0001810019-23-000034 | 10-K | XBRL Viewer

Debt

Debt consisted of the following:


(In millions, except %)		December 31, 2021			December 31, 2022
Debt Instrument	Maturity Date	Interest Rate(1)	Amount		Interest Rate(1)	Amount

Term Loan Facility	February 15, 2028	3.50%	$	2,282.8	7.38%	$	2,259.8
Revolving Credit Facility	August 7, 2025	—%	—		—%	—
3.50% Senior Secured Notes	February 15, 2028	3.50%	550.0		3.50%	550.0
5.375% Senior Notes	December 1, 2028	5.375%	550.0		5.375%	550.0

Less: unamortized debt issuance costs			(36.3)			(30.7)
Less: unamortized debt discount			(12.6)			(10.7)
Total debt			3,333.9			3,318.4
Less: current portion of debt			(23.0)			(23.0)
Debt, excluding current portion			$	3,310.9		$	3,295.4

(1) Interest rates are as of each respective balance sheet date.

Overview

We are a highly leveraged company. As of December 31, 2022, we had $3,359.8 million aggregate principal amount outstanding under our Term Loan Facility, 5.375% Senior Notes, and 3.50% Senior Secured Notes. We primarily finance our operations and capital expenditures with internally-generated cash from operations and hardware leases, and if necessary, borrowings under our Revolving Credit Facility. As of December 31, 2022, the Revolving Credit Facility provided for up to $375.0 million of borrowings, none of which was drawn as of December 31, 2022. Our primary uses of cash are working capital requirements, debt service requirements and capital expenditures. Based on our current level of operations and available cash and cash equivalents of $228.4 million as of December 31, 2022, we believe our sources will provide sufficient liquidity over at least the next twelve months. We cannot provide assurance, however, that our business will generate sufficient cash flows from operations or that future borrowings will be available to us under the Revolving Credit Facility or from other sources in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. Our ability to do so depends on prevailing economic conditions and other factors, many of which are beyond our control.

Senior Facilities

The Senior Facilities include the Term Loan Facility and Revolving Credit Facility, and is governed by the First Lien Credit Agreement with Citi as the administrative agent.

On February 9, 2021, we amended and restated the First Lien Credit Agreement, which included a new seven-year $2,300.0 million senior secured first lien term loan facility due on February 15, 2028 (the Term Loan Facility) and our existing $375.0 million Revolving Credit Facility. We used the borrowings under the Term Loan Facility, together with the proceeds from the issuance of the 3.50% Senior Secured Notes described below (together, the February 2021 Refinancing Transaction), to repay all borrowings under the Prior Term Loan Facility, to pay related fees and expenses and for general corporate purposes.

Borrowings under the Senior Facilities bear interest at an annual rate equal to an applicable margin plus, at our option, either (a) a LIBOR rate determined by reference to the costs of funds for Eurodollar deposits for the interest period relevant to such borrowing, adjusted for certain additional costs, subject to a 0.75% floor, in the case of the Term Loan Facility, and a 1.00% floor, in the case of the Revolving Credit Facility, or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate of Citi and (iii) the one-month adjusted LIBOR plus 1.00%. The applicable margin for the Term Loan Facility is 2.75% for LIBOR loans and 1.75% for base rate loans and the applicable margin for the Revolving Credit Facility is 3.00% for LIBOR loans and 2.00% for base rate loans. Interest is due at the end of each interest period elected, not exceeding 90 days, for LIBOR loans and at the end of every calendar quarter for base rate loans.

In addition to paying interest on the outstanding principal under the Senior Facilities, the Revolving Credit Facility also includes a commitment fee equal to 0.50% per annum in respect of the unused commitments that is due quarterly. This commitment fee is subject to one step-down based on the net first lien leverage ratio.

As of December 31, 2022, the interest rate on the Term Loan Facility was 7.38%. We are required to make quarterly principal payments of $5.8 million, which began on June 30, 2021. See Note 14, "Derivatives" for information on interest rate swap agreements we utilize to manage the interest rate risk on the Term Loan Facility.

In addition to the quarterly amortization payments discussed above, the Senior Facilities require us to make certain mandatory prepayments, including using (i) a portion of annual excess cash flow, as defined in the First Lien Credit Agreement, to prepay the Term Loan Facility, (ii) net cash proceeds of certain non-ordinary assets sales or dispositions of property to prepay the Term Loan Facility, and (iii) net cash proceeds of any issuance or incurrence of debt not permitted under the Senior Facilities to prepay the Term Loan Facility. We may make voluntary prepayments at any time without penalty, except in connection with a repricing event, as defined in the First Lien Credit Agreement.

The fair value of the Term Loan Facility as of December 31, 2022 was $1,412.4 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the Term Loan Facility is classified as Level 2 within the fair value hierarchy.

Rackspace Technology Global is the borrower under the Senior Facilities, and all obligations under the Senior Facilities are (i) guaranteed by Inception Parent, Rackspace Technology Global’s immediate parent company, on a limited recourse basis and secured by the equity interests of Rackspace Technology Global held by Inception Parent, and (ii) guaranteed by Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries and secured by substantially all material owned assets of Rackspace Technology Global and the subsidiary guarantors, including the equity interests held by each, in each case subject to certain exceptions. The only financial covenant is with respect to the Revolving Credit Facility which limits the net first lien leverage ratio to a maximum of 5.00 to 1.00; however, this covenant is only applicable and tested if the aggregate amount of outstanding borrowings under the Revolving Credit Facility and letters of credit issued thereunder (excluding $25.0 million of undrawn letters of credit and cash collateralized letters of credit) is equal to or greater than 35% of the Revolving Credit Facility commitments at the end of a fiscal quarter. Other covenants include limitations on restricted payments, indebtedness, investments, liens, asset sales and transactions with affiliates.

As of December 31, 2022, we were in compliance with all covenants under the Senior Facilities.

The Revolving Credit Facility matures on August 7, 2025. As of December 31, 2022, we had total commitments of $375.0 million and no outstanding borrowings under the Revolving Credit Facility or letters of credit issued thereunder.

3.50% Senior Secured Notes due 2028

On February 9, 2021, Rackspace Technology Global issued $550.0 million aggregate principal amount of 3.50% Senior Secured Notes due 2028. The 3.50% Senior Secured Notes will mature on February 15, 2028 and bear interest at an annual fixed rate of 3.50%. Interest is payable semiannually on each February 15 and August 15, commencing on August 15, 2021. The 3.50% Senior Secured Notes are not subject to registration rights. As noted above, we used the net proceeds from the issuance of the 3.50% Senior Secured Notes, together with borrowings under the Term Loan Facility described above, to repay all borrowings outstanding under the Prior Term Loan Facility, to pay related fees and expenses and for general corporate purposes.

Rackspace Technology Global is the issuer of the 3.50% Senior Secured Notes, and obligations under the 3.50% Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, by all of Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries (as subsidiary guarantors) that guarantee the Senior Facilities. The 3.50% Senior Secured Notes and the related guarantees are secured by first-priority security interests in substantially all material owned assets of Rackspace Technology Global and the subsidiary guarantors, including the equity interest held by each, subject to certain exceptions, which assets also secure the Senior Facilities. The 3.50% Notes Indenture describes certain terms and conditions under which other current and future domestic subsidiaries are required to become guarantors of the 3.50% Senior Secured Notes.

Rackspace Technology Global may redeem the 3.50% Senior Secured Notes at its option, in whole at any time or in part from time to time, at the following redemption prices: prior to February 15, 2024, at a redemption price equal to 100.000% of the principal amount, plus the applicable premium described in the 3.50% Notes Indenture and accrued and unpaid interest, if any, to but excluding the redemption date; from February 15, 2024 to February 14, 2025, at a redemption price equal to 101.750% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; from February 15, 2025 to February 14, 2026, at a redemption price equal to 100.875% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; and from February 15, 2026 and thereafter, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. Rackspace Technology Global may also redeem prior to February 15, 2024 up to 40.0% of the aggregate principal amount of the 3.50% Senior Secured Notes with funds in an aggregate amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 103.500% of the principal amount of the 3.50% Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Notwithstanding the foregoing, Rackspace Technology Global may redeem during each twelve-month period, commencing with February 9, 2021, up to 10.0% of the original aggregate principal amount of the 3.50% Senior Secured Notes at a redemption price of 103.000%, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

The 3.50% Notes Indenture contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 3.50% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 3.50% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 3.50% Senior Secured Notes at a price in cash equal to 101.000% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date.

As of December 31, 2022, Rackspace Technology Global was in compliance with all covenants under the 3.50% Notes Indenture.

The fair value of the 3.50% Senior Secured Notes as of December 31, 2022 was $321.1 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 3.50% Senior Secured Notes are classified as Level 2 within the fair value hierarchy.

5.375% Senior Notes due 2028

Rackspace Technology Global issued $550.0 million aggregate principal amount of the 5.375% Senior Notes on December 1, 2020. The 5.375% Senior Notes will mature on December 1, 2028 and bear interest at an annual fixed rate of 5.375%. Interest is payable semiannually on each June 1 and December 1, commencing on June 1, 2021. The 5.375% Senior Notes are not subject to registration rights.

Rackspace Technology Global is the issuer of the 5.375% Senior Notes, and obligations under the 5.375% Senior Notes are guaranteed on a senior unsecured basis by all of Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries (as subsidiary guarantors) that guarantee the Senior Facilities. The 5.375% Senior Notes are effectively junior to the indebtedness under the Senior Facilities and the 3.50% Senior Secured Notes, to the extent of the collateral securing the Senior Facilities and the 3.50% Senior Secured Notes. The 5.375% Notes Indenture describes certain terms and conditions under which other current and future domestic subsidiaries are required to become guarantors of the 5.375% Senior Notes.

Rackspace Technology Global may redeem the 5.375% Senior Notes at its option, in whole at any time or in part from time to time, at the following redemption prices: prior to December 1, 2023, at a redemption price equal to 100.000% of the principal amount, plus the applicable premium described in the 5.375% Notes Indenture and accrued and unpaid interest, if any, to but excluding the redemption date; from December 1, 2023 to November 30, 2024, at a redemption price equal to 102.688% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; from December 1, 2024 to November 30, 2025, at a redemption price equal to 101.344% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; and from December 1, 2025 and thereafter, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. Rackspace Technology Global may also redeem prior to December 1, 2023 up to 40.0% of the aggregate principal amount of the 5.375% Senior Notes with funds in an aggregate amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 105.375% of the principal amount of the 5.375% Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

The 5.375% Notes Indenture contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 5.375% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 5.375% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 5.375% Senior Notes at a price in cash equal to 101.000% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date.

As of December 31, 2022, Rackspace Technology Global was in compliance with all covenants under the 5.375% Notes Indenture.

The fair value of the 5.375% Senior Notes as of December 31, 2022 was $235.1 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 5.375% Senior Notes are classified as Level 2 within the fair value hierarchy.

Accounts Receivable Financing Agreement

Under the Receivables Financing Facility entered into in 2020, a bankruptcy-remote SPV indirectly wholly owned by Rackspace Technology Global granted a security interest in all of its current and future receivables and related assets in exchange for a credit facility permitting borrowings of up to a maximum aggregate amount of $100.0 million from time to time. Rackspace Technology Global was the primary beneficiary of the SPV.

During the year ended December 31, 2021, the SPV repaid $15.0 million to cover a borrowing base deficit, repaid the outstanding balance of $50.0 million and terminated the Receivables Financing Facility. The termination resulted in expense of $0.5 million recorded within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the year ended December 31, 2021. The expense was comprised of the write-off of the unamortized debt issuance costs, as well as third party fees associated with the termination.

February 2021 Refinancing Transaction

The February 2021 Refinancing Transaction represented an extinguishment and modification of debt. We derecognized $2,795.6 million of the Prior Term Loan Facility and wrote off $9.4 million in unamortized debt issuance costs and debt discount associated with the portion of the Prior Term Loan Facility that was deemed extinguished. We recognized $2,300.0 million borrowed under the Term Loan Facility and $41.0 million of associated debt issuance costs and debt discount, including amounts allocated from the Prior Term Loan Facility, both classified as a direct deduction from the carrying value of non-current debt on our Consolidated Balance Sheets. We recognized $550.0 million aggregate principal amount of the 3.50% Senior Secured Notes due 2028 and $6.8 million of associated debt issuance costs, including amounts allocated from the Prior Term Loan Facility. The February 2021 Refinancing Transaction resulted in expense of $37.0 million recorded within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the year ended December 31, 2021. The expense was comprised of the write-off of unamortized debt issuance costs and debt discount associated with the portion of the Prior Term Loan Facility that was deemed extinguished, as well as $27.6 million in third party fees associated with the modification.

8.625% Senior Notes Repurchases

During the year ended December 31, 2020, Rackspace Technology Global repurchased and cancelled the remaining aggregate principal amount of the $1,120.2 million outstanding 8.625% Senior Notes and paid related premiums, fees and accrued and unpaid interest for aggregate cash of $1,191.9 million. In connection with these repurchases, we recorded $71.5 million of expense within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the year ended December 31, 2020, comprised of a $56.2 million aggregate premium on repurchase, $14.9 million write-off of unamortized debt issuance costs, and transaction fees of $0.4 million.

Debt Maturities

The maturities of debt obligations for the next five years at December 31, 2022 are as follows:


(In millions)	Amount
Year ending:
2023	$	23.0
2024	23.0
2025	23.0
2026	23.0
2027	23.0
Thereafter	3,244.8
Total	$	3,359.8

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Leases (Details)	Dec. 31, 2022
Minimum \| Data Centers
Lessee, Lease, Description [Line Items]
Operating lease, lease term	1 year
Minimum \| Equipment
Lessee, Lease, Description [Line Items]
Operating lease, lease term	3 years
Minimum \| Office Space
Lessee, Lease, Description [Line Items]
Operating lease, lease term	1 year
Maximum \| Data Centers
Lessee, Lease, Description [Line Items]
Operating lease, lease term	20 years
Maximum \| Equipment
Lessee, Lease, Description [Line Items]
Operating lease, lease term	5 years
Maximum \| Office Space
Lessee, Lease, Description [Line Items]
Operating lease, lease term	8 years

Financing Obligations

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Financing Obligations

We have entered into installment payment arrangements with certain equipment and software vendors. In addition, we have entered into certain sale-leaseback agreements that do not qualify as asset sales and are accounted for as failed sale-leasebacks. These arrangements include the sale and leaseback of equipment with third party financial institutions and certain property leases we assumed upon the acquisition of Datapipe.

The weighted average imputed interest rate for our financing obligations was 5.7% as of December 31, 2022.

As of December 31, 2022, future payments under financing obligations were as follows:


(In millions)	Amount
Year ending:
2023	$	20.0
2024	10.8
2025	9.3
2026	6.4
2027	3.5
Thereafter	21.2
Total future payments	71.2
Plus amount representing residual asset balance	12.8
Less amount representing interest	(19.7)
Total financing obligations	$	64.3

Share-Based Compensation and Employee Benefit Plans - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock volatility, minimum		55.00%
Expected stock volatility, maximum		61.00%
Expected dividend yield		0.00%
Risk-free interest rate, minimum		0.38%
Risk-free interest rate, maximum		1.73%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock volatility, minimum	54.00%
Expected stock volatility, maximum	63.00%
Expected dividend yield	0.00%
Risk-free interest rate, minimum	2.32%
Risk-free interest rate, maximum	4.34%
Minimum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life		5 years 6 months
Maximum \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life		6 years 6 months

July 2021 Restructuring Plan (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Restructuring and Related Costs

During the year ended December 31, 2021, we incurred employee related costs, which consisted of one-time termination benefits and certain contractual termination benefits with executives, and other costs, which are accounted for as exit and disposal costs under ASC 420. Other costs consisted of professional fees and non-cash charges related to a contract termination with a third-party. These costs are recorded within "Selling, general and administrative expenses" in the Consolidated Statements of Comprehensive Loss, the components of which were as follows:


(In millions)	Year Ended December 31, 2021
Employee related costs	$	13.8
Other	11.6
Total restructuring charges	$	25.4

Schedule of Restructuring Reserve by Type of Cost

Liability activity for restructuring costs that are expected to be settled in cash are presented in the table below.


(In millions)	Employee Related		Other		Total
Liability as of December 31, 2020	$	—	$	—	$	—
Charges	13.8		6.0		19.8
Cash payments	(6.7)		(5.4)		(12.1)
Liability as of December 31, 2021	7.1		0.6		7.7
Charges	—		—		—
Cash payments	(7.1)		(0.6)		(7.7)
Liability as of December 31, 2022	$	—	$	—	$	—
Total cumulative costs incurred as of December 31, 2022	$	13.8	$	6.0	$	19.8

Share-Based Compensation and Employee Benefit Plans - Stock Option Activity (Details) - Options - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Number of Shares (in millions)
Beginning balance, shares outstanding (in shares)	11.0
Granted (in shares)	0.0
Exercised (in shares)	(0.1)
Forfeited (in shares)	(0.9)
Expirations (in shares)	(0.7)
Ending balance, shares outstanding (in shares)	9.3	11.0
Vested and exercisable (in shares)	6.8
Vested and exercisable and expected to vest thereafter (in shares)	9.3
Weighted Average Exercise Price
Beginning balance (in usd per share)	$ 12.73
Granted (in usd per share)	0
Exercised (in usd per share)	10.46
Forfeited (in usd per share)	13.17
Expired (in usd per share)	13.49
Ending balance (in usd per share)	12.65	$ 12.73
Weighted Average-Remaining Contractual Life, Vested and exercisable (in usd per share)	12.69
Weighted Average-Remaining Contractual Life, Vested and exercisable and expected to vest thereafter (in usd per share)	$ 12.65
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average-Remaining Contractual Life	3 years 10 months 6 days	7 years 3 months 10 days
Weighted Average-Remaining Contractual Life, Vested and exercisable	3 years 10 months 17 days
Weighted Average-Remaining Contractual Life, Vested and exercisable and expected to vest thereafter	3 years 10 months 6 days
Aggregate Intrinsic Value, Outstanding	$ 0.0	$ 10.2
Aggregate Intrinsic Value, Vested and exercisable	0.0
Aggregate Intrinsic Value, Vested and exercisable and expected to vest thereafter	$ 0.0

Commitments and Contingencies - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Indemnification Agreement
Other Commitments [Line Items]
Liability	$ 0	$ 0
Indemnification Agreement
Other Commitments [Line Items]
Guarantor obligations, current carrying value	$ 0	$ 0

Derivatives - Effect of Derivatives on the Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest expense \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ (18.5)	$ (19.1)	$ (3.2)
Derivatives designated as hedging instruments	11.9	(6.2)	(11.0)
Other income (expense), net \| Foreign currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ 0.0	$ 2.1	$ (3.8)

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,327.4	$ 1,383.7	$ 898.8
Foreign currency translation adjustments, net of tax expense (benefit)	(27.2)	(3.6)	8.8
Unrealized (loss) gain on derivative contracts, net of tax expense (benefit)	86.9	11.5	(47.6)
Amount reclassified from accumulated comprehensive income (loss) into earnings, net of tax benefit	4.8	17.6	8.2
Ending balance	629.5	1,327.4	1,383.7
Foreign currency translation adjustment, tax expense (benefit)	(2.3)	(0.6)	1.1
Unrealized losses on derivative contracts, before reclassification, tax (benefit) expense	30.0	3.9	(16.3)
Tax benefit, reclassification from AOCI	1.6	6.0	2.8
Interest expense	208.5	205.1	268.4
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest expense	12.1	6.4	16.8
Amortization of off-market swap	18.5	17.1	5.8
Accumulated Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	17.2	20.8	12.0
Foreign currency translation adjustments, net of tax expense (benefit)	(27.2)	(3.6)	8.8
Unrealized (loss) gain on derivative contracts, net of tax expense (benefit)	0.0	0.0	0.0
Amount reclassified from accumulated comprehensive income (loss) into earnings, net of tax benefit	0.0	0.0	0.0
Ending balance	(10.0)	17.2	20.8
Accumulated Loss on Derivative Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(10.3)	(39.4)	0.0
Foreign currency translation adjustments, net of tax expense (benefit)	0.0	0.0	0.0
Unrealized (loss) gain on derivative contracts, net of tax expense (benefit)	86.9	11.5	(47.6)
Amount reclassified from accumulated comprehensive income (loss) into earnings, net of tax benefit	4.8	17.6	8.2
Ending balance	81.4	(10.3)	(39.4)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	6.9	(18.6)	12.0
Ending balance	$ 71.4	$ 6.9	$ (18.6)

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies

Nature of Operations and Basis of Presentation

Rackspace Technology is a Delaware corporation controlled by investment funds affiliated with Apollo. Rackspace Technology was formed on July 21, 2016 but had no assets, liabilities or operating results until November 3, 2016 when Rackspace Hosting (now named Rackspace Technology Global), a global provider of modern information technology-as-a-service, was acquired by Inception Parent, a wholly-owned entity indirectly owned by Rackspace Technology.

Rackspace Technology Global commenced operations in 1998 as a limited partnership, and was incorporated in Delaware in March 2000. Rackspace Technology serves as the holding company for Rackspace Technology Global and does not engage in any material business or operations other than those related to its indirect ownership of the capital stock of Rackspace Technology Global and its subsidiaries or business or operations otherwise customarily undertaken by a holding company.

For ease of reference, the terms "we," "our company," "the company," "us," or "our" as used in this report refer to Rackspace Technology and its consolidated subsidiaries.

On July 20, 2020, the board of directors of the company approved and effected a twelve-for-one stock split of the company’s common stock. All common stock share and per-share data, excluding par value per share, included in the accompanying consolidated financial statements give effect to this split.

On August 7, 2020, we completed the IPO, in which we issued and sold 33,500,000 shares of our common stock at a public offering price of $21.00 per share.

On November 5, 2020, we acquired 100% of Bright Skies, a cloud-native consulting and managed services provider. The acquisition of Bright Skies was not material to the consolidated financial statements.

On January 18, 2022, we acquired 100% of Just Analytics, a leading provider of cloud-based data, analytics, and artificial intelligence services based in the APJ region. The acquisition was completed for $7.7 million in cash consideration, net of cash acquired, together with future deferred payments that are considered post-combination compensation costs and will be recognized over the next three years. The acquisition of Just Analytics was not material to the consolidated financial statements.

The accompanying consolidated financial statements include the accounts of Rackspace Technology and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates.

Impact of COVID-19

The effects of COVID-19 (and any variations thereof) continue to evolve, and the full impact and duration of the virus are unknown. Currently, COVID-19 has not had a significant impact on our operations or financial performance; however, there are remaining uncertainties as a result of COVID-19, particularly the possibility of new variant strain(s) of the virus, the potential resurgence in the spread of the virus and the pace of economic recovery, which continue to impact the estimates and assumptions needed to prepare our consolidated financial statements and footnotes.

Russia and Ukraine Conflict

Political and economic uncertainty surrounding the Conflict between Russia and Ukraine could have a material adverse effect on our business. Currently, the conflict has not had a significant impact on our operations or financial performance. However, our overall performance depends in part on worldwide economic and geopolitical conditions. We are monitoring the situation and the potential for the conflict to spread to other countries which could adversely impact our customers and operations, and we may take actions that modify our business operations as may be required by federal, state or local authorities, or that we determine are in the best interests of our employees, customers, partners, suppliers and stockholders.

Subsequent Events

Effective on January 1, 2023, we reorganized around a two-business unit operating model, Public Cloud and Private Cloud. This two-business unit operating model ensures increased focus, delivery, and service quality for our customers. Beginning in 2023, we will change our segment reporting to reflect this reorganization under three reporting segments: Public Cloud, Private Cloud and OpenStack Public Cloud.

Cash, Cash Equivalents, and Restricted Cash

Our cash is comprised of bank deposits, overnight sweep accounts and money market funds and is held with high-credit quality U.S. and foreign financial institutions. We consider all highly liquid investments, such as money market funds, with original maturities of three months or less when acquired to be cash equivalents.

Restricted cash, included in "Other non-current assets" in our Consolidated Balance Sheets, represents collateral for letters of credit. Restricted cash was $2.6 million and $3.0 million as of December 31, 2021 and 2022, respectively.

