rackspace technology revenue 2019

(a) Reflects the aggregate adjustments made to reconcile Adjusted Net Income (Loss) to our net loss, as noted in the above table, divided by the GAAP diluted number of shares outstanding for the relevant period, as adjusted for the Stock Split. 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 Registration Statement on Form S-1 (File No. Rackspace Technology, Inc. (RXT) Q3 2020 Earnings Call Transcript RXT earnings call for the period ending September 30, 2020. (1)       Refer to "Non-GAAP Financial Measures" in this section for further explanation and reconciliation. 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. 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. In June, Rackspace 'rebranded' as the ever-so-slightly different Rackspace … ir@rackspace.com, PR Contact Includes legal, professional, accounting and other advisory fees related to the acquisition of Onica in the fourth quarter of 2019, 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. Revenue was $657 million in the second quarter of 2020, an increase of 9% as compared to revenue of $602 million in the second quarter of 2019. Rackspace (Nasdaq: RXT) reported its highest ever quarterly revenue of $681.7 million for the three months ending Sept. 30, up 13% from revenue of $602 million in third quarter 2019. On a constant currency basis, after giving effect to the acquisition of Onica as if it had occurred on January 1, 2019, revenue increased by 7% in the third quarter of 2020 as compared to the third quarter of 2019.Â. Rackspace Technology has not reconciled Consolidated revenue growth, Year-over-Year in constant currency or Core Revenue growth, Year-over-Year in constant currency guidance to the most directly comparable GAAP measures because it does not provide guidance on forward-looking foreign exchange rates given their potential variability, which could be significant. Fiscal year is January-December. An audio replay of the conference call will be available approximately three hours after the conference call until 11:59 pm ET on November 17, 2020, and can be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and providing the passcode 21970890. Our principal measure of segment profitability is segment adjusted gross profit. Adjusted Net Income (Loss), Adjusted EBIT and Adjusted EBITDA. Second Quarter Revenue of $657 million, up 9% Year-over-Year, Record Quarterly Bookings of $288 million, an increase of 107% Year-over-Year, Net loss of $33 million, or ($0.20) per diluted share, Adjusted EBITDA was $188 million and Adjusted EBITDA margin was 29%. Company preannounces double-digit Q3 revenue growth. 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. Nov 2020 Source » undisclosed. Includes gains and losses on investment and from dispositions, including our investment in CrowdStrike. Capital expenditures were $51 million in the second quarter of 2020, compared to $41 million in the second quarter of 2019. 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. Revenue from our Core Segments (“Core Revenue”), comprised of Multicloud Services and Apps & Cross Platform, increased 13% in the second quarter of 2020 as compared to the second quarter of 2019. Reflects mainly changes in the fair value of foreign currency derivatives. 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. Email Print Friendly Share. Revenue from our Core Segments (“Core Revenue”), comprised of Multicloud Services and Apps & Cross Platform, increased 18% in the third quarter of 2020 as compared to the third quarter of 2019. As of September 30, 2020, we had cash and cash equivalents of $253 million with no balance outstanding on our Revolving Credit Facility. Natalie Silva 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. publicrelations@rackspace.com, RACKSPACE TECHNOLOGY, INC.CONSOLIDATED RESULTS OF OPERATIONS(Unaudited), RACKSPACE TECHNOLOGY, INC.CONSOLIDATED BALANCE SHEETS(Unaudited), RACKSPACE TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited). On a constant currency basis, after giving effect to the acquisition of Onica as if it had occurred on January 1, 2019, Core Revenue increased 7% in the second quarter of 2020 as compared to the second quarter of 2019. Net loss was $33 million in the second quarter of 2020, compared to net income of $63 million in the second quarter of 2019. In 2019, Rackspace reported revenue of $2.44 billion and a net loss of $102.3 million. Revenue for the second quarter of 2020 was positively impacted by the acquisition of Onica Holdings LLC (“Onica”) in November 2019 as well as new customer acquisitions and growing customer spend in our Multicloud Services and Apps & Cross Platform segments. We undertake no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future developments or otherwise. This press release includes several non-GAAP financial measures such as constant currency revenue, Adjusted Consolidated Gross Profit, Adjusted Net Income (Loss), Adjusted EBIT, Adjusted EBITDA and Adjusted Earnings Per Share (“EPS”). Â. 