Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end
multicloud technology solutions company, today announced results
for its fourth quarter and year ended December 31, 2021.
Kevin Jones, Chief Executive Officer, commented, “The fourth
quarter was a strong conclusion to the year, and Rackspace
Technology continued to execute on its mission to lead the cloud
services market as a best-in-class, pure-play cloud solutions
company. It was a record quarter for Bookings, and we met or
exceeded all of our financial targets while driving strong cash
flow from operations.”
Mr. Jones continued, “I’m pleased with our results and
accomplishments in 2021. We delivered double-digit Core Revenue
growth and record revenue, strong mid-teens Non-GAAP operating
margins, and double-digit Non-GAAP EPS growth while increasing cash
flow from operations more than three-fold. And we accomplished this
while executing our pivot from mature to growth businesses,
improving our cross-sell and up-sell of higher margin services to
our installed base, reducing our cost structure, and investing in
new product offerings and service delivery.”
Fourth Quarter 2021 Results
Revenue was $777 million in the fourth quarter of 2021, an
increase of 9% as compared to revenue of $716 million in the fourth
quarter of 2020. Revenue for the fourth quarter of 2021 was
positively impacted by new customer acquisitions and growing
customer spend in our Multicloud Services and Apps & Cross
Platform segments. On a constant currency basis, revenue increased
8% in the fourth quarter of 2021 as compared to the fourth quarter
of 2020.
Revenue from our Core Segments (“Core Revenue”), comprised of
Multicloud Services and Apps & Cross Platform, increased 11% on
an actual basis and 10% on a constant currency basis, in the fourth
quarter of 2021 as compared to the fourth quarter of 2020.
Bookings were $329 million in the fourth quarter of 2021, an
increase of 12% as compared to Bookings of $293 million in the
fourth quarter of 2020.
Net loss was $(83) million in the fourth quarter of 2021,
compared to net loss of $(64) million in the fourth quarter of
2020.
Net loss per diluted share was $(0.39) in the fourth quarter of
2021, compared to net loss per diluted share of $(0.32) in the
fourth quarter of 2020.
Non-GAAP Operating Profit was $122 million in the fourth quarter
of 2021, a decrease of 7% compared to $132 million in the fourth
quarter of 2020.
Non-GAAP Earnings Per Share was $0.25 in the fourth quarter of
2021, a decrease of 4% as compared to Non-GAAP Earnings Per Share
of $0.26 in the fourth quarter of 2020.
Capital expenditures were $27 million in the fourth quarter of
2021, compared to $51 million in the fourth quarter of 2020.
Full Year 2021 Results
Revenue was $3,010 million in 2021, an increase of 11% as
compared to revenue of $2,707 million in 2020. Revenue for full
year 2021 was positively impacted by new customer acquisitions and
growing customer spend in our Multicloud Services and Apps &
Cross Platform segments. On a constant currency basis, revenue
increased 10% in 2021 compared to 2020.
Core Revenue increased 14% on an actual basis and 13% on a
constant currency basis, in 2021 as compared to 2020.
Bookings were $1,031 million in 2021, a decrease of 8% as
compared to Bookings of $1,126 million in 2020.
Net loss was $(218) million in 2021, compared to net loss of
$(246) million in 2020.
Net loss per diluted share was $(1.05) in 2021, compared to net
loss per diluted share of $(1.37) in 2020.
Non-GAAP Operating Profit was $484 million in 2021, an increase
of 2% compared to $473 million in 2020.
Non-GAAP Earnings Per Share was $0.97 in 2021, an increase of
17% as compared to Non-GAAP Earnings Per Share of $0.83 in
2020.
Capital expenditures were $203 million in 2021, compared to $225
million in 2020.
As of December 31, 2021, we had cash and cash equivalents
of $273 million with no balance outstanding on our Revolving Credit
Facility.
Financial Outlook
Rackspace Technology is providing guidance as follows:
|
Q1 2022 Guidance |
Revenue |
$768 - $778 million |
Core Revenue |
$730 - $738 million |
Non-GAAP Operating Profit |
$108 - $112 million |
Non-GAAP Earnings Per Share |
$0.20 - $0.22 |
Non-GAAP Other Income
(Expense)1 |
($51) – ($52) million |
Non-GAAP Tax Expense Rate |
26 % |
Non-GAAP Weighted Average Shares |
214 – 216 million |
1 Non-GAAP Other Income (Expense) is only expected to include
interest expense.
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
Earnings 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 Earnings 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
22, 2022, at 4:00pm CT / 5:00pm ET to discuss its fourth quarter
and full year 2021 results. Interested parties may access the
conference call as follows:
Via Zoom:
https://rackspace.zoom.us/j/95750453932?pwd=Q21HWis1T1k5UEQvemI2NlFEREp5UT09Password:
112067
Via telephone (listen only mode):
+1 408 638 0968 (US Toll)+1 646 558 8656 (US Toll)+1 647 374
4685 (Canada)+44 (0) 20 3695 0088 (United Kingdom Toll)Webinar ID:
957 5045 3932
Additional International numbers are also
available: https://rackspace.zoom.us/u/adk8d0mzAo
A live webcast of the call and audio replay will also be
available on Rackspace Technology’s website at
ir.rackspace.com.
