Rackspace Technology, Inc.

Rackspace Technology, Inc. engages in the provision of end-to-end multi-cloud technology services. The firm designs, builds and operates its customers’ cloud environments across technology platforms. It operates through the following segments: Multicloud Services and Apps & Cross Platform. The Multicloud Services segment includes public and private cloud managed services offerings, as well as professional services related to designing and building multicloud solutions and cloud-native applications. The Apps & Cross Platform segment includes managed applications, managed security and data services, as well as professional services related to designing and implementing application, security and data services. The company was founded on July 21, 2016 and is headquartered in San Antonio, TX.

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Rackspace Technology focuses on sustainable growth amidst challenges and opportunities

Rackspace Technology navigating challenges from a ransomware incident and a tough macro environment, focusing on sustainable growth and high-margin services.
Company making strategic moves with partnerships, new offerings, and leadership changes to drive transformation and execution of its strategy.
Despite demand slowdown in certain sectors, opportunities exist in healthcare and telco industries, with strong growth in hyperscalers and APJ region.

Rackspace Technology reports Q1 revenue decline, eyes long-term growth

Rackspace Technology faces short-term revenue challenges but maintains financial stability.
Strategic focus on cost efficiencies and revenue growth for improved performance.
Long-term growth opportunities in multicloud and generative AI adoption.
Confidence in sequential profit improvement and segment-specific growth targets.

Rackspace Technology surpasses Q2 expectations, drives innovation in AI

Rackspace Technology's Q2 2023 earnings call highlighted strong financial performance, strategic focus on generative AI, and successful collaborations in cloud services. While facing challenges in bookings growth and cost optimization, the company remains well-positioned for growth and innovation in the tech sector.

Rackspace Technology exceeds Q3 guidance, eyes growth in cloud services

Rackspace Technology's Q3 2023 performance showcased financial strength and strategic focus on sustainable growth.
While facing challenges in profitability, the company's strong traction in key markets and new offerings position it well for future opportunities.
With a disciplined financial strategy and focus on efficiency, Rackspace Technology is poised to capitalize on growth prospects in cloud services.

Rackspace Technology reports strong Q4 earnings, eyes cloud growth

Rackspace Technology's Q4 2023 performance reflects strong revenue and profit growth, driven by robust private cloud bookings and strategic focus on higher-margin services.
While facing challenges in cloud revenue declines, the company is poised for improvement in 2024 through private cloud revenue stabilization and public cloud growth.
Strategic strengths in operational turnaround, debt reduction, and AI partnerships position Rackspace well for future growth and innovation in the cloud services sector.

Rackspace Technology exceeds Q1 guidance, focuses on cloud and AI growth

Rackspace Technology's Q1 2024 earnings call highlighted strong financial performance, operational improvements, and growth opportunities in AI and cloud services. Despite short-term cash flow challenges, the company's strategic focus on cloud bookings and AI development positions it well for future growth.

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SAN ANTONIO, April 12, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT) (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI technology solutions company, today announced the final results of the previously announced offer by its indirect subsidiary Rackspace Finance, LLC (the “New Issuer”), to eligible holders in respect of any and all of the 3.50% First-Priority Senior Secured Notes due 2028 (the “Existing Secured Notes”) issued by its indirect subsidiary Rackspace Technology Global, Inc., to (i) (A) exchange certain of those Existing Secured Notes for new 3.50% FLSO Senior Secured Notes due 2028 (the “Exchange Notes”) issued by the New Issuer and (B) have purchased for cancellation certain of those Existing Secured Notes by the New Issuer for cash (collectively, the “Exchange Offer”), and (ii) fund (the “Funding Offer” and, together with the Exchange Offer, the “Offers”) new senior secured first lien first out term loans of the New Issuer, in each case, subject to the terms and conditions of the offering memorandum dated March 14, 2024 (as amended by the Company's press release dated March 29, 2024, the “Offering Memorandum”). The Exchange Offer expired at 5:00 p.m., New York City time, on April 12, 2024 (the “Expiration Time”).

Rackspace Technology Announces Final Results of the Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

Generative AI chatbot integrated with Enterprise Data Lake generates high-quality, actionable answers to complex business queries Generative AI chatbot integrated with Enterprise Data Lake generates high-quality, actionable answers to complex business queries

GLP Works with Foundry for AI by Rackspace (FAIR) Experts to Integrate Microsoft Azure OpenAI Service to Drive Innovative Asset Management Strategies

Rackspace Technology and Google Cloud's cutting-edge Generative AI Services and Solutions on the Rackspace FAIR Practice will be on display Rackspace Technology and Google Cloud's cutting-edge Generative AI Services and Solutions on the Rackspace FAIR Practice will be on display

Rackspace Technology Participates in Google Cloud Next as a Signature Sponsor to Showcase the Company's Google Cloud Offerings and Partnerships

