8-K
filed February 22, 2023, 6:59 PM ET
ticker RXT
CIK 0001810019
earnings
confidence high
sentiment negative
materiality 0.75
Rackspace Q4 revenue $787M (+1% YoY); net loss $(214)M; $217M impairment; Q1 guidance weak
Rackspace Technology, Inc.
2022-FY EPS reported
-$3.81
revenue$3,122,300,000
- Q4 revenue $787M (+1% YoY); full year revenue $3,122M (+4% YoY).
- Q4 net loss $(214)M ($(1.01)/share) vs $(83)M loss a year ago; Non-GAAP EPS $0.06, down 76% YoY.
- Recorded $217M in Q4 impairment charges ($129M goodwill in Apps & Cross Platform, $75M asset impairment for HQ relocation).
- Full year 2022 goodwill impairment $535M and asset impairment $146M, citing ransomware incident and macroeconomic factors.
- Q1 2023 guidance: revenue $752-762M, Non-GAAP operating profit $47-53M, Non-GAAP loss per share ($0.05)-($0.01).
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.99
Rackspace Technology, Inc. reported the fiscal quarter ended December 31, 2022 results: revenue $787 million, net income $(214) million, EPS $(1.01).
- Period
- the fiscal quarter ended December 31, 2022
- Revenue
- $787 million
- Net income
- $(214) million
- EPS
- $(1.01)
- Result
- reported results
Exact text from the filing
Revenue was $787 million in the fourth quarter of 2022, an increase of 1% as compared to revenue of $777 million in the fourth quarter of 2021. Revenue for the fourth quarter of 2022 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 3% in the fourth quarter of 2022 as compared to the fourth quarter of 2021. Revenue from our Core Segments (“Core Revenue”), comprised of Multicloud Services and Apps & Cross Platform, increased 2% on an actual basis and 4% on a constant currency basis, in the fourth quarter of 2022 as compared to the fourth quarter of 2021. In the fourth quarter of 2022 we recorded $217 million of non-cash impairment charges driven primarily by $129 million of goodwill and a $75 million asset impairment. The goodwill impairment was in our Apps & Cross Platform segment and was driven primarily by the decline in market capitalization fo
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Earnings Releases
SEC 8-K Item 2.02
confidence 0.99
Rackspace Technology, Inc. reported the fiscal year ended December 31, 2022 results: revenue $3,122 million, net income $(805) million, EPS $(3.81).
- Period
- the fiscal year ended December 31, 2022
- Revenue
- $3,122 million
- Net income
- $(805) million
- EPS
- $(3.81)
- Result
- reported results
Exact text from the filing
Revenue was $3,122 million in 2022, an increase of 4% as compared to revenue of $3,010 million in 2021. Revenue for full year 2022 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 5% in 2022 compared to 2021. Core Revenue increased 5% on an actual basis and 7% on a constant currency basis, in 2022 as compared to 2021. Impairment of goodwill and impairment of assets were $535 million and $146 million, respectively, in 2022. These impairments reflect a sustained decrease in our market capitalization and lowered projected operating results primarily due to product mix shifts, impacts from the December ransomware incident, and market concerns related to inflation, supply chain disruption issues and other macroeconomic factors. We also recorded an impairment of $75 million for our San Antonio headquarters office as we prepare for our relocation to Nor
View on SEC.gov
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