$RXT
Rackspace Technology, Inc.

2023 Q3 Form 10-Q Financial Statement

#000181001923000130 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $732.4M $746.3M $772.2M
YoY Change -7.01% -3.35% 3.82%
Cost Of Revenue $580.4M $593.2M $548.2M
YoY Change -0.02% 8.21% 7.85%
Gross Profit $152.0M $153.1M $224.0M
YoY Change -26.61% -31.65% -4.88%
Gross Profit Margin 20.75% 20.51% 29.01%
Selling, General & Admin $177.3M $216.9M $220.0M
YoY Change -19.37% -1.41% -5.42%
% of Gross Profit 116.64% 141.67% 98.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.40M $56.70M $98.20M
YoY Change -47.83% -42.26% -8.91%
% of Gross Profit 33.16% 37.03% 43.84%
Operating Expenses $177.3M $216.9M $220.0M
YoY Change -19.37% -1.41% -5.42%
Operating Profit -$239.4M -$63.80M $4.000M
YoY Change -49.78% -1695.0% 37.93%
Interest Expense $56.50M $57.30M -$56.70M
YoY Change 8.03% -201.06% -212.28%
% of Operating Profit -1417.5%
Other Income/Expense, Net -$3.700M $37.90M $100.0K
YoY Change -93.66% 37800.0% -100.2%
Pretax Income -$243.1M -$25.90M -$52.60M
YoY Change -54.57% -50.76% 10.97%
Income Tax -$16.50M $1.300M -$12.00M
% Of Pretax Income
Net Earnings -$226.6M -$27.20M -$40.60M
YoY Change -55.72% -33.0% 10.93%
Net Earnings / Revenue -30.94% -3.64% -5.26%
Basic Earnings Per Share -$1.05 -$0.13 -$0.19
Diluted Earnings Per Share -$1.05 -$0.13 -$193.8K
COMMON SHARES
Basic Shares Outstanding 215.9M shares 215.1M shares 210.9M shares
Diluted Shares Outstanding 216.0M shares 215.1M shares 209.5M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $277.8M $159.9M $261.3M
YoY Change 11.52% -38.81% 21.65%
Cash & Equivalents $277.8M $159.9M $261.3M
Short-Term Investments
Other Short-Term Assets $125.3M $119.8M $154.8M
YoY Change 30.11% -22.61% 105.58%
Inventory
Prepaid Expenses $93.30M $90.00M
Receivables $348.7M $543.8M $598.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $845.1M $913.5M $1.014B
YoY Change -18.26% -9.93% 14.57%
LONG-TERM ASSETS
Property, Plant & Equipment $741.6M $779.2M $900.3M
YoY Change -12.32% -13.45% -13.71%
Goodwill $1.448B $1.618B
YoY Change -36.22%
Intangibles $1.058B $1.155B
YoY Change -18.07%
Long-Term Investments
YoY Change
Other Assets $187.7M $199.3M $209.8M
YoY Change -23.79% -5.0% 27.77%
Total Long-Term Assets $3.435B $3.751B $5.194B
YoY Change -26.19% -27.78% -6.03%
TOTAL ASSETS
Total Short-Term Assets $845.1M $913.5M $1.014B
Total Long-Term Assets $3.435B $3.751B $5.194B
Total Assets $4.280B $4.665B $6.208B
YoY Change -24.74% -24.87% -3.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $416.8M $397.0M $388.0M
YoY Change 1.88% 2.32% 19.61%
Accrued Expenses $167.9M $161.9M $170.3M
YoY Change -7.65% -4.93% -4.75%
Deferred Revenue $81.60M $73.50M
YoY Change -7.59%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $47.40M $23.00M $125.4M
YoY Change 106.09% -81.66% 445.22%
Total Short-Term Liabilities $824.8M $776.3M $822.8M
YoY Change -0.18% -5.65% 4.24%
LONG-TERM LIABILITIES
Long-Term Debt $3.012B $3.174B $3.670B
YoY Change -8.72% -13.51% 10.59%
Other Long-Term Liabilities $94.50M $99.70M $212.1M
YoY Change -18.95% -52.99% 35.18%
Total Long-Term Liabilities $3.106B $3.274B $3.882B
YoY Change -9.07% -15.67% 11.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $824.8M $776.3M $822.8M
Total Long-Term Liabilities $3.106B $3.274B $3.882B
Total Liabilities $4.463B $4.633B $4.910B
YoY Change -8.39% -5.65% -2.39%
SHAREHOLDERS EQUITY
Retained Earnings -$2.852B -$2.626B
YoY Change 60.92%
Common Stock $2.200M $2.200M
YoY Change 4.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$182.8M $31.90M $1.298B
YoY Change
Total Liabilities & Shareholders Equity $4.280B $4.665B $6.208B
YoY Change -24.74% -24.87% -3.18%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$226.6M -$27.20M -$40.60M
YoY Change -55.72% -33.0% 10.93%
Depreciation, Depletion And Amortization $50.40M $56.70M $98.20M
YoY Change -47.83% -42.26% -8.91%
Cash From Operating Activities $266.8M $37.80M $84.00M
YoY Change 277.37% -55.0% -20.53%
INVESTING ACTIVITIES
Capital Expenditures $27.50M $23.40M -$27.20M
YoY Change -244.74% -186.03% -6.53%
Acquisitions
YoY Change
Other Investing Activities $100.0K $200.0K $2.500M
YoY Change -100.72% -92.0% 47.06%
Cash From Investing Activities -$27.40M -$23.20M -$24.70M
YoY Change -16.72% -6.07% -9.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -120.6M -29.50M -63.60M
YoY Change 171.62% -53.62% 2.09%
NET CHANGE
Cash From Operating Activities 266.8M 37.80M 84.00M
Cash From Investing Activities -27.40M -23.20M -24.70M
Cash From Financing Activities -120.6M -29.50M -63.60M
Net Change In Cash 118.8M -14.90M -4.300M
YoY Change -1900.0% 246.51% -126.88%
FREE CASH FLOW
Cash From Operating Activities $266.8M $37.80M $84.00M
Capital Expenditures $27.50M $23.40M -$27.20M
Free Cash Flow $239.3M $14.40M $111.2M
YoY Change 166.78% -87.05% -17.51%

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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 condensed 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 condensed 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>
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false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001810019-23-000130-index-headers.html Edgar Link pending
0001810019-23-000130-index.html Edgar Link pending
0001810019-23-000130.txt Edgar Link pending
0001810019-23-000130-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
rxt-20230630.htm Edgar Link pending
rxt-20230630.xsd Edgar Link pending
rxt-20230630_g1.jpg Edgar Link pending
rxt101q22023.htm Edgar Link pending
rxt311q22023.htm Edgar Link pending
rxt-20230630_def.xml Edgar Link unprocessable
rxt-20230630_lab.xml Edgar Link unprocessable
rxt-20230630_pre.xml Edgar Link unprocessable
rxt-20230630_htm.xml Edgar Link completed
rxt312q22023.htm Edgar Link pending
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Show.js Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
rxt-20230630_cal.xml Edgar Link unprocessable