Property, Equipment and Software and Definite-Lived Intangible Assets

Property, equipment and software is stated at cost, net of accumulated depreciation and amortization. Included in property, equipment and software are capitalized costs related to computer software developed or acquired for internal use. Capitalized computer software costs consist of purchased software licenses, implementation costs, and salaries and related compensation costs of employees and consultants for certain projects that qualify for capitalization. For cloud computing arrangements that include a software license, the software license element of the arrangement is accounted for in a manner consistent with the acquisition of other software licenses. For cloud computing arrangements that do not include a software license, the arrangement is accounted for as a service contract and is expensed as the services are provided.

Replacements and major improvements to property, equipment and software are capitalized, while maintenance and repairs are charged to expense as incurred. We also capitalize interest costs incurred during the acquisition, development and construction of certain assets until the asset is ready for its intended use. We capitalized interest of $0.8 million, $0.6 million and $0.4 million for the years ended December 31, 2020, 2021 and 2022, respectively.

Property, equipment and software is depreciated on a straight-line basis over the estimated useful life of the asset. Leasehold improvements are depreciated over the shorter of their estimated useful lives or the remaining lease term. Depreciation expense is recorded within "Cost of revenue" and "Selling, general and administrative expenses" on our Consolidated Statements of Comprehensive Loss.

The following table shows the estimated useful lives used for property, equipment and software:


Classification						Estimated Useful Lives
Computers and equipment						3 to 5 years
Software						3 years
Furniture and fixtures						7 years
Buildings and leasehold improvements						2 to 39 years

Assets classified as held for sale are recorded at the lower of carrying value or its estimated fair value, less costs to sell, and no depreciation and amortization is recorded after the held for sale classification is met. As of December 31, 2022, our corporate headquarters property was classified as held for sale. The property's previous carrying amount was written down to its estimated fair value, less estimated cost to sell, resulting in an impairment charge of $70.6 million for the year ended December 31, 2022. We also wrote-off the remaining $4.8 million net book value of the related property tax abatement asset. See Note 4, "Property, Equipment and Software, net" and Note 5, "Goodwill and Intangible Assets" for more information.

The cost of assets and related accumulated depreciation and amortization are written off upon retirement or disposal and any resulting gain or loss is credited or charged to income or expense.

Definite-lived intangible assets are primarily comprised of customer relationships and are stated at their acquisition date fair value less accumulated amortization. Definite-lived intangible assets are amortized using the straight-line method over their estimated useful lives as this method best approximates the economic benefit derived from such assets. Amortization expense is recorded within "Selling, general and administrative expenses" on our Consolidated Statements of Comprehensive Loss.

Long-lived assets, including operating and finance lease assets (see "Leases" below for more information) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured at the asset group level. If the carrying amount of an asset group exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized in the amount that an asset group’s carrying amount exceeds its fair value.

As of September 1, 2022, prior to performing the goodwill impairment analysis discussed below, we performed a recoverability test of our long-lived assets by asset group, including finite-lived intangible assets, in which we estimated the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group. Based on the results of the recoverability test, we determined that, as of September 1, 2022, the carrying amount of the OpenStack Public Cloud asset group’s underlying assets exceeded the sum of the undiscounted cash flows, and therefore is subject to the fair value test. Fair values of the OpenStack Public Cloud long-lived assets were determined using a combination of the income approach and the cost approach. The income approach utilized assumptions including management’s best estimates of the expected future cash flows, risk-adjusted discount rate, and the estimated useful life of the asset group. The cost approach utilized assumptions for the current replacement costs of similar assets adjusted for estimated depreciation and deterioration of the existing equipment and economic obsolescence. Estimates of floor values for the property, equipment and software, net, were considered relative to potential economic support for the assets such that the concluded value did not fall below the estimated floor value of these assets. As a result of the fair value test, we recorded non-cash impairment charges totaling $37.7 million related to property, equipment and software, net and intangible assets, which are included in "Impairment of assets" on our Consolidated Statements of Comprehensive Loss for the year ended December 31, 2022.

We also performed recoverability tests of our long-lived assets in conjunction with the goodwill impairment analyses as of October 1, 2022 and December 31, 2022 which did not result in any impairment charges.

See Note 4, "Property, Equipment and Software, net," and Note 5, "Goodwill and Intangible Assets," for more information.

Goodwill and Indefinite-Lived Intangible Assets

Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Our indefinite-lived intangible asset consists of our Rackspace trade name, which was recorded at fair value on our balance sheet at the date of the Rackspace Acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are subject to impairment testing on an annual basis as of October 1st or more frequently if events or circumstances indicate a potential impairment. These events or circumstances could include a significant change in the business climate, regulatory environment, established business plans, operating performance indicators or competition. Potential impairment indicators may also include, but are not limited to, (i) significant changes to estimates and assumptions used in the most recent annual or interim impairment testing, (ii) downward revisions to internal forecasts, and the magnitude thereof, (iii) declines in our market capitalization below our book value, and the magnitude and duration of those declines, and (iv) other macroeconomic factors, such as increases in interest rates that may affect the weighted average cost of capital, volatility in the equity and debt markets, or fluctuations in foreign currency exchange rates that may negatively impact our reported results of operations.

During the third quarter of 2022, we experienced a sustained decline in our stock price resulting in our market capitalization being less than the carrying value of our combined reporting units. As of September 1, 2022, we assessed several events and circumstances that could affect the significant inputs used to determine the fair value of our reporting units, including the significance of the amount of excess carrying value over fair value, consistency of operating margins and cash flows, budgeted-to-actual performance from prior year, overall change in economic climate, changes in the industry and competitive environment, and earnings quality and sustainability. In addition, as of September 1, 2022, we lowered our projected operating results primarily due to product mix shifts and market concerns related to inflation and other macroeconomic factors. After considering all available evidence in our evaluation of goodwill impairment indicators, we determined it appropriate to perform an interim quantitative assessment of our reporting units as of September 1, 2022.

During the fourth quarter of 2022, subsequent to our annual goodwill impairment analysis, we experienced a decline in our market capitalization following a ransomware incident in early December which caused service disruptions on our Hosted Exchange email business which is included in our Apps & Cross Platform reporting unit. After considering all available evidence in our evaluation of goodwill impairment indicators, including our lowered projected operating results within this reporting unit, we determined it appropriate to perform an interim quantitative assessment of our reporting units as of December 31, 2022.

Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (referred to as a component). We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. Assets and liabilities are assigned to each of our reporting units if they are employed by a reporting unit and are considered in the determination of the reporting unit fair value. Certain assets and liabilities are shared by multiple reporting units, and thus, are allocated to each reporting unit based on the relative size of a reporting unit, primarily based on revenue. We have two reporting units with goodwill: Multicloud Services and Apps & Cross Platform. Goodwill allocated to our third reporting unit, OpenStack Public Cloud, was fully impaired during the fourth quarter of 2021.

For the goodwill impairment tests completed during the years ended December 31, 2020, 2021 and 2022, including the interim quantitative analyses, we compared the fair values of each of our reporting units to their respective carrying amounts. The fair values of each of our reporting units were derived using the income approach, specifically the discounted cash flow method. The discounted cash flow models reflect our assumptions regarding revenue growth rates, projected gross profit margins, risk-adjusted discount rates, terminal period growth rates, economic and market trends and other expectations about the anticipated operating results of our reporting units. As part of the goodwill impairment test, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units, including OpenStack Public Cloud. Goodwill impairment is measured as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the carrying amount of goodwill for that reporting unit.

The results of our interim quantitative goodwill impairment analysis performed as of September 1, 2022 indicated an impairment of goodwill within our Multicloud Services reporting unit, and we recorded a non-cash impairment charge of $405.2 million within "Impairment of goodwill" in our Consolidated Statements of Comprehensive Loss in the third quarter of 2022.

The results of our annual goodwill impairment test as of October 1, 2022 did not indicate any impairments of goodwill. The results of our interim quantitative goodwill impairment analysis performed as of December 31, 2022 indicated an impairment of goodwill within our Apps & Cross Platform reporting unit, and we recorded a non-cash impairment charge of $129.3 million within "Impairment of goodwill" in our Consolidated Statements of Comprehensive Loss in the fourth quarter of 2022.

The results of our goodwill impairment test for the year ended December 31, 2021 indicated a full impairment of goodwill within our OpenStack Public Cloud reporting unit, and we recorded a non-cash impairment charge of $52.4 million within "Impairment of goodwill" in our Consolidated Statements of Comprehensive Loss.

The results of our goodwill impairment test for the year ended December 31, 2020 did not indicate any impairments of goodwill.

See Note 5, "Goodwill and Intangible Assets" for more information.

Our indefinite-lived intangible asset is tested for impairment at the consolidated level. In evaluating the Rackspace trade name for impairment, we compare the fair value of the asset to its carrying amount to determine potential impairment. Our estimate of the fair value of the Rackspace trade name is derived using the income approach, specifically the relief-from-royalty method.

As of September 1, 2022, due to the factors discussed in the goodwill analysis above and prior to testing our goodwill for impairment, we performed a quantitative assessment of our indefinite-lived intangible asset utilizing a relief from royalty method and determined the estimated fair value of the Rackspace trade name was less than its carrying value. As a result, we recorded a $21.0 million non-cash impairment charge which is included in "Impairment of assets" in our Consolidated Statements of Comprehensive Loss in the third quarter of 2022.

The results of our annual indefinite-lived asset impairment test as of October 1, 2022 did not indicate any impairment of the Rackspace trade name. As of December 31, 2022, due to the factors discussed in the goodwill analysis above, we performed a quantitative assessment of our indefinite-lived intangible asset utilizing a relief from royalty method and determined the estimated fair value of the Rackspace trade name was less than its carrying value. As a result, we recorded a $12.0 million non-cash impairment charge which is included in "Impairment of assets" in our Consolidated Statements of Comprehensive Loss in the fourth quarter of 2022.

The results of our indefinite-lived asset impairment tests for the years ended December 31, 2020 and 2021 did not indicate any impairments of the Rackspace trade name.

The fair value determination of our reporting units and our indefinite-lived intangible asset is judgmental in nature and requires the use of significant estimates and assumptions that are sensitive to changes. Assumptions include estimation of the royalty rate, estimation of future revenue and projected margins, which are dependent on internal cash flow forecasts, estimation of the terminal growth rates and capital spending, and determination of discount rates. As a result, there can be no assurance that the estimates and assumptions made for purposes of the quantitative goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of future results. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units may include such items as: (i) volatility in the equity and debt markets or other macroeconomic factors, (ii) an increase in the weighted-average cost of capital due to further increases in interest rates, (iii) decrease in future cash flows due to lower than expected sales, or (iv) fluctuations in foreign currency exchange rates that may negatively impact our reported results of operations. Accordingly, if our current cash flow assumptions are not realized, we experience further sustained declines in our stock price or market capitalization, or increases in costs of capital, it is possible that an additional impairment charge may be recorded in the future, which could be material.

Business Combinations

Mergers and acquisitions are accounted for using the acquisition method, in accordance with accounting guidance for business combinations. Under the acquisition method, we allocate the fair value of purchase consideration to the tangible and intangible assets ("identifiable assets") acquired and liabilities assumed based on their estimated fair values. The excess of the fair value of purchase consideration over the fair values of the identifiable assets and liabilities is recorded as goodwill. When determining the fair values of identifiable assets acquired and liabilities assumed, including contingent consideration when applicable, we make significant estimates and assumptions based on historical data, estimated discounted future cash flows, expected royalty rates for trade names, as well as certain other information. During the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the fair value of identifiable assets acquired and liabilities assumed, with the corresponding offset to goodwill.

Investments

We have equity investments in entities in which we do not exercise significant influence. Investments in equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in net loss. Investments in equity securities that do not have readily determinable fair values are measured at cost less any impairments, adjusted for observable pricing changes in orderly transactions for identical or similar investments of the same issuer. We perform a qualitative assessment on these investments at each reporting period to determine whether any indicators of impairment exist. If an impairment exists, we recognize an impairment charge equal to the amount by which the carrying value exceeds the fair value of the investment.

The aggregate carrying value of equity investments that do not have a readily determinable fair value was $5.1 million as of December 31, 2021 and 2022.

Leases

We determine if an arrangement is or contains a lease at inception. This determination depends on whether the arrangement conveys to us the right to control the use of an explicitly or implicitly identified asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to us if we obtain the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset.

We classify leases with contractual terms greater than 12 months as either operating or finance. Finance leases are generally those leases that allow us to substantially utilize an asset over its estimated life. Our finance leases primarily consist of equipment and certain data center facilities. All other leases are categorized as operating leases, which primarily consist of certain data centers and office space. Our leases generally have terms ranging from 1 to 20 years for data centers, 3 to 5 years for equipment and 1 to 8 years for office space.

Lease liabilities are recognized based on the present value of lease payments, reduced by lease incentives, at the lease commencement date. We use an incremental borrowing rate to determine the present value of lease payments as the interest rate implicit in most of our leases is not readily determinable. Our incremental borrowing rate is the rate of interest that we would have to pay to borrow an amount equal to the lease payments, on a collateralized basis and in a similar economic environment over a similar term. The rate is dependent on several factors, including the lease term, currency of the lease payments and the company’s credit rating. Operating and finance lease liabilities are recorded in our Consolidated Balance Sheets as current and non-current liabilities.

Lease assets are recognized based on the related lease liabilities, plus any prepaid lease payments and initial direct costs from executing the leasing arrangement. Operating and finance lease assets are included in "Operating right-of-use assets" and "Property, equipment and software, net," respectively, in our Consolidated Balance Sheets.

Our lease terms include the base, non-cancelable lease term, and any options to extend or terminate the lease when it is reasonably certain at commencement that we will exercise such options. Some of our data center and office space leases contain such extension and termination options. We will remeasure our lease liability and adjust the related right-of-use asset upon the occurrence of the following: lease modifications not accounted for as a separate contract; a triggering event that changes the certainty of the lessee exercising an option to renew or terminate the lease, or purchase the underlying asset; or the resolution of a contingency upon which any variable lease payments are based such that those payments become fixed.

Operating lease expense is recognized on a straight-line basis over the lease term. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease term. The interest component of a finance lease is included in "Interest expense" and recognized using the effective interest method over the lease term. Leases with terms of less than 12 months at commencement are expensed on a straight-line basis over the lease term in accordance with the short-term lease practical expedient under ASC 842. We have also elected the practical expedient under ASC 842 to not separate lease and non-lease components within a leasing arrangement. Non-lease components primarily include payments for maintenance and utilities. We have elected to apply both of these practical expedients to all classes of underlying assets.

Variable payments related to a lease are expensed as incurred. These costs often relate to payments for a proportionate share of real estate taxes, insurance, common area maintenance, and other operating costs in addition to base rent.

We are the intermediate lessor in certain sublease arrangements and account for both the head lease and the associated sublease as separate operating leases. We offset rental income against head lease operating costs within "Cost of revenue" or "Selling, general and administrative expenses," depending on whether the head lease is a data center or office space lease.

We are deemed a lessor in certain hosting arrangements where our equipment is located in a customer’s data center. We account for these arrangements as either sales-type or direct finance leases.

Debt Issuance Costs

Debt issuance costs such as underwriting, financial advisory, professional fees and other similar fees are deferred and recognized in interest expense over the estimated life of the related debt instrument using the effective interest method or the straight-line method, as applicable. Debt issuance costs related to our debt instruments are classified as a direct deduction from the carrying value of the long-term debt liability or as an asset within "Other non-current assets" on the Consolidated Balance Sheets.

Financing Obligations

From time to time, we enter into installment payment arrangements with certain equipment and software vendors. These arrangements are generally non-interest bearing, and require the calculation of an imputed interest rate.

We also may enter into sale-leaseback arrangements for certain equipment in which we sell the assets to a third party and concurrently lease the assets back for a specified term. These arrangements generally do not qualify as asset sales because they include a purchase option that we are reasonably certain to exercise and therefore they are accounted for as failed sale-leasebacks. In addition, we lease properties that were deemed failed sale-leasebacks upon the adoption of ASC 842 due to options to purchase the underlying assets at an exercise price that is not at fair value or due to the present value of the future minimum lease payments exceeding the fair value of the underlying assets.

See Note 8, "Financing Obligations" for disclosure of future minimum payments under vendor financing and failed sale-leaseback arrangements.

Restructuring Activities

We record restructuring activities including costs for one-time termination benefits in accordance with ASC 420. The timing of recognition for severance costs accounted for under ASC 420 depends on whether employees are required to render service until they are terminated in order to receive the termination benefits. If employees are required to render service until they are terminated in order to receive the termination benefits, a liability is recognized ratably over the future service period. Otherwise, a liability is recognized when management has committed to a restructuring plan and has communicated those actions to employees.

Under ASC 420-10, we establish a liability for a cost associated with an exit or disposal activity, including severance and non-lease contract termination obligations, and other related costs, when the liability is incurred, rather than at the date that we commit to an exit plan. We reassess the expected cost to complete the exit or disposal activities at the end of each reporting period and adjust our remaining estimated liabilities, if necessary.

See Note 10, "July 2021 Restructuring Plan," for additional information.

Revenue Recognition

All of our revenue is from contracts with customers. We account for a contract when it has approval and commitment from all parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We provide cloud computing to customers, which is broadly defined as the delivery of computing, storage and applications over the Internet. Cloud computing is a service transaction under which the services we provide vary on a daily basis. The totality of services provided represent a single integrated solution tailored to the customer’s specific needs. As such, our performance obligations to our customers consist of a single integrated solution delivered as a series of distinct daily services. We recognize revenue on a daily basis as services are provided in an amount that reflects the consideration to which we expect to be entitled in exchange for the services. Our usage-based arrangements generally include variable consideration components consisting of monthly utility fees with a defined price and undefined quantity. Additionally, our contracts contain service level guarantees that provide discounts when we fail to meet specific obligations and certain services may include volume discounts based on usage. As these variable consideration components consist of a single distinct daily service provided on a single performance obligation, we account for this consideration as services are provided and earned. In accordance with the series guidance within ASC 606, regarding modification to a single performance obligation, when contracts are modified to add, remove or change existing services, the modification will only affect the accounting for the remaining distinct goods and services provided. As such, our contract modifications are accounted for prospectively.

A substantial amount of revenue relates to fees associated with our private cloud arrangements within our Multicloud Services offerings that generally have a fixed term, typically from 12 to 36 months, with a monthly recurring fee based on the computing resources utilized and provided to the customer, the complexity of the underlying infrastructure, and the level of support we provide. Customers generally have the right to cancel their contracts by providing prior written notice to us of their intent to cancel the remainder of the contract term. Many of our contracts require our customers to pay early termination fees in the event they cancel a contract prior to the end of its term, typically amounting to the outstanding value of the contract. These fees are recognized as revenue in the period of contract termination as we have no further obligation to perform.

Our other primary sources of revenue are for public cloud services within our Multicloud Services offering, and our OpenStack Public Cloud and Apps & Cross Platform offerings. Customers are generally invoiced monthly based on usage. Contracts for these arrangements typically operate on a consumption model and can be canceled at any time without penalty. We also provide customers with professional services for the design and implementation of application, security and data services. Professional service contracts are either fixed-fee or time-and-materials based. We typically consider these services to be a separate performance obligation from other integrated solutions being provided to the same customer. Our performance obligations under these arrangements are typically to provide the services on a daily basis over a period of time and therefore we recognize revenue as the services are performed.

We also offer customers the flexibility to select the best combination of offerings in order to meet the requirements of their unique applications and provide the technology to seamlessly operate and manage multiple cloud computing environments. Judgment is required in assessing whether a service is distinct, including determination of whether the customer could benefit from the service on its own or in conjunction with other readily available resources and whether certain services are highly integrated into a bundle of services that represent the combined output specified by the customer. Arrangements can contain multiple performance obligations that are distinct, which are accounted for separately. Each performance obligation is recognized as services are provided based on their SSP. Judgment is required to determine the SSP for each of our distinct performance obligations. We utilize a range of prices when developing our estimates of SSP.

Revenue recognition for revenue generated from arrangements in which we resell third party infrastructure bundled with our managed services, requires judgment to determine whether revenue can be recorded at the gross sales price or net of third party fees. Typically, revenue is recognized on a gross basis when it is determined that we are the principal in the relationship. We are considered the principal in the relationship when we are primarily responsible for fulfilling the contract and obtain control of the third party infrastructure before transferring it as an integral part of our performance obligation to provide services to the customer. Revenue is recognized net of third party fees when we determine that our obligation is only to facilitate the customers’ purchase of third party infrastructure.

Revenue is reported net of customer credits and sales and use tax.

Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Invoiced amounts and accrued unbilled usage are recorded in accounts receivable and either deferred revenue or revenue.

Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. Our accounts receivable balance also includes unbilled amounts representing revenue recorded for usage-based services provided in the period but which are invoiced in arrears. We record an allowance for credit losses for estimated losses resulting from uncollectible receivables. When evaluating the adequacy of the allowance, we consider historical bad debt write-offs and all known facts and circumstances such as current economic conditions and trends, customer creditworthiness, and specifically identified customer risks.

Our arrangements contain service level commitments with our customers. To the extent that such service levels are not achieved or are otherwise disputed, we are required to issue service credits for a portion of the service fees paid by our customers. At each reporting period, we accrue for credits which are due to customers, but not yet issued.

We recognize revenue for certain fixed term contracts in which services are provided in advance of the first invoice. This revenue is recognized as a contract asset, separate from accounts receivable. A contract liability, presented as deferred revenue on our Consolidated Balance Sheets, is recognized when services are invoiced prior to being provided.

Cost Incurred to Obtain and Fulfill a Contract

We recognize assets for the incremental costs to obtain and fulfill a contract with a customer. Incremental costs to obtain a contract include sales commissions on the initial contract while costs to fulfill a contract include implementation and set-up related expenses. These costs are capitalized within the Consolidated Balance Sheets and are recognized as expense over the period the related services are expected to be delivered to the customer, which is approximately 30 months including expected renewals. If such period is less than 12 months, we have elected to apply the practical expedient under ASC 606 and expense costs as incurred. We include expected renewals in the period over which related services are expected to be delivered because sales commissions paid on renewals are not material and not commensurate with sales commissions paid on the initial contract. Sales commissions expense is recorded within "Selling, general and administrative expenses" and implementation and amortization of set-up costs are recorded within "Cost of revenue" in the Consolidated Statements of Comprehensive Loss. These capitalized costs are included in "Other non-current assets" in the Consolidated Balance Sheets.

Cost of Revenue

Cost of revenue primarily consists of expenses related to personnel, software licenses, the costs to operate our data center facilities, including depreciation expense, and infrastructure expense related to our service offerings bundled with third party clouds. Personnel expenses include the salaries, non-equity incentive compensation and related expenses of our support teams and data center employees. Data center facility costs include rent, utility costs, maintenance fees, and bandwidth.

Selling, General and Administrative Expenses

SG&A expenses primarily consist of: (i) employee-related costs for functions such as executive management, sales and marketing, R&D, finance and accounting, human resources, information technology, and legal; (ii) costs for advertising and promoting our services and to generate customer demand; (iii) general costs such as professional fees, office facilities, software, and equipment expenses, including the related depreciation, and other overhead costs; and (iv) definite-lived intangibles amortization expense.

Advertising costs are expensed in the period incurred. Advertising expense was $42.5 million, $33.6 million and $34.4 million for the years ended December 31, 2020, 2021 and 2022, respectively.

R&D expense was $36.7 million, $28.3 million and $24.5 million, for the years ended December 31, 2020, 2021 and 2022, respectively.

Share-Based Compensation

We grant equity awards, including stock options and restricted stock, to eligible participants. Share-based compensation expense for equity awards is measured at fair value on the grant date. The fair value of stock options with either solely a service requirement or with the combination of service and performance requirements is determined using the Black-Scholes valuation model, which requires us to make assumptions and judgments about variables related to our common stock and the related awards. The fair value of restricted stock with either solely a service requirement or with the combination of service and performance requirements is based on the closing fair market value of our common stock on the date of grant. The fair value of awards with vesting conditions dependent upon market performance is determined using a Monte Carlo simulation. Share-based compensation expense is recognized over the awards requisite service period. For awards with graded vesting that are subject only to a service condition, the expense is recognized on a straight-line basis over the service period for the entire award. Expense for awards with a performance condition is recognized over our best estimate of the period over which the performance condition will be met. Forfeitures are recognized as incurred, rather than estimated.