About Rackspace Technology
Rackspace Technology is a leading end-to-end multicloud
technology services company. We 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 document 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, our ability to successfully respond to the
challenges posed by the COVID-19 pandemic, and other matters. Any
forward-looking statement made in this presentation 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 document,
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 Per Share (“EPS”). 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.
IR ContactJoe CrivelliRackspace Technology
Investor Relationsir@rackspace.com
PR ContactNatalie SilvaRackspace Technology
Corporate Communicationspublicrelations@rackspace.com
RACKSPACE TECHNOLOGY,
INC.CONSOLIDATED RESULTS OF
OPERATIONS(Unaudited)
|
Three Months Ended December 31, |
|
Year-Over-Year Comparison |
|
2020 |
|
2021 |
|
(In millions, except % and per
share data) |
Amount |
|
% Revenue |
|
Amount |
|
% Revenue |
|
Amount |
|
% Change |
Revenue |
$ |
716.2 |
|
|
100.0% |
|
$ |
777.3 |
|
|
100.0% |
|
$ |
61.1 |
|
|
8.5% |
Cost of revenue |
|
(468.8 |
) |
|
(65.5)% |
|
|
(543.0 |
) |
|
(69.9)% |
|
|
(74.2 |
) |
|
15.8% |
Gross profit |
|
247.4 |
|
|
34.5% |
|
|
234.3 |
|
|
30.1% |
|
|
(13.1 |
) |
|
(5.3)% |
Selling, general and
administrative expenses |
|
(252.2 |
) |
|
(35.2)% |
|
|
(208.6 |
) |
|
(26.8)% |
|
|
43.6 |
|
|
(17.3)% |
Impairment of goodwill |
|
— |
|
|
—% |
|
|
(52.4 |
) |
|
(6.7)% |
|
|
(52.4 |
) |
|
100.0% |
Loss from operations |
|
(4.8 |
) |
|
(0.7)% |
|
|
(26.7 |
) |
|
(3.4)% |
|
|
(21.9 |
) |
|
NM |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(59.2 |
) |
|
(8.3)% |
|
|
(50.5 |
) |
|
(6.5)% |
|
|
8.7 |
|
|
(14.7)% |
Gain (loss) on investments, net |
|
(0.2 |
) |
|
(0.0)% |
|
|
0.6 |
|
|
0.1% |
|
|
0.8 |
|
|
NM |
Debt modification costs and extinguishment loss |
|
(34.5 |
) |
|
(4.8)% |
|
|
— |
|
|
—% |
|
|
34.5 |
|
|
(100.0)% |
Other income, net |
|
2.1 |
|
|
0.3% |
|
|
0.1 |
|
|
0.0% |
|
|
(2.0 |
) |
|
(95.2)% |
Total other income (expense) |
|
(91.8 |
) |
|
(12.8)% |
|
|
(49.8 |
) |
|
(6.4)% |
|
|
42.0 |
|
|
(45.8)% |
Loss before income taxes |
|
(96.6 |
) |
|
(13.5)% |
|
|
(76.5 |
) |
|
(9.8)% |
|
|
20.1 |
|
|
(20.8)% |
Benefit (provision) for income
taxes |
|
32.8 |
|
|
4.6% |
|
|
(6.4 |
) |
|
(0.8)% |
|
|
(39.2 |
) |
|
NM |
Net loss |
$ |
(63.8 |
) |
|
(8.9)% |
|
$ |
(82.9 |
) |
|
(10.7)% |
|
$ |
(19.1 |
) |
|
29.9% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.32 |
) |
|
|
|
$ |
(0.39 |
) |
|
|
|
|
|
|
Weighted average number of
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
200.7 |
|
|
|
|
|
210.3 |
|
|
|
|
|
|
|
NM = not meaningful.
