$RXT
Rackspace Technology, Inc.

2023 Q2 Form 10-Q Financial Statement

#000181001923000083 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $746.3M $758.7M $775.5M
YoY Change -3.35% -2.17% 6.83%
Cost Of Revenue $593.2M $589.1M $549.5M
YoY Change 8.21% 7.21% 12.01%
Gross Profit $153.1M $169.6M $226.0M
YoY Change -31.65% -24.96% -3.95%
Gross Profit Margin 20.51% 22.35% 29.14%
Selling, General & Admin $216.9M $207.5M $205.1M
YoY Change -1.41% 1.17% -11.21%
% of Gross Profit 141.67% 122.35% 90.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.70M $53.80M $101.6M
YoY Change -42.26% -47.05% -6.36%
% of Gross Profit 37.03% 31.72% 44.96%
Operating Expenses $216.9M $207.5M $205.1M
YoY Change -1.41% 1.17% -11.21%
Operating Profit -$63.80M -$581.0M $20.90M
YoY Change -1695.0% -2879.9% -13.64%
Interest Expense $57.30M $56.90M $50.10M
YoY Change -201.06% 13.57% -4.75%
% of Operating Profit 239.71%
Other Income/Expense, Net $37.90M -$41.90M -$53.80M
YoY Change 37800.0% -22.12% -43.43%
Pretax Income -$25.90M -$622.9M -$32.90M
YoY Change -50.76% 1793.31% -53.6%
Income Tax $1.300M -$10.90M $5.600M
% Of Pretax Income
Net Earnings -$27.20M -$612.0M -$38.50M
YoY Change -33.0% 1489.61% -39.84%
Net Earnings / Revenue -3.64% -80.66% -4.96%
Basic Earnings Per Share -$0.13 -$2.87 -$0.18
Diluted Earnings Per Share -$0.13 -$2.87 -$0.18
COMMON SHARES
Basic Shares Outstanding 215.1M shares 212.8M shares 211.4M shares
Diluted Shares Outstanding 215.1M shares 213.2M shares 211.4M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.9M $174.3M $269.1M
YoY Change -38.81% -35.23% 35.64%
Cash & Equivalents $159.9M $174.3M $269.1M
Short-Term Investments
Other Short-Term Assets $119.8M $112.2M $57.00M
YoY Change -22.61% 96.84% -12.98%
Inventory
Prepaid Expenses $90.00M $111.5M $103.9M
Receivables $543.8M $571.6M $576.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $913.5M $969.6M $1.006B
YoY Change -9.93% -3.63% 18.8%
LONG-TERM ASSETS
Property, Plant & Equipment $779.2M $777.4M $948.3M
YoY Change -13.45% -18.02% -8.43%
Goodwill $1.618B $1.615B $2.709B
YoY Change -40.38% -1.99%
Intangibles $1.155B $1.196B $1.424B
YoY Change -16.02% -11.05%
Long-Term Investments
YoY Change
Other Assets $199.3M $197.3M $224.2M
YoY Change -5.0% -12.0% 30.73%
Total Long-Term Assets $3.751B $3.785B $5.305B
YoY Change -27.78% -28.65% -4.78%
TOTAL ASSETS
Total Short-Term Assets $913.5M $969.6M $1.006B
Total Long-Term Assets $3.751B $3.785B $5.305B
Total Assets $4.665B $4.755B $6.311B
YoY Change -24.87% -24.66% -1.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $397.0M $384.2M $390.2M
YoY Change 2.32% -1.54% 20.77%
Accrued Expenses $161.9M $159.2M $155.6M
YoY Change -4.93% 2.31% -6.43%
Deferred Revenue $73.50M $101.3M $111.0M
YoY Change -8.74% 24.72%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $23.00M $23.00M $23.00M
YoY Change -81.66% 0.0% -14.81%
Total Short-Term Liabilities $776.3M $790.7M $817.5M
YoY Change -5.65% -3.28% 7.88%
LONG-TERM LIABILITIES
Long-Term Debt $3.174B $3.269B $3.307B
YoY Change -13.51% -1.15% -1.83%
Other Long-Term Liabilities $99.70M $110.0M $117.5M
YoY Change -52.99% -6.38% -22.39%
Total Long-Term Liabilities $3.274B $3.379B $3.425B
YoY Change -15.67% -1.33% -2.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $776.3M $790.7M $817.5M
Total Long-Term Liabilities $3.274B $3.379B $3.425B
Total Liabilities $4.633B $4.730B $4.967B
YoY Change -5.65% -4.76% -1.51%
SHAREHOLDERS EQUITY
Retained Earnings -$2.626B -$2.598B -$1.220B
YoY Change 112.97% 18.77%
Common Stock $2.200M $2.200M $2.100M
YoY Change 4.76% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 400.0K shares
Shareholders Equity $31.90M $24.40M $1.344B
YoY Change
Total Liabilities & Shareholders Equity $4.665B $4.755B $6.311B
YoY Change -24.87% -24.66% -1.67%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$27.20M -$612.0M -$38.50M
YoY Change -33.0% 1489.61% -39.84%
Depreciation, Depletion And Amortization $56.70M $53.80M $101.6M
YoY Change -42.26% -47.05% -6.36%
Cash From Operating Activities $37.80M -$1.900M $64.50M
YoY Change -55.0% -102.95% -37.5%
INVESTING ACTIVITIES
Capital Expenditures $23.40M $12.10M $19.20M
YoY Change -186.03% -36.98% -47.97%
Acquisitions $0.00 $7.700M
YoY Change -100.0%
Other Investing Activities $200.0K -$400.0K -$1.000M
YoY Change -92.0% -60.0% -23.08%
Cash From Investing Activities -$23.20M -$11.70M -$25.90M
YoY Change -6.07% -54.83% 502.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.100M
YoY Change
Debt Paid & Issued, Net $15.40M $5.800M
YoY Change 165.52% -99.79%
Cash From Financing Activities -29.50M -$41.30M -$40.80M
YoY Change -53.62% 1.23% 806.67%
NET CHANGE
Cash From Operating Activities 37.80M -$1.900M $64.50M
Cash From Investing Activities -23.20M -$11.70M -$25.90M
Cash From Financing Activities -29.50M -$41.30M -$40.80M
Net Change In Cash -14.90M -$54.00M -$3.800M
YoY Change 246.51% 1321.05% -104.06%
FREE CASH FLOW
Cash From Operating Activities $37.80M -$1.900M $64.50M
Capital Expenditures $23.40M $12.10M $19.20M
Free Cash Flow $14.40M -$14.00M $45.30M
YoY Change -87.05% -130.91% -31.67%

