Rackspace Technology, Inc. (NASDAQ:RXT) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET

Company Participants

Sagar Hebbar - Head-Investor Relations

Amar Maletira - Chief Executive Officer

Bobby Molu - Chief Financial Officer

Conference Call Participants

Ramsey El-Assal - Barclays

Frank Louthan - Raymond James

Bradley Clark - BMO

Matthew Roswell - RBC

Operator

Good day and thank you for standing by. Welcome to Rackspace Technology Third Quarter 2023 Earnings Webcast. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today. Please go ahead.

Sagar Hebbar

Thank you. And welcome to Rackspace Technology's third quarter 2023 earnings conference call. I am Sagar Hebbar, Head of Investor Relations. Joining me on today’s call are Amar Maletira, our Chief Executive Officer, and Bobby Molu our Chief Financial Officer.

As a reminder, certain comments we make on this call will be forward-looking. These statements involve risks and uncertainties, which could cause actual results to differ. A discussion of these risks and uncertainties is included in our SEC filings. Rackspace Technology assumes no obligation to update the information presented on the call, except as required by law.

Our presentation includes certain non-GAAP financial measures and adjustments to these measures, which we believe provide useful information to our investors. In accordance with SEC rules, we have provided a reconciliation of these measures to their most directly comparable GAAP measures in the earnings release and presentation, both of which are available on our investor relations website. Please note that, unless stated otherwise, all results are presented as non-GAAP except revenues.

I'll now turn the call over to Amar for an update on the business.

Amar Maletira

Thank you, Sagar. Fiscal third quarter 2023 results exceeded the midpoint of our revenue, operating profit and EPS guidance. Our two business unit operating model is now fully implemented and our leadership teams are executing to their plans. Additionally, we remain committed to aligning our cost structure with our current needs. These measures continue to improve our operating efficiency and execution.

As has been widely noted the overall economic and demand environment remains uncertain. Organizations of all sizes and spanning various industries remain cautious on IT spending Hence we continue to see extended sales cycles and delays in customers' new initiatives. In response, we continue to focus on fine-tuning our organization aiming for more effective execution of our current operations. We are strengthening and preparing Rackspace Technology to capitalize on an uptick in demand as and when it occurs.