Rackspace Technology, Inc. (NASDAQ:RXT) Q3 2024 Earnings Conference Call November 12, 2024 5:00 PM ET

Company Participants

Sagar Hebbar - Head of Investor Relations
Amar Maletira - President, Chief Executive Officer & Director
Mark Marino - Executive Vice President & Chief Financial Officer

Conference Call Participants

Kevin McVeigh - UBS

Operator

Good day, and thank you for standing by. Welcome to the Rackspace Third Quarter 2024 Earnings Webcast. At this time, all participants are in listen-only mode. After the speakers presentation there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your first speaker today, Sagar Hebbar, Investor Relations. Please go ahead.

Sagar Hebbar

Thank you, and welcome to Rackspace Technology's third 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 third quarter exceeded the midpoint of our guidance for revenue, profit and EPS. This marks the ninth consecutive quarter, in which we have either met or exceeded our guidance. This achievement is attributed to our consistent execution and a strong focus on advancing our three strategic priorities.

First, we are making steady progress on our operational turnaround. In the third quarter, we grew bookings and pipeline while improving efficiency. Second, we continue to position Rackspace as a forward-leaning innovative hybrid cloud and AI solutions company. We're launching new products, solutions and offerings that target the next big secular waves of growth in both hybrid cloud and AI. And third, we remain focused on improving our capital structure to support and sustain profitable growth over the long-term. We will ample liquidity and flexibility to focus on our operational priorities.