Rackspace Technology Inc (NASDAQ:RXT) Q2 2024 Results Conference Call August 8, 2024 5:00 PM ET

Company Participants

Sagar Hebbar - Head of Investor Relations
Amar Maletira - President, CEO & Director
Mark Marino - Executive VP & CFO

Conference Call Participants

Frank Louthan - Raymond James
Kevin McVeigh - UBS
Ryan Campbell - Research Analyst

Operator

Thank you for standing by. My name is Prilla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rackspace Technology's Second Quarter 2024 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers remarks there will be question and answer session. [Operator Instructions]

I would now like to turn the conference over to Sagar Hebbar, Head of Investor Relations. Please go ahead.

Sagar Hebbar

Thank you, and welcome to Rackspace Technology's second quarter 2024 earnings conference call. I'm Sagar Hebbar, Head of Investor Relations. Joining me on today's call are Amar Maletira, our Chief Executive Officer; and Mark Marino, 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 press release and presentation, both of which are available on our Investor Relations website.

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

Amar Maletira

Thank you, Sagar, and welcome, everyone, to our earnings call. Results in the second quarter exceeded the high end of our guidance for revenue, profit and EPS. This marks the eighth consecutive quarter in which we have either met or exceeded our guidance. We continue to execute to our plan and focus on advancing our 3 strategic priorities. First, we are making steady progress on our operational turnaround. I will cover this in detail later in my prepared remarks. Second, we are repositioning Rackspace as a forward-leading innovative hybrid cloud and AI solutions company. We're now well placed to catch the next big secular waves of both hybrid cloud and AI. And third, we are rightsizing our capital structure to support long-term and sustainable profitable growth. We have ample liquidity and flexibility to focus on our operational priorities. We further improved our capital structure in the second quarter through opportunistic repurchases of our debt.