RACKSPACE TECHNOLOGY,
INC.CONSOLIDATED RESULTS OF
OPERATIONS(Unaudited)
|
Year Ended December 31, |
|
Year-Over-Year Comparison |
|
2020 |
|
2021 |
|
(In millions, except % and per
share data) |
Amount |
|
% Revenue |
|
Amount |
|
% Revenue |
|
Amount |
|
% Change |
Revenue |
$ |
2,707.1 |
|
|
100.0% |
|
$ |
3,009.5 |
|
|
100.0% |
|
$ |
302.4 |
|
|
11.2% |
Cost of revenue |
|
(1,722.7 |
) |
|
(63.6)% |
|
|
(2,072.7 |
) |
|
(68.9)% |
|
|
(350.0 |
) |
|
20.3% |
Gross profit |
|
984.4 |
|
|
36.4% |
|
|
936.8 |
|
|
31.1% |
|
|
(47.6 |
) |
|
(4.8)% |
Selling, general and
administrative expenses |
|
(959.7 |
) |
|
(35.4)% |
|
|
(906.8 |
) |
|
(30.1)% |
|
|
52.9 |
|
|
(5.5)% |
Impairment of goodwill |
|
— |
|
|
—% |
|
|
(52.4 |
) |
|
(1.7)% |
|
|
(52.4 |
) |
|
100.0% |
Gain on sale of land |
|
— |
|
|
—% |
|
|
19.9 |
|
|
0.7% |
|
|
19.9 |
|
|
100.0% |
Income (loss) from operations |
|
24.7 |
|
|
0.9% |
|
|
(2.5 |
) |
|
(0.1)% |
|
|
(27.2 |
) |
|
NM |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(268.4 |
) |
|
(9.9)% |
|
|
(205.1 |
) |
|
(6.8)% |
|
|
63.3 |
|
|
(23.6)% |
Gain (loss) on investments, net |
|
0.7 |
|
|
0.0% |
|
|
(3.0 |
) |
|
(0.1)% |
|
|
(3.7 |
) |
|
NM |
Debt modification costs and extinguishment loss |
|
(71.5 |
) |
|
(2.6)% |
|
|
(37.5 |
) |
|
(1.2)% |
|
|
34.0 |
|
|
(47.6)% |
Other income (expense), net |
|
2.5 |
|
|
0.1% |
|
|
(1.0 |
) |
|
(0.0)% |
|
|
(3.5 |
) |
|
NM |
Total other income (expense) |
|
(336.7 |
) |
|
(12.4)% |
|
|
(246.6 |
) |
|
(8.2)% |
|
|
90.1 |
|
|
(26.8)% |
Loss before income taxes |
|
(312.0 |
) |
|
(11.5)% |
|
|
(249.1 |
) |
|
(8.3)% |
|
|
62.9 |
|
|
(20.2)% |
Benefit for income taxes |
|
66.2 |
|
|
2.4% |
|
|
30.8 |
|
|
1.0% |
|
|
(35.4 |
) |
|
(53.5)% |
Net loss |
$ |
(245.8 |
) |
|
(9.1)% |
|
$ |
(218.3 |
) |
|
(7.3)% |
|
$ |
27.5 |
|
|
(11.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(1.37 |
) |
|
|
|
$ |
(1.05 |
) |
|
|
|
|
|
|
Weighted average number of
shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
179.6 |
|
|
|
|
|
208.0 |
|
|
|
|
|
|
|
NM = not meaningful.
RACKSPACE TECHNOLOGY,
INC.CONSOLIDATED BALANCE
SHEETS(Unaudited)
(In millions, except per share
data) |
December 31, 2020 |
|
December 31, 2021 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
104.7 |
|
|
$ |
272.8 |
|
Accounts receivable, net of allowance for doubtful accounts and
accrued customer credits of $28.3 and $18.4, respectively |
|
483.0 |
|
|
|
554.3 |
|
Prepaid expenses |
|
123.8 |
|
|
|
110.0 |
|
Other current assets |
|
47.0 |
|
|
|
52.4 |
|
Total current assets |
|
758.5 |
|
|
|
989.5 |
|
|
|
|
|
Property, equipment and software, net |
|
884.6 |
|
|
|
826.7 |
|
Goodwill, net |
|
2,761.1 |
|
|
|
2,706.8 |
|
Intangible assets, net |
|
1,646.3 |
|
|
|
1,466.5 |
|
Operating right-of-use assets |
|
171.1 |
|
|
|
161.8 |
|
Other non-current assets |
|
156.2 |
|
|
|
177.4 |
|
Total assets |
$ |
6,377.8 |
|
|
$ |
6,328.7 |
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued expenses |
$ |
285.4 |
|
|
$ |
369.5 |
|
Accrued compensation and benefits |
|
110.6 |
|
|
|
104.5 |
|
Deferred revenue |
|
76.7 |
|
|
|
98.6 |
|
Debt |
|
43.4 |
|
|
|
23.0 |
|
Accrued interest |
|
26.5 |
|
|
|
27.6 |
|
Operating lease liabilities |
|
62.2 |
|
|
|
60.4 |
|
Finance lease liabilities |
|
40.7 |
|
|
|
64.6 |
|
Financing obligations |
|
48.8 |
|
|
|
48.0 |
|
Other current liabilities |
|
47.9 |
|
|
|
41.2 |
|
Total current liabilities |
|
742.2 |
|
|
|
837.4 |
|
|
|
|
|
Non-current liabilities: |
|
|
|
Debt |
|
3,319.3 |
|
|
|
3,310.9 |
|
Operating lease liabilities |
|
118.2 |
|
|
|
114.8 |
|
Finance lease liabilities |
|
358.1 |
|
|
|
345.1 |
|