SAN ANTONIO, March 29, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT) (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI technology solutions company, today announced that its indirect subsidiary Rackspace Finance, LLC (the “New Issuer”) is amending the terms of its previously announced offer (the “Amendment”) to eligible holders in respect of any and all of the 3.50% First-Priority Senior Secured Notes due 2028 (the “Existing Secured Notes”) issued by Rackspace's indirect subsidiary Rackspace Technology Global, Inc., to (i) (A) exchange certain of those Existing Secured Notes for new 3.50% FLSO Senior Secured Notes due 2028 (the “Exchange Notes”) issued by the New Issuer and (B) have purchased for cancellation certain of those Existing Secured Notes by the New Issuer for cash (collectively, the “Exchange Offer”), and (ii) fund (the “Funding Offer” and, together with the Exchange Offer, the “Offers”) new senior secured first lien first out term loans (the “New FLFO Term Loans”) of the New Issuer, in each case, subject to the terms and conditions of the offering memorandum dated March 14, 2024 (as supplemented or otherwise modified from time to time, the “Offering Memorandum”).

Rackspace Technology Announces Increase to Late Exchange Consideration for Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

SAN ANTONIO, March 28, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT) (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI technology solutions company, today announced the early tender results of the previously announced offer by its indirect subsidiary Rackspace Finance, LLC (the “New Issuer”), to eligible holders in respect of any and all of the 3.50% First-Priority Senior Secured Notes due 2028 (the “Existing Secured Notes”) issued by its indirect subsidiary Rackspace Technology Global, Inc., to (i) (A) exchange certain of those Existing Secured Notes for new 3.50% FLSO Senior Secured Notes due 2028 (the “Exchange Notes”) issued by the New Issuer and (B) have purchased for cancellation certain of those Existing Secured Notes by the New Issuer for cash (collectively, the “Exchange Offer”), and (ii) fund (the “Funding Offer” and, together with the Exchange Offer, the “Offers”) new senior secured first lien first out term loans (the “New FLFO Term Loans”) of the New Issuer, in each case, subject to the terms and conditions of the offering memorandum dated March 14, 2024 (as supplemented or otherwise modified from time to time, the “Offering Memorandum”).

Rackspace Technology Announces Early Tender Results of the Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

Next generation product set provides end-to-end, digitally sovereign cloud services Next generation product set provides end-to-end, digitally sovereign cloud services

Rackspace Technology Launches Rackspace UK Sovereign Services for Secure, Cost-Effective Workloads in the UK Public Sector and Regulated Services

Study Shows AI Investments Have Doubled in Past Year, Underscoring Accelerated Adoption Study Shows AI Investments Have Doubled in Past Year, Underscoring Accelerated Adoption

AI Transitioning from Ideation to Industrialization for Critical Business Operations, According to New Rackspace Technology FAIR 2024 AI Research

MUNICH, Germany, March 20, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology ® (NASDAQ: RXT), a leading end-to-end hybrid, multicloud and AI technology services company, has today announced it fully transformed the underlying technology for IFCO, a global leader in Reusable Packaging Containers (RPCs), migrating part of its legacy on-premise IT systems to a fully modernised Microsoft Azure cloud environment. The move to the cloud supports IFCO's growth agenda, as it needed a more flexible platform.

Rackspace Technology Migrates IFCO to Microsoft Azure for Cost Optimisation and Enhanced Flexibility to Support its Growth Agenda

SPOT offers cloud infrastructure auctioned in an open market model with a dynamic customer-driven bidding process that sets compute market price SPOT offers cloud infrastructure auctioned in an open market model with a dynamic customer-driven bidding process that sets compute market price

Rackspace Technology Introduces Rackspace SPOT, Cloud Infrastructure Auctioned in a Real-time Open Market and Delivered as Turnkey, Fully Managed Kubernetes Clusters

SAN ANTONIO, March 14, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT) (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI technology solutions company, through its indirect subsidiary Rackspace Finance, LLC (the “New Issuer”), today announced offers to eligible holders in respect of any and all of the 3.50% First-Priority Senior Secured Notes due 2028 (the “Existing Secured Notes”) issued by its indirect subsidiary Rackspace Technology Global, Inc., to (i) (A) exchange certain of those Existing Secured Notes for new 3.50% FLSO Senior Secured Notes due 2028 (the “Exchange Notes”) issued by the New Issuer and (B) have purchased for cancellation certain of those Existing Secured Notes by the New Issuer for cash (collectively, the “Exchange Offer”), and (ii) fund (the “Funding Offer” and, together with the Exchange Offer, the “Offers”) new senior secured first lien first out term loans (the “New FLFO Term Loans”) of the New Issuer.

Rackspace Technology Announces Launch of Exchange Offer Relating to its 3.50% First-Priority Senior Secured Notes due 2028

Rackspace Technology, Inc. (RXT) Q4 2023 Earnings Call Transcript

Rackspace (RXT) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to earnings of $0.06 per share a year ago.

