Rackspace Technology, Inc. (NASDAQ:RXT) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET
Corporate Participants
Kevin Jones - Chief Executive Officer
Amar Maletira - President and Chief Financial Officer
Conference Call Participants
Bryan Keane - Deutsche Bank
Ramsey El-Assal - Barclays
Frank Louthan - Raymond James
Bradley Clark - BMO Capital
Matt Roswell - RBC Capital Markets
Operator
Good afternoon, and welcome to Rackspace Technology's First Quarter 2022 Earnings Conference Call. As a reminder, today's call is being recorded. Kevin Jones, our CEO; and Amar Maletira, our President and CFO, join us today. The slide deck we will reference during the call can be found on our IR website.
On Slide 2, certain comments we make on this call will be forward-looking. These statements are subject to 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 certain further 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 website.
After our prepared remarks, we'll take your questions. [Operator Instructions]. And I'll now turn the call over to Kevin.
Kevin Jones
Good afternoon, and thanks for joining us.
I'll discuss quarterly highlights and the strategic direction of our business. Then Amar will go into detail on the financial results.
Turning to Slide five. Rackspace Technology benefits from secular tailwinds and a cloud market that continues to grow with no signs of slowing. In the first quarter. Our cloud hyperscaler partners all grew year-over-year revenue by 35% to 50% that represents $10 billion of new cloud revenue in the first quarter alone. So cloud revenue continues to accelerate. And the cloud revolution is in the very early stages, with winners still to be determined and plenty of whitespace to attack. And Rackspace Technology remains well positioned as the leading pure play multi-cloud services company.
In the first quarter, our financial results were in line with our guidance and expectations and we once again delivered solid growth, profitability and cash flow. On the new business front, it was a very productive quarter. We renewed and strengthened our relationship with AWS and closed a major new deal with VMware to support their Global Edge offerings. We also just launched a new partnership with Nvidia, which I'll touch on in a moment. We closed the acquisition of Just Analytics and began introducing their products and services to our customers globally.