Financing obligations |
|
74.1 |
|
|
|
62.9 |
|
Deferred income taxes |
|
236.7 |
|
|
|
205.8 |
|
Other non-current liabilities |
|
145.5 |
|
|
|
124.4 |
|
Total liabilities |
|
4,994.1 |
|
|
|
5,001.3 |
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
Preferred stock, $0.01 par value per share: 5.0 shares authorized;
no shares issued or outstanding |
|
— |
|
|
|
— |
|
Common stock, $0.01 par value per share: 1,495.0 shares authorized;
201.8 and 211.2 shares issued and outstanding, respectively |
|
2.0 |
|
|
|
2.1 |
|
Additional paid-in capital |
|
2,363.6 |
|
|
|
2,500.0 |
|
Accumulated other comprehensive income (loss) |
|
(18.6 |
) |
|
|
6.9 |
|
Accumulated deficit |
|
(963.3 |
) |
|
|
(1,181.6 |
) |
Total stockholders' equity |
|
1,383.7 |
|
|
|
1,327.4 |
|
Total liabilities and stockholders' equity |
$ |
6,377.8 |
|
|
$ |
6,328.7 |
|
RACKSPACE TECHNOLOGY,
INC.CONSOLIDATED STATEMENTS OF CASH
FLOWS(Unaudited)
|
Year Ended December 31, |
(In millions) |
2020 |
|
2021 |
Cash Flows From
Operating Activities |
|
|
|
Net loss |
$ |
(245.8 |
) |
|
$ |
(218.3 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation and amortization |
|
466.2 |
|
|
|
424.8 |
|
Amortization of operating right-of-use assets |
|
70.7 |
|
|
|
65.9 |
|
Deferred income taxes |
|
(73.6 |
) |
|
|
(41.5 |
) |
Share-based compensation expense |
|
74.5 |
|
|
|
75.4 |
|
Impairment of goodwill |
|
— |
|
|
|
52.4 |
|
Gain on sale of land |
|
— |
|
|
|
(19.9 |
) |
Debt modification costs and extinguishment loss |
|
71.5 |
|
|
|
37.5 |
|
Unrealized (gain) loss on derivative contracts |
|
(2.3 |
) |
|
|
16.8 |
|
(Gain) loss on investments, net |
|
(0.7 |
) |
|
|
3.0 |
|
Provision for bad debts and accrued customer credits |
|
24.7 |
|
|
|
(2.0 |
) |
Amortization of debt issuance costs and debt discount |
|
18.0 |
|
|
|
8.8 |
|
Other operating activities |
|
(1.4 |
) |
|
|
(2.1 |
) |
Changes in operating assets and liabilities, net of effects of
acquisitions: |
|
|
|
Accounts receivable |
|
(156.0 |
) |
|
|
(69.5 |
) |
Prepaid expenses and other current assets |
|
(58.0 |
) |
|
|
9.5 |
|
Accounts payable, accrued expenses, and other current
liabilities |
|
(7.4 |
) |
|
|
88.1 |
|
Deferred revenue |
|
9.9 |
|
|
|
21.6 |
|
Operating lease liabilities |
|
(58.0 |
) |
|
|
(61.4 |
) |
Other non-current assets and liabilities |
|
(15.6 |
) |
|
|
(18.3 |
) |
Net cash provided by operating activities |
|
116.7 |
|
|
|
370.8 |
|
Cash Flows From
Investing Activities |
|
|
|
Purchases of property, equipment and software |
|
(116.5 |
) |
|
|
(108.4 |
) |
Acquisitions, net of cash acquired |
|
(9.5 |
) |
|
|
— |
|
Proceeds from sale of land |
|
— |
|
|
|
31.3 |
|
Proceeds from sales of investments |
|
0.9 |
|
|
|
— |
|
Other investing activities |
|
(3.3 |
) |
|
|
8.1 |
|
Net cash used in investing activities |
|
(128.4 |
) |
|
|
(69.0 |
) |
Cash Flows From
Financing Activities |
|
|
|
Proceeds from issuance of common stock, net |
|
657.8 |
|
|
|
— |
|
Proceeds from employee stock plans |
|
31.1 |
|
|
|
61.1 |
|
Shares of common stock withheld for employee taxes |
|
(2.1 |
) |
|
|
— |
|
Proceeds from borrowings under long-term debt arrangements |
|
860.0 |
|
|
|
2,838.5 |
|
Payments on long-term debt |
|
(1,450.6 |
) |
|
|
(2,877.9 |
) |
Payments for debt issuance costs |
|
(8.8 |
) |
|
|
(34.5 |
) |
Payments on financing component of interest rate swap |
|
— |
|
|
|
(12.9 |
) |
Principal payments of finance lease liabilities |
|
(24.0 |
) |
|
|
(50.6 |
) |
Proceeds from financing obligations |
|
20.9 |
|
|
|
— |
|
Principal payments of financing obligations |
|
(54.4 |
) |
|
|
(55.9 |
) |
Net cash provided by (used in) financing activities |