Rackspace (RXT) Reports Q4 Loss, Tops Revenue Estimates

Company to Receive $275 Million of New Money to Advance Key Strategic Initiatives Company to Launch Public Exchange Offer to All Existing Term Loan Lenders and Secured Note Holders SAN ANTONIO, March 12, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology ® (NASDAQ: RXT), (“Rackspace” or the “Company”), a leading end-to-end hybrid, multicloud, and AI solutions company, today announced that it has closed a private debt exchange (the “Private Exchange”) with certain of its creditors representing more than 72% of the Company's first lien term loans and more than 64% of its first lien notes, as well as 100% of its Revolving Credit Facility (“RCF”) commitments.  Through the Private Exchange, Rackspace has eliminated more than $375 million of net debt and has received $275 million of new money (the “New Money Financing”) that will come to the balance sheet as additional liquidity to advance key strategic initiatives.

Rackspace Technology Announces Refinancing Transactions, Significantly Reducing Debt and Securing New Money Investment

SAN ANTONIO, March 12, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end hybrid, multicloud, and AI solutions company, today announced results for its fourth quarter and year ended December 31, 2023.

Rackspace Technology Reports Fourth Quarter and Full Year 2023 Results

Conference will explore hybrid and multicloud strategies and the transformative potential of AI, security, compliance, and FinOps challenges, and provide insights into cloud adoption Conference will explore hybrid and multicloud strategies and the transformative potential of AI, security, compliance, and FinOps challenges, and provide insights into cloud adoption

Rackspace Technology Participates in Cloud Nirvana Spring 2024 Conference on Designing, Implementing and Executing Enterprise Hybrid and Multicloud Strategies

SAN ANTONIO, March 07, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT) — a leading end-to-end, hybrid, multicloud, and AI solutions company, today announced that it will release its fourth quarter and full year 2023 financial results after the market closes on Tuesday, March 12, 2024. Amar Maletira, Chief Executive Officer, and Mark Marino, Chief Financial Officer, will host a conference call on the day of the release (March 12, 2024) at 5:00 PM ET to discuss the Company's financial results.

Rackspace Technology to Announce Fourth Quarter and Full Year 2023 Earnings on March 12, 2024

Curated event for digital health decisions focusing on the business of healthcare to seamlessly orchestrate a patient-centric ecosystem Curated event for digital health decisions focusing on the business of healthcare to seamlessly orchestrate a patient-centric ecosystem

Rackspace Technology Participates in ViVE 2024 to Discuss Healthcare Technology Interoperability and Revolutionizing Digital Health Strategies

SAN ANTONIO, Feb. 21, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology ® (NASDAQ: RXT), a leading end-to-end, hybrid multicloud technology solutions company, today announced it has been positioned in the Major Players category in the IDC MarketScape: Canadian Managed Multicloud Services 2024 Vendor Assessment (Feb 2024-IDC MarketScape-Doc # CA50302123).

Rackspace Technology Named a Major Player in IDC MarketScape: Canadian Managed Multicloud Services 2024 Vendor Assessment

AI-powered companion streamlines tasks, boosts productivity, and unlocks new possibilities AI-powered companion streamlines tasks, boosts productivity, and unlocks new possibilities

Foundry for AI by Rackspace Launches a Two-step Flight Plan for Copilot for Microsoft 365

Gross brings over 25 years of business experience and executive leadership to Rackspace Gross brings over 25 years of business experience and executive leadership to Rackspace

Rackspace Technology Appoints Experienced and Seasoned Executive Mark Gross to Board of Directors

2023 progress includes reducing carbon footprint, advancing the company's sustainable technology partnerships, workforce empowerment, and impactful community contributions 2023 progress includes reducing carbon footprint, advancing the company's sustainable technology partnerships, workforce empowerment, and impactful community contributions

Rackspace Technology Releases Commitment to Sustainability Report

Groundbreaking service enhancements for artists and songwriters can track music 50% faster Groundbreaking service enhancements for artists and songwriters can track music 50% faster

Rackspace Technology and Google Cloud AI Enable BMG to Process Royalties Ten Times Faster than Before

AI Anywhere is a state-of-the-art offering enabling organizations to harness the power of Artificial Intelligence AI Anywhere is a state-of-the-art offering enabling organizations to harness the power of Artificial Intelligence

Rackspace Technology Introduces AI Anywhere, a Cutting-edge Private Cloud Solution Harnessing the Power of Artificial Intelligence and Machine Learning in a Secure Hosting Environment

SAN ANTONIO, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Rackspace Technology® (NASDAQ: RXT), a leading end-to-end, hybrid multicloud technology solutions company, today announced the appointment of Mark Marino as Chief Financial Officer (CFO), effective immediately. Marino previously served as the Company's Chief Accounting Officer and succeeds Naushaza “Bobby” Molu. Molu resigned his position to pursue a new opportunity in the UK, where he resides. He will remain with Rackspace Technology in an advisory role through late February to ensure a seamless transition.

Rackspace Technology Promotes Mark Marino to Chief Financial Officer

If you are looking for stocks that have gained strong momentum recently but are still trading at reasonable prices, Rackspace (RXT) could be a great choice. It is one of the several stocks that passed through our 'Fast-Paced Momentum at a Bargain' screen.

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