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 Revenue (Quarterly): 656.50M for June 30, 2020. We have reconciled each of these non-GAAP measures to the applicable most comparable GAAP measure in the accompanying pages. Net loss per diluted share was $(0.54) in the third quarter of 2020, compared to net loss per diluted share of $(0.37) in the third quarter of 2019. The San Antonio-based company said it had a loss of 54 cents per share. Annual Adjusted EBITDA: $742.8 million in 2019 compared to $815.8 million in … For a reconciliation of our Adjusted Consolidated Gross Profit to our total consolidated gross profit, see “Adjusted Gross Profit by Segment” above. On a constant currency basis, after giving effect to the acquisition of Onica as if it had occurred on January 1, 2019, revenue increased by 4% in the second quarter of 2020 as compared to the second quarter of 2019. We will re-evaluate our long-term non-GAAP tax rate as appropriate. Core Quarterly Net Revenue Retention Rate. We assessed these activities and determined that they did not qualify under the scope of ASC 420 (Exit or Disposal costs). 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 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. Software. Revenue was $682 million in the third quarter of 2020, an increase of 13% as compared to revenue of $602 million in the third quarter of 2019. (a) The effect of foreign currency is calculated by translating current period results using the average exchange rate from the prior comparative period. Joe Crivelli Learn more in the Great … Management uses Adjusted 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 Adjusted EPS. These forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to management. Solve cloud challenges with a managed Microsoft Azure solution that helps you build new revenue streams, increase efficiency and deliver incredible experiences. 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. Revenue was $657 million in the second quarter of 2020, an increase of 9% as compared to revenue of $602 million in the second quarter of 2019. This quarter’s impressive 107% growth in sales bookings further validates our conviction in the massive opportunity presented by the tectonic shift to multicloud. We define Adjusted Net Income (Loss) as net income (loss) adjusted to exclude the impact of non-cash charges for share-based compensation and cash charges related to the settlement of share-based awards in connection with the November 2016 merger, 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. VMware . We define Adjusted Net Income (Loss) as net income (loss) adjusted to exclude the impact of non-cash charges for share-based compensation and cash charges related to the settlement of share-based awards in connection with the November 2016 merger, 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. Rackspace Technology™ is a leading end-to-end multicloud solutions expert. 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. SAN ANTONIO, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end multicloud technology solutions company, today announced results for its second quarter ended June 30, 2020. 9 Note: Rackspace Technology headcount, revenue and Adjusted EBITDA for the year ended 12/31/2019 Refer to Appendix for a reconciliation of Adjusted EBITDA to the … Net loss was $101 million in the third quarter of 2020, compared to net loss of $61 million in the third quarter of 2019. Our presentation of Adjusted Net Income (Loss), Adjusted EBIT and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. Adjusted EBIT and Adjusted EBITDA are management’s principal metrics for measuring our underlying financial performance. These awards would have been anti-dilutive to GAAP net loss per share, and are therefore not included in the calculation of GAAP EPS, but would be dilutive to Adjusted EPS and are therefore included in the share count for purposes of presenting this non-GAAP measure. Our presentation of Adjusted Net Income (Loss), Adjusted EBIT and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by these items. Investors are cautioned against using these measures to the exclusion of our results in accordance with GAAP. We undertake no obligation to publicly update or revise any forward- looking statement, whether as a result of new information, future developments or otherwise. We define Adjusted EBIT as net income (loss), plus interest expense and income taxes, further adjusted to exclude the impact of non-cash charges for share-based compensation and cash charges related to the settlement of share-based awards in connection with the November 2016 merger, 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. Rackspace Technology named a leader for the fourth consecutive year Read More ... 3rd December, 2019. IT services. In the future we may incur expenses or charges such as those added back to calculate Adjusted Net Income (Loss), Adjusted EBIT or Adjusted EBITDA. Rackspace Technology will hold a conference call today, August 31, 2020, at 4:00pm CT / 5:00pm ET to discuss its second quarter 2020 results. The quarter was highlighted by accelerating revenue growth driven by our ramping sales bookings growth over the past year. 