0001810019-22-000096 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	May 05, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39420
Entity Registrant Name	RACKSPACE TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3369925
Entity Address, Address Line One	1 Fanatical Place
Entity Address, Address Line Two	City of Windcrest
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78218
City Area Code	210
Local Phone Number	312-4000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		210,859,524
Entity Central Index Key	0001810019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 269.1	$ 272.8
Accounts receivable, net of allowance for doubtful accounts and accrued customer credits of $18.4 and $16.9, respectively	576.1	554.3
Prepaid expenses	103.9	110.0
Other current assets	57.0	52.4
Total current assets	1,006.1	989.5
Property, equipment and software, net	794.7	826.7
Goodwill, net	2,708.6	2,706.8
Intangible assets, net	1,423.6	1,466.5
Operating right-of-use assets	153.6	161.8
Other non-current assets	224.2	177.4
Total assets	6,310.8	6,328.7
Current liabilities:
Accounts payable and accrued expenses	390.2	369.5
Accrued compensation and benefits	70.7	104.5
Deferred revenue	111.0	98.6
Debt	23.0	23.0
Accrued interest	27.7	27.6
Operating lease liabilities	57.2	60.4
Finance lease liabilities	66.0	64.6
Financing obligations	40.1	48.0
Other current liabilities	31.6	41.2
Total current liabilities	817.5	837.4
Non-current liabilities:
Debt	3,307.0	3,310.9
Operating lease liabilities	106.4	114.8
Finance lease liabilities	332.1	345.1
Financing obligations	63.1	62.9
Deferred income taxes	222.9	205.8
Other non-current liabilities	117.5	124.4
Total liabilities	4,966.5	5,001.3
Commitments and Contingencies (Note 7)
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 212.8 shares issued; 211.2 and 212.4 shares outstanding, respectively	2.1	2.1
Additional paid-in capital	2,517.5	2,500.0
Accumulated other comprehensive income	48.9	6.9
Accumulated deficit	(1,220.1)	(1,181.6)
Treasury stock, at cost; zero and 0.4 shares held, respectively	(4.1)	0.0
Total stockholders' equity	1,344.3	1,327.4
Total liabilities and stockholders' equity	$ 6,310.8	$ 6,328.7

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and accrued customer credits	$ 16.9	$ 18.4
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)	212,800,000	211,200,000
Common stock, shares outstanding (in shares)	212,400,000	211,200,000
Treasury stock, at cost (in shares)	400,000	0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Revenue	$ 775.5	$ 725.9
Cost of revenue	(549.5)	(490.6)
Gross profit	226.0	235.3
Selling, general and administrative expenses	(205.1)	(231.0)
Gain on sale of land	0.0	19.9
Income from operations	20.9	24.2
Other income (expense):
Interest expense	(50.1)	(52.6)
Loss on investments, net	(0.1)	(3.7)
Debt modification and extinguishment costs	0.0	(37.0)
Other expense, net	(3.6)	(1.8)
Total other income (expense)	(53.8)	(95.1)
Loss before income taxes	(32.9)	(70.9)
Benefit (provision) for income taxes	(5.6)	6.9
Net loss	(38.5)	(64.0)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(4.6)	3.0
Unrealized gain on derivative contracts	42.3	9.4
Amount reclassified from accumulated other comprehensive income (loss) to earnings	4.3	4.0
Other comprehensive income (loss)	42.0	16.4
Comprehensive income (loss)	$ 3.5	$ (47.6)
Net loss per share:
Basic (in dollars per share)	$ (0.18)	$ (0.31)
Diluted (in dollars per share)	$ (0.18)	$ (0.31)
Weighted average number of shares outstanding:
Basic (in shares)	211.4	204.6
Diluted (in shares)	211.4	204.6