Income Taxes

Income taxes are accounted for using the asset and liability method. Deferred income taxes are provided for temporary differences in recognizing certain income, expense, and credit items for financial reporting purposes and tax reporting purposes. Such deferred income taxes primarily relate to the difference between the tax bases of assets and liabilities and their financial reporting amounts. Deferred tax assets and liabilities are measured by applying enacted statutory tax rates applicable to the future years in which deferred tax assets or liabilities are expected to be settled or realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversals of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment.

We are under certain domestic and foreign tax audits. Due to the complexity involved with certain tax matters, there is the possibility that the various taxing authorities may disagree with certain tax positions filed on our income tax returns. We have considered all relevant facts and circumstances and believe that we have made adequate provision for all uncertain tax positions.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy below prioritizes the inputs used in measuring fair value into three categories:

Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level 3 – Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation. The fair values are therefore determined using model-based techniques, including discounted cash flow models.

Financial instruments measured at fair value on a recurring basis primarily consist of money market funds and derivative instruments. The fair values of money market funds are measured using Level 1 inputs, which are based on a market approach using prices and other relevant information generated by market transactions involving identical or comparable assets. The fair values of derivative instruments are measured using Level 2 inputs. See "Derivative Instruments" below for more information on the inputs used to fair value our derivative instruments.

The fair values of our long-term debt instruments are measured using Level 2 inputs. See Note 6, "Debt" for more information on the inputs used to fair value our long-term debt instruments.

The fair values of acquired identifiable assets and liabilities assumed in acquisitions accounted for as business combinations are measured using Level 3 inputs. Refer to "Business Combinations" above for more information on the inputs used to fair value our identifiable assets and liabilities assumed in acquisitions.

The fair values of our reporting units and indefinite-lived intangible assets are measured using Level 3 inputs. See "Goodwill and Indefinite-lived Intangible Assets" above for more information on the inputs used to fair value our reporting units and indefinite-lived intangible assets.

The fair value of the convertible promissory note described in Note 2, "Customer Contracts" is classified as Level 3 in the fair value hierarchy due to the use of unobservable inputs such as the issuer's credit risk and probabilities of various settlement scenarios.

Foreign Currency

We have assessed the functional currency of each of our international subsidiaries and have generally designated the local currency to be their respective functional currencies. The assets and liabilities of our international subsidiaries are translated to the U.S. dollar at the end-of-period exchange rates. Capital accounts are determined to be of a permanent nature and are therefore translated using historical exchange rates. Revenue and expenses are translated using average exchange rates.

Foreign currency translation adjustments arising from differences in exchange rates from period to period are recorded within "Accumulated other comprehensive income" in the Consolidated Balance Sheets.

Transaction gains or losses in currencies other than the functional currency are included as a component of "Other income (expense), net" in the Consolidated Statements of Comprehensive Loss. We recorded transaction gains of $5.8 million, losses of $3.3 million, and losses of $10.1 million for the years ended December 31, 2020, 2021 and 2022, respectively.

Derivative Instruments

We utilize derivative instruments, including interest rate swap agreements, foreign currency hedging contracts and fixed price power contracts, to manage our exposure to interest rate risk, foreign currency fluctuations and commodity price risk. We only hold such instruments for economic hedging purposes, not for speculative or trading purposes. Our derivative instruments are transacted only with highly-rated institutions, which reduces our exposure to credit risk in the event of nonperformance.

Interest Rate Swaps

We are exposed to interest rate risk associated with fluctuations in interest rates on the floating-rate Term Loan Facility. The objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we have entered into interest rate swap agreements as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

On a quarterly basis, we net settle with the counterparty for the difference between the fixed rate specified in each swap agreement and the variable rate based upon the three-month LIBOR as applied to the notional amount of the swap.

Our interest rate swaps, excluding the portion treated as debt, are recognized at fair value in the Consolidated Balance Sheets and are valued using pricing models that rely on market observable inputs such as yield curve data, which are classified as Level 2 inputs within the fair value hierarchy.

Foreign Currency Hedging Contracts

The majority of our customers are invoiced, and the majority of our expenses are paid, by us or our subsidiaries in the functional currency of our company or our subsidiaries, respectively. We also have exposure to foreign currency transaction gains and losses as the result of certain receivables due from our foreign subsidiaries. As such, the results of operations and cash flows of our foreign subsidiaries are subject to fluctuations in foreign currency exchange rates. The objective of our foreign currency hedging contracts is to manage our exposure to foreign currency movements. To accomplish this objective, we may enter into foreign currency forward contracts and collars. A forward contract is an agreement to buy or sell a quantity of a currency at a predetermined future date and at a predetermined exchange rate. A collar is a strategy that uses a combination of a purchased put option and a sold call option with equal premiums to hedge a portion of anticipated cash flows, or to limit possible gains or losses on an underlying asset or liability to a specific range. The put and call options have identical notional amounts and settlement dates.

These contracts are recognized at fair value in the Consolidated Balance Sheets and are valued using pricing models that rely on market observable inputs such as current exchange rates, which are classified as Level 2 inputs within the fair value hierarchy. We have not designated these contracts as cash flow hedges for accounting purposes, therefore, all changes in the fair value are recorded in "Other income (expense), net."

Fixed Price Power Contracts

We consume a large quantity of power to operate our data centers and as such are exposed to risk associated with fluctuations in the price of power. The objective of our fixed price power contracts is to manage our exposure to the price of power. The fixed price power contracts, which we enter into from time to time to manage the risk related to the uncertainty of future power prices, allow for the purchase of a set volume of power at a fixed rate.

We evaluate every fixed price power contract to determine if the contract meets the definition of a derivative, which requires recognizing the contract at fair value on the Consolidated Balance Sheets with changes in the fair value recorded in the Consolidated Statements of Comprehensive Loss. If a contract is deemed to be a derivative, we also determine if it qualifies for the normal purchases and normal sales scope exception to derivative accounting, which would result in expensing electricity usage as incurred. Power contracts accounted for as derivatives are valued using pricing models that rely on market observable inputs such as current power prices, which are classified as Level 2 inputs within the fair value hierarchy.

As of December 31, 2021 and 2022, we do not have any power contracts recorded at fair value on the Consolidated Balance Sheets, as we have applied the normal purchases and normal sales scope exception to derivative accounting for all fixed priced power contracts.

Recent Accounting Pronouncements

Recently Adopted

Business Combinations

In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (ASC 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired revenue contracts. The guidance is applied prospectively upon adoption. We early adopted this guidance on January 1, 2022 and applied it to our accounting for the acquisition of Just Analytics. The adoption of the guidance did not have a material impact on our consolidated financial statements.

Not Yet Adopted

Reference Rate Reform

The United Kingdom's Financial Conduct Authority, which regulates LIBOR, announced that it will not compel panel banks to contribute to the overnight 1, 3, 6 and 12 months U.S. dollar LIBOR tenors after June 30, 2023 and all other tenors after December 31, 2021. U.S. dollar LIBOR may be replaced by the Secured Overnight Financing Rate or other benchmark rates over the next several years. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (ASC 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be applied from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (ASC 848) - Deferral of the Sunset Date of Topic 848, which extended the date to apply the practical expedients outlined in ASU No. 2020-04 from December 31, 2022 to December 31, 2024. In January 2021, the FASB issued an update that provides supplemental guidance and clarification of the reference rate reform. We have elected to apply certain practical expedients in the past. We continue to evaluate the impact of the guidance and may apply other elections prior to December 31, 2024, as applicable, as additional changes in the market occur. Currently, borrowings under our Senior Facilities use LIBOR as a benchmark for establishing the applicable interest rate, but the First Lien Credit Agreement includes provisions relating to the future discontinuance of LIBOR and sets forth mechanics for establishing the replacement of LIBOR with an alternative benchmark rate.

Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Taxes

The benefit for income taxes consisted of the following:


	Year Ended December 31,
(In millions)	2020		2021		2022
Federal	$	(4.1)	$	(0.3)	$	0.2
Foreign	9.6		5.6		11.4
State	1.9		5.4		4.3
Total current	7.4		10.7		15.9
Deferred:
Federal	(58.6)		(26.1)		(81.7)
Foreign	(6.0)		(14.3)		(6.7)
State	(9.0)		(1.1)		(20.4)
Total deferred	(73.6)		(41.5)		(108.8)
Total benefit for income taxes	$	(66.2)	$	(30.8)	$	(92.9)

Loss before income taxes from U.S. and foreign operations were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
U.S.	$	(311.1)	$	(204.9)	$	(819.6)
Foreign	(0.9)		(44.2)		(78.1)
Total loss before income taxes	$	(312.0)	$	(249.1)	$	(897.7)

A reconciliation of the statutory federal tax rate to the effective tax rate is as follows:


	Year Ended December 31,
	2020		2021		2022
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.4	%	(0.3)	%	1.6	%
Tax rate differentials for international jurisdictions	(2.5)	%	0.4	%	(1.1)	%
Research and development credit	2.9	%	(0.4)	%	—	%

Effects of other enacted tax law and rate changes	(0.4)	%	(0.3)	%	0.1	%
Valuation allowance	(0.5)	%	(0.7)	%	(0.1)	%
Share-based compensation	(0.3)	%	0.1	%	(0.6)	%
Nondeductible compensation	(2.2)	%	(2.5)	%	(0.7)	%
Tax impact of goodwill impairment	—	%	(4.4)	%	(9.9)	%
Other, net	0.8	%	(0.5)	%	—	%
Effective tax rate	21.2	%	12.4	%	10.3	%

Deferred Taxes

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes using the enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant components of our deferred tax assets and liabilities are as follows:


(In millions)	December 31, 2021		December 31, 2022
Deferred tax assets:
Share-based compensation	$	13.9	$	15.3
Accruals not currently deductible	18.9		17.4

Finance lease liabilities	66.8		64.7
Net operating loss carryforwards	122.6		56.8
Foreign tax credit	34.4		33.7
Research and development credits	29.2		29.4
Depreciation and amortization	6.9		4.2
Disallowed interest carryforward	19.2		43.8
Operating lease liabilities	40.0		35.5
Other	15.7		20.2
Total gross deferred tax assets	367.6		321.0
Valuation allowance	(58.3)		(58.5)
Total net deferred tax assets	309.3		262.5
Deferred tax liabilities:
Depreciation and amortization	443.6		294.9

Finance lease liabilities	6.2		7.2

Capitalized costs	12.4		11.7
Interest rate swaps	5.4		32.2

Operating right-of-use assets	38.4		31.8
Other	3.8		5.4
Total gross deferred tax liabilities	509.8		383.2
Net deferred tax liabilities	$	200.5	$	120.7

As of December 31, 2022, we have $157.1 million of federal net operating loss carryforwards, $4.4 million of which expire at various dates through 2036, and $152.7 million of which have an indefinite carryforward period. Additionally, we have $66.7 million of federal tax credit carryforwards expiring at various dates through 2040. We have $117.9 million of foreign net operating losses, $1.9 million of which have carryforward periods ranging from 5 to 20 years, and $116.0 million of which have an indefinite carryforward period. Certain federal and foreign net operating loss carryforwards are subject to various limitations under Section 382 of the IRC and the applicable statutory foreign tax laws. We have disallowed interest expense carryforwards in the U.S. of $167.2 million that can be carried forward indefinitely.

We’ve recorded a valuation allowance with respect to certain of our deferred tax assets relating primarily to operating losses in certain U.S. state and foreign jurisdictions and federal foreign tax credits that we believe are not likely to be realized. For the rest of the deferred tax assets, valuation allowances were not deemed necessary based upon the determination that income created by reversing deferred tax liabilities will be sufficient to utilize deferred tax assets prior to the expiration of any applicable carryforward periods.

The effective tax rate for the year ended December 31, 2020 was primarily impacted by deductions disallowed by Section 162(m) of the IRC, the impact of changes in income tax rates, changes in valuation allowances, R&D credits, changes to income tax reserves and other permanently nondeductible items. The effective tax rate for the year ended December 31, 2021 was impacted by deductions disallowed by Section 162(m) of the IRC, changes in valuation allowances, the tax impact associated with a goodwill impairment, changes to income tax reserves and other permanently nondeductible items. The effective tax rate for the year ended December 31, 2022 was primarily impacted by the tax impact associated with the goodwill impairments, the geographic distribution of profits, tax effects from share-based compensation and executive compensation that in nondeductible under IRC Section 162(m) of the IRC.

We do not permanently reinvest our foreign earnings due to the debt service requirements of our capital structure. Due to historic, internal tax restructurings, we have effectively recognized any tax impact of the repatriation of foreign earnings. Thus, as of December 31, 2022, there is no deferred tax liability for undistributed foreign earnings.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law. The IRA introduces a new corporate minimum tax of 15% on global adjusted financial statement income. Additionally, the IRA imposes a 1% excise tax on stock repurchases made after December 31, 2022. We are currently evaluating the impact of the IRA but do not expect there will be a material impact to our consolidated financial statements.

Uncertain Tax Positions

We file income tax returns in each jurisdiction in which we operate, both domestically and internationally. Due to the complexity involved with certain tax matters, we have considered all relevant facts and circumstances for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. We believe that there are no other jurisdictions in which the outcome of uncertain tax matters is likely to be material to our results of operations, financial position or cash flows. We further believe that we have made adequate provision for all income tax uncertainties.

A rollforward of unrecognized tax benefits, excluding accrued penalties and interest, for the years ended December 31, 2020, 2021 and 2022 is as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Balance, beginning of period	$	53.2	$	51.0	$	52.4
Additions based on tax positions related to the current year	4.9		9.0		10.9

Additions for tax positions of prior years	11.1		15.9		0.3
Reduction for statute expiration	(2.4)		(16.7)		(4.7)
Reductions for tax positions of prior years	(15.8)		(6.2)		(1.9)
Settlements	—		(0.6)		—
Balance, end of period (1)	$	51.0	$	52.4	$	57.0

(1) Included within non-current liabilities in the Consolidated Balance Sheets

Of the total amount of unrecognized tax benefits as of December 31, 2020, 2021 and 2022, $42.3 million, $37.8 million and $41.6 million, respectively, if recognized, would favorably impact our effective tax rate. We do not expect the amount of unrecognized tax benefits disclosed above to change significantly over the next 12 months.

We recognize interest expense and penalties related to income tax matters within “Benefit for income taxes” on our Consolidated Statements of Comprehensive Loss. Accrued interest and penalties as of December 31, 2020, 2021 and 2022 were $2.4 million, $3.5 million and $4.4 million, respectively.

We are subject to U.S. federal income tax and various state, local, and international income taxes in numerous jurisdictions. Our domestic and international tax liabilities are subject to the allocation of revenue and expenses in different jurisdictions and the timing of recognizing revenue and expenses. As such, our effective tax rate is impacted by the geographical distribution of income and mix of profits in the various jurisdictions. Additionally, the amount of income taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we file.

We currently file income tax returns in the U.S. and all foreign jurisdictions in which we have entities, which are periodically under audit by federal, state, and foreign tax authorities. These audits can involve complex matters that may require an extended period of time for resolution. We remain subject to U.S. federal and state income tax examinations for the tax years 2018 through 2022 and in the foreign jurisdictions in which we operate for varying periods from 2010 through 2022. We currently have income tax examinations open in Texas for tax years 2014 through 2018 and New York City for 2017 through 2019. Additionally, we are currently under tax audit in India for the fiscal year ended March 31, 2020.

Although the outcome of open tax audits is uncertain, in management’s opinion, adequate provisions for income taxes have been made. If actual outcomes differ materially from these estimates, they could have a material impact on our financial condition and results of operations. Differences between actual results and assumptions or changes in assumptions in future periods are recorded in the period they become known. To the extent additional information becomes available prior to resolution, such accruals are adjusted to reflect probable outcomes.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Commitments and Contingencies Disclosure [Abstract]

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 228.4	$ 272.8
Accounts receivable, net of allowance for credit losses and accrued customer credits of $18.4 and $24.6, respectively	622.2	554.3
Prepaid expenses	97.3	110.0
Other current assets	125.3	52.4
Total current assets	1,073.2	989.5
Property, equipment and software, net	628.3	826.7
Goodwill, net	2,155.1	2,706.8
Intangible assets, net	1,236.0	1,466.5
Operating right-of-use assets	138.0	161.8
Other non-current assets	226.1	177.4
Total assets	5,456.7	6,328.7
Current liabilities:
Accounts payable and accrued expenses	447.3	369.5
Accrued compensation and benefits	95.3	104.5
Deferred revenue	80.9	98.6
Debt	23.0	23.0
Accrued interest	36.3	27.6
Operating lease liabilities	60.0	60.4
Finance lease liabilities	61.7	64.6
Financing obligations	16.7	48.0
Other current liabilities	35.3	41.2
Total current liabilities	856.5	837.4
Non-current liabilities:
Debt	3,295.4	3,310.9
Operating lease liabilities	84.8	114.8
Finance lease liabilities	310.5	345.1
Financing obligations	47.6	62.9
Deferred income taxes	126.7	205.8
Other non-current liabilities	105.7	124.4
Total liabilities	4,827.2	5,001.3
Commitments and Contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 211.2 and 215.7 shares issued; 211.2 and 212.6 shares outstanding, respectively	2.2	2.1
Additional paid-in capital	2,573.3	2,500.0
Accumulated other comprehensive income	71.4	6.9
Accumulated deficit	(1,986.4)	(1,181.6)
Treasury stock, at cost; zero and 3.1 shares held, respectively	(31.0)	0.0
Total stockholders' equity	629.5	1,327.4
Total liabilities and stockholders' equity	$ 5,456.7	$ 6,328.7

Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Share-based compensation	$ 15.3	$ 13.9
Accruals not currently deductible	17.4	18.9
Finance lease liabilities	64.7	66.8
Net operating loss carryforwards	56.8	122.6
Foreign tax credit	33.7	34.4
Research and development credits	29.4	29.2
Depreciation and amortization	4.2	6.9
Disallowed interest carryforward	43.8	19.2
Operating lease liabilities	35.5	40.0
Other	20.2	15.7
Total gross deferred tax assets	321.0	367.6
Valuation allowance	(58.5)	(58.3)
Total net deferred tax assets	262.5	309.3
Deferred tax liabilities:
Depreciation and amortization	294.9	443.6
Finance lease liabilities	7.2	6.2
Capitalized costs	11.7	12.4
Interest rate swaps	32.2	5.4
Operating right-of-use assets	31.8	38.4
Other	5.4	3.8
Total gross deferred tax liabilities	383.2	509.8
Net deferred tax liabilities	$ 120.7	$ 200.5

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Translation gain (loss)	$ (10.1)	$ (3.3)	$ 5.8

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Long-term Purchase Commitment

The minimum commitments for all of these agreements, as of December 31, 2022, are approximated as follows:


(In millions)	Amount
Year ending:
2023	$	589.2
2024	439.7
2025	255.0
2026	213.3
2027	48.4
Thereafter	70.3
Total	$	1,615.9

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Estimated Useful Lives, Property Equipment and Software

The following table shows the estimated useful lives used for property, equipment and software:


Classification						Estimated Useful Lives
Computers and equipment						3 to 5 years
Software						3 years
Furniture and fixtures						7 years
Buildings and leasehold improvements						2 to 39 years

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2021		December 31, 2022
Computers and equipment	$	1,206.5	$	1,131.2
Software	465.6		464.2
Furniture and fixtures	21.9		15.8
Buildings and leasehold improvements	512.9		402.2
Land	21.2		—
Property, equipment and software, at cost	2,228.1		2,013.4
Less: Accumulated depreciation	(1,413.4)		(1,400.3)
Work in process	12.0		15.2
Property, equipment and software, net	$	826.7	$	628.3

Debt - Maturities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 23.0
2024	23.0
2025	23.0
2026	23.0
2027	23.0
Thereafter	3,244.8
Total debt	$ 3,359.8

Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill, Gross	$ 3,037.0		$ 3,054.2	$ 3,037.0	$ 3,054.2	$ 3,056.1
Less: Accumulated impairment charges	(881.9)		(347.4)	(881.9)	(347.4)	(295.0)
Goodwill [Roll Forward]
Goodwill, beginning balance				2,706.8	2,761.1
Just Analytics acquisition				5.9
Impairment of goodwill				(534.5)	(52.4)	0.0
Foreign currency translation				(23.1)	(1.9)
Goodwill, ending balance	2,155.1		2,706.8	2,155.1	2,706.8	2,761.1
Multicloud Services
Goodwill [Line Items]
Goodwill, Gross	2,656.6		2,679.3	2,656.6	2,679.3	2,681.0
Less: Accumulated impairment charges	(700.2)		(295.0)	(700.2)	(295.0)	(295.0)
Goodwill [Roll Forward]
Goodwill, beginning balance				2,384.3	2,386.0
Just Analytics acquisition				0.0
Impairment of goodwill		$ (405.2)		(405.2)	0.0
Foreign currency translation				(22.7)	(1.7)
Goodwill, ending balance	1,956.4		2,384.3	1,956.4	2,384.3	2,386.0
Apps & Cross Platform
Goodwill [Line Items]
Goodwill, Gross	328.0		322.5	328.0	322.5	322.6
Less: Accumulated impairment charges	(129.3)		0.0	(129.3)	0.0	0.0
Goodwill [Roll Forward]
Goodwill, beginning balance				322.5	322.6
Just Analytics acquisition				5.9
Impairment of goodwill	(129.3)			(129.3)	0.0
Foreign currency translation				(0.4)	(0.1)
Goodwill, ending balance	198.7		322.5	198.7	322.5	322.6
OpenStack Public Cloud
Goodwill [Line Items]
Goodwill, Gross	52.4		52.4	52.4	52.4	52.5
Less: Accumulated impairment charges	(52.4)		(52.4)	(52.4)	(52.4)	0.0
Goodwill [Roll Forward]
Goodwill, beginning balance				0.0	52.5
Just Analytics acquisition				0.0
Impairment of goodwill			(52.4)	0.0	(52.4)
Foreign currency translation				0.0	(0.1)
Goodwill, ending balance	$ 0.0		$ 0.0	$ 0.0	$ 0.0	$ 52.5

Property, Equipment and Software, net - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jan. 15, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2022	Jan. 14, 2021
Property, Plant and Equipment [Line Items]
Land available-for-sale						$ 11.4
Proceeds from sale of land	$ 32.2
Payments for brokerage fees and professional fees	0.9
Proceeds from sale of land held-for-use, net of brokerage and professional fees	$ 31.3
Gain on sale of land			$ 19.9
Corporate Headquarters Facility
Property, Plant and Equipment [Line Items]
Property, equipment, net		$ 12.1			$ 82.7
Impairment of long-lived assets to be disposed of		70.6
OpenStack Public Cloud
Property, Plant and Equipment [Line Items]
Property equipment and software impairment charges		15.3
Property, Plant, and Equipment and Finance Lease Right of Use Asset
Property, Plant and Equipment [Line Items]
Depreciation		$ 220.9	$ 245.1	$ 289.8

Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Contingency [Line Items]
Total loss before income taxes	$ (897.7)	$ (249.1)	$ (312.0)
U.S.
Income Tax Contingency [Line Items]
Total loss before income taxes	(819.6)	(204.9)	(311.1)
Foreign
Income Tax Contingency [Line Items]
Total loss before income taxes	$ (78.1)	$ (44.2)	$ (0.9)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Share-Based Payment Arrangement [Abstract]