|
29.9 |
|
|
|
(132.2 |
) |
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash |
|
2.8 |
|
|
|
(2.3 |
) |
Increase in cash, cash equivalents, and restricted cash |
|
21.0 |
|
|
|
167.3 |
|
Cash, cash equivalents, and restricted cash at beginning of
period |
|
87.1 |
|
|
|
108.1 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
108.1 |
|
|
$ |
275.4 |
|
Supplemental Cash Flow
Information |
|
|
|
Cash payments for interest, net of amount capitalized |
$ |
262.8 |
|
|
$ |
178.5 |
|
Cash payments for income taxes, net of refunds |
$ |
15.6 |
|
|
$ |
5.5 |
|
|
|
|
|
Non-cash Investing and
Financing Activities |
|
|
|
Acquisition of property, equipment and software by finance
leases |
$ |
93.7 |
|
|
$ |
60.4 |
|
Acquisition of property, equipment and software by financing
obligations |
|
27.8 |
|
|
|
44.7 |
|
Decrease in property, equipment and software accrued in
liabilities |
|
(13.4 |
) |
|
|
(10.6 |
) |
Non-cash purchases of property, equipment and software |
$ |
108.1 |
|
|
$ |
94.5 |
|
|
|
|
|
Non-cash increase in buildings within property, equipment and
software, net due to lease modification |
$ |
220.3 |
|
|
$ |
— |
|
Debt issuance costs included in accrued liabilities |
$ |
0.6 |
|
|
$ |
— |
|
Other non-cash investing and financing activities |
$ |
2.3 |
|
|
$ |
— |
|
REVENUE BY SEGMENT
|
Three Months Ended December 31, |
|
% Change |
(In millions, except %) |
2020 |
|
2021 |
|
Actual |
|
Constant Currency (1) |
Multicloud Services |
$ |
572.5 |
|
$ |
639.3 |
|
11.7% |
|
11.4% |
Apps & Cross Platform |
|
91.3 |
|
|
94.8 |
|
3.9% |
|
3.7% |
Core Revenue |
|
663.8 |
|
|
734.1 |
|
10.6% |
|
10.3% |
OpenStack Public Cloud |
|
52.4 |
|
|
43.2 |
|
(17.7)% |
|
(18.2)% |
Total |
$ |
716.2 |
|
$ |
777.3 |
|
8.5% |
|
8.3% |
|
Year Ended December 31, |
|
% Change |
(In millions, except %) |
2020 |
|
2021 |
|
Actual |
|
Constant Currency (1) |
Multicloud Services |
$ |
2,141.5 |
|
$ |
2,449.1 |
|
14.4% |
|
13.2% |
Apps & Cross Platform |
|
336.6 |
|
|
377.6 |
|
12.2% |
|
11.6% |
Core Revenue |
|
2,478.1 |
|
|
2,826.7 |
|
14.1% |
|
13.0% |
OpenStack Public Cloud |
|
229.0 |
|
|
182.8 |
|
(20.2)% |
|
(21.3)% |
Total |
$ |
2,707.1 |
|
$ |
3,009.5 |
|
11.2% |
|
10.1% |
(1) Refer to "Non-GAAP Financial Measures" in this section for
further explanation and reconciliation.
GROSS PROFIT BY SEGMENT
|
Three Months Ended December 31, |
|
Year-Over-Year Comparison |
(In millions, except %) |
2020 |
|
2021 |
|
Segment gross
profit: |
Amount |
|
% of Segment Revenue |
|
Amount |
|
% of Segment Revenue |
|
Amount |
|
% Change |
Multicloud Services |
$ |
210.2 |
|
36.7% |
|
$ |
194.6 |
|
30.4% |
|
$ |
(15.6 |
) |
|
(7.4)% |
Apps & Cross Platform |
|
30.7 |
|
33.6% |
|
|
35.2 |
|
37.1% |
|
|
4.5 |
|
|
14.7% |
OpenStack Public Cloud |
|
22.0 |
|
42.0% |
|
|
16.3 |
|
37.7% |
|
|
(5.7 |
) |
|
(25.9)% |
Non-GAAP Gross Profit (1) |
$ |
262.9 |
|
|
|
$ |
246.1 |
|
|
|
$ |
(16.8 |
) |
|
(6.4)% |
|
Year Ended December 31, |
|
Year-Over-Year Comparison |
(In millions, except %) |
2020 |
|
2021 |
|
Segment gross
profit: |
Amount |
|
% of Segment Revenue |
|
Amount |
|
% of Segment Revenue |
|
Amount |
|
% Change |
Multicloud Services |
$ |
810.2 |
|
37.8% |
|
$ |
793.4 |
|
32.4% |
|
$ |
(16.8 |
) |
|
(2.1)% |
Apps & Cross Platform |
|
115.5 |
|
34.3% |
|
|
135.9 |
|
36.0% |
|
|
20.4 |
|
|
17.7% |
OpenStack Public Cloud |
|
100.3 |
|
43.8% |
|
|
67.1 |
|
36.7% |
|
|
(33.2 |
) |
|
(33.1)% |
Non-GAAP Gross Profit (1) |
$ |
1,026.0 |
|
|
|
$ |
996.4 |
|
|
|
$ |
(29.6 |
) |
|
(2.9)% |
(1) Refer to "Non-GAAP Financial Measures" in this section for
further explanation and reconciliation.