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash Flows From Operating Activities
Net loss	$ (38.5)	$ (64.0)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	101.6	108.5
Amortization of operating right-of-use assets	14.3	15.9
Deferred income taxes	0.9	(11.1)
Share-based compensation expense	17.0	17.2
Gain on sale of land	0.0	(19.9)
Debt modification and extinguishment costs	0.0	37.0
Unrealized loss on derivative contracts	4.6	5.2
Loss on investments, net	0.1	3.7
Provision for bad debts and accrued customer credits	(0.2)	(2.7)
Amortization of debt issuance costs and debt discount	2.0	2.7
Other operating activities	0.0	(0.4)
Changes in operating assets and liabilities:
Accounts receivable	(19.8)	(2.6)
Prepaid expenses and other current assets	7.4	24.7
Accounts payable, accrued expenses, and other current liabilities	(19.0)	(7.8)
Deferred revenue	7.6	11.5
Increase (Decrease) in Operating Lease Liability	(17.7)	(16.1)
Other non-current assets and liabilities	4.2	1.4
Net cash provided by operating activities	64.5	103.2
Cash Flows From Investing Activities
Purchases of property, equipment and software	(19.2)	(36.9)
Acquisitions, net of cash acquired	(7.7)	0.0
Proceeds from sale of land	0.0	31.3
Other investing activities	1.0	1.3
Net cash used in investing activities	(25.9)	(4.3)
Cash Flows From Financing Activities
Proceeds from employee stock plans	0.5	21.7
Shares of common stock repurchased	(4.1)	0.0
Proceeds from borrowings under long-term debt arrangements	0.0	2,838.5
Payments on long-term debt	(5.8)	(2,810.6)
Payments for debt issuance costs	0.0	(32.3)
Payments on financing component of interest rate swap	(4.3)	0.0
Principal payments of finance lease liabilities	(15.9)	(10.5)
Principal payments of financing obligations	(11.2)	(11.3)
Net cash used in financing activities	(40.8)	(4.5)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(1.6)	(0.7)
Increase (decrease) in cash, cash equivalents, and restricted cash	(3.8)	93.7
Cash, cash equivalents, and restricted cash at beginning of period	275.4	108.1
Cash, cash equivalents, and restricted cash at end of period	271.6	201.8
Supplemental Cash Flow Information
Cash payments for interest, net of amount capitalized	40.8	45.1
Cash payments for income taxes, net of refunds	5.4	3.9
Non-cash Investing and Financing Activities
Acquisition of property, equipment and software by finance leases	6.5	13.9
Acquisition of property, equipment and software by financing obligations	3.7	0.0
Increase in property, equipment and software accrued in liabilities	1.5	8.1
Non-cash purchases of property, equipment and software	11.7	22.0
Debt issuance costs included in accrued liabilities	0.0	2.1
Other non-cash investing and financing activities	0.0	0.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	269.1	198.4
Restricted cash included in other non-current assets	2.5	3.4
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 271.6	$ 201.8

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - 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, 2020		201.8				0.0
Beginning balance at Dec. 31, 2020	$ 1,383.7	$ 2.0	$ 2,363.6	$ (18.6)	$ (963.3)	$ 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)		2.5
Exercise of stock options and release of stock awards	21.9	$ 0.1	21.8
Share-based compensation expense	17.2		17.2
Net loss	(64.0)				(64.0)
Other comprehensive income	16.4			16.4
Ending balance (in shares) at Mar. 31, 2021		207.0				0.0
Ending balance at Mar. 31, 2021	1,375.2	$ 2.1	2,402.6	(2.2)	(1,027.3)	$ 0.0
Beginning balance (in shares) at Dec. 31, 2021		211.2				0.0
Beginning balance at Dec. 31, 2021	1,327.4	$ 2.1	2,500.0	6.9	(1,181.6)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		1.6
Exercise of stock options and release of stock awards	0.5		0.5
Share-based compensation expense	17.0		17.0
Net loss	(38.5)				(38.5)
Other comprehensive income	42.0			42.0
Repurchase of common stock (in shares)						0.4
Repurchase of common stock	(4.1)					$ (4.1)
Ending balance (in shares) at Mar. 31, 2022		212.8				0.4
Ending balance at Mar. 31, 2022	$ 1,344.3	$ 2.1	$ 2,517.5	$ 48.9	$ (1,220.1)	$ (4.1)

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation Rackspace Technology, Inc. ("Rackspace Technology") is a Delaware corporation controlled by investment funds affiliated with Apollo Global Management, Inc. and its subsidiaries (“Apollo”). Rackspace Technology was formed on July 21, 2016 but had no assets, liabilities or operating results until November 3, 2016 when Rackspace Hosting, Inc. (now named Rackspace Technology Global, Inc., or “Rackspace Technology Global”), a global provider of modern information technology-as-a-service, was acquired by Inception Parent, Inc., a wholly-owned entity indirectly owned by Rackspace Technology (the “Rackspace Acquisition”). 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 January 18, 2022, we acquired 100% of Just Analytics Pte. Ltd. ("Just Analytics"), a leading provider of cloud-based data, analytics, and artificial intelligence services based in the Asia, Pacific and Japan 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 unaudited consolidated financial statements. The unaudited consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Financial Information The unaudited consolidated financial statements as of March 31, 2022, and for the three months ended March 31, 2021 and 2022, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the Securities and Exchange Commission ("SEC") disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 ("Annual Report"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2022, and our results of operations, cash flows and stockholders' equity for the three months ended March 31, 2021 and 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022, or for any other interim period, or for any other future year. 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 doubtful accounts, 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 Russian conflict in 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. Significant Accounting Policies and Estimates Our Annual Report includes an additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies and estimates during the three months ended March 31, 2022. Recent Accounting Pronouncements Recently Adopted Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Accounting Standards Codification No. 606, Revenue from Contracts with Customers ("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. This standard allows the company a practical expedient to remove the requirement to measure and recognize such contracts in accordance with ASC 606. The guidance is applied prospectively upon adoption. We early adopted this guidance on January 1, 2022 and applied the practical expedient 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 the London Interbank Offered Rate ("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 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, 2022, 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.