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Cash Flows From Operating Activities
Net loss	$ (804.8)	$ (218.3)	$ (245.8)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	387.8	424.8	466.2
Amortization of operating right-of-use assets	59.8	65.9	70.7
Deferred income taxes	(108.8)	(41.5)	(73.6)
Share-based compensation expense	69.5	75.4	74.5
Impairment of goodwill	534.5	52.4	0.0
Impairment of assets	146.1	0.0	0.0
Gain on sale of land	0.0	(19.9)	0.0
Debt modification and extinguishment costs	0.0	37.5	71.5
Unrealized (gain) loss on derivative contracts	18.5	16.8	(2.3)
(Gain) loss on investments, net	0.2	3.0	(0.7)
Provision for bad debts and accrued customer credits	12.4	(2.0)	24.7
Amortization of debt issuance costs and debt discount	8.0	8.8	18.0
Non-cash fair value adjustments	3.2	0.0	0.0
Other operating activities	(0.2)	(2.1)	(1.4)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(82.4)	(69.5)	(156.0)
Prepaid expenses and other current assets	(7.1)	9.5	(58.0)
Accounts payable, accrued expenses, and other current liabilities	69.8	88.1	(7.4)
Deferred revenue	(21.6)	21.6	9.9
Operating lease liabilities	(65.5)	(61.4)	(58.0)
Other non-current assets and liabilities	27.3	(18.3)	(15.6)
Net cash provided by operating activities	246.7	370.8	116.7
Cash Flows From Investing Activities
Purchases of property, equipment and software	(80.4)	(108.4)	(116.5)
Acquisitions, net of cash acquired	(7.7)	0.0	(9.5)
Proceeds from sale of land	0.0	31.3	0.0
Proceeds from sales of investments	0.0	0.0	0.9
Purchase of convertible promissory note	(15.0)	0.0	0.0
Other investing activities	5.2	8.1	(3.3)
Net cash used in investing activities	(97.9)	(69.0)	(128.4)
Cash Flows From Financing Activities
Proceeds from issuance of common stock, net	0.0	0.0	657.8
Proceeds from employee stock plans	3.7	61.1	31.1
Shares of common stock withheld for employee taxes	0.0	0.0	(2.1)
Shares of common stock repurchased	(31.0)	0.0	0.0
Proceeds from borrowings under long-term debt arrangements	0.0	2,838.5	860.0
Payments on long-term debt	(23.0)	(2,877.9)	(1,450.6)
Payments for debt issuance costs	0.0	(34.5)	(8.8)
Payments on financing component of interest rate swap	(17.2)	(12.9)	0.0
Principal payments of finance lease liabilities	(67.2)	(50.6)	(24.0)
Proceeds from financing obligations	0.0	0.0	20.9
Principal payments of financing obligations	(49.0)	(55.9)	(54.4)
Other financing activities	(3.3)	0.0	0.0
Net cash provided by (used in) financing activities	(187.0)	(132.2)	29.9
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(5.8)	(2.3)	2.8
Increase (decrease) in cash, cash equivalents, and restricted cash	(44.0)	167.3	21.0
Cash, cash equivalents, and restricted cash at beginning of period	275.4	108.1	87.1
Cash, cash equivalents, and restricted cash at end of period	231.4	275.4	108.1
Supplemental Cash Flow Information
Cash payments for interest, net of amount capitalized	177.9	178.5	262.8
Cash payments for income taxes, net of refunds	10.5	5.5	15.6
Non-cash Investing and Financing Activities
Acquisition of property, equipment and software by finance leases	36.7	60.4	93.7
Acquisition of property, equipment and software by financing obligations	7.1	44.7	27.8
Increase (decrease) in property, equipment and software accrued in liabilities	17.6	(10.6)	(13.4)
Non-cash purchases of property, equipment and software	61.4	94.5	108.1
Non-cash increase in buildings within property, equipment and software, net due to lease modification	0.0	0.0	220.3
Debt issuance costs included in accrued liabilities	0.0	0.0	0.6
Other non-cash investing and financing activities	0.0	0.0	2.3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	228.4	272.8	104.7
Restricted cash included in other non-current assets	3.0	2.6	3.4
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 231.4	$ 275.4	$ 108.1

Customer Contracts - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 630.6
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized, percentage	67.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2022
Computers and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Computers and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	5 years
Software
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	7 years
Buildings and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	2 years
Buildings and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful Lives	39 years

Derivatives - Interest Rate Swaps Outstanding (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Feb. 12, 2021
Interest rate swaps
Derivative [Line Items]
Fixed Rate Paid (Received)			2.382%
Notional amount	$ 1,350,000,000	$ 1,350,000,000	$ 900,000,000
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)	1.904%	1.904%
Notional amount	$ 0	$ 450,000,000.0
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)	1.904%	1.904%
Notional amount	$ 0	$ 450,000,000.0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.749%
Notional amount		$ 0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.735%
Notional amount		$ 0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.736%
Notional amount		$ 0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.78%
Notional amount		$ 0
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Fixed Rate Paid (Received)	(1.904%)
Notional amount	$ 0	(900,000,000.0)
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Fixed Rate Paid (Received)	2.382%
Notional amount	$ 1,350,000,000	$ 1,350,000,000

Share-Based Compensation and Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Share-Based Compensation and Employee Benefit Plans

Stock Plans

In April 2017, the Executive Committee of the board of directors authorized the company to adopt the 2017 Incentive Plan. On July 24, 2020, the board of directors approved, effective on August 7, 2020, the 2020 Incentive Plan and amendments to the 2017 Incentive Plan which, among other things, resulted in the termination of the 2017 Incentive Plan, except as it relates to outstanding awards, and any remaining shares reserved for future grants under the 2017 Incentive Plan were released.

The 2020 Incentive Plan provides for the grant of stock options, including incentive stock options, and nonqualified stock options, stock appreciation rights, restricted stock, RSUs, other stock-based incentive awards, dividend equivalents and cash-based awards (collectively, "awards"). Incentive stock options may be granted only to our employees or an employee of a parent or subsidiary. All other awards may be granted to employees and consultants of the company and its parents and subsidiaries, as well as all non-employee members of our board of directors.

For the years ended December 31, 2020, 2021 and 2022, the company granted stock options, RSU's (including performance-based RSUs) and restricted stock (collectively "restricted stock") under the Incentive Plans. The company issues new shares of its common stock to satisfy vesting of restricted stock and exercise of stock options under the Incentive Plans. All awards deduct one share from the Incentive Plans shares available for issuance for each share granted. The 2017 Incentive Plan began with 12.2 million shares authorized for grant and contained an evergreen feature whereby shares available increased each grant date based on the quantity of certain types of awards granted. Upon the approval of the 2020 Incentive Plan, the 2017 Incentive Plan was terminated, except as it relates to outstanding awards.

The maximum number of shares of our common stock available for issuance under the 2020 Incentive Plan was originally 25.0 million shares. On April 21, 2022, the board of directors approved a proposed amendment to the 2020 Incentive Plan to increase the maximum number of shares from 25.0 million shares to 50.0 million shares, subject to stockholder approval. The proposed amendment was subsequently approved by our stockholders as part of the 2022 Annual Meeting of Stockholders held on June 10, 2022. To the extent awards granted under the 2020 Incentive Plan terminate, expire or lapse, shares subject to such awards generally will again be available for future grant.

As of December 31, 2022, the total number of shares outstanding and the total number of shares available for future grants under the Incentive Plans was 23.0 million and 31.2 million, respectively.

The composition of the equity awards outstanding as of December 31, 2021 and 2022 was as follows:


	December 31, 2021	December 31, 2022
(In millions)
Restricted stock	7.9	13.7
Stock options	11.0	9.3
Total outstanding awards	18.9	23.0

Stock Options

Stock options have been granted for a term of 10 years and generally vest ratably over a three-year period, subject to continued service. Certain executives have received stock options that vest in part subject to continued service ratably over a five-year period and in part based upon the attainment of performance and market conditions.

In 2021, we shifted away from granting stock options as we had in previous years, to granting restricted stock. As such, there were no stock options granted during the years ended December 31, 2021 or 2022.

The following table summarizes the stock option activity for the year ended December 31, 2022:


	Number of Shares (in millions)	Weighted Average Exercise Price		Weighted Average-Remaining Contractual Life	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2021	11.0	$	12.73	7.28	$	10.2
Granted	—	$	—
Exercised	(0.1)	$	10.46
Forfeited	(0.9)	$	13.17
Expired	(0.7)	$	13.49
Outstanding at December 31, 2022	9.3	$	12.65	3.85	$	—
Vested and exercisable at December 31, 2022	6.8	$	12.69	3.88	$	—
Vested and exercisable at December 31, 2022 and expected to vest thereafter (1)	9.3	$	12.65	3.85	$	—

(1) Forfeitures are recognized as they occur, rather than estimated.

The total pre-tax intrinsic value of the stock options exercised during the years ended December 31, 2020, 2021 and 2022 was $22.3 million, $35.0 million, and $0.1 million, respectively.

For the year ended December 31, 2020 we have granted stock options that include vesting terms dependent upon a service, performance and/or market condition. The performance criteria for the performance and market based stock options is tied to a liquidity event and the achievement of targets based on a MOIC for Apollo. The fair value of stock options with vesting conditions dependent upon market performance is determined using a Monte Carlo simulation. The fair value of stock options with either solely a service requirement or with the combination of service and performance requirements is determined using the Black-Scholes valuation model, which requires us to make assumptions and judgments about variables related to our common stock and the related awards. The fair value of stock options is based on the fair value of the underlying common stock on the date of grant. Prior to the IPO, the fair value of the underlying common stock included estimates and judgments related to the discount rates and future discounted cash flows of the company based on management’s internal forecasts. Share-based compensation expense is recognized over the awards requisite service period or over our best estimate of the period over which the performance condition will be met, as applicable. The following table presents the assumptions used to estimate the fair values of the stock options granted in the period presented:


	Year Ended December 31, 2020
Expected stock volatility (1)	55% - 61%
Expected dividend yield (2)	—	%
Risk-free interest rate (3)	0.38% - 1.73%
Expected life (4)	5.5 - 6.5 years

(1) Management estimates volatility based on the historical trading volatility of a public company peer group and the implied volatility of our assets and current leverage.

(2) We have not issued dividends to date and do not anticipate issuing dividends.

(3) Based on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent expected term.

(4) Represents the period that our share-based awards are expected to be outstanding. Management uses the simplified method for our estimation of the expected life as we do not have adequate historical data.

The weighted-average grant-date fair value of options granted during the year ended December 31, 2020 was $8.09.

As of December 31, 2022, there was $2.1 million of total unrecognized compensation cost related to stock options, which will be recognized over a weighted average period of 2.2 years.

Restricted Stock

In 2021, we shifted away from granting stock options as we had in previous years, to granting restricted stock. The majority of our restricted stock grants were made as part of our annual compensation award process and vest ratably over a three-year period, subject to continued service. Restricted stock has also been granted to certain executives that vest in part subject to continued service ratably over a three or five-year period and in part based upon the attainment of performance and market conditions. The fair value of the service-vesting awards is measured based on the fair value of the underlying common stock on the date of the grant. The fair value of restricted stock with vesting conditions dependent upon market performance is determined using a Monte Carlo simulation. Share-based compensation expense is recognized on a straight-line basis over the service period or over our best estimate of the period over which the performance condition will be met, as applicable.

In 2020, we granted restricted stock to all eligible employees on the date of our IPO. The fair value of these awards was based on the fair value of the underlying common stock on the date of the grant, and share-based compensation expense is recognized on a straight-line basis over the service period of six months.

Certain non-executive board members elected to receive a portion of their annual compensation in the form of restricted stock. The fair value of these service-vesting awards is measured based on the fair value of the underlying common stock on the date of grant, and share-based compensation expense is recognized on a straight-line basis over the one-year service period.

In August 2021, we granted certain awards, 0.6 million shares in total, to a participant with vesting dependent upon the attainment of predetermined financial performance results over the next three years. The performance metric that will determine vesting of these awards is Non-GAAP Operating Profit (as defined in the applicable award agreement) measured over a trailing four-quarter period. The fair value of these performance-vesting awards is measured based on the fair value of the underlying common stock on the date of grant, and share-based compensation expense is recognized when it is probable that the performance condition will be achieved. Probability is based upon probable achievement of the various targets in management's internal forecasts. These awards were forfeited upon the participant's separation from the company.

During 2022, we granted 11.1 million RSUs under the 2020 Incentive Plan with a weighted average grant date fair value of $8.68. The majority of the RSUs were granted as part of our annual compensation award process and vest ratable over a three-year period, subject to continued service.

In addition, during 2022, 2.6 million PSUs were granted. These PSUs represent the target amount of grants, and the actual number of shares awarded upon vesting may vary depending upon the achievement of the relevant market condition which is based on Rackspace’s Total Shareholder Return (“TSR”) relative to the TSR of a comparator group of IT and Cloud Services Companies. The awards are eligible to vest in equal annual installments over three years based on the attainment of the market condition and the employee’s continued service through the end of the applicable measurement period and were valued using a Monte Carlo simulation. The following table presents the assumptions used to estimate the fair values of the PSUs granted in the period presented:


			Year Ended December 31, 2022
Expected stock volatility (1)			54% - 63%
Expected dividend yield (2)			—%
Risk-free interest rate (3)			2.32% - 4.34%

(1) Management estimates volatility based on the historical trading volatility of a public company peer group and the implied volatility of our assets and current leverage.

(2) We have not issued dividends to date and do not anticipate issuing dividends.

(3) Based on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent expected term.

The following table summarizes our restricted stock activity for the year ended December 31, 2022:


	Number of Units or Shares (in millions)	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2021	7.9	$	17.07
Granted	13.7	$	8.70
Released	(3.7)	$	16.53
Cancelled	(4.2)	$	13.34
Outstanding at December 31, 2022	13.7	$	9.96
Expected to vest after at December 31, 2022 (1)	13.7	$	9.96

(1) Forfeitures are recognized as they occur, rather than estimated.

The weighted-average grant-date fair value of restricted stock granted during the years ended December 31, 2020 and 2021 was $17.74 and $17.80, respectively.

The total pre-tax intrinsic value of the restricted stock released during the years ended December 31, 2020, 2021 and 2022 was $3.6 million, $35.2 million and $30.7 million, respectively.

As of December 31, 2022, there was $100.4 million of total unrecognized compensation cost related to restricted stock, which will be recognized using the straight-line method over a weighted average period of 2.1 years.

Employee Stock Purchase Plan

The ESPP was approved by the company's board of directors on July 24, 2020 and became effective on August 7, 2020. Under the ESPP, eligible employees may purchase a limited number of shares of our common stock at the lesser of 85% of the market value on the enrollment date or 85% of the market value on the purchase date. The fair value on each enrollment date is determined using the Black-Scholes option-pricing model. Share-based compensation expense is recognized on a straight-line basis over the offering period. We issued 0.4 million, 0.7 million and 0.8 million shares through the ESPP during the years ended December 31, 2020, 2021 and 2022, respectively. The share-based compensation expense recognized for the ESPP was $1.5 million, $4.5 million and $1.9 million for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, there was no unrecognized compensation cost related to the ESPP. The shares available for issuance under the ESPP is 9.6 million shares as of December 31, 2022.

Share-Based Compensation Expense

In connection with the departure of certain executives during the years ended December 31, 2020, 2021, and 2022 we accelerated vesting of options and restricted stock for awards with service-only vesting conditions and extended the post termination option exercise period. These modifications resulted in incremental expense of $3.5 million and $0.8 million during the years ended December 31, 2020 and 2021, respectively, and a reduction of expense of $2.0 million during the year ended December 31, 2022.

Upon the completion of the IPO, it was determined that certain awards with performance and market conditions, tied to a liquidity event and the achievement of targets based on a MOIC for Apollo, were probable of vesting. As a result of this change in estimate, the company recognized $20.2 million of share-based compensation expense, related to service received since the grant date of the respective awards, during the year ended December 31, 2020.

Share-based compensation expense recognized for the years ended December 31, 2020, 2021 and 2022 was as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Cost of revenue	$	14.5	$	16.7	$	11.6
Selling, general and administrative expenses	60.0		58.7		57.9
Pre-tax share-based compensation expense	74.5		75.4		69.5
Less: Income tax benefit	(15.6)		(15.8)		(14.6)
Total share-based compensation expense, net of tax	$	58.9	$	59.6	$	54.9

Employee Benefit Plans

We sponsor defined contribution plans whereby employees may elect to contribute a portion of their annual compensation to the plans, after complying with certain limitations. The plans also include a discretionary employer contribution. Contribution expense recognized for these plans was $16.0 million, $15.2 million and $15.7 million for the years ended December 31, 2020, 2021 and 2022, respectively.

Share-Based Compensation and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Equity Awards Outstanding

The composition of the equity awards outstanding as of December 31, 2021 and 2022 was as follows:


	December 31, 2021	December 31, 2022
(In millions)
Restricted stock	7.9	13.7
Stock options	11.0	9.3
Total outstanding awards	18.9	23.0

Schedule of Stock Option Activity

The following table summarizes the stock option activity for the year ended December 31, 2022:


	Number of Shares (in millions)	Weighted Average Exercise Price		Weighted Average-Remaining Contractual Life	Aggregate Intrinsic Value (in millions)
Outstanding at December 31, 2021	11.0	$	12.73	7.28	$	10.2
Granted	—	$	—
Exercised	(0.1)	$	10.46
Forfeited	(0.9)	$	13.17
Expired	(0.7)	$	13.49
Outstanding at December 31, 2022	9.3	$	12.65	3.85	$	—
Vested and exercisable at December 31, 2022	6.8	$	12.69	3.88	$	—
Vested and exercisable at December 31, 2022 and expected to vest thereafter (1)	9.3	$	12.65	3.85	$	—

(1) Forfeitures are recognized as they occur, rather than estimated.

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table presents the assumptions used to estimate the fair values of the stock options granted in the period presented:


	Year Ended December 31, 2020
Expected stock volatility (1)	55% - 61%
Expected dividend yield (2)	—	%
Risk-free interest rate (3)	0.38% - 1.73%
Expected life (4)	5.5 - 6.5 years

(1) Management estimates volatility based on the historical trading volatility of a public company peer group and the implied volatility of our assets and current leverage.

(2) We have not issued dividends to date and do not anticipate issuing dividends.

(3) Based on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent expected term.

Schedule of Restricted Stock Activity

The following table summarizes our restricted stock activity for the year ended December 31, 2022:


	Number of Units or Shares (in millions)	Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2021	7.9	$	17.07
Granted	13.7	$	8.70
Released	(3.7)	$	16.53
Cancelled	(4.2)	$	13.34
Outstanding at December 31, 2022	13.7	$	9.96
Expected to vest after at December 31, 2022 (1)	13.7	$	9.96

(1) Forfeitures are recognized as they occur, rather than estimated.

Schedule of Share-based Compensation Expense Recognized Under the Incentive Plan

Share-based compensation expense recognized for the years ended December 31, 2020, 2021 and 2022 was as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Cost of revenue	$	14.5	$	16.7	$	11.6
Selling, general and administrative expenses	60.0		58.7		57.9
Pre-tax share-based compensation expense	74.5		75.4		69.5
Less: Income tax benefit	(15.6)		(15.8)		(14.6)
Total share-based compensation expense, net of tax	$	58.9	$	59.6	$	54.9

Schedule of Share-based Payment Award, PSU, Valuation Assumptions

The following table presents the assumptions used to estimate the fair values of the PSUs granted in the period presented:


			Year Ended December 31, 2022
Expected stock volatility (1)			54% - 63%
Expected dividend yield (2)			—%
Risk-free interest rate (3)			2.32% - 4.34%

(1) Management estimates volatility based on the historical trading volatility of a public company peer group and the implied volatility of our assets and current leverage.

(2) We have not issued dividends to date and do not anticipate issuing dividends.

(3) Based on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent expected term.

Customer Contracts - Schedule of Amortization of Capitalized Contract Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortization of capitalized sales commissions
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 43.7	$ 43.7	$ 44.2
Amortization of capitalized implementation costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 16.4	$ 18.1	$ 17.4

Share-Based Compensation and Employee Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Units or Shares (in millions)
Outstanding, beginning balance (in shares)	7.9
Granted (in shares)	13.7
Released (in shares)	(3.7)
Cancelled (in shares)	(4.2)
Outstanding, ending balance (in shares)	13.7	7.9
Number of Units or Shares, Expected to vest (in shares)	13.7
Weighted Average Grant-Date Fair Value
Outstanding, beginning balance (in usd per share)	$ 17.07
Granted (in usd per share)	8.70	$ 17.80	$ 17.74
Released (in usd per share)	16.53
Cancelled (in usd per share)	13.34
Outstanding, ending balance (in usd per share)	9.96	$ 17.07
Weighted Average Grant-Date Fair Value, Expected to vest (in usd per share)	$ 9.96

Share-Based Compensation and Employee Benefit Plans - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Aug. 07, 2020	Aug. 31, 2021 qtr shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Apr. 21, 2022 shares	Apr. 20, 2022 shares	Apr. 30, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding (in shares)			23,000,000
Shares available for future grants (in shares)			31,200,000
Options granted in period (in shares)			0	0
Stock options granted, weighted-average grant date fair value (in usd per share) \| $ / shares					$ 8.09
Unrecognized compensation cost, stock options \| $			$ 2.1
Share-based compensation expense \| $			69.5	$ 75.4	$ 74.5
Plan modification, incremental cost \| $			2.0	0.8	3.5
Share-based compensation expense, accelerated cost \| $					20.2
Contribution expense \| $			$ 15.7	15.2	16.0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period			10 years
Vesting period			3 years
Intrinsic value of stock options exercised \| $			$ 0.1	$ 35.0	$ 22.3
Unrecognized compensation cost, period for recognition			2 years 2 months 12 days
Options \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			5 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Unrecognized compensation cost, period for recognition			2 years 1 month 6 days
Number of shares granted in period			13,700,000
Weighted average grant date fair value, RSUs granted during period (in usd per share) \| $ / shares			$ 8.70	$ 17.80	$ 17.74
Intrinsic value of restricted stock released \| $			$ 30.7	$ 35.2	$ 3.6
Unrecognized compensation cost \| $			$ 100.4
Restricted Stock Units (RSUs) \| IPO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period					6 months
Restricted Stock Units (RSUs) \| Executive Officer \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Stock Units (RSUs) \| Executive Officer \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				5 years
RSAs \| Board member \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service period				1 year
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grants (in shares)		600,000
Vesting period		3 years	3 years
Lag period in quarters \| qtr		4
Number of shares granted in period			2,600,000
2017 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)								12,200,000
2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)						50,000,000	25,000,000
2020 Incentive Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Number of shares granted in period			11,100,000
Weighted average grant date fair value, RSUs granted during period (in usd per share) \| $ / shares			$ 8.68
ESPP \| Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)			9,600,000
Unrecognized compensation cost \| $			$ 0.0
Purchase price of common stock, percentage	0.85%
Shares issued under ESPP (in shares)			800,000	700,000	400,000
Share-based compensation expense \| $			$ 1.9	$ 4.5	$ 1.5

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Treasury Stock, at Cost
Beginning balance (in shares) at Dec. 31, 2019		165.4
Beginning balance at Dec. 31, 2019	$ 898.8	$ 1.6	$ 1,602.7	$ 12.0	$ (717.5)	$ 0.0
Beginning balance (in shares) at Dec. 31, 2019						0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		33.5
Issuance of common stock	657.8	$ 0.4	657.4
Exercise of stock options and release of stock awards (in shares)		2.5
Exercise of stock options and release of stock awards	23.4		23.4
Issuance of shares from Employee Stock Purchase Plan (in shares)		0.4
Issuance of shares from Employee Stock Purchase Plan	5.6		5.6
Share-based compensation expense	74.5		74.5
Net loss	(245.8)				(245.8)
Other comprehensive (loss) income	(30.6)			(30.6)
Ending balance (in shares) at Dec. 31, 2020		201.8
Ending balance at Dec. 31, 2020	1,383.7	$ 2.0	2,363.6	(18.6)	(963.3)	$ 0.0
Ending balance (in shares) at Dec. 31, 2020						0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2.7
Exercise of stock options and release of stock awards (in shares)		6.0
Exercise of stock options and release of stock awards	50.8	$ 0.1	50.7
Issuance of shares from Employee Stock Purchase Plan (in shares)		0.7
Issuance of shares from Employee Stock Purchase Plan	10.3		10.3
Share-based compensation expense	75.4		75.4
Net loss	(218.3)				(218.3)
Other comprehensive (loss) income	$ 25.5			25.5
Ending balance (in shares) at Dec. 31, 2021	211.2	211.2
Ending balance at Dec. 31, 2021	$ 1,327.4	$ 2.1	2,500.0	6.9	(1,181.6)	$ 0.0
Ending balance (in shares) at Dec. 31, 2021	0.0					0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		3.7
Exercise of stock options and release of stock awards	$ 0.8	$ 0.1	0.7
Issuance of shares from Employee Stock Purchase Plan (in shares)		0.8
Issuance of shares from Employee Stock Purchase Plan	3.1		3.1
Share-based compensation expense	69.5		69.5
Net loss	(804.8)				(804.8)
Other comprehensive (loss) income	64.5			64.5
Repurchase of common stock (in shares)						3.1
Repurchase of common stock	$ (31.0)					$ (31.0)
Ending balance (in shares) at Dec. 31, 2022	212.6	215.7
Ending balance at Dec. 31, 2022	$ 629.5	$ 2.2	$ 2,573.3	$ 71.4	$ (1,986.4)	$ (31.0)
Ending balance (in shares) at Dec. 31, 2022	3.1					3.1

Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	$ 56.8	$ 122.6
Tax credit carryforward	66.7
Disallowed interest carryforward	43.8	19.2
Unrecognized tax benefits that would favorably impact effective tax rate	41.6	37.8	$ 42.3
Accrued interest and penalties	4.4	$ 3.5	$ 2.4
U.S.
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	157.1
Operating loss carryforward, subject to expiration	4.4
Operating loss carryforward, not subject to expiration	152.7
Disallowed interest carryforward	167.2
Foreign
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	117.9
Operating loss carryforward, subject to expiration	1.9
Operating loss carryforward, not subject to expiration	$ 116.0
Foreign \| Minimum
Tax Credit Carryforward [Line Items]
Carryforward period	5 years
Foreign \| Maximum
Tax Credit Carryforward [Line Items]
Carryforward period	20 years

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and accrued customer credits	$ 24.6	$ 18.4	$ 28.3
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000.0	5,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,495,000,000	1,495,000,000
Common stock, shares issued (in shares)	215,700,000	211,200,000
Common stock, shares outstanding (in shares)	212,600,000	211,200,000
Treasury stock, at cost (in shares)	3,100,000	0

Customer Contracts

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Customer Contracts

The following table presents the balances related to customer contracts:


(In millions)	Consolidated Balance Sheets Account	December 31, 2020		December 31, 2021		December 31, 2022
Accounts receivable, net	Accounts receivable, net (1)	$	483.0	$	554.3	$	622.2
Current portion of contract assets	Other current assets	$	12.2	$	15.2	$	16.0
Non-current portion of contract assets	Other non-current assets	$	13.9	$	13.1	$	10.4
Current portion of deferred revenue	Deferred revenue	$	76.7	$	98.6	$	80.9
Non-current portion of deferred revenue	Other non-current liabilities	$	14.2	$	13.6	$	8.6

(1) Allowance for credit losses and accrued customer credits was $28.3 million, $18.4 million and $24.6 million as of December 31, 2020, 2021 and 2022, respectively.