Facts In Submission

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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Other Depreciation And Amortization
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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CY2022Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2022Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Goodwill Impairment Loss
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CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
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CY2022Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
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CY2022Q1 us-gaap Gain Loss On Sale Of Investments
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CY2023Q1 us-gaap Gain Loss On Sale Of Investments
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CY2022Q1 us-gaap Provision For Doubtful Accounts
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CY2023Q1 us-gaap Provision For Doubtful Accounts
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CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Assets And Liabilities Net
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Stock Plans
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CY2023Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2023Q1 rxt Repayments Of Financing Obligations
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Interest Paid Net
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CY2023Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Income Taxes Paid Net
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CY2023Q1 us-gaap Income Taxes Paid Net
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CY2022Q1 rxt Capital Expenditures Acquired By Finance Leases
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CY2023Q1 rxt Capital Expenditures Acquired By Finance Leases
CapitalExpendituresAcquiredByFinanceLeases
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CY2022Q1 rxt Capital Expenditures Acquired By Financing Obligations
CapitalExpendituresAcquiredByFinancingObligations
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CY2023Q1 rxt Capital Expenditures Acquired By Financing Obligations
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CY2022Q1 rxt Increase Decrease In Accrued Liabilities For Capital Expenditures
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CY2023Q1 rxt Increase Decrease In Accrued Liabilities For Capital Expenditures
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CY2022Q1 rxt Noncash Purchase Of Capital Expenditures
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CY2023Q1 rxt Noncash Purchase Of Capital Expenditures
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Stockholders Equity
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CY2022Q4 us-gaap Stockholders Equity
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CY2023Q1 us-gaap Stockholders Equity
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CY2023Q1 rxt Number Of Units In A Business Operating Model
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2 segment
CY2023Q1 rxt Number Of Units In A Business Operating Model
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2 segment
CY2023Q1 us-gaap Number Of Operating Segments
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
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CY2023Q1 us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates.</span></div>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 rxt Number Of Units In A Business Operating Model
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CY2023Q1 us-gaap Number Of Reporting Units
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CY2023Q1 us-gaap Contract With Customer Liability Current
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CY2023Q1 us-gaap Contract With Customer Liability Noncurrent
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q1 us-gaap Revenue Remaining Performance Obligation
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564200000 usd
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Percentage
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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211400000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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213200000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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213200000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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211400000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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213200000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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213200000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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41100000 shares
CY2022Q4 rxt Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization Excluding Construction In Progress
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CY2023Q1 rxt Property Plant And Equipment And Finance Lease Right Of Use Asset Before Accumulated Depreciation And Amortization Excluding Construction In Progress
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CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2023Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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CY2023Q1 us-gaap Number Of Operating Segments
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CY2023Q1 us-gaap Number Of Reportable Segments
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CY2022Q4 us-gaap Goodwill
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CY2023Q1 us-gaap Goodwill Impairment Loss
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CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2023Q1 us-gaap Goodwill
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CY2023Q1 us-gaap Goodwill Gross
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CY2023Q1 us-gaap Goodwill
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CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q4 us-gaap Deferred Finance Costs Net
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CY2023Q1 us-gaap Deferred Finance Costs Net
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CY2022Q4 us-gaap Debt Instrument Unamortized Discount
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10700000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
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CY2022Q4 us-gaap Long Term Debt
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CY2023Q1 us-gaap Long Term Debt
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CY2022Q4 us-gaap Long Term Debt Current
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CY2023Q1 us-gaap Long Term Debt Current
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CY2022Q4 us-gaap Long Term Debt Noncurrent
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CY2023Q1 us-gaap Long Term Debt Noncurrent
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CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2022Q1 us-gaap Treasury Stock Shares Acquired
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CY2023Q1 us-gaap Treasury Stock Shares Acquired
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CY2023Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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38400000 usd
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3400000 usd
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5600000 usd
CY2023Q1 rxt Number Of Units In A Business Operating Model
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2 segment
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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775500000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Amortization Of Intangible Assets
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42200000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
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40900000 usd
CY2022Q1 us-gaap Goodwill Impairment Loss
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0 usd
CY2023Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
543100000 usd
CY2022Q1 us-gaap Interest Expense
InterestExpense
50100000 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
56900000 usd
CY2022Q1 us-gaap Gain Loss On Investments
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CY2023Q1 us-gaap Gain Loss On Investments
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100000 usd
CY2022Q1 us-gaap Gains Losses On Extinguishment Of Debt
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0 usd
CY2023Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
12800000 usd
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2100000 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q1 us-gaap Depreciation
Depreciation
59300000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
53800000 usd

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rxt-20230331_lab.xml Edgar Link unprocessable
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0001810019-23-000083.txt Edgar Link pending
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