Rackspace Q1 revenue $759M, net loss $612M on $543M goodwill impairment; guides Q2 below year-ago levels

Rackspace Technology, Inc.

2023-Q1 EPS reported -$2.87 revenue$758,700,000

Revenue $759M (-2% YoY); Public Cloud up 7% to $445M, Private Cloud down 12% to $314M.
GAAP net loss $612M ($2.87/diluted) includes $543M goodwill impairment; non-GAAP operating profit $51M (-55% YoY).
Non-GAAP loss per share ($0.02) vs non-GAAP EPS $0.22 in Q1 2022.
Q2 guidance: revenue $725-735M, non-GAAP operating profit $33-37M, non-GAAP loss per share ($0.09)-($0.07).
CEO says Q2 will be trough in profitability during this transformation year.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Rackspace Technology, Inc. reported the first quarter ended March 31, 2023 results: revenue $759 million, net income $(612) million, EPS $(2.87) per diluted share. Guidance initiated.

Period: the first quarter ended March 31, 2023
Revenue: $759 million
Net income: $(612) million
EPS: $(2.87) per diluted share
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue was $759 million in the first quarter of 2023, a decrease of 2% as compared to revenue of $776 million in the first quarter of 2022. On a constant currency basis, revenue decreased 1% in the first quarter of 2023 as compared to the first quarter of 2022. In the first quarter of 2023, we completed our business unit realignment and are now reporting in our two new operating segments - Public Cloud and Private Cloud. Our prior Multicloud segment has been separated into its public and private cloud components and our prior OpenStack Public Cloud segment has been included in Private Cloud. The offerings previously reported in our Apps & Cross Platform segment have been reassigned to either the Public Cloud or Private Cloud segment based on the nature of the offering. Comparative periods have been recast to reflect results in the new structure. Public Cloud revenue was $445 million in the first quarter of 2023, an increase of 7% on both a reported and constant currency basis as compa

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Source: SEC EDGAR

accession 0001810019-23-000080

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