KEY OPERATING METRICS
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(In millions, except %) |
2020 |
|
2021 |
|
2020 |
|
2021 |
Bookings |
$ |
292.5 |
|
$ |
328.5 |
|
$ |
1,126.1 |
|
$ |
1,030.5 |
Annualized Recurring Revenue
(ARR) |
$ |
2,711.1 |
|
$ |
2,984.9 |
|
$ |
2,711.1 |
|
$ |
2,984.9 |
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, 2020 |
|
Three Months Ended December 31, 2021 |
|
% Change |
(In millions, except %) |
Revenue |
|
Revenue |
|
Foreign Currency Translation
(a) |
|
Revenue in Constant Currency |
|
Actual |
|
Constant Currency |
Multicloud Services |
$ |
572.5 |
|
$ |
639.3 |
|
$ |
(1.6 |
) |
|
$ |
637.7 |
|
11.7% |
|
11.4% |
Apps & Cross Platform |
|
91.3 |
|
|
94.8 |
|
|
(0.2 |
) |
|
|
94.6 |
|
3.9% |
|
3.7% |
OpenStack Public Cloud |
|
52.4 |
|
|
43.2 |
|
|
(0.3 |
) |
|
|
42.9 |
|
(17.7)% |
|
(18.2)% |
Total |
$ |
716.2 |
|
$ |
777.3 |
|
$ |
(2.1 |
) |
|
$ |
775.2 |
|
8.5% |
|
8.3% |
|
Year Ended December 31, 2020 |
|
Year Ended December 31, 2021 |
|
% Change |
(In millions, except %) |
Revenue |
|
Revenue |
|
Foreign Currency Translation
(a) |
|
Revenue in Constant Currency |
|
Actual |
|
Constant Currency |
Multicloud Services |
$ |
2,141.5 |
|
$ |
2,449.1 |
|
$ |
(23.9 |
) |
|
$ |
2,425.2 |
|
14.4% |
|
13.2% |
Apps & Cross Platform |
|
336.6 |
|
|
377.6 |
|
|
(2.1 |
) |
|
|
375.5 |
|
12.2% |
|
11.6% |
OpenStack Public Cloud |
|
229.0 |
|
|
182.8 |
|
|
(2.6 |
) |
|
|
180.2 |
|
(20.2)% |
|
(21.3)% |
Total |
$ |
2,707.1 |
|
$ |
3,009.5 |
|
$ |
(28.6 |
) |
|
$ |
2,980.9 |
|
11.2% |
|
10.1% |
(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, which represents the total of
our individual segment gross profit measures, because we believe
the measure is useful in analyzing trends in our underlying,
recurring gross margins. We define Non-GAAP Gross Profit as our
consolidated gross profit, adjusted to exclude the impact of
share-based compensation expense and other non-recurring or unusual
compensation items, purchase accounting-related effects, and
certain business transformation-related costs.
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(In millions) |
2020 |
|
2021 |
|
2020 |
|
2021 |
Total consolidated gross profit |
$ |
247.4 |
|
$ |
234.3 |
|
$ |
984.4 |
|
$ |
936.8 |
Share-based compensation
expense |
|
5.9 |
|
|
3.5 |
|
|
14.5 |
|
|
16.7 |
Other compensation expense
(1) |
|
1.0 |
|
|
0.6 |
|
|
5.9 |
|
|
2.7 |
Purchase accounting impact on
expense (2) |
|
1.2 |
|
|
1.1 |
|
|
5.9 |
|
|
4.7 |
Restructuring and
transformation expenses (3) |
|
7.4 |
|
|
6.6 |
|
|
15.3 |
|
|
35.5 |
Non-GAAP Gross Profit |
$ |
262.9 |
|
$ |
246.1 |
|
$ |
1,026.0 |
|
$ |
996.4 |
(1 |
) |
Adjustments for retention
bonuses, mainly in connection with restructuring and transformation
projects, and the related payroll tax, and payroll taxes associated
with the exercise of stock options and vesting of restricted
stock. |
(2 |
) |
Adjustment for the impact of
purchase accounting from the November 2016 merger on expenses. |
(3 |
) |
Adjustment for the impact of
business transformation and optimization activities, as well as
associated severance, facility closure costs and lease termination
expenses. This amount also includes certain costs associated with
the July 2021 Restructuring Plan which are not accounted for as
exit and disposal costs under ASC 420, including one-time offshore
build out costs. |
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, special bonuses and other compensation expense,
transaction-related costs and adjustments, restructuring and
transformation charges, management fees, the amortization of
acquired intangible assets 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, special bonuses and other compensation
expense, transaction-related costs and adjustments, restructuring
and transformation charges, management fees, the amortization of
acquired intangible assets 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 Adjusted EBITDA as net income (loss) adjusted to
exclude the impact of non-cash charges for share-based
compensation, special bonuses and other compensation expense,
transaction-related costs and adjustments, restructuring and
transformation charges, management fees, certain other
non-operating, non-recurring or non-core gains and losses, interest
expense, income taxes, and depreciation and amortization.
