non-GAAP Earnings (Loss) per Share.
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| (In millions, except per share amounts) | 2023 | 2024 | 2023 | 2024 | |||||||||||
| Net income (loss) attributable to common stockholders | $ | 28.0 | $ | (60.4 | ) | $ | (837.8 | ) | $ | (862.6 | ) | ||||
| Non-GAAP Net Loss | $ | (8.9 | ) | $ | (4.4 | ) | $ | (52.1 | ) | $ | (63.5 | ) | |||
| Weighted average number of shares - Diluted | 219.6 | 228.1 | 215.3 | 224.8 | |||||||||||
| Effect of dilutive securities (a) | — | 11.2 | 3.1 | 10.7 | |||||||||||
| Non-GAAP weighted average number of shares - Diluted | 219.6 | 239.3 | 218.4 | 235.5 | |||||||||||
| Net earnings (loss) per share - Diluted | $ | 0.13 | $ | (0.26 | ) | $ | (3.89 | ) | $ | (3.84 | ) | ||||
| Per share impacts of adjustments to net income (loss) (b) | (0.17 | ) | 0.25 | 3.65 | 3.55 | ||||||||||
| Per share impacts of shares dilutive after adjustments to net income (loss) (a) | 0.00 | (0.01 | ) | 0.00 | 0.02 | ||||||||||
| Non-GAAP Loss Per Share | $ | (0.04 | ) | $ | (0.02 | ) | $ | (0.24 | ) | $ | (0.27 | ) | |||
| (a) | Reflects impact of awards that would have been anti-dilutive to net loss per share, and therefore not included in the calculation, but would be dilutive to Non-GAAP Earnings (Loss) Per Share and are therefore included in the share count for purposes of this non-GAAP measure. Potential common share equivalents consist of shares issuable upon the exercise of stock options, vesting of restricted stock units (including performance-based restricted stock units) or purchases under the Employee Stock Purchase Plan, as well as contingent shares associated with our acquisition of Datapipe Parent, Inc. Certain of our potential common share equivalents are contingent on certain investment funds managed by affiliates of Apollo Global Management, Inc. achieving pre-established performance targets based on a multiple of their invested capital, which are included in the denominator for the entire period if such shares would be issuable as of the end of the reporting period assuming the end of the reporting period was the end of the contingency period. |
| (b) | Reflects the aggregate adjustments made to reconcile Non-GAAP Net Loss to our net income (loss), as noted in the above table, divided by the GAAP diluted number of shares outstanding for the relevant period. |
FAQ
What was Rackspace Technology's (RXT) revenue for Q4 2024?
How much did RXT's bookings grow in 2024?
What was RXT's net loss in Q4 2024?
How did RXT's Private Cloud revenue perform in Q4 2024?
What was RXT's cash position at the end of 2024?