The following table sets forth the changes in the allowance for credit losses during the years ended December 31, 2020, 2021 and 2022:


(In millions)	Beginning Balance		Additions (1)		Write-offs of Accounts Receivables, Net of Recoveries		Ending Balance
For the years ending December 31,
2020	$	9.5	$	20.1	$	(13.4)	$	16.2
2021	$	16.2	$	5.4	$	(7.9)	$	13.7
2022	$	13.7	$	11.0	$	(6.3)	$	18.4

(1) Additions to the allowance for credit losses are charged to bad debt within "Selling, general and administrative expenses."

We identified an immaterial correction in the disclosure of amounts previously reported as recognized in revenue for the years ended December 31, 2020 and 2021, which were included in deferred revenue as of the beginning of each period and have updated these amounts to $66.6 million and $76.7 million, respectively. Amounts recognized in revenue for the year ended December 31, 2022, which were included in deferred revenue as of the beginning of the period totaled $98.6 million.

Cost Incurred to Obtain and Fulfill a Contract

As of December 31, 2021 and 2022, the balances of capitalized costs to obtain a contract were $58.0 million and $55.8 million, respectively, and the balances of capitalized costs to fulfill a contract were $23.5 million and $17.7 million, respectively. These capitalized costs are included in "Other non-current assets" on the Consolidated Balance Sheets.

Amortization of capitalized sales commissions and implementation costs was as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Amortization of capitalized sales commissions	$	44.2	$	43.7	$	43.7
Amortization of capitalized implementation costs	$	17.4	$	18.1	$	16.4

Remaining Performance Obligations

As of December 31, 2022, the aggregate amount of transaction price allocated to remaining performance obligations was $630.6 million, of which approximately 67% is expected to be recognized as revenue during 2023 and the remainder thereafter. These remaining performance obligations primarily relate to our fixed-term arrangements. The aggregate amount of transaction price excludes variable consideration related to our usage-based arrangements for which we recognize revenue based on the right to invoice for the services performed.

Convertible Promissory Note

On September 27, 2022, we entered into a convertible note purchase agreement with a private company that is also a customer and a vendor. Pursuant to the purchase agreement, we purchased an unsecured convertible promissory note (the "Note") in an aggregate principal amount of $15.0 million. The Note will accrue simple interest at a rate of 6% per annum and matures on September 27, 2027, unless earlier converted per the terms of the agreement. We have elected to apply the fair value option under ASC No. 825, Financial Instruments, to account for the Note. As of December 31, 2022, the fair value of the Note was $11.8 million and is included in "Other non-current assets" on our Consolidated Balance Sheets.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Austin, Texas

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On November 3, 2016, Rackspace Technology Global entered into management consulting agreements with affiliates of Apollo and Searchlight and on November 15, 2017, in connection with the Datapipe acquisition, Rackspace Technology Global entered into a management consulting agreement with ABRY. Under these agreements, we were required to pay them a quarterly, nonrefundable fee for consulting services in areas such as finance, strategy, investment, and acquisitions based on EBITDA, as defined in the First Lien Credit Agreement. For Apollo and Searchlight, the consulting fee was equal to 1.5% of EBITDA, or a minimum annual consulting fee of $10.0 million. Under the ABRY agreement, the consulting fee was equal to a specified percentage of 1.5% of EBITDA. For the year ended December 31, 2020, we recorded $8.4 million of management consulting fees within "Selling, general and administrative expenses" in the Consolidated Statements of Comprehensive Loss. On July 24, 2020, we executed termination letters with each of the parties to the above agreements, whereby all such agreements terminated effective as of the pricing of the IPO on August 4, 2020. Therefore no management consulting or acquisition-related fees were accrued or were payable under any of these agreements for periods subsequent to August 4, 2020. As part of the IPO, Apollo Global Securities, an affiliate of Apollo, received fees of $2.7 million in connection with their role as an underwriter in the IPO. Apollo Global Securities also received $0.6 million in connection with their role as an initial purchaser of the 5.375% Senior Notes issued on December 1, 2020, $0.6 million in connection with their role as an initial purchaser of the 3.50% Senior Secured Notes issued on February 9, 2021, and $2.3 million in arranger fees in connection with the entry into the Term Loan Facility on February 9, 2021. Affiliates of ABRY are also Term Loan Facility lenders under the First Lien Credit Agreement. As of December 31, 2022, the outstanding principal amount of the Term Loan Facility was $2,259.8 million, of which $56.0 million, or 2.5%, is due to ABRY affiliates. On February 2, 2021, we issued 2,665,935 shares of common stock to DPH 123, LLC, an ABRY affiliate, for no additional consideration pursuant to the Agreement and Plan of Merger, dated as of September 6, 2017, in connection with our November 15, 2017 acquisition of Datapipe.

Debt - Narrative (Details) - USD ($)			1 Months Ended	12 Months Ended			80 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 09, 2021	Dec. 01, 2020	Feb. 28, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 15, 2028	Mar. 19, 2020
Debt Instrument [Line Items]
Cash and cash equivalents				$ 228,400,000	$ 272,800,000	$ 104,700,000
Loss on debt extinguishment				0	37,500,000	$ 71,500,000
Principal balance				3,359,800,000
Unamortized debt issuance costs				30,700,000	$ 36,300,000
Loan modification fee			$ 27,600,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 375,000,000			375,000,000
Revolving credit facility				0
Debt instrument, basis spread on variable rate floor	1.00%
Unused commitment fee percentage	0.50%
Secured Debt
Debt Instrument [Line Items]
Debt Instrument, unamortized discount and debt issuance costs			9,400,000
Term Loan Facility \| Line of Credit \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount				$ 3,359,800,000
Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Aggregate principal amount	$ 2,300,000,000		2,300,000,000
Debt instrument, term	7 years
Debt instrument, basis spread on variable rate floor	0.75%
Interest payment period	90 days
Effective interest rate				7.38%	3.50%
Fair value of debt				$ 1,412,400,000
Principal balance				$ 2,259,800,000	$ 2,282,800,000
Debt Instrument, unamortized discount and debt issuance costs			41,000,000
Term Loan Facility \| Secured Debt \| Forecast \| Subsequent Event
Debt Instrument [Line Items]
Quarterly principal payment							$ 5,800,000
Term Loan Facility \| Secured Debt \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Term Loan Facility \| Secured Debt \| Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
5.375% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 550,000,000
Interest rate		5.375%		5.375%	5.375%
Percentage of aggregate principal amount		40.00%
Fair value				$ 235,100,000
Principal balance				$ 550,000,000.0	$ 550,000,000.0
5.375% Senior Notes \| Senior notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage		101.00%
5.375% Senior Notes \| Senior notes \| Prior to December 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage		100.00%
5.375% Senior Notes \| Senior notes \| December 1, 2023 to November 30, 2024
Debt Instrument [Line Items]
Redemption price, percentage		102.688%
5.375% Senior Notes \| Senior notes \| December 1, 2024 to December 1, 2025
Debt Instrument [Line Items]
Redemption price, percentage		101.344%
5.375% Senior Notes \| Senior notes \| December 1, 2025 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage		100.00%
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Loss on debt extinguishment			37,000,000
Unamortized debt issuance costs			6,800,000
3.50% Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 550,000,000		550,000,000
Interest rate	3.50%			3.50%	3.50%
Fair value of debt				$ 321,100,000
Redemption period	12 months
Principal balance				550,000,000.0	$ 550,000,000.0
3.50% Senior Secured Notes \| Senior notes \| Prior to February 15, 2024
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
Percent of redeemable debt	40.00%
3.50% Senior Secured Notes \| Senior notes \| From February 15, 2024 to February 14, 2025
Debt Instrument [Line Items]
Redemption price, percentage	101.75%
3.50% Senior Secured Notes \| Senior notes \| From February 15, 2025 to February 14, 2026
Debt Instrument [Line Items]
Redemption price, percentage	100.875%
3.50% Senior Secured Notes \| Senior notes \| From February 15, 2026 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage	100.00%
3.50% Senior Secured Notes \| Senior notes \| Commencing with February 9, 2021
Debt Instrument [Line Items]
Redemption price, percentage	103.00%
Percent of redeemable debt	10.00%
3.50% Senior Secured Notes \| Senior notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage	101.00%
Senior Facilities \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility				0
Debt instrument, leverage ratio, maximum	5.00
Debt instrument, covenant, undrawn letters of credit and cash collateralized letters of credit excluded from threshold trigger	$ 25,000,000
Debt instrument, covenant, percentage of outstanding borrowings trigger, minimum	35.00%
Senior Facilities \| Line of Credit \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Senior Facilities \| Line of Credit \| Revolving Credit Facility \| Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Senior Facilities \| Secured Debt
Debt Instrument [Line Items]
Principal balance				$ 2,259,800,000
Senior Facilities \| Secured Debt \| Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Senior Facilities \| Secured Debt \| One-month Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Forty Percent Of 3.50% Senior Secured Notes Due 2028 \| Senior notes \| Prior to February 15, 2024
Debt Instrument [Line Items]
Redemption price, percentage	103.50%
Forty Percent Of Senior Notes, 5.375%, Due 2028 \| Senior notes \| Prior to December 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage		105.375%
Receivables Financing Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit					50,000,000
Receivables Financing Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity								$ 100,000,000
Payments on long-term debt					15,000,000
Loss on debt extinguishment					$ 500,000
Prior Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Principal balance			$ 2,795,600,000
8.625% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Interest rate						8.625%
Debt instrument, aggregate principal amount subject to repurchase under tender offer						$ 1,120,200,000
Debt repurchased and surrendered for cancellation						1,191,900,000
Premium on repurchase						56,200,000
Write-off of associated unamortized deferred financing fees						14,900,000
Transaction fees						$ 400,000

Segment Reporting

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

We have organized our operations into the following three operating segments, which correspond directly to our reportable segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. Our segments are based upon a number of factors, including, the basis for our budgets and forecasts, organizational and management structure and the financial information regularly used by our Chief Operating Decision Maker to make key decisions and to assess performance. We assess financial performance of our segments on the basis of revenue and segment gross profit. For the calculation of segment gross profit, we allocate certain costs, such as data center operating costs, customer support costs, license expense, and depreciation, to our segments generally based on segment revenue.

The table below presents a reconciliation of revenue by reportable segment to consolidated revenue and a reconciliation of consolidated segment gross profit to consolidated loss before income taxes for the years ended December 31, 2020, 2021 and 2022.


	Year Ended December 31,
(In millions)	2020		2021		2022
Revenue by segment:
Multicloud Services	$	2,141.5	$	2,449.1	$	2,574.9
Apps & Cross Platform	336.6		377.6		396.9
OpenStack Public Cloud	229.0		182.8		150.5

Total consolidated revenue	$	2,707.1	$	3,009.5	$	3,122.3

Segment gross profit:
Multicloud Services	$	810.2	$	793.4	$	701.7
Apps & Cross Platform	115.5		135.9		139.2
OpenStack Public Cloud	100.3		67.1		43.3

Total consolidated segment gross profit	1,026.0		996.4		884.2
Less:
Share-based compensation expense	(14.5)		(16.7)		(11.6)
Other compensation expense (1)	(5.9)		(2.7)		(1.9)

Purchase accounting impact on expense (2)	(5.9)		(4.7)		(2.7)
Restructuring and transformation expenses (3)	(15.3)		(35.5)		(10.9)
Hosted Exchange incident expenses	—		—		(0.2)
Selling, general and administrative expenses	(959.7)		(906.8)		(855.3)
Impairment of goodwill	—		(52.4)		(534.5)
Impairment of assets	—		—		(146.1)

Gain on sale of land	—		19.9		—
Interest expense	(268.4)		(205.1)		(208.5)
Gain (loss) on investments, net	0.7		(3.0)		(0.2)
Debt modification and extinguishment costs	(71.5)		(37.5)		—
Other income (expense), net	2.5		(1.0)		(10.0)
Total consolidated loss before income taxes	$	(312.0)	$	(249.1)	$	(897.7)

(1) Adjustments for retention bonuses, mainly in connection with restructuring and transformation projects, and the related payroll tax, and payroll taxes associated with the exercise of stock options and vesting of restricted stock.

(2) Adjustment for the impact of purchase accounting from the Rackspace Acquisition on expenses.

(3) Adjustment for the impact of business transformation and optimization activities, as well as associated severance, facility closure costs and lease termination expenses. This amount also includes certain costs associated with the July 2021 Restructuring Plan which are not accounted for as exit and disposal costs under ASC 420, including one-time offshore build out costs.

Management does not use total assets by segment to evaluate segment performance or allocate resources. As such, total assets by segment are not disclosed.

Geographic Information

The tables below present revenue by geographic region and by country for the years ended December 31, 2020, 2021 and 2022. Revenue amounts are based upon the location of the support function servicing the customer.


	Year Ended December 31,
(In millions)	2020		2021		2022
Americas	$	2,027.8	$	2,253.4	$	2,341.7
EMEA	585.2		632.9		626.6
APJ	94.1		123.2		154.0
Total revenue	$	2,707.1	$	3,009.5	$	3,122.3


	Year Ended December 31,
(In millions)	2020		2021		2022
United States	$	1,948.0	$	2,157.0	$	2,209.2
United Kingdom	583.6		542.3		521.6
Other foreign countries (1)	175.5		310.2		391.5
Total revenue	$	2,707.1	$	3,009.5	$	3,122.3

(1) No other foreign country had revenue that exceeded 10% of total consolidated revenue for the years ended December 31, 2020, 2021 and 2022.

The table below presents property, equipment and software, net by country, based on the physical location of the assets, as of December 31, 2021 and 2022:


(In millions)	December 31, 2021		December 31, 2022
United States	$	652.8	$	487.9
United Kingdom	146.1		116.7
Other foreign countries (1)	27.8		23.7
Total property, equipment and software, net	$	826.7	$	628.3

(1) No other foreign country had property, equipment and software, net that exceeded 10% of total consolidated property, equipment and software, net as of December 31, 2021 and 2022.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Restructuring and Related Activities [Abstract]

Debt - Schedule of Debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Feb. 28, 2021	Feb. 09, 2021	Dec. 01, 2020
Debt Instrument [Line Items]
Amount	$ 3,359,800,000
Less: unamortized debt issuance costs	(30,700,000)	$ (36,300,000)
Less: unamortized debt discount	(10,700,000)	(12,600,000)
Total debt	3,318,400,000	3,333,900,000
Less: current portion of debt	(23,000,000.0)	(23,000,000.0)
Debt, excluding current portion	3,295,400,000	$ 3,310,900,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility	$ 0
Term Loan Facility \| Secured Debt
Debt Instrument [Line Items]
Effective interest rate	7.38%	3.50%
Amount	$ 2,259,800,000	$ 2,282,800,000
Senior Facilities \| Secured Debt
Debt Instrument [Line Items]
Amount	2,259,800,000
Senior Facilities \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility	0
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Less: unamortized debt issuance costs			$ (6,800,000)
3.50% Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Amount	$ 550,000,000.0	$ 550,000,000.0
Interest rate	3.50%	3.50%		3.50%
5.375% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Amount	$ 550,000,000.0	$ 550,000,000.0
Interest rate	5.375%	5.375%			5.375%

July 2021 Restructuring Plan

12 Months Ended

Dec. 31, 2022

July 2021 Restructuring Plan

On July 21, 2021, we committed to the July 2021 Restructuring Plan to drive a change in the type and location of certain positions that was expected to result in the termination of approximately 10% of our workforce. Substantially all of the employees impacted by the reduction in workforce were notified of the reduction on July 22, 2021 and have since exited the company.


(In millions)	Year Ended December 31, 2021
Employee related costs	$	13.8
Other	11.6
Total restructuring charges	$	25.4

A portion of the other costs are non-cash charges, representing $5.6 million in the year ended December 31, 2021. This amount is related to a contract termination with a third party.

Liability activity for restructuring costs that are expected to be settled in cash are presented in the table below.


(In millions)	Employee Related		Other		Total
Liability as of December 31, 2020	$	—	$	—	$	—
Charges	13.8		6.0		19.8
Cash payments	(6.7)		(5.4)		(12.1)
Liability as of December 31, 2021	7.1		0.6		7.7
Charges	—		—		—
Cash payments	(7.1)		(0.6)		(7.7)
Liability as of December 31, 2022	$	—	$	—	$	—
Total cumulative costs incurred as of December 31, 2022	$	13.8	$	6.0	$	19.8

The liability for employee related costs was recorded in "Accrued compensation and benefits" in the Consolidated Balance Sheets as of December 31, 2021. The liabilities for other costs were recorded in "Other current liabilities" in the Consolidated Balance Sheets as of December 31, 2021.

We do not expect to incur any additional future ASC 420 exit and disposal costs related to the July 2021 Restructuring Plan.

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Cash, Cash Equivalents, Restricted Cash and Property, Equipment and Software and Definite-Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Restricted cash	$ 3.0	$ 2.6
Interest costs capitalized	0.4	$ 0.6	$ 0.8
Property tax abatement
Property, Plant and Equipment [Line Items]
Impairment of intangible assets	4.8
Corporate Headquarters Facility
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets to be disposed of	70.6
OpenStack Public Cloud
Property, Plant and Equipment [Line Items]
Impairment of intangible assets	22.4
Non-cash impairment charges	$ 37.7

Customer Contracts - Schedule of Balances Related to Customer Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 622.2	$ 554.3	$ 483.0
Current portion of contract assets	16.0	15.2	12.2
Non-current portion of contract assets	10.4	13.1	13.9
Current portion of deferred revenue	80.9	98.6	76.7
Non-current portion of deferred revenue	8.6	13.6	14.2
Allowance for doubtful accounts and accrued customer credits	$ 24.6	$ 18.4	$ 28.3

July 2021 Restructuring Plan - Narrative (Details) - July 2021 Restructuring Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jul. 21, 2021
Restructuring Cost and Reserve [Line Items]
Percent of workforce to be terminated			10.00%
Total restructuring charges	$ 0.0	$ 19.8
Total expected costs to be incurred	$ 0.0
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		25.4
Selling, general and administrative expenses \| Asset Write-Offs And Contract Termination
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		$ 5.6

Customer Contracts - Narrative (Details) - USD ($)	12 Months Ended
Customer Contracts - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 27, 2022
Capitalized Contract Cost [Line Items]
Revenue recognized included in deferred revenue	$ 98,600,000	$ 76,700,000	$ 66,600,000
Convertible Note Receivable
Capitalized Contract Cost [Line Items]
Note receivable, principal amount				$ 15,000,000
Investment interest rate				6.00%
Convertible Note Receivable \| Other non-current assets
Capitalized Contract Cost [Line Items]
Fair value of note receivable	11,800,000
Cost To Obtain A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	55,800,000	58,000,000
Cost To Fulfill A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 17,700,000	$ 23,500,000

Derivatives

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Interest Rate Swaps

Prior to January 9, 2020, none of our floating-to-fixed interest rate swap agreements were designated as cash flow hedges of interest rate risk for accounting purposes, therefore, all changes in the fair value of the interest rate swap agreements were recorded to "Interest expense" in the Consolidated Statements of Comprehensive Loss. On January 9, 2020, we designated certain of our swaps as cash flow hedges. On the designation date, the cash flow hedges were in a $39.9 million liability position. The cash flow hedges were expected to be highly effective on the designation date and, on a quarterly basis, we performed retrospective and prospective regression assessments to determine whether the cash flow hedges continue to be highly effective. As long as the cash flow hedges are highly effective, changes in fair value are recorded to "Accumulated other comprehensive income" in the Consolidated Balance Sheets and reclassified to "Interest expense" in the period when the underlying transaction affects earnings. The income tax effects of cash flow hedges are released from "Accumulated other comprehensive income" in the period when the underlying transaction affects earnings. Any stranded income tax effects are released from "Accumulated other comprehensive income" into "Benefit for income taxes" under the portfolio approach.

During the year ended December 31, 2021, we completed a series of transactions to modify our interest rate swap positions as follows: (i) All the interest rate swaps outstanding as of December 31, 2020, with the exception of the agreement that matured on February 3, 2021, were de-designated as cash flow hedges on January 31, 2021, (ii) on February 12, 2021, we entered into a $900.0 million receive-fixed interest rate swap which was designed to offset the terms of the remaining two December 2016 swaps, and (iii) on February 12, 2021, we terminated all December 2018 swaps and entered into a $1.35 billion pay-fixed interest rate swap, effectively blending the liability position of our existing interest rate swap agreements into the new swap and extending the term of our hedged position to February 2026.

The amount remaining in “Accumulated other comprehensive income" for the de-designated December 2016 and December 2018 swaps at the de-designation date was approximately $51.6 million, and is being amortized as an increase to "Interest expense" over the effective period of the original swap agreements.

The new receive-fixed interest rate swap qualifies as a hybrid instrument in accordance with ASC No. 815, Derivatives and Hedging, consisting of a loan and an embedded derivative for which the fair value option has been elected. This $900.0 million swap will remain undesignated to economically offset the now undesignated December 2016 swaps. This new swap and the December 2016 swaps matured on February 3, 2022. Cash settlements related to this receive-fixed interest rate swap will offset and are classified as operating activities in the Consolidated Statements of Cash Flows.