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 of
directors 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 loss reconciliation to Non-GAAP Net
Income
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(In millions) |
2020 |
|
2021 |
|
2020 |
|
2021 |
Net loss |
$ |
(63.8 |
) |
|
$ |
(82.9 |
) |
|
$ |
(245.8 |
) |
|
$ |
(218.3 |
) |
Share-based compensation
expense |
|
17.7 |
|
|
|
18.7 |
|
|
|
74.5 |
|
|
|
75.4 |
|
Special bonuses and other
compensation expense (a) |
|
18.4 |
|
|
|
2.7 |
|
|
|
37.5 |
|
|
|
11.8 |
|
Transaction-related
adjustments, net (b) |
|
11.3 |
|
|
|
3.9 |
|
|
|
46.7 |
|
|
|
25.7 |
|
Restructuring and
transformation expenses (c) |
|
45.1 |
|
|
|
28.6 |
|
|
|
104.8 |
|
|
|
161.5 |
|
Management fees (d) |
|
— |
|
|
|
— |
|
|
|
8.4 |
|
|
|
— |
|
Impairment of goodwill |
|
— |
|
|
|
52.4 |
|
|
|
— |
|
|
|
52.4 |
|
Gain on sale of land |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19.9 |
) |
Net (gain) loss on divestiture
and investments (e) |
|
0.2 |
|
|
|
(0.6 |
) |
|
|
(0.7 |
) |
|
|
3.0 |
|
Debt modification costs and
extinguishment loss (f) |
|
34.5 |
|
|
|
— |
|
|
|
71.5 |
|
|
|
37.5 |
|
Other (income) expense, net
(g) |
|
(2.1 |
) |
|
|
(0.1 |
) |
|
|
(2.5 |
) |
|
|
1.0 |
|
Amortization of intangible
assets (h) |
|
44.0 |
|
|
|
42.3 |
|
|
|
176.3 |
|
|
|
179.7 |
|
Tax effect of non-GAAP
adjustments (i) |
|
(51.7 |
) |
|
|
(12.1 |
) |
|
|
(119.4 |
) |
|
|
(103.3 |
) |
Non-GAAP Net Income |
$ |
53.6 |
|
|
$ |
52.9 |
|
|
$ |
151.3 |
|
|
$ |
206.5 |
|
Income (loss) from operations reconciliation to Non-GAAP
Operating Profit
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(In millions) |
2020 |
|
2021 |
|
2020 |
|
2021 |
Income (loss) from operations |
$ |
(4.8 |
) |
|
$ |
(26.7 |
) |
|
$ |
24.7 |
|
$ |
(2.5 |
) |
Share-based compensation
expense |
|
17.7 |
|
|
|
18.7 |
|
|
|
74.5 |
|
|
75.4 |
|
Special bonuses and other
compensation expense (a) |
|
18.4 |
|
|
|
2.7 |
|
|
|
37.5 |
|
|
11.8 |
|
Transaction-related
adjustments, net (b) |
|
11.3 |
|
|
|
3.9 |
|
|
|
46.7 |
|
|
25.7 |
|
Restructuring and
transformation expenses (c) |
|
45.1 |
|
|
|
28.6 |
|
|
|
104.8 |
|
|
161.5 |
|
Management fees (d) |
|
— |
|
|
|
— |
|
|
|
8.4 |
|
|
— |
|
Impairment of goodwill |
|
— |
|
|
|
52.4 |
|
|
|
— |
|
|
52.4 |
|
Gain on sale of land |
|
— |
|
|
|
— |
|
|
|
— |
|
|
(19.9 |
) |
Amortization of intangible
assets (h) |
|
44.0 |
|
|
|
42.3 |
|
|
|
176.3 |
|
|
179.7 |
|
Non-GAAP Operating Profit |
$ |
131.7 |
|
|
$ |
121.9 |
|
|
$ |
472.9 |
|
$ |
484.1 |
|
Net loss reconciliation to Adjusted EBITDA
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(In millions) |
2020 |
|
2021 |
|
2020 |
|
2021 |
Net loss |
$ |
(63.8 |
) |
|
$ |
(82.9 |
) |
|
$ |
(245.8 |
) |
|
$ |
(218.3 |
) |
Share-based compensation
expense |
|
17.7 |
|
|
|
18.7 |
|
|
|
74.5 |
|
|
|
75.4 |
|
Special bonuses and other
compensation expense (a) |
|
18.4 |
|
|
|
2.7 |
|
|
|
37.5 |
|
|
|
11.8 |
|
Transaction-related
adjustments, net (b) |
|
11.3 |
|
|
|
3.9 |
|
|
|
46.7 |
|
|
|
25.7 |
|
Restructuring and
transformation expenses (c) |
|
45.1 |
|
|
|
28.6 |
|
|
|
104.8 |
|
|
|
161.5 |
|
Management fees (d) |
|
— |
|
|
|
— |
|
|
|
8.4 |
|
|
|
— |
|
Impairment of goodwill |
|
— |
|
|
|
52.4 |
|
|
|
— |
|
|
|
52.4 |
|
Gain on sale of land |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19.9 |
) |
Net (gain) loss on divestiture
and investments (e) |
|
0.2 |
|
|
|
(0.6 |
) |
|
|
(0.7 |
) |
|
|
3.0 |
|
Debt modification costs and
extinguishment loss (f) |
|
34.5 |
|
|
|
— |
|
|
|
71.5 |
|
|
|
37.5 |
|
Other (income) expense, net
(g) |
|
(2.1 |
) |
|
|
(0.1 |
) |
|
|
(2.5 |
) |
|
|
1.0 |
|
Interest expense |
|
59.2 |
|
|
|
50.5 |
|
|
|
268.4 |
|
|
|
205.1 |
|
Provision (benefit) for income
taxes |
|
(32.8 |
) |
|
|
6.4 |
|
|
|
(66.2 |
) |
|
|
(30.8 |
) |
Depreciation and amortization
(j) |
|
111.1 |
|
|
|
103.6 |
|
|
|
466.2 |
|
|
|
421.4 |
|
Adjusted EBITDA |
$ |
198.8 |
|
|
$ |
183.2 |
|
|
$ |
762.8 |
|
|
$ |
725.8 |
|
(a) |
Includes expense related to
retention bonuses, mainly relating to restructuring and integration
projects, and the related payroll tax, senior executive signing
bonuses and relocation costs, and payroll taxes associated with the
exercise of stock options and vesting of restricted stock. The
three months and year ended December 31, 2020 also includes $13
million for one-time cash bonuses related to successful completion
of the IPO. |
(b) |
Includes legal, professional,
accounting and other advisory fees related to the acquisition of
Onica in the fourth quarter of 2019 and the IPO in the third
quarter of 2020, integration costs of acquired businesses, purchase
accounting adjustments (including deferred revenue fair value