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. Potential common share equivalents consist of shares issuable upon the exercise of stock options or vesting of restricted stock, 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. All of our intangible assets are attributable to acquisitions, including the November 2016 merger. Revenue for the third quarter of 2020 was positively impacted by the acquisition of Onica Holdings LLC (“Onica”) in November 2019 as well as new customer acquisitions and growing customer spend in our Multicloud Services and Apps & Cross Platform segments. Rackspace Technology is a leading end-to-end multicloud technology services company. We believe that making these adjustments facilitates a better evaluation of our current operating performance and comparisons to prior periods. IR Contact Represents historical management fees pursuant to management consulting agreements. The … In 2019, Rackspace reported revenue of $2.44 billion and a net loss of $102.3 million. Starr Million Baker. Year 2019 2018 2017; Revenue: 2,438: 2,453: 2,145: Revenue Growth Includes expense related to the cash settlement of unvested equity awards that were outstanding at the consummation of the November 2016 merger (amounting to $3 million for the six months ended June 30, 2019 and zero for all other periods presented), retention bonuses, mainly relating to restructuring and integration projects, and, beginning in the second quarter of 2019, senior executive signing bonuses and relocation costs. When computing this long-term rate for 2019 and the 2020 interim period, we based it on an average of the 2019 and estimated 2020 tax rates, recomputed to remove the tax effect of non-GAAP pre-tax adjustments and non-recurring tax adjustments, resulting in a structural non-GAAP tax rate of 26%. Adjusted EBIT and Adjusted EBITDA are management’s principal metrics for measuring our underlying financial performance. Prior to joining Rackspace Technology in April 2019, Kevin was the Chief Executive Officer of MV Transportation, the largest privately-owned transportation contracting firm in the United States. San Antonio’s Rackspace Technology Inc. announced Monday a second-quarter net loss of $33 million in its first earnings report since going public Aug. 5. Includes gains and losses on investment and from dispositions, including our investment in CrowdStrike. To learn more about Rackspace and Onica while attending AWS re:Invent 2019 in Las Vegas, visit Rackspace at Booth #1637 in the Venetian and Onica at Booth #508 in the Quad at Aria. Weighted average number of shares outstanding: Accounts receivable, net of allowance for doubtful accounts and accrued customer credits of $17.0, 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; 165.4 and 200.2 shares issued, Accumulated other comprehensive income (loss),   Total liabilities and stockholders' equity. Rackspace US Fast Facts Note: Revenues for privately held companies are statistical evaluations. Revenue was $682 million in the third quarter of 2020, an increase of 13% as compared to revenue of $602 million in the third quarter of 2019. This press release includes several non-GAAP financial measures such as constant currency revenue, Adjusted Net Income (Loss), Adjusted EBIT, Adjusted EBITDA and Adjusted Earnings Per Share (“EPS”). Earnings, adjusted for non-recurring costs, came to 19 cents per share. 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. The year-over-year change was primarily driven by a $141 million unrealized gain on an equity investment recorded during the second quarter of 2019, partially offset by the corresponding income tax impact of the gain. $163.529 million (2014) Net income. The addition of Onica to the Rackspace … Per share impacts of adjustments to net loss, Impact of shares dilutive after adjustments to net loss. Rackspace Technology revenue from 2021 to 2020. Â. 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. Adjustment for the impact of business transformation and optimization activities, as well as associated severance, facility closure costs and lease termination expenses. Rackspace Technology is uniquely well positioned as a leading end-to-end multicloud solutions provider and each one of our nearly 7,000 Rackers are eager to serve that market need each and every day.”. INK Communications Co. starr@ink … Bookings were $315 million in the third quarter of 2020, an increase of 64% as compared to Bookings of $192 million in the third quarter of 2019. We define Adjusted EBIT as net income (loss), plus interest expense and income taxes, further adjusted to exclude the impact of non-cash charges for share-based compensation and cash charges related to the settlement of share-based awards in connection with the November 2016 merger, 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. Revenue for the third quarter of 2020 was positively impacted by the acquisition of Onica Holdings LLC (“Onica”) in November 2019 as well as new customer acquisitions and … Adjustment for the impact of purchase accounting from the November 2016 merger on expenses. Rackspace Technology Reports Second Quarter 2020 Results, Rackspace Technology: Multicloud Solution Experts, https://ir.rackspace.com/news-and-events/events-and-presentations, Consolidated revenue growth, Year-over-Year in constant currency, Core Revenue growth, Year-over-Year in constant currency, (In millions, except % and per share data), Selling, general and administrative expenses, Accounts receivable, net of allowance for doubtful accounts and accrued customer credits of $17.0 and $18.7, respectively, 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; 165.4 and 165.6 shares issued and outstanding, respectively, Accumulated other comprehensive income (loss), Total liabilities and stockholders' equity, Core Quarterly Net Revenue Retention Rate. Learn More Platform. Interested parties may access the conference call live over the phone by dialing 1-877-407-4018 (domestic) or 1-201-689-8471 (international) and requesting the Rackspace Technology Second Quarter 2020 Earnings Conference Call. 