The new pay-fixed interest rate swap also qualifies as a hybrid instrument in accordance with ASC No. 815, Derivatives and Hedging, consisting of a loan and an embedded at-market derivative that was designated as a cash flow hedge. The loan is accounted for at amortized cost over the life of the swap while the embedded at-market derivative is accounted for at fair value. This new $1.35 billion swap is indexed to three-month LIBOR and is being net settled on a quarterly basis with the counterparty for the difference between the fixed rate of 2.3820% and the variable rate based upon three-month LIBOR (subject to a floor of 0.75%) as applied to the notional amount of the swap. In connection with the transactions discussed above, no cash was exchanged between us and the counterparty. The liability of the terminated interest rate swaps as well as the inception value of the receive-fixed interest rate swap was blended into the new pay-fixed interest rate swap. The cash flows related to the portion treated as debt is classified as financing activities in the Consolidated Statements of Cash Flows while the portion treated as an at-market derivative is classified as operating activities.

As of December 31, 2021 and 2022, the cash flow hedge was highly effective.

The key terms of interest rate swaps are presented below:


Effective Date	Fixed Rate Paid (Received)	December 31, 2021			December 31, 2022
		Notional Amount (in millions)		Status	Notional Amount (in millions)		Status	Maturity Date

Entered into December 2016:

February 3, 2017	1.9040%	$	450.0	Active	$	—	Matured	February 3, 2022
February 3, 2017	1.9040%	450.0		Active	—		Matured	February 3, 2022

Entered into December 2018:
February 3, 2019	2.7490%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2020	2.7350%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2021	2.7360%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2022	2.7800%	—		Terminated	—		Terminated	November 3, 2023

Entered into February 2021:
February 3, 2021	(1.9040)%	(900.0)		Active	—		Matured	February 3, 2022
February 9, 2021	2.3820%	1,350.0		Active	1,350.0		Active	February 9, 2026
Total		$	1,350.0		$	1,350.0

Foreign Currency Hedging Contracts

In November 2019, we entered into two foreign currency net-zero cost collar contracts with an aggregate notional amount of £100 million and a maturity date of November 30, 2020. Under the terms of the contracts, the British pound sterling to U.S. dollar exchange rate floats between 1.2375 and 1.3475. On March 26, 2020, we settled one of these contracts, with an aggregate notional amount of £50 million, and we received a final net payment of $1.9 million and on November 19, 2020, we settled the remaining contract, with an aggregate notional amount of £50 million, and we made a final net payment of $0.2 million.

During 2020, we entered into a series of foreign currency contracts to manage our exposure to movements in the British pound sterling, Euro, and Mexican peso. These contracts had three-month terms and settled at various dates throughout the year, which resulted in us making aggregate payments of $5.4 million.

During the fourth quarter of 2020, we entered into two foreign currency forward contracts. Under the terms of these contracts, we sold a total of £80 million at an average rate of 1.3388 British pound sterling to U.S. dollar and received $107.1 million. These contracts settled on November 30, 2021 and we received a final net payment of $0.4 million.

As of December 31, 2021 and 2022, there were no foreign currency hedging contracts outstanding.

Fair Values of Derivatives on the Consolidated Balance Sheets

The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2021 and 2022 were as follows:


		December 31, 2021				December 31, 2022
(In millions)		Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Other current assets (1)	$	1.5	$	—	$	—	$	—

Interest rate swaps	Other current liabilities	—		1.5		—		—





Total		$	1.5	$	1.5	$	—	$	—

Derivatives designated as hedging instruments	Location
Interest rate swaps	Other current assets	$	—	$	—	$	44.3	$	—
Interest rate swaps	Other non-current assets	23.6		—		80.5		—
Interest rate swaps	Other current liabilities (2)	—		20.8		—		17.3
Interest rate swaps	Other non-current liabilities (3)	—		56.4		—		39.1
Total		$	23.6	$	77.2	$	124.8	$	56.4

(1) The entire balance as of December 31, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected.

(2) The balance as of December 31, 2021 and 2022 includes $17.2 million and $17.3 million, respectively, related to the financing component of the pay-fixed interest rate swap.

(3) The entire balance is comprised of the financing component of the pay-fixed interest rate swap.

For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis:


	December 31, 2021						December 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effect of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effect of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	124.8	$	(56.4)	$	68.4



Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	56.4	$	(56.4)	$	—

Effect of Derivatives on the Consolidated Statements of Comprehensive Loss

The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Loss for the years ended December 31, 2020, 2021 and 2022 was as follows:


		Year Ended December 31,
(In millions)		2020		2021		2022
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(3.2)	$	(19.1)	$	(18.5)

Foreign currency contracts	Other income (expense), net	$	(3.8)	$	2.1	$	—

Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(11.0)	$	(6.2)	$	11.9

Interest expense was $268.4 million, $205.1 million and $208.5 million for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, the amount of cash flow hedge gain included within "Accumulated other comprehensive income" that is expected to be reclassified as a reduction to "Interest expense" over the next 12 months is approximately $36.0 million. See Note 15, "Accumulated Other Comprehensive Income (Loss)," for information regarding changes in fair value of our derivatives designated as hedging instruments.

Credit-risk-related Contingent Features

We have agreements with interest rate swap counterparties that contain a provision whereby if we default on any of our material indebtedness, then we could also be declared in default of our interest rate swap agreements. As of December 31, 2022, our outstanding interest rate swap agreement was in a net asset position.

Leases - Property and Equipment Under Finance Leases (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Less: Accumulated depreciation	$ (140.0)	$ (88.8)
Net book value of property and equipment under finance leases	338.4	368.7
Computers and equipment
Lessee, Lease, Description [Line Items]
Property and equipment under finance leases	192.5	160.5
Building
Lessee, Lease, Description [Line Items]
Property and equipment under finance leases	$ 285.9	$ 297.0

Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Benefit for Income Taxes

The benefit for income taxes consisted of the following:


	Year Ended December 31,
(In millions)	2020		2021		2022
Federal	$	(4.1)	$	(0.3)	$	0.2
Foreign	9.6		5.6		11.4
State	1.9		5.4		4.3
Total current	7.4		10.7		15.9
Deferred:
Federal	(58.6)		(26.1)		(81.7)
Foreign	(6.0)		(14.3)		(6.7)
State	(9.0)		(1.1)		(20.4)
Total deferred	(73.6)		(41.5)		(108.8)
Total benefit for income taxes	$	(66.2)	$	(30.8)	$	(92.9)

Schedules of Loss Before Income Taxes

Loss before income taxes from U.S. and foreign operations were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
U.S.	$	(311.1)	$	(204.9)	$	(819.6)
Foreign	(0.9)		(44.2)		(78.1)
Total loss before income taxes	$	(312.0)	$	(249.1)	$	(897.7)

Schedule of Reconciliation for Statutory Federal Tax Rate

A reconciliation of the statutory federal tax rate to the effective tax rate is as follows:


	Year Ended December 31,
	2020		2021		2022
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	2.4	%	(0.3)	%	1.6	%
Tax rate differentials for international jurisdictions	(2.5)	%	0.4	%	(1.1)	%
Research and development credit	2.9	%	(0.4)	%	—	%

Effects of other enacted tax law and rate changes	(0.4)	%	(0.3)	%	0.1	%
Valuation allowance	(0.5)	%	(0.7)	%	(0.1)	%
Share-based compensation	(0.3)	%	0.1	%	(0.6)	%
Nondeductible compensation	(2.2)	%	(2.5)	%	(0.7)	%
Tax impact of goodwill impairment	—	%	(4.4)	%	(9.9)	%
Other, net	0.8	%	(0.5)	%	—	%
Effective tax rate	21.2	%	12.4	%	10.3	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


(In millions)	December 31, 2021		December 31, 2022
Deferred tax assets:
Share-based compensation	$	13.9	$	15.3
Accruals not currently deductible	18.9		17.4

Finance lease liabilities	66.8		64.7
Net operating loss carryforwards	122.6		56.8
Foreign tax credit	34.4		33.7
Research and development credits	29.2		29.4
Depreciation and amortization	6.9		4.2
Disallowed interest carryforward	19.2		43.8
Operating lease liabilities	40.0		35.5
Other	15.7		20.2
Total gross deferred tax assets	367.6		321.0
Valuation allowance	(58.3)		(58.5)
Total net deferred tax assets	309.3		262.5
Deferred tax liabilities:
Depreciation and amortization	443.6		294.9

Finance lease liabilities	6.2		7.2

Capitalized costs	12.4		11.7
Interest rate swaps	5.4		32.2

Operating right-of-use assets	38.4		31.8
Other	3.8		5.4
Total gross deferred tax liabilities	509.8		383.2
Net deferred tax liabilities	$	200.5	$	120.7

Schedule of Unrecognized Tax Benefits Roll Forward

A rollforward of unrecognized tax benefits, excluding accrued penalties and interest, for the years ended December 31, 2020, 2021 and 2022 is as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Balance, beginning of period	$	53.2	$	51.0	$	52.4
Additions based on tax positions related to the current year	4.9		9.0		10.9

Additions for tax positions of prior years	11.1		15.9		0.3
Reduction for statute expiration	(2.4)		(16.7)		(4.7)
Reductions for tax positions of prior years	(15.8)		(6.2)		(1.9)
Settlements	—		(0.6)		—
Balance, end of period (1)	$	51.0	$	52.4	$	57.0

(1) Included within non-current liabilities in the Consolidated Balance Sheets

Derivatives - Derivatives Presented on a Net Asset and Net Liability basis (Details) - Interest rate swaps - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Gross Amounts on Balance Sheet	$ 124.8	$ 25.1
Effect of Counterparty Netting	(56.4)	(25.1)
Net Amounts	68.4	0.0
Liabilities
Gross Amounts on Balance Sheet	56.4	78.7
Effect of Counterparty Netting	(56.4)	(25.1)
Net Amounts	$ 0.0	$ 53.6

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Subsequent Events (Details) - segment		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Number of operating segments		3
Number of reportable segments		3
Subsequent Event
Subsequent Event [Line Items]
Number of units in a business operating model	2
Number of operating segments	3
Number of reportable segments	3

Share-Based Compensation and Employee Benefit Plans - Equity Awards Outstanding (Details) - shares shares in Millions	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total outstanding awards (in shares)	23.0	18.9
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock (in shares)	13.7	7.9
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options (in shares)	9.3	11.0

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

Non-cancelable purchase commitments primarily consist of commitments for certain software licenses, hardware purchases, third party infrastructure purchases, and costs associated with our data centers, such as bandwidth and electricity. The agreements provide for either penalties for early termination or may require minimum commitments for the remaining term. The minimum commitments for all of these agreements, as of December 31, 2022, are approximated as follows:


(In millions)	Amount
Year ending:
2023	$	589.2
2024	439.7
2025	255.0
2026	213.3
2027	48.4
Thereafter	70.3
Total	$	1,615.9

We also have purchase orders and construction contracts primarily related to data center equipment and facility build-outs. We generally have the right to cancel these open purchase orders prior to delivery or terminate the contracts without cause.

Contingencies

We have contingencies that arise from various litigation, claims and commitments, none of which we consider to be material.

From time to time, we are a party to various claims asserting that certain of our services and technologies infringe the intellectual property rights of others. Adverse results in these lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing us from offering certain features, products, or services, and may also cause us to change our business practices and require development of non-infringing products or technologies, which could result in a loss of revenue for us or otherwise harm our business.

We record an accrual for a loss contingency when a loss is considered probable and reasonably estimable. As additional facts concerning a loss contingency become known, we reassess our position and make appropriate adjustments to a recorded accrual. The amount that will ultimately be paid related to a matter may differ from the recorded accrual, and the timing of such payments, if any, may be uncertain.

We are not a party to any litigation, the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material and adverse effect on our business, financial position or results of operations.

Hosted Exchange Incident

We are named in several lawsuits in connection with our previously disclosed ransomware incident. The pending lawsuits seek, among other things, equitable and compensatory relief. We are vigorously defending these matters. We do not expect any of these claims, individually or in the aggregate, to have a material adverse effect on our consolidated financial position or results of operations. However, at this early stage in the proceedings, we are not able to determine the probability of the outcome of these matters or a range of reasonably expected losses, if any. We maintain insurance, including coverage for cyber-attacks, subject to certain deductibles and policy limitations, in an amount that we believe appropriate.

Indemnifications

As permitted under Delaware law, we have agreements whereby we indemnify our officers and directors for certain events or occurrences while the officer or director is, or was, serving at our request in such capacity. In addition, from time to time we may enter into indemnification agreements with certain of our employees so that such employees will agree to serve as directors or officers of our foreign subsidiaries. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments we could be required to make under these indemnification agreements is unlimited; however, we have a director and officer insurance policy that limits our exposure and enables us to recover a portion of any future amounts paid. As a result of the insurance policy coverage, we believe the estimated fair value of these indemnification agreements is minimal. We had no material liabilities recorded for these agreements as of December 31, 2021 or 2022.

In connection with the Rackspace Acquisition, an affiliate of Apollo and Searchlight each entered into a management consulting agreement with Rackspace Technology Global relating to the provision of certain management consulting and advisory services following the consummation of the Rackspace Acquisition. In addition, on November 3, 2016, an affiliate of Apollo entered into a transaction fee agreement with Rackspace Technology Global relating to the provision of certain preparation services in support of the Rackspace Acquisition.

On November 15, 2017, in connection with the Datapipe acquisition, ABRY entered into a management consulting agreement with Rackspace Technology Global relating to the provision of certain management consulting and advisory services.

Under the terms of the Transaction Fee Agreement, the Apollo/Searchlight Management Consulting Agreement and the ABRY Management Consulting Agreement, the company has obligations to indemnify affiliates and representatives of Apollo, Searchlight and ABRY, as applicable, for any losses or liabilities that they may incur as a result of their provision of services under those agreements (unless the losses or liabilities have resulted from the willful misconduct of the person seeking indemnification). We had no liabilities recorded for these agreements as of December 31, 2021 or 2022.

On July 24, 2020, we executed termination letters with each of the parties to the Apollo/Searchlight Management Consulting Agreement, the Transaction Fee Agreement and the ABRY Management Consulting Agreement, whereby all such agreements terminated effective as of the pricing of the IPO on August 4, 2020.

Additionally, in the normal course of business, we indemnify certain parties, including customers, vendors and lessors, with respect to certain matters. We have agreed to hold certain parties harmless against losses arising from a breach of representations or covenants or out of intellectual property infringement or other claims made against certain parties. These agreements may limit the time within which an indemnification claim can be made and the amount of the claim. We had no material liabilities recorded for these agreements as of December 31, 2021 or 2022.

Share-Based Compensation and Employee Benefit Plans - Share-based Compensation Expense Recognized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 69.5	$ 75.4	$ 74.5
Less: Income tax benefit	(14.6)	(15.8)	(15.6)
Total share-based compensation expense, net of tax	54.9	59.6	58.9
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	11.6	16.7	14.5
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 57.9	$ 58.7	$ 60.0

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Assets recorded as property and equipment under finance leases, and the related accumulated depreciation balances as of December 31, 2021 and 2022 were as follows:


	December 31, 2021		December 31, 2022
(In millions)
Computers and equipment	$	160.5	$	192.5
Buildings	297.0		285.9
Less: Accumulated depreciation	(88.8)		(140.0)
Net book value of property and equipment under finance leases	$	368.7	$	338.4

The components of operating and finance lease expense for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Operating lease expense:
Fixed lease expense	$	80.2	$	62.2	$	58.1
Variable lease expense	19.5		18.8		17.9
Short-term lease expense	10.3		0.4		0.7
Sublease income	(3.1)		(2.6)		(2.4)
Total operating lease expense	$	106.9	$	78.8	$	74.3
Finance lease expense:
Depreciation of finance lease assets	$	30.2	$	46.3	$	51.2
Interest expense on finance lease liabilities	19.4		28.2		23.5
Total finance lease expense	$	49.6	$	74.5	$	74.7

Supplemental operating cash flow information related to operating and finance leases for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Cash payments for lease liabilities included within operating activities:
Operating leases	$	(85.3)	$	(78.4)	$	(73.3)
Finance leases	(20.2)		(26.9)		(26.7)

Operating leases:
New lease assets obtained in exchange for lease liabilities	$	42.7	$	18.6	$	17.3
Modified/renewed lease assets obtained in exchange for lease liabilities (1)	9.8		38.5		23.2
Total lease assets obtained in exchange for lease liabilities	$	52.5	$	57.1	$	40.5

(1) We identified an immaterial error in the disclosure of lease assets obtained in exchange for lease liabilities for the years ended December 31, 2020 and 2021. Amounts presented above reflect the corrected amounts.

As of December 31, 2021 and 2022, the weighted average remaining lease term and weighted average discount rate of our operating and finance leases, respectively, were as follows:


	December 31, 2021		December 31, 2022

Weighted average remaining lease term (in years)
Operating leases	4		3
Finance leases	12		12
Weighted average discount rate
Operating leases	6.9	%	6.3	%
Finance leases	7.0	%	7.0	%

Future lease payments under operating and finance leases as of December 31, 2022 are as follows:


(In millions)	Operating leases		Finance leases (1)
Year ending:
2023	$	68.5	$	83.5
2024	46.8		52.0
2025	19.7		36.4
2026	11.9		29.7
2027	8.8		30.4
Thereafter	2.7		333.8
Total future lease payments	158.4		565.8
Less amount representing interest	(13.6)		(193.6)
Total lease liability	$	144.8	$	372.2

(1) We excluded $4.2 million of finance leases, on an undiscounted basis, that have not yet commenced. These leases will commence in 2023 and each has a lease term of approximately three years.

Leases

Assets recorded as property and equipment under finance leases, and the related accumulated depreciation balances as of December 31, 2021 and 2022 were as follows:


	December 31, 2021		December 31, 2022
(In millions)
Computers and equipment	$	160.5	$	192.5
Buildings	297.0		285.9
Less: Accumulated depreciation	(88.8)		(140.0)
Net book value of property and equipment under finance leases	$	368.7	$	338.4

The components of operating and finance lease expense for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Operating lease expense:
Fixed lease expense	$	80.2	$	62.2	$	58.1
Variable lease expense	19.5		18.8		17.9
Short-term lease expense	10.3		0.4		0.7
Sublease income	(3.1)		(2.6)		(2.4)
Total operating lease expense	$	106.9	$	78.8	$	74.3
Finance lease expense:
Depreciation of finance lease assets	$	30.2	$	46.3	$	51.2
Interest expense on finance lease liabilities	19.4		28.2		23.5
Total finance lease expense	$	49.6	$	74.5	$	74.7

Supplemental operating cash flow information related to operating and finance leases for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Cash payments for lease liabilities included within operating activities:
Operating leases	$	(85.3)	$	(78.4)	$	(73.3)
Finance leases	(20.2)		(26.9)		(26.7)

Operating leases:
New lease assets obtained in exchange for lease liabilities	$	42.7	$	18.6	$	17.3
Modified/renewed lease assets obtained in exchange for lease liabilities (1)	9.8		38.5		23.2
Total lease assets obtained in exchange for lease liabilities	$	52.5	$	57.1	$	40.5

As of December 31, 2021 and 2022, the weighted average remaining lease term and weighted average discount rate of our operating and finance leases, respectively, were as follows:


	December 31, 2021		December 31, 2022

Weighted average remaining lease term (in years)
Operating leases	4		3
Finance leases	12		12
Weighted average discount rate
Operating leases	6.9	%	6.3	%
Finance leases	7.0	%	7.0	%

Future lease payments under operating and finance leases as of December 31, 2022 are as follows:


(In millions)	Operating leases		Finance leases (1)
Year ending:
2023	$	68.5	$	83.5
2024	46.8		52.0
2025	19.7		36.4
2026	11.9		29.7
2027	8.8		30.4
Thereafter	2.7		333.8
Total future lease payments	158.4		565.8
Less amount representing interest	(13.6)		(193.6)
Total lease liability	$	144.8	$	372.2

(1) We excluded $4.2 million of finance leases, on an undiscounted basis, that have not yet commenced. These leases will commence in 2023 and each has a lease term of approximately three years.

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Cash, Cash Equivalents and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

Restricted cash, included in "Other non-current assets" in our Consolidated Balance Sheets, represents collateral for letters of credit.

Property, Equipment and Software

Property, Equipment and Software and Definite-Lived Intangible Assets

The following table shows the estimated useful lives used for property, equipment and software:


Classification						Estimated Useful Lives
Computers and equipment						3 to 5 years
Software						3 years
Furniture and fixtures						7 years
Buildings and leasehold improvements						2 to 39 years

The cost of assets and related accumulated depreciation and amortization are written off upon retirement or disposal and any resulting gain or loss is credited or charged to income or expense.

Definite-Lived Intangible Assets

Long-Lived Assets

Goodwill and Indefinite-Lived Intangible Assets

The results of our goodwill impairment test for the year ended December 31, 2020 did not indicate any impairments of goodwill.

See Note 5, "Goodwill and Intangible Assets" for more information.

The results of our indefinite-lived asset impairment tests for the years ended December 31, 2020 and 2021 did not indicate any impairments of the Rackspace trade name.

Business Combinations

Investments

Leases, Lessee

Leases

Leases, Lessor

We are deemed a lessor in certain hosting arrangements where our equipment is located in a customer’s data center. We account for these arrangements as either sales-type or direct finance leases.

Debt Issuance Costs

Financing Obligations

Restructuring Activities

Revenue Recognition

Revenue is reported net of customer credits and sales and use tax.

Contract Balances

Cost Incurred to Obtain and Fulfill a Contract

Cost of Revenue

Selling, General and Administrative Expenses

Advertising Costs

Advertising costs are expensed in the period incurred.

Share-Based Compensation

Share-Based CompensationWe grant equity awards, including stock options and restricted stock, to eligible participants. Share-based compensation expense for equity awards is measured at fair value on the grant date. The fair value of stock options with either solely a service requirement or with the combination of service and performance requirements is determined using the Black-Scholes valuation model, which requires us to make assumptions and judgments about variables related to our common stock and the related awards. The fair value of restricted stock with either solely a service requirement or with the combination of service and performance requirements is based on the closing fair market value of our common stock on the date of grant. The fair value of awards with vesting conditions dependent upon market performance is determined using a Monte Carlo simulation. Share-based compensation expense is recognized over the awards requisite service period. For awards with graded vesting that are subject only to a service condition, the expense is recognized on a straight-line basis over the service period for the entire award. Expense for awards with a performance condition is recognized over our best estimate of the period over which the performance condition will be met. Forfeitures are recognized as incurred, rather than estimated.

Income Taxes

Fair Value Measurements

Level 1 – Observable inputs such as quoted prices in active markets for identical assets or liabilities;

The fair values of our long-term debt instruments are measured using Level 2 inputs. See Note 6, "Debt" for more information on the inputs used to fair value our long-term debt instruments.

Foreign Currency

Transaction gains or losses in currencies other than the functional currency are included as a component of "Other income (expense), net" in the Consolidated Statements of Comprehensive Loss.

Derivative Instruments

Interest Rate Swaps

Foreign Currency Hedging Contracts

Fixed Price Power Contracts

Recently Accounting Pronouncements

Recent Accounting Pronouncements

Recently Adopted

Business Combinations

Not Yet Adopted

Reference Rate Reform

Net Loss Per Share

Net Loss Per ShareBasic loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period.