discount), payroll costs for employees that dedicate significant
time to supporting these projects and exploratory acquisition and
divestiture costs and expenses related to financing
activities. |
(c) |
Includes consulting and advisory
fees related to business transformation and optimization
activities, payroll costs for employees that dedicate significant
time to these projects, as well as associated severance, facility
closure costs and lease termination expenses. This amount also
includes employee related costs and other costs related to the July
2021 Restructuring Plan of $2.9 million and $25.4 million for the
three months and year ended December 31, 2021, respectively, which
are accounted for as exit and disposal costs under ASC 420. In
addition, it includes certain costs associated with the July 2021
Restructuring Plan which are not accounted for as exit and disposal
costs under ASC 420, including one-time offshore build out
costs. |
(d) |
Represents historical management
fees pursuant to management consulting agreements. The management
consulting agreements were terminated effective August 4, 2020, and
therefore no management fees have accrued or will be payable for
periods after August 4, 2020. |
(e) |
Includes gains and losses on
investment and from dispositions. |
(f) |
Includes modification costs and
extinguishment losses related to repurchases of 8.625% Senior
Notes, the February 2021 Refinancing Transaction and termination of
the Receivables Financing Facility. |
(g) |
Reflects mainly changes in the
fair value of foreign currency derivatives. |
(h) |
All of our intangible assets are
attributable to acquisitions, including the November 2016
merger. |
(i) |
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 26% for all periods which reflects
the removal of the tax effect of non-GAAP pre-tax adjustments and
non-recurring tax adjustments on a year-over-year basis. The
non-GAAP tax rate could be subject to change for a variety of
reasons, including the rapidly evolving global tax environment,
significant changes in our geographic earnings mix including due to
acquisition activity, or other changes to our strategy or business
operations. We will re-evaluate our long-term non-GAAP tax rate as
appropriate. We believe that making these adjustments facilitates a
better evaluation of our current operating performance and
comparisons to prior periods. |
(j) |
Excludes accelerated depreciation
expense related to facility closures. |
Non-GAAP Earnings Per Share (EPS)
We define Non-GAAP EPS as Non-GAAP Net Income divided by our
GAAP average number of shares outstanding for the period on a
diluted basis, after giving effect to the twelve-for-one stock
split that was approved and effected on July 20, 2020 (the “Stock
Split”), and further adjusted for the average number of shares
associated with securities which are anti-dilutive to GAAP EPS but
dilutive to Non-GAAP EPS. Management uses Non-GAAP EPS 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 EPS.
|
Three Months Ended December 31, |
|
Year Ended December 31, |
(In millions, except per share
amounts) |
2020 |
|
2021 |
|
2020 |
|
2021 |
Net loss attributable to common stockholders |
$ |
(63.8 |
) |
|
$ |
(82.9 |
) |
|
$ |
(245.8 |
) |
|
$ |
(218.3 |
) |
Non-GAAP Net Income |
$ |
53.6 |
|
|
$ |
52.9 |
|
|
$ |
151.3 |
|
|
$ |
206.5 |
|
|
|
|
|
|
|
|
|
Weighted average number of
shares - Diluted |
|
200.7 |
|
|
|
210.3 |
|
|
|
179.6 |
|
|
|
208.0 |
|
Effect of dilutive securities
(a) |
|
6.2 |
|
|
|
2.1 |
|
|
|
3.7 |
|
|
|
4.2 |
|
Non-GAAP weighted average number of shares - Diluted |
|
206.9 |
|
|
|
212.4 |
|
|
|
183.3 |
|
|
|
212.2 |
|
|
|
|
|
|
|
|
|
Net loss per share -
Diluted |
$ |
(0.32 |
) |
|
$ |
(0.39 |
) |
|
$ |
(1.37 |
) |
|
$ |
(1.05 |
) |
Per share impacts of
adjustments to net loss (b) |
|
0.59 |
|
|
|
0.65 |
|
|
|
2.21 |
|
|
|
2.04 |
|
Per share impacts of shares
dilutive after adjustments to net loss (a) |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
Non-GAAP EPS |
$ |
0.26 |
|
|
$ |
0.25 |
|
|
$ |
0.83 |
|
|
$ |
0.97 |
|
(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
EPS 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 or purchase under the Employee Stock Purchase Plan
(the “ESPP”), as well as contingent shares associated with our
acquisition of Datapipe Parent, Inc. Certain of our potential
common share equivalents are contingent on Apollo achieving
pre-established performance targets based on a multiple of their
invested capital ("MOIC"), 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 Income to our net loss,
as noted in the above table, divided by the GAAP diluted number of
shares outstanding for the relevant period. |
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