Customer Contracts

3 Months Ended

Mar. 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, 2021		March 31, 2022
Accounts receivable, net	Accounts receivable, net (1)	$	554.3	$	576.1
Current portion of contract assets	Other current assets	$	15.2	$	15.0
Non-current portion of contract assets	Other non-current assets	$	13.1	$	10.5
Current portion of deferred revenue	Deferred revenue	$	98.6	$	111.0
Non-current portion of deferred revenue	Other non-current liabilities	$	13.6	$	8.6

(1) Allowance for doubtful accounts and accrued customer credits was $18.4 million and $16.9 million as of December 31, 2021 and March 31, 2022, respectively.

Amounts recognized in revenue for the three months ended March 31, 2021 and 2022, which were included in deferred revenue as of the beginning of each period, totaled $34.6 million and $32.6 million, respectively.

Cost Incurred to Obtain and Fulfill a Contract

As of December 31, 2021 and March 31, 2022, the balances of capitalized costs to obtain a contract were $58.0 million and $58.6 million, respectively, and the balances of capitalized costs to fulfill a contract were $23.5 million and $22.0 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:


	Three Months Ended March 31,
(In millions)	2021		2022
Amortization of capitalized sales commissions	$	10.8	$	11.2
Amortization of capitalized implementation costs	$	4.4	$	4.4

Remaining Performance Obligations

As of March 31, 2022, the aggregate amount of transaction price allocated to remaining performance obligations was $673.9 million, of which 57% is expected to be recognized as revenue during the remainder of 2022 and the remainder thereafter. These remaining performance obligations primarily relate to our fixed-term arrangements. Our other revenue arrangements are usage-based, and as such, we recognize revenue based on the right to invoice for the services performed.

- Definition

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.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

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

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


	Three Months Ended March 31,
(In millions, except per share data)	2021		2022
Basic and diluted net loss per share:
Net loss attributable to common stockholders	$	(64.0)	$	(38.5)
Weighted average shares outstanding:
Common stock	204.6		211.4
Number of shares used in per share computations	204.6		211.4
Net loss per share	$	(0.31)	$	(0.18)

Potential common share equivalents consist of shares issuable upon the exercise of stock options, vesting of restricted stock or purchase under the Employee Stock Purchase Plan (the "ESPP"), as well as contingent shares associated with our acquisition of Datapipe Parent, Inc. Since we were in a net loss position for both periods presented, basic net loss per share is the same as diluted net loss per share for both periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. We excluded 21.7 million and 24.8 million potential common shares from the computation of dilutive loss per share for the three months ended March 31, 2021 and 2022, respectively.

Property, Equipment and Software, net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Equipment and Software, net

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


(In millions)	December 31, 2021		March 31, 2022
Computers and equipment	$	1,206.5	$	1,196.1
Software	465.6		462.2
Furniture and fixtures	21.9		21.0
Buildings and leasehold improvements	512.9		509.5
Land	21.2		21.2
Property, equipment and software, at cost	2,228.1		2,210.0
Less: Accumulated depreciation	(1,413.4)		(1,427.2)
Work in process	12.0		11.9
Property, equipment and software, net	$	826.7	$	794.7

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 Income (Loss) for the three months ended March 31, 2021.

Goodwill and Intangible Assets

3 Months Ended

Mar. 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:


(In millions)	Multicloud Services		Apps & Cross Platform		OpenStack Public Cloud		Total Consolidated
Balance as of December 31, 2021	$	2,384.3	$	322.5	$	—	$	2,706.8
Just Analytics acquisition	—		5.9		—		5.9

Foreign currency translation	(4.0)		(0.1)		—		(4.1)
Balance as of March 31, 2022	$	2,380.3	$	328.3	$	—	$	2,708.6

Gross goodwill	$	2,675.3	$	328.3	$	52.4	$	3,056.0
Less: Accumulated impairment charges	(295.0)		—		(52.4)		(347.4)
Goodwill, net as of March 31, 2022	$	2,380.3	$	328.3	$	—	$	2,708.6