Derivatives - Schedule of Fair Values of Derivatives on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	$ 124.8	$ 25.1
Liabilities	56.4	78.7
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	0.0	1.5
Liabilities	0.0	1.5
Derivatives not designated as hedging instruments \| Other current assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	1.5
Liabilities	0.0	0.0
Derivatives not designated as hedging instruments \| Other current liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	0.0	1.5
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	124.8	23.6
Liabilities	56.4	77.2
Derivatives designated as hedging instruments \| Pay-Fixed interest rate swap
Derivatives, Fair Value [Line Items]
Liabilities	17.3	17.2
Derivatives designated as hedging instruments \| Other current assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	44.3	0.0
Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Other non-current assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	80.5	23.6
Liabilities	0.0	0.0
Derivatives designated as hedging instruments \| Other current liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	17.3	20.8
Derivatives designated as hedging instruments \| Other non-current liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	$ 39.1	$ 56.4

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amounts of Goodwill by Reportable Segment

The following table sets forth the changes in the carrying amounts of goodwill by reportable segment during the years ended December 31, 2021 and 2022:


(In millions)	Multicloud Services		Apps & Cross Platform		OpenStack Public Cloud		Total Consolidated
Gross goodwill as of December 31, 2020	$	2,681.0	$	322.6	$	52.5	$	3,056.1
Less: Accumulated impairment charges	(295.0)		—		—		(295.0)
Goodwill, net as of December 31, 2020	2,386.0		322.6		52.5		2,761.1
Impairment of goodwill	—		—		(52.4)		(52.4)
Foreign currency translation	(1.7)		(0.1)		(0.1)		(1.9)
Goodwill, net as of December 31, 2021	$	2,384.3	$	322.5	$	—	$	2,706.8

Gross goodwill as of December 31, 2021	$	2,679.3	$	322.5	$	52.4	$	3,054.2
Less: Accumulated impairment charges	(295.0)		—		(52.4)		(347.4)
Goodwill, net as of December 31, 2021	2,384.3		322.5		—		2,706.8
Just Analytics acquisition	—		5.9		—		5.9
Impairment of goodwill	(405.2)		(129.3)		—		(534.5)
Foreign currency translation	(22.7)		(0.4)		—		(23.1)
Goodwill, net as of December 31, 2022	$	1,956.4	$	198.7	$	—	$	2,155.1

Gross goodwill as of December 31, 2022	$	2,656.6	$	328.0	$	52.4	$	3,037.0
Less: Accumulated impairment charges	(700.2)		(129.3)		(52.4)		(881.9)
Goodwill, net as of December 31, 2022	$	1,956.4	$	198.7	$	—	$	2,155.1

Schedule of Finite-Lived Intangible Assets Other Than Goodwill

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2021						December 31, 2022
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,983.0	$	(784.1)	$	1,198.9	$	1,928.5	$	(914.9)	$	1,013.6
Property tax abatement	16.0		(9.2)		6.8		—		—		—
Other	28.2		(17.4)		10.8		27.7		(22.3)		5.4
Total definite-lived intangible assets	2,027.2		(810.7)		1,216.5		1,956.2		(937.2)		1,019.0
Trade name (indefinite-lived)	250.0		—		250.0		217.0		—		217.0
Total intangible assets other than goodwill	$	2,277.2	$	(810.7)	$	1,466.5	$	2,173.2	$	(937.2)	$	1,236.0

Schedule of Indefinite-Lived Intangible Assets Other Than Goodwill

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2021						December 31, 2022
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,983.0	$	(784.1)	$	1,198.9	$	1,928.5	$	(914.9)	$	1,013.6
Property tax abatement	16.0		(9.2)		6.8		—		—		—
Other	28.2		(17.4)		10.8		27.7		(22.3)		5.4
Total definite-lived intangible assets	2,027.2		(810.7)		1,216.5		1,956.2		(937.2)		1,019.0
Trade name (indefinite-lived)	250.0		—		250.0		217.0		—		217.0
Total intangible assets other than goodwill	$	2,277.2	$	(810.7)	$	1,466.5	$	2,173.2	$	(937.2)	$	1,236.0

Schedule of Future Amortization of Intangible Assets

As of December 31, 2022, amortization of intangible assets for the next five years and thereafter is expected to be as follows:


(In millions)	Intangible Assets
Year ending:
2023	$	161.0
2024	153.7
2025	146.5
2026	123.8
2027	117.3
Thereafter	316.7
Total	$	1,019.0

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Financing Obligations (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Future Payments Under Financing Obligations

As of December 31, 2022, future payments under financing obligations were as follows:


(In millions)	Amount
Year ending:
2023	$	20.0
2024	10.8
2025	9.3
2026	6.4
2027	3.5
Thereafter	21.2
Total future payments	71.2
Plus amount representing residual asset balance	12.8
Less amount representing interest	(19.7)
Total financing obligations	$	64.3

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following table sets forth the changes in the carrying amounts of goodwill by reportable segment during the years ended December 31, 2021 and 2022:


(In millions)	Multicloud Services		Apps & Cross Platform		OpenStack Public Cloud		Total Consolidated
Gross goodwill as of December 31, 2020	$	2,681.0	$	322.6	$	52.5	$	3,056.1
Less: Accumulated impairment charges	(295.0)		—		—		(295.0)
Goodwill, net as of December 31, 2020	2,386.0		322.6		52.5		2,761.1
Impairment of goodwill	—		—		(52.4)		(52.4)
Foreign currency translation	(1.7)		(0.1)		(0.1)		(1.9)
Goodwill, net as of December 31, 2021	$	2,384.3	$	322.5	$	—	$	2,706.8

Gross goodwill as of December 31, 2021	$	2,679.3	$	322.5	$	52.4	$	3,054.2
Less: Accumulated impairment charges	(295.0)		—		(52.4)		(347.4)
Goodwill, net as of December 31, 2021	2,384.3		322.5		—		2,706.8
Just Analytics acquisition	—		5.9		—		5.9
Impairment of goodwill	(405.2)		(129.3)		—		(534.5)
Foreign currency translation	(22.7)		(0.4)		—		(23.1)
Goodwill, net as of December 31, 2022	$	1,956.4	$	198.7	$	—	$	2,155.1

Gross goodwill as of December 31, 2022	$	2,656.6	$	328.0	$	52.4	$	3,037.0
Less: Accumulated impairment charges	(700.2)		(129.3)		(52.4)		(881.9)
Goodwill, net as of December 31, 2022	$	1,956.4	$	198.7	$	—	$	2,155.1

Management exercised significant judgment related to the determination of the fair value of each reporting unit. The fair value of each reporting unit was estimated using the discounted cash flow method. The discounted cash flow methodology requires significant judgment, including estimation of future revenue and projected profit margins, which are dependent on internal forecasts, estimation of the terminal growth rates and capital spending, and determination of discount rates. Changes in these estimates and assumptions could materially affect the fair value of the reporting unit, potentially resulting in an impairment charge.

During the third quarter of 2022, we performed an interim quantitative assessment of our reporting units as of September 1, 2022. The results of our interim quantitative goodwill impairment analysis performed as of September 1, 2022 indicated an impairment of goodwill within our Multicloud Services reporting unit, and we recorded a non-cash impairment charge of $405.2 million. The impairment was driven by lowered projected operating results primarily due to product mix shifts and market concerns related to inflation and other macroeconomic factors.

During the fourth quarter of 2022, we performed our annual goodwill impairment test as of October 1, 2022 and the results of our test did not indicate any further impairment of goodwill.

In the fourth quarter of 2022, we performed an additional interim quantitative assessment of our reporting units as of December 31, 2022. We determined that the carrying amount of our Apps & Cross Platform reporting unit exceeded its fair value and recorded a goodwill impairment charge of $129.3 million. The impairment was driven by a decrease in forecasted revenues, margins, and cash flows within the reporting unit, primarily due to the Hosted Exchange incident and other macroeconomic factors.

See Note 1, "Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies," for additional discussion of the goodwill impairment charges recorded during the year ended December 31, 2022.

During the fourth quarter of 2021, we performed our annual goodwill impairment test. We determined that the carrying amount of our OpenStack Public Cloud reporting unit exceeded its fair value and fully impaired its goodwill by recording a goodwill impairment charge of $52.4 million. The impairment was driven by deteriorating forecasted margins and cash flows within the reporting unit primarily due to operating costs declining at a slower rate than previously anticipated even after factoring in the long term impacts of the July 2021 Restructuring Plan.

As of December 31, 2022, our accumulated goodwill impairment charges totaled $881.9 million.

The following table provides information regarding our intangible assets other than goodwill:


	December 31, 2021						December 31, 2022
(In millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Customer relationships	$	1,983.0	$	(784.1)	$	1,198.9	$	1,928.5	$	(914.9)	$	1,013.6
Property tax abatement	16.0		(9.2)		6.8		—		—		—
Other	28.2		(17.4)		10.8		27.7		(22.3)		5.4
Total definite-lived intangible assets	2,027.2		(810.7)		1,216.5		1,956.2		(937.2)		1,019.0
Trade name (indefinite-lived)	250.0		—		250.0		217.0		—		217.0
Total intangible assets other than goodwill	$	2,277.2	$	(810.7)	$	1,466.5	$	2,173.2	$	(937.2)	$	1,236.0

In connection with the classification of our corporate headquarters facility as held for sale as of December 31, 2022, we wrote-off the remaining $4.8 million net book value of the related property tax abatement asset to "Impairment of assets" in our Consolidated Statements of Comprehensive Loss for the year ended December 31, 2022.

During the year ended December 31, 2022 we recognized impairment charges of $33.0 million and $22.4 million related to our trade name indefinite-lived intangible asset and the OpenStack Public Cloud definite-lived intangible assets, respectively. For additional information, see the discussion of our impairment charges in Note 1, "Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies."

Amortization expense related to intangibles was $176.3 million, $179.7 million and $166.8 million for the years ended December 31, 2020, 2021 and 2022, respectively.

As of December 31, 2022, amortization of intangible assets for the next five years and thereafter is expected to be as follows:


(In millions)	Intangible Assets
Year ending:
2023	$	161.0
2024	153.7
2025	146.5
2026	123.8
2027	117.3
Thereafter	316.7
Total	$	1,019.0

Related Party Transactions (Details) - USD ($)					12 Months Ended
Related Party Transactions (Details) - USD ($)	Feb. 09, 2021	Feb. 02, 2021	Dec. 01, 2020	Aug. 04, 2020	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021
Related Party Transaction [Line Items]
Principal balance					$ 3,359,800,000
Datapipe Parent Inc
Related Party Transaction [Line Items]
Shares of stock issued and sold in public offering (in shares)		2,665,935
Senior notes \| 5.375% Senior Notes
Related Party Transaction [Line Items]
Interest rate			5.375%		5.375%		5.375%
Principal balance					$ 550,000,000.0		$ 550,000,000.0
Senior notes \| 3.50% Senior Secured Notes
Related Party Transaction [Line Items]
Interest rate	3.50%				3.50%		3.50%
Principal balance					$ 550,000,000.0		$ 550,000,000.0
Secured Debt \| Senior Facilities
Related Party Transaction [Line Items]
Principal balance					2,259,800,000
Apollo Global Securities, LLC \| IPO
Related Party Transaction [Line Items]
Transaction amount				$ 2,700,000
Apollo Global Securities, LLC \| Senior notes \| 3.50% Senior Secured Notes
Related Party Transaction [Line Items]
Transaction amount	$ 600,000
Senior Notes Received \| Apollo Global Securities, LLC \| 5.375% Senior Notes
Related Party Transaction [Line Items]
Transaction amount			$ 600,000
Arranger Fees \| Apollo Global Securities, LLC
Related Party Transaction [Line Items]
Transaction amount	$ 2,300,000
Affiliated Entity \| Affiliates of ABRY \| Secured Debt \| Senior Facilities
Related Party Transaction [Line Items]
Principal balance					$ 56,000,000
Percentage of debt due to related party					2.50%
Affiliated Entity \| Consulting Fees \| Apollo and Searchlight
Related Party Transaction [Line Items]
Consulting fee, percentage of EBITDA					1.50%
Affiliated Entity \| Consulting Fees \| ABRY
Related Party Transaction [Line Items]
Consulting fee, percentage of EBITDA					1.50%
Related party consulting fees						$ 8,400,000
Affiliated Entity \| Minimum Annual Consulting Fees \| Apollo and Searchlight
Related Party Transaction [Line Items]
Transaction amount					$ 10,000,000

Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

The key terms of interest rate swaps are presented below:


Effective Date	Fixed Rate Paid (Received)	December 31, 2021			December 31, 2022
		Notional Amount (in millions)		Status	Notional Amount (in millions)		Status	Maturity Date

Entered into December 2016:

February 3, 2017	1.9040%	$	450.0	Active	$	—	Matured	February 3, 2022
February 3, 2017	1.9040%	450.0		Active	—		Matured	February 3, 2022

Entered into December 2018:
February 3, 2019	2.7490%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2020	2.7350%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2021	2.7360%	—		Terminated	—		Terminated	November 3, 2023
February 3, 2022	2.7800%	—		Terminated	—		Terminated	November 3, 2023

Entered into February 2021:
February 3, 2021	(1.9040)%	(900.0)		Active	—		Matured	February 3, 2022
February 9, 2021	2.3820%	1,350.0		Active	1,350.0		Active	February 9, 2026
Total		$	1,350.0		$	1,350.0

Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets

The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2021 and 2022 were as follows:


		December 31, 2021				December 31, 2022
(In millions)		Assets		Liabilities		Assets		Liabilities
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Other current assets (1)	$	1.5	$	—	$	—	$	—

Interest rate swaps	Other current liabilities	—		1.5		—		—





Total		$	1.5	$	1.5	$	—	$	—

Derivatives designated as hedging instruments	Location
Interest rate swaps	Other current assets	$	—	$	—	$	44.3	$	—
Interest rate swaps	Other non-current assets	23.6		—		80.5		—
Interest rate swaps	Other current liabilities (2)	—		20.8		—		17.3
Interest rate swaps	Other non-current liabilities (3)	—		56.4		—		39.1
Total		$	23.6	$	77.2	$	124.8	$	56.4

(1) The entire balance as of December 31, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected.

(2) The balance as of December 31, 2021 and 2022 includes $17.2 million and $17.3 million, respectively, related to the financing component of the pay-fixed interest rate swap.

(3) The entire balance is comprised of the financing component of the pay-fixed interest rate swap.

Schedule Offsetting Assets Under Master Netting Arrangements


	December 31, 2021						December 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effect of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effect of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	124.8	$	(56.4)	$	68.4



Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	56.4	$	(56.4)	$	—

Schedule Offsetting Liabilities Under Master Netting Arrangements


	December 31, 2021						December 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effect of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effect of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	124.8	$	(56.4)	$	68.4



Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	56.4	$	(56.4)	$	—

Schedule of Derivative Instruments, Effect on Comprehensive Loss

The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Loss for the years ended December 31, 2020, 2021 and 2022 was as follows:


		Year Ended December 31,
(In millions)		2020		2021		2022
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(3.2)	$	(19.1)	$	(18.5)

Foreign currency contracts	Other income (expense), net	$	(3.8)	$	2.1	$	—

Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(11.0)	$	(6.2)	$	11.9

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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Accumulated Other Comprehensive Income (Loss)

Net Loss Per Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from computation of dilutive net income (loss) per share (in shares)	23.3	19.2	24.3

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated other comprehensive income (loss) consisted of the following:


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Income (Loss)
Balance at December 31, 2019	$	12.0	$	—	$	12.0
Foreign currency translation adjustments, net of tax expense of $1.1 million	8.8		—		8.8
Unrealized loss on derivative contracts, net of tax benefit of $16.3 million	—		(47.6)		(47.6)
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $2.8 million (1)	—		8.2		8.2
Balance at December 31, 2020	$	20.8	$	(39.4)	$	(18.6)
Foreign currency translation adjustments, net of tax benefit of $0.6 million	(3.6)		—		(3.6)
Unrealized gain on derivative contracts, net of tax expense of $3.9 million	—		11.5		11.5
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $6.0 million (2)	—		17.6		17.6
Balance at December 31, 2021	$	17.2	$	(10.3)	$	6.9
Foreign currency translation adjustments, net of tax benefit of $2.3 million	(27.2)		—		(27.2)
Unrealized gain on derivative contracts, net of tax expense of $30.0 million	—		86.9		86.9
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.6 million (3)	—		4.8		4.8
Balance at December 31, 2022	$	(10.0)	$	81.4	$	71.4

(1) Includes interest expense recognized of $16.8 million, partially offset by amortization of off-market swap value of $5.8 million for the year ended December 31, 2020.

(2) Includes interest expense recognized of $6.4 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $17.1 million for the year ended December 31, 2021.

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Goodwill and Intangible Assets (Details) $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) reportingUnit	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reporting units \| reportingUnit			2
Impairment of goodwill			$ 534.5	$ 52.4	$ 0.0
Equity investment without readily determinable fair value	$ 5.1		5.1	5.1
Multicloud Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of goodwill		$ 405.2	405.2	0.0
Apps & Cross Platform
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of goodwill	129.3		129.3	$ 0.0
Trade name (indefinite-lived)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of assets	$ 12.0	$ 21.0	$ 33.0

Segment Reporting - Narrative (Details)	12 Months Ended
Segment Reporting - Narrative (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Condensed Financial Information of Registrant (Parent Company Only) - Condensed Statements of Comprehensive Loss (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ (804.8)	$ (218.3)	$ (245.8)
Net loss per share
Basic (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)
Diluted (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)
Weighted average number of shares outstanding:
Basic (in shares)	211.2	208.0	179.6
Diluted (in shares)	211.2	208.0	179.6
Parent Company
Condensed Statement of Income Captions [Line Items]
Net income (loss)	$ (804.8)	$ (218.3)	$ (245.8)
Net loss per share
Basic (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)
Diluted (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)
Weighted average number of shares outstanding:
Basic (in shares)	211.2	208.0	179.6
Diluted (in shares)	211.2	208.0	179.6

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Property, Equipment and Software, net - Schedule of Property, Equipment, and Software, net (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	$ 2,013.4	$ 2,228.1
Less: Accumulated depreciation	(1,400.3)	(1,413.4)
Property, equipment and software, net	628.3	826.7
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	1,131.2	1,206.5
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	464.2	465.6
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	15.8	21.9
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	402.2	512.9
Land
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	0.0	21.2
Work in process
Property, Plant and Equipment [Line Items]
Work in process	$ 15.2	$ 12.0

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 161.0
2024	153.7
2025	146.5
2026	123.8
2027	117.3
Thereafter	316.7
Net carrying amount	$ 1,019.0	$ 1,216.5

Segment Reporting - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 3,122.3	$ 3,009.5	$ 2,707.1
Property, equipment and software, net	628.3	826.7
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	2,341.7	2,253.4	2,027.8
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	2,209.2	2,157.0	1,948.0
Property, equipment and software, net	487.9	652.8
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	626.6	632.9	585.2
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	521.6	542.3	583.6
Property, equipment and software, net	116.7	146.1
APJ
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	154.0	123.2	94.1
Other Foreign Countries
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	391.5	310.2	$ 175.5
Property, equipment and software, net	$ 23.7	$ 27.8

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Long-term Debt Instruments

Debt consisted of the following:


(In millions, except %)		December 31, 2021			December 31, 2022
Debt Instrument	Maturity Date	Interest Rate(1)	Amount		Interest Rate(1)	Amount

Term Loan Facility	February 15, 2028	3.50%	$	2,282.8	7.38%	$	2,259.8
Revolving Credit Facility	August 7, 2025	—%	—		—%	—
3.50% Senior Secured Notes	February 15, 2028	3.50%	550.0		3.50%	550.0
5.375% Senior Notes	December 1, 2028	5.375%	550.0		5.375%	550.0

Less: unamortized debt issuance costs			(36.3)			(30.7)
Less: unamortized debt discount			(12.6)			(10.7)
Total debt			3,333.9			3,318.4
Less: current portion of debt			(23.0)			(23.0)
Debt, excluding current portion			$	3,310.9		$	3,295.4

(1) Interest rates are as of each respective balance sheet date.

Schedule of Maturities of Debt Obligations

The maturities of debt obligations for the next five years at December 31, 2022 are as follows:


(In millions)	Amount
Year ending:
2023	$	23.0
2024	23.0
2025	23.0
2026	23.0
2027	23.0
Thereafter	3,244.8
Total	$	3,359.8

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Property, Plant and Equipment [Abstract]

Property, Equipment and Software, net

12 Months Ended

Dec. 31, 2022

Property, Equipment and Software, net

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2021		December 31, 2022
Computers and equipment	$	1,206.5	$	1,131.2
Software	465.6		464.2
Furniture and fixtures	21.9		15.8
Buildings and leasehold improvements	512.9		402.2
Land	21.2		—
Property, equipment and software, at cost	2,228.1		2,013.4
Less: Accumulated depreciation	(1,413.4)		(1,400.3)
Work in process	12.0		15.2
Property, equipment and software, net	$	826.7	$	628.3

On January 15, 2021, we completed the sale of a parcel of undeveloped land in the United Kingdom adjacent to one of our existing data centers. The net book value of the land prior to the sale was $11.4 million and we received cash proceeds of $32.2 million, less brokerage and professional fees of $0.9 million, resulting in net cash proceeds of $31.3 million. Therefore, we recorded a gain on sale of land of $19.9 million to "Gain on sale of land" in the Consolidated Statements of Comprehensive Loss for the year ended December 31, 2021.

In October 2022, we announced our intention to sell our current corporate headquarters facility located in Windcrest, Texas and relocate our corporate headquarters to leased office space in San Antonio, Texas. As of December 31, 2022, this property met the criteria to be classified as held for sale under GAAP. The property's previous carrying amount of $82.7 million was written down to its estimated fair value, less estimated cost to sell, of $12.1 million, resulting in a $70.6 million impairment charge which is included in "Impairment of assets" in our Consolidated Statements of Comprehensive Loss for the year ended December 31, 2022. The property's estimated fair value, less estimated cost to sell, of $12.1 million was recorded in "Other current assets" in the Consolidated Balance Sheets as of December 31, 2022. We recorded this impairment charge prior to performing the December 31, 2022 goodwill impairment test. See Note 5, "Goodwill and Intangible Assets" for more information.

For the year ended December 31, 2022, we recognized property, equipment and software impairment charges of $15.3 million related to the OpenStack Public Cloud long-lived assets. See Note 1, "Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies," for discussion of the long-lived asset impairment charges.

Depreciation expense related to property, equipment and software was $289.8 million, $245.1 million and $220.9 million for the years ended December 31, 2020, 2021 and 2022, respectively.

Included in the balance of property, equipment and software as of December 31, 2021 and 2022 are assets recorded under finance leases. See Note 7, "Leases" for a discussion of the lease arrangements and the amounts within property, equipment and software as of December 31, 2021 and 2022.

Leases - Cash Flow (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash payments for lease liabilities included within operating activities:
Operating leases	$ (73.3)	$ (78.4)	$ (85.3)
Finance leases	(26.7)	(26.9)	(20.2)
Operating leases:
New lease assets obtained in exchange for lease liabilities	17.3	18.6	42.7
Modified/renewed lease assets obtained in exchange for lease liabilities	23.2	38.5	9.8
Total lease assets obtained in exchange for lease liabilities	$ 40.5	$ 57.1	$ 52.5

Commitments and Contingencies - Purchase Commitments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 589.2
2024	439.7
2025	255.0
2026	213.3
2027	48.4
Thereafter	70.3
Total	$ 1,615.9

Taxes - Benefit for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Federal	$ 0.2	$ (0.3)	$ (4.1)
Foreign	11.4	5.6	9.6
State	4.3	5.4	1.9
Total current	15.9	10.7	7.4
Deferred:
Federal	(81.7)	(26.1)	(58.6)
Foreign	(6.7)	(14.3)	(6.0)
State	(20.4)	(1.1)	(9.0)
Total deferred	(108.8)	(41.5)	(73.6)
Total benefit for income taxes	$ (92.9)	$ (30.8)	$ (66.2)

Customer Contracts (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Balances Related to Customer Contracts

The following table presents the balances related to customer contracts:


(In millions)	Consolidated Balance Sheets Account	December 31, 2020		December 31, 2021		December 31, 2022
Accounts receivable, net	Accounts receivable, net (1)	$	483.0	$	554.3	$	622.2
Current portion of contract assets	Other current assets	$	12.2	$	15.2	$	16.0
Non-current portion of contract assets	Other non-current assets	$	13.9	$	13.1	$	10.4
Current portion of deferred revenue	Deferred revenue	$	76.7	$	98.6	$	80.9
Non-current portion of deferred revenue	Other non-current liabilities	$	14.2	$	13.6	$	8.6

(1) Allowance for credit losses and accrued customer credits was $28.3 million, $18.4 million and $24.6 million as of December 31, 2020, 2021 and 2022, respectively.

