Rackspace Technology, Inc. (NASDAQ:RXT) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET

Company Participants

Sagar Hebbar - Head, IR

Amar Maletira - CEO

Bobby Molu - CFO

Conference Call Participants

Kevin McVeigh - Credit Suisse

Bradley Clark - BMO

Frank Louthan - Raymond James

Raed Alfayoumi - Bank of Hope

Operator

Good day and thank you for standing by. Welcome to Rackspace Second Fiscal Quarter 2023 Earnings Call. 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, Sagar Hebbar, Head of Investor Relations. Please go ahead.

Sagar Hebbar

Thank you. And welcome to Rackspace Technology's second 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. And welcome to Rackspace. Fiscal second quarter 2023 exceeded our guidance for both revenue and EPS. This is the fourth consecutive quarter in which we exceeded our expectations.

As we updated last quarter, we have reorganized the company and are focusing on our two business unit operating model and strategy, shifting to a more profitable business mix, right sizing our cost structure and building our product offerings to position Rackspace for long-term success. We are already seeing the benefits of organizing into two separate business units. Our increased focus in the private cloud business has resulted in solid pipeline expansion and bookings growth.