Rackspace Technology, Inc. (NASDAQ:RXT) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Robert Watson - VP, Corporate Finance

Amar Maletira - CEO

Bobby Molu - CFO

Conference Call Participants

Frank Louthan - Raymond James

Kevin McVeigh - Credit Suisse

Ryan Campbell - Barclays

Abdullah Khan - Evercore

Puneet Jain - JPMorgan

Brad Clark - Bank of Montreal

Operator

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

I would now like to turn the call over to Robert Watson, Vice President of Corporate Finance. Please go ahead, sir.

Robert Watson

Thank you, and good afternoon. I am joined today by Amar Maletira, our Chief Executive Officer; and Bobby Molu, our Chief Financial Officer.

This quarter we will begin reporting in our new operating segments, Public Cloud and Private Cloud. As we previously communicated, our prior Multicloud segment has been separated into its Public and Private Cloud components, and our prior Apps & Cross Platform segment has been merged into Public and Private Cloud based on the underlying nature of the products and offerings. Our prior OpenStack segment has been collapsed into Private Cloud. However, we will continue to provide visibility into OpenStack revenue. Please refer to our Investor Relations website for historical financials in the new segments, definitions of financial metrics and other supplemental materials to today’s earnings announcement.

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 IR website.

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

Amar Maletira

Thank you, Robert.

Let me start by sharing some of our first quarter achievements. First, we delivered revenue and profit above the midpoint of our guidance for the first quarter. Meeting our commitments remains a priority. So, I’m pleased we were able to achieve these results while navigating a challenging macroeconomic and industry environment.