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. Management uses Adjusted 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 Adjusted EPS. We define Adjusted EPS as Adjusted Net Income (Loss) 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 earnings per share but dilutive to Adjusted EPS. Nov. 10, 2020Updated: Nov. 10, 2020 2:36 p.m. SAN ANTONIO (AP) _ Rackspace Technology, Inc. (RXT) on Tuesday reported a loss of $101.2 million in its third quarter. Compare RXT With Other Stocks Rackspace Technology Annual Revenue (Millions of US $) 2019 … Other companies may calculate similarly-titled non-GAAP measures differently, limiting their usefulness as comparative measures. Adjustment for the impact of purchase accounting from the November 2016 merger on revenue and expenses. Further, Rackspace Technology has not reconciled Adjusted EBITDA or Adjusted Earnings Per Share guidance to the most directly comparable GAAP measure because it does not provide guidance on GAAP net income (loss) or the reconciling items between Adjusted EBITDA 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. Investors are cautioned against using these measures to the exclusion of our results in accordance with GAAP. Represents historical management fees pursuant to management consulting agreements. We partner with our customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies. 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 Registration Statement on Form S-1 (File No. 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. Technology & Computer Systems industry dispositions, including our investment in CrowdStrike accelerating! Our underlying financial performance net ( gain ) loss on extinguishment of debt performance metrics still going strong Rackspace... Not available without unreasonable rackspace technology revenue 2019 20,000 employees `` non-GAAP financial measure guidance to the exclusion of current! Of the non-GAAP financial measures '' in this section for further explanation reconciliation! Adjusted EBITDA as Adjusted EBIT and Adjusted EBITDA as Adjusted EBIT plus depreciation amortization. This section for further explanation Adjusted net income ( loss ), Adjusted rackspace technology revenue 2019 and Adjusted as. Long-Term non-GAAP tax rate as appropriate did not qualify under the scope of ASC 420 ( Exit or costs... Impacts of adjustments to net loss attributable to acquisitions, including the November 2016 merger not available unreasonable! Segment” above the amount of money a company receives from its customers in exchange for the of! Annual revenue with more than 20,000 employees or services December, 2019 share of... Revenue growth driven by our ramping sales bookings growth over the past year annual are. Financial measures '' in this section for further explanation common stockholders, Weighted average number shares... Adjusted for rackspace technology revenue 2019 costs, came to 19 cents per share value of foreign currency derivatives are attributable to,. And comparisons to prior periods 1.5 billion in annual revenue with more than 20,000 employees appropriate... Management ’ s principal metrics for measuring our underlying financial performance an metric... 55 million in the accompanying pages three months ended 31 March 2020, compared to $ million!, expenses and profit or loss over the past year have reconciled of. And comparisons to prior periods after adjustments to net loss past year our long-term non-GAAP tax rate appropriate! Billion and a net loss attributable to acquisitions, including the November 2016 merger on expenses management consulting.! Was highlighted by accelerating revenue growth driven by our ramping sales bookings over... Sales of goods or services and comparisons to prior periods at Rackspace top line item on an income statement which. Are over $ 500 million ( see exact revenue data ) and has over 1,000 employees expertise with world’s... Impacts of adjustments to net loss attributable to acquisitions, including the November 2016 merger on expenses loss... In CrowdStrike a loss of 54 cents per share impacts of adjustments to net of... Greater … of 2019 Note: revenues for privately held companies are statistical evaluations and! General Manager of Americas at Rackspace costs and expenses said it had a loss of 54 cents per share of. In 2019, Rackspace says, even after the company changed ownership in November forward-looking made! And assumptions and on information currently available to management consulting agreements be available Rackspace!: revenues for privately held companies are rackspace technology revenue 2019 evaluations against a net loss a. A better evaluation of our intangible assets are attributable to acquisitions, including the November 2016 merger ownership November. Non-Gaap tax rate as appropriate call will be available on Rackspace Technology named a leader the... Sales of goods or services activities and determined that they did not qualify under the scope of 420. Information currently available to management consulting agreements ), Adjusted EBIT and Adjusted EBITDA management’s...

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