Schedule of Changes in Allowance for Doubtful Accounts

The following table sets forth the changes in the allowance for credit losses during the years ended December 31, 2020, 2021 and 2022:


(In millions)	Beginning Balance		Additions (1)		Write-offs of Accounts Receivables, Net of Recoveries		Ending Balance
For the years ending December 31,
2020	$	9.5	$	20.1	$	(13.4)	$	16.2
2021	$	16.2	$	5.4	$	(7.9)	$	13.7
2022	$	13.7	$	11.0	$	(6.3)	$	18.4

(1) Additions to the allowance for credit losses are charged to bad debt within "Selling, general and administrative expenses."

Schedule of Capitalized Contract Cost

Amortization of capitalized sales commissions and implementation costs was as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Amortization of capitalized sales commissions	$	44.2	$	43.7	$	43.7
Amortization of capitalized implementation costs	$	17.4	$	18.1	$	16.4

Property, Equipment and Software, net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment, and Software, net

The following table shows the estimated useful lives used for property, equipment and software:


Classification						Estimated Useful Lives
Computers and equipment						3 to 5 years
Software						3 years
Furniture and fixtures						7 years
Buildings and leasehold improvements						2 to 39 years

Property, equipment and software, net, consisted of the following:


(In millions)	December 31, 2021		December 31, 2022
Computers and equipment	$	1,206.5	$	1,131.2
Software	465.6		464.2
Furniture and fixtures	21.9		15.8
Buildings and leasehold improvements	512.9		402.2
Land	21.2		—
Property, equipment and software, at cost	2,228.1		2,013.4
Less: Accumulated depreciation	(1,413.4)		(1,400.3)
Work in process	12.0		15.2
Property, equipment and software, net	$	826.7	$	628.3

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Common Stock As of December 31, 2021 and 2022, we had 211.2 million and 215.7 million shares of our common stock legally issued and 211.2 million and 212.6 million common stock outstanding, respectively. We have one class of authorized common stock. The rights and privileges provided to our common stockholders are as follows: •Voting Rights—The holders of our common stock are entitled to one vote per share on all matters submitted for action by the stockholders generally. •Dividend Rights—Subject to any preferential rights of any then outstanding preferred stock, all shares of our common stock are entitled to share equally in any dividends our board of directors may declare from legally available sources. •Liquidation Rights—Upon our liquidation, dissolution or winding up, whether voluntary or involuntary, after payment in full of the amounts required to be paid to holders of any then outstanding preferred stock, all shares of our common stock are entitled to share equally in the assets available for distribution to stockholders after payment of all of our prior obligations. Preferred Stock As of December 31, 2021 and 2022, there were 5.0 million authorized shares of preferred stock, of which none was issued or outstanding. Share Repurchase Program On March 3, 2022, our board of directors authorized a program to repurchase up to $75.0 million of shares of our common stock from time to time through open-market transactions, privately negotiated transactions, accelerated share repurchases and other transactions in accordance with applicable security laws. The program expires on September 30, 2023 and can be discontinued at any time. During the year ended December 31, 2022, we repurchased $31.0 million, or 3.1 million shares, of our common stock on the open market under this program. Shares purchased pursuant to the program are recorded as treasury stock at cost in the Consolidated Balance Sheets. As of December 31, 2022, approximately $44.0 million of the amount authorized by the board under the current program remained available for additional purchases. Datapipe Contingent Shares On September 6, 2017, we entered into an Agreement and Plan of Merger (the "Datapipe Merger Agreement") pursuant to which we acquired Datapipe. In addition, the Datapipe Merger Agreement provides that we will be required to issue additional shares of our common stock to an affiliate of ABRY based on a MOIC on any “Measurement Date,” as defined in the Datapipe Merger Agreement. The maximum number of shares of common stock issuable will not exceed 10,663,741 shares in the aggregate, subject to adjustment for stock splits, stock dividends, recombinations, reclassifications and similar equitable adjustments. On February 2, 2021, we issued 2,665,935 shares of common stock for no additional consideration pursuant to the Datapipe Merger Agreement. If the MOIC exceeds 3.0x, which is indicated by a volume weighted average trading price of our common stock over 30 consecutive trading days of more than $25.00, we will be required to issue an additional 2,665,935 shares.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Schedule of Basic and Diluted Net Loss Per Share

Stockholders' Equity (Details)			12 Months Ended
Stockholders' Equity (Details)	Feb. 02, 2021 USD ($) day $ / shares shares	Sep. 06, 2017 shares	Dec. 31, 2022 USD ($) classOfStock vote shares	Mar. 03, 2022 USD ($)	Dec. 31, 2021 shares
Class of Stock [Line Items]
Common stock, shares issued (in shares)			215,700,000		211,200,000
Common stock, shares outstanding (in shares)			212,600,000		211,200,000
Number of common stock classes \| classOfStock			1
Number of votes per share \| vote			1
Preferred stock, shares authorized (in shares)			5,000,000.0		5,000,000.0
Preferred stock, shares outstanding (in shares)			0		0
Preferred stock, shares issued (in shares)			0		0
Stock repurchase program, authorized amount \| $				$ 75,000,000
Treasury stock value \| $			$ 31,000,000
Repurchase of common stock (in shares)			3,100,000
Stock repurchase program \| $			$ 44,000,000
DataPipe
Class of Stock [Line Items]
Shares of stock issued and sold in public offering (in shares)	2,665,935
MOIC threshold, maximum	3.0
Threshold trading days \| day	30
Threshold stock price (in dollars per share) \| $ / shares	$ 25.00
Additional shares issuable (in shares)	2,665,935
Additional consideration \| $	$ 0
Maximum \| DataPipe
Class of Stock [Line Items]
Shares of stock issued and sold in public offering (in shares)		10,663,741

Taxes - Statutory Federal Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	1.60%	(0.30%)	2.40%
Tax rate differentials for international jurisdictions	(1.10%)	0.40%	(2.50%)
Research and development credit	0.00%	(0.40%)	2.90%
Effects of other enacted tax law and rate changes	0.10%	(0.30%)	(0.40%)
Valuation allowance	(0.10%)	(0.70%)	(0.50%)
Share-based compensation	(0.60%)	0.10%	(0.30%)
Nondeductible compensation	(0.70%)	(2.50%)	(2.20%)
Tax impact of goodwill impairment	(9.90%)	(4.40%)	0.00%
Other, net	0.00%	(0.50%)	0.80%
Effective tax rate	10.30%	12.40%	21.20%

July 2021 Restructuring Plan - Restructuring Reserves by Type of Cost (Details) - July 2021 Restructuring Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 7.7	$ 0.0
Charges	0.0	19.8
Cash payments	(7.7)	(12.1)
Restructuring reserve, ending balance	0.0	7.7
Total cumulative costs incurred as of December 31, 2022	19.8
Employee related costs
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	7.1	0.0
Charges	0.0	13.8
Cash payments	(7.1)	(6.7)
Restructuring reserve, ending balance	0.0	7.1
Total cumulative costs incurred as of December 31, 2022	13.8
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.6	0.0
Charges	0.0	6.0
Cash payments	(0.6)	(5.4)
Restructuring reserve, ending balance	0.0	$ 0.6
Total cumulative costs incurred as of December 31, 2022	$ 6.0

Net Loss Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

The following table sets forth the computation of basic and diluted net loss per share:


	Year Ended December 31,
(In millions, except per share data)	2020		2021		2022
Basic and diluted net loss per share:
Net loss attributable to common stockholders	$	(245.8)	$	(218.3)	$	(804.8)
Weighted average shares outstanding:
Common stock	179.6		208.0		211.2
Number of shares used in per share computations	179.6		208.0		211.2
Net loss per share	$	(1.37)	$	(1.05)	$	(3.81)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Revenue	$ 3,122.3	$ 3,009.5	$ 2,707.1
Cost of revenue	(2,265.4)	(2,072.7)	(1,722.7)
Gross profit	856.9	936.8	984.4
Selling, general and administrative expenses	(855.3)	(906.8)	(959.7)
Impairment of goodwill	(534.5)	(52.4)	0.0
Impairment of assets	(146.1)	0.0	0.0
Gain on sale of land	0.0	19.9	0.0
Income (loss) from operations	(679.0)	(2.5)	24.7
Other income (expense):
Interest expense	(208.5)	(205.1)	(268.4)
Gain (loss) on investments, net	(0.2)	(3.0)	0.7
Debt modification and extinguishment costs	0.0	(37.5)	(71.5)
Other income (expense), net	(10.0)	(1.0)	2.5
Total other income (expense)	(218.7)	(246.6)	(336.7)
Loss before income taxes	(897.7)	(249.1)	(312.0)
Benefit for income taxes	92.9	30.8	66.2
Net loss	(804.8)	(218.3)	(245.8)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(27.2)	(3.6)	8.8
Unrealized gain (loss) on derivative contracts	86.9	11.5	(47.6)
Amount reclassified from accumulated other comprehensive income (loss) to earnings	4.8	17.6	8.2
Other comprehensive income (loss)	64.5	25.5	(30.6)
Comprehensive loss	$ (740.3)	$ (192.8)	$ (276.4)
Net loss per share:
Basic (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)
Diluted (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)
Weighted average number of shares outstanding:
Basic (in shares)	211.2	208.0	179.6
Diluted (in shares)	211.2	208.0	179.6

Leases - Supplemental Information (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted average remaining lease term (in years)
Operating leases	3 years	4 years
Finance leases	12 years	12 years
Weighted average discount rate
Operating leases	6.30%	6.90%
Finance leases	7.00%	7.00%

Goodwill and Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,956.2	$ 2,027.2
Accumulated amortization	(937.2)	(810.7)
Net carrying amount	1,019.0	1,216.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	2,173.2	2,277.2
Accumulated amortization	(937.2)	(810.7)
Net carrying amount	1,236.0	1,466.5
Trade name (indefinite-lived)
Indefinite-lived Intangible Assets [Line Items]
Trade name (indefinite-lived)	217.0	250.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,928.5	1,983.0
Accumulated amortization	(914.9)	(784.1)
Net carrying amount	1,013.6	1,198.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(914.9)	(784.1)
Property tax abatement
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	0.0	16.0
Accumulated amortization	0.0	(9.2)
Net carrying amount	0.0	6.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	0.0	(9.2)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	27.7	28.2
Accumulated amortization	(22.3)	(17.4)
Net carrying amount	5.4	10.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (22.3)	$ (17.4)

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Selling, General and Administrative Expense and Impairment Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Advertising expense	$ 34.4	$ 33.6	$ 42.5
Research and development expense	$ 24.5	$ 28.3	$ 36.7

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated


	Year Ended December 31,
(In millions)	2020		2021		2022
Revenue by segment:
Multicloud Services	$	2,141.5	$	2,449.1	$	2,574.9
Apps & Cross Platform	336.6		377.6		396.9
OpenStack Public Cloud	229.0		182.8		150.5

Total consolidated revenue	$	2,707.1	$	3,009.5	$	3,122.3

Segment gross profit:
Multicloud Services	$	810.2	$	793.4	$	701.7
Apps & Cross Platform	115.5		135.9		139.2
OpenStack Public Cloud	100.3		67.1		43.3

Total consolidated segment gross profit	1,026.0		996.4		884.2
Less:
Share-based compensation expense	(14.5)		(16.7)		(11.6)
Other compensation expense (1)	(5.9)		(2.7)		(1.9)

Purchase accounting impact on expense (2)	(5.9)		(4.7)		(2.7)
Restructuring and transformation expenses (3)	(15.3)		(35.5)		(10.9)
Hosted Exchange incident expenses	—		—		(0.2)
Selling, general and administrative expenses	(959.7)		(906.8)		(855.3)
Impairment of goodwill	—		(52.4)		(534.5)
Impairment of assets	—		—		(146.1)

Gain on sale of land	—		19.9		—
Interest expense	(268.4)		(205.1)		(208.5)
Gain (loss) on investments, net	0.7		(3.0)		(0.2)
Debt modification and extinguishment costs	(71.5)		(37.5)		—
Other income (expense), net	2.5		(1.0)		(10.0)
Total consolidated loss before income taxes	$	(312.0)	$	(249.1)	$	(897.7)

(2) Adjustment for the impact of purchase accounting from the Rackspace Acquisition on expenses.

Schedule of Reconciliation of Gross Profit from Segments to Consolidated


	Year Ended December 31,
(In millions)	2020		2021		2022
Revenue by segment:
Multicloud Services	$	2,141.5	$	2,449.1	$	2,574.9
Apps & Cross Platform	336.6		377.6		396.9
OpenStack Public Cloud	229.0		182.8		150.5

Total consolidated revenue	$	2,707.1	$	3,009.5	$	3,122.3

Segment gross profit:
Multicloud Services	$	810.2	$	793.4	$	701.7
Apps & Cross Platform	115.5		135.9		139.2
OpenStack Public Cloud	100.3		67.1		43.3

Total consolidated segment gross profit	1,026.0		996.4		884.2
Less:
Share-based compensation expense	(14.5)		(16.7)		(11.6)
Other compensation expense (1)	(5.9)		(2.7)		(1.9)

Purchase accounting impact on expense (2)	(5.9)		(4.7)		(2.7)
Restructuring and transformation expenses (3)	(15.3)		(35.5)		(10.9)
Hosted Exchange incident expenses	—		—		(0.2)
Selling, general and administrative expenses	(959.7)		(906.8)		(855.3)
Impairment of goodwill	—		(52.4)		(534.5)
Impairment of assets	—		—		(146.1)

Gain on sale of land	—		19.9		—
Interest expense	(268.4)		(205.1)		(208.5)
Gain (loss) on investments, net	0.7		(3.0)		(0.2)
Debt modification and extinguishment costs	(71.5)		(37.5)		—
Other income (expense), net	2.5		(1.0)		(10.0)
Total consolidated loss before income taxes	$	(312.0)	$	(249.1)	$	(897.7)

(2) Adjustment for the impact of purchase accounting from the Rackspace Acquisition on expenses.

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


	Year Ended December 31,
(In millions)	2020		2021		2022
Americas	$	2,027.8	$	2,253.4	$	2,341.7
EMEA	585.2		632.9		626.6
APJ	94.1		123.2		154.0
Total revenue	$	2,707.1	$	3,009.5	$	3,122.3


	Year Ended December 31,
(In millions)	2020		2021		2022
United States	$	1,948.0	$	2,157.0	$	2,209.2
United Kingdom	583.6		542.3		521.6
Other foreign countries (1)	175.5		310.2		391.5
Total revenue	$	2,707.1	$	3,009.5	$	3,122.3

(1) No other foreign country had revenue that exceeded 10% of total consolidated revenue for the years ended December 31, 2020, 2021 and 2022.

The table below presents property, equipment and software, net by country, based on the physical location of the assets, as of December 31, 2021 and 2022:


(In millions)	December 31, 2021		December 31, 2022
United States	$	652.8	$	487.9
United Kingdom	146.1		116.7
Other foreign countries (1)	27.8		23.7
Total property, equipment and software, net	$	826.7	$	628.3

(1) No other foreign country had property, equipment and software, net that exceeded 10% of total consolidated property, equipment and software, net as of December 31, 2021 and 2022.

Condensed Financial Information of Registrant (Parent Company Only) - Condensed Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Total assets	$ 5,456.7	$ 6,328.7
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 211.2 and 215.7 shares issued; 211.2 and 212.6 shares outstanding, respectively	2.2	2.1
Additional paid-in capital	2,573.3	2,500.0
Accumulated other comprehensive income	71.4	6.9
Accumulated deficit	(1,986.4)	(1,181.6)
Treasury stock, at cost; zero and 3.1 shares held, respectively	(31.0)	0.0
Total stockholders' equity	629.5	1,327.4	$ 1,383.7	$ 898.8
Total liabilities and stockholders' equity	$ 5,456.7	$ 6,328.7
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000.0	5,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,495,000,000	1,495,000,000
Common stock, shares issued (in shares)	215,700,000	211,200,000
Common stock, shares outstanding (in shares)	212,600,000	211,200,000
Treasury stock, at cost (in shares)	3,100,000	0
Parent Company
ASSETS
Investment in subsidiaries of Parent	$ 629.5	$ 1,327.4
Total assets	629.5	1,327.4
LIABILITIES AND STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding	0.0	0.0
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 211.2 and 215.7 shares issued; 211.2 and 212.6 shares outstanding, respectively	2.2	2.1
Additional paid-in capital	2,573.3	2,500.0
Accumulated other comprehensive income	71.4	6.9
Accumulated deficit	(1,986.4)	(1,181.6)
Treasury stock, at cost; zero and 3.1 shares held, respectively	(31.0)	0.0
Total stockholders' equity	629.5	1,327.4
Total liabilities and stockholders' equity	$ 629.5	$ 1,327.4
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000.0	5,000,000.0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,495,000,000	1,495,000,000
Common stock, shares issued (in shares)	215,700,000	211,200,000
Common stock, shares outstanding (in shares)	212,600,000	211,200,000
Treasury stock, at cost (in shares)	3,100,000	0

July 2021 Restructuring Plan - Restructuring Charges (Details) - July 2021 Restructuring Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 0.0	$ 19.8
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		25.4
Employee related costs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0.0	13.8
Employee related costs \| Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		13.8
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 0.0	6.0
Other \| Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Total restructuring charges		$ 11.6

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Finance Leases, Property and Equipment

Assets recorded as property and equipment under finance leases, and the related accumulated depreciation balances as of December 31, 2021 and 2022 were as follows:


	December 31, 2021		December 31, 2022
(In millions)
Computers and equipment	$	160.5	$	192.5
Buildings	297.0		285.9
Less: Accumulated depreciation	(88.8)		(140.0)
Net book value of property and equipment under finance leases	$	368.7	$	338.4

Schedule of Components of Operating and Finance Lease Expense

The components of operating and finance lease expense for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Operating lease expense:
Fixed lease expense	$	80.2	$	62.2	$	58.1
Variable lease expense	19.5		18.8		17.9
Short-term lease expense	10.3		0.4		0.7
Sublease income	(3.1)		(2.6)		(2.4)
Total operating lease expense	$	106.9	$	78.8	$	74.3
Finance lease expense:
Depreciation of finance lease assets	$	30.2	$	46.3	$	51.2
Interest expense on finance lease liabilities	19.4		28.2		23.5
Total finance lease expense	$	49.6	$	74.5	$	74.7

Supplemental operating cash flow information related to operating and finance leases for the years ended December 31, 2020, 2021 and 2022 were as follows:


	Year Ended December 31,
(In millions)	2020		2021		2022
Cash payments for lease liabilities included within operating activities:
Operating leases	$	(85.3)	$	(78.4)	$	(73.3)
Finance leases	(20.2)		(26.9)		(26.7)

Operating leases:
New lease assets obtained in exchange for lease liabilities	$	42.7	$	18.6	$	17.3
Modified/renewed lease assets obtained in exchange for lease liabilities (1)	9.8		38.5		23.2
Total lease assets obtained in exchange for lease liabilities	$	52.5	$	57.1	$	40.5

Schedule of Leases, Supplemental Information

As of December 31, 2021 and 2022, the weighted average remaining lease term and weighted average discount rate of our operating and finance leases, respectively, were as follows:


	December 31, 2021		December 31, 2022

Weighted average remaining lease term (in years)
Operating leases	4		3
Finance leases	12		12
Weighted average discount rate
Operating leases	6.9	%	6.3	%
Finance leases	7.0	%	7.0	%

Schedule of Future Lease Payments, Operating Leases

Future lease payments under operating and finance leases as of December 31, 2022 are as follows:


(In millions)	Operating leases		Finance leases (1)
Year ending:
2023	$	68.5	$	83.5
2024	46.8		52.0
2025	19.7		36.4
2026	11.9		29.7
2027	8.8		30.4
Thereafter	2.7		333.8
Total future lease payments	158.4		565.8
Less amount representing interest	(13.6)		(193.6)
Total lease liability	$	144.8	$	372.2

(1) We excluded $4.2 million of finance leases, on an undiscounted basis, that have not yet commenced. These leases will commence in 2023 and each has a lease term of approximately three years.

Schedule of Future Lease Payments, Finance Leases

Future lease payments under operating and finance leases as of December 31, 2022 are as follows:


(In millions)	Operating leases		Finance leases (1)
Year ending:
2023	$	68.5	$	83.5
2024	46.8		52.0
2025	19.7		36.4
2026	11.9		29.7
2027	8.8		30.4
Thereafter	2.7		333.8
Total future lease payments	158.4		565.8
Less amount representing interest	(13.6)		(193.6)
Total lease liability	$	144.8	$	372.2

(1) We excluded $4.2 million of finance leases, on an undiscounted basis, that have not yet commenced. These leases will commence in 2023 and each has a lease term of approximately three years.

Condensed Financial Information of Registrant (Parent Company Only)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Financial Information of Registrant (Parent Company Only)

RACKSPACE TECHNOLOGY, INC. (Parent Company Only)

CONDENSED BALANCE SHEETS


(In millions, except per share data)	December 31, 2021		December 31, 2022
ASSETS
Investment in subsidiaries of Parent	$	1,327.4	$	629.5
Total assets	$	1,327.4	$	629.5
LIABILITIES AND STOCKHOLDERS' EQUITY
Stockholders' equity:
Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding	—		—
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 211.2 and 215.7 shares issued; 211.2 and 212.6 shares outstanding, respectively	2.1		2.2
Additional paid-in capital	2,500.0		2,573.3
Accumulated other comprehensive income	6.9		71.4
Accumulated deficit	(1,181.6)		(1,986.4)
Treasury stock, at cost; zero and 3.1 shares held, respectively	—		(31.0)
Total stockholders' equity	1,327.4		629.5
Total liabilities and stockholders' equity	$	1,327.4	$	629.5

The accompanying note is an integral part of these condensed financial statements.

RACKSPACE TECHNOLOGY, INC. (Parent Company Only)

CONDENSED STATEMENTS OF COMPREHENSIVE LOSS


	Year Ended December 31,
(In millions, except per share data)	2020		2021		2022
Equity in net losses in Parent's subsidiaries	$	(245.8)	$	(218.3)	$	(804.8)
Net loss and total comprehensive loss	$	(245.8)	$	(218.3)	$	(804.8)
Net loss per share
Basic and diluted	$	(1.37)	$	(1.05)	$	(3.81)
Weighted average number of shares outstanding:
Basic and diluted	179.6		208.0		211.2

The accompanying note is an integral part of these condensed financial statements.

A condensed statement of cash flows has not been presented as Rackspace Technology did not have any cash as of, or at any point in time during, the years ended December 31, 2020, 2021 and 2022.

NOTE TO CONDENSED FINANCIAL STATEMENTS OF REGISTRANT (Parent Company Only)

Basis of Presentation

These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of Rackspace Technology, Inc. (“Parent”) (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed 25% of the consolidated net assets of the Parent. The ability of Parent’s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ First Lien Credit Agreement and the Indentures, as described in Note 6, “Debt” to the audited consolidated financial statements.

These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. These condensed financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included elsewhere in this report.

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Revenue (Details)	12 Months Ended
	Dec. 31, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Expected service delivery period	30 months
Multi-Cloud Services \| Minimum
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue recognition period	12 months
Multi-Cloud Services \| Maximum
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue recognition period	36 months

Leases - Maturity (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating leases
2023	$ 68.5
2024	46.8
2025	19.7
2026	11.9
2027	8.8
Thereafter	2.7
Total future lease payments	158.4
Less amount representing interest	(13.6)
Total lease liability	144.8
Finance leases (1)
2023	83.5
2024	52.0
2025	36.4
2026	29.7
2027	30.4
Thereafter	333.8
Total future lease payments	565.8
Less amount representing interest	(193.6)
Total lease liability	372.2
Lessee, Financing Lease, Lease Not Yet Commenced, Undiscounted Amount	$ 4.2
Lease term	3 years

Net Loss Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic and diluted net loss per share:
Net loss attributable to common stockholders, basic	$ (804.8)	$ (218.3)	$ (245.8)
Net loss attributable to common stockholders, diluted	$ (804.8)	$ (218.3)	$ (245.8)
Weighted average shares outstanding:
Common stock (in shares)	211.2	208.0	179.6
Number of shares used in per share computations (in shares)	211.2	208.0	179.6
Net loss per share, basic (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)
Net loss per share, diluted (in dollars per share)	$ (3.81)	$ (1.05)	$ (1.37)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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