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


	December 31, 2021						March 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	$	1,981.4	$	(823.6)	$	1,157.8
Property tax abatement	16.0		(9.2)		6.8		16.0		(9.6)		6.4
Other	28.2		(17.4)		10.8		28.2		(18.8)		9.4
Total definite-lived intangible assets	2,027.2		(810.7)		1,216.5		2,025.6		(852.0)		1,173.6
Trade name (indefinite-lived)	250.0		—		250.0		250.0		—		250.0
Total intangible assets other than goodwill	$	2,277.2	$	(810.7)	$	1,466.5	$	2,275.6	$	(852.0)	$	1,423.6

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

Debt consisted of the following:


(In millions, except %)		December 31, 2021			March 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	3.50%	$	2,277.0
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)			(34.9)
Less: unamortized debt discount			(12.6)			(12.1)
Total debt			3,333.9			3,330.0
Less: current portion of debt			(23.0)			(23.0)
Debt, excluding current portion			$	3,310.9		$	3,307.0

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

Senior Facilities

Our senior secured credit facilities include a first lien term loan facility (the "Term Loan Facility") and a revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Facilities").

On February 9, 2021, we amended and restated the credit agreement governing our Senior Facilities (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 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 our prior term loan facility (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 Citibank, N.A. 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 March 31, 2022, the interest rate on the Term Loan Facility was 3.50%. We are required to make quarterly principal payments of $5.8 million, which began on June 30, 2021. See Note 12, "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 March 31, 2022 was $2,234.3 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, Inc., 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, Inc. 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 March 31, 2022, we were in compliance with all covenants under the Senior Facilities.

The Revolving Credit Facility matures on August 7, 2025. As of March 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”). 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 indenture governing the 3.50% Senior Secured Notes (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 March 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 March 31, 2022 was $492.3 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

On December 1, 2020, Rackspace Technology Global issued $550.0 million aggregate principal amount of 5.375% Senior Notes due 2028 (the "5.375% Senior Notes"). 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 indenture governing the 5.375% Senior 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 March 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 March 31, 2022 was $475.8 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.

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 Income (Loss) for the three months ended March 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.

- Definition

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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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and 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.

July 2021 Restructuring Plan

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

July 2021 Restructuring Plan

On July 21, 2021, we committed to an internal restructuring plan (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 had exited the company as of March 31, 2022.

During the three months ended March 31, 2022, we did not incur any material exit and disposal costs under Accounting Standards Codification ("ASC") No. 420, Exit or Disposal Cost Obligations (“ASC 420”).

Liability activity for previously accrued 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, 2021	$	7.1	$	0.6	$	7.7
Charges	—		—		—
Cash payments	(3.9)		—		(3.9)



Liability as of March 31, 2022	$	3.2	$	0.6	$	3.8
Total cumulative costs incurred as of March 31, 2022	$	13.8	$	6.0	$	19.8

The liability for employee related costs primarily consists of one-time termination benefits and was recorded in "Accrued compensation and benefits" in the Consolidated Balance Sheets as of March 31, 2022. The liability for other costs represents a contract termination cost and was recorded in "Accounts payable and accrued expenses" in the Consolidated Balance Sheets as of March 31, 2022.

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

Share Repurchase Program	3 Months Ended
Share Repurchase Program	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Share Repurchase Program	Share Repurchase ProgramOn 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 three months ended March 31, 2022, we repurchased $4.1 million, or 0.4 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 March 31, 2022, approximately $70.9 million of the amount authorized by the board under the current program remained available for additional purchases.

Share-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-Based Compensation

During the three months ended March 31, 2022, we granted 7.8 million restricted stock units ("RSUs") under the Rackspace Technology, Inc. 2020 Equity Incentive Plan with a weighted-average grant date fair value of $11.04. The majority of the RSUs were granted as part of our annual compensation award process and vest ratably over a three-year period, subject to continued service.

In addition, during the three months ended March 31, 2022, we granted 1.2 million performance stock units ("PSUs") under the Rackspace Technology, Inc. 2020 Equity Incentive Plan with a weighted-average grant date fair value of $11.70. 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.

Share-based compensation expense recognized was as follows:


	Three Months Ended March 31,
(In millions)	2021		2022
Cost of revenue	$	4.9	$	2.8
Selling, general and administrative expenses	12.3		14.2
Pre-tax share-based compensation expense	17.2		17.0
Less: Income tax benefit	(3.6)		(3.6)
Total share-based compensation expense, net of tax	$	13.6	$	13.4

As of March 31, 2022, there was $182.2 million of total unrecognized compensation cost related to stock options, RSUs, PSUs, and the ESPP, which will be recognized using the service period or over our best estimate of the period over which the performance condition will be met, as applicable.

Taxes	3 Months Ended
Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Taxes	Taxes We are subject to U.S. federal income tax and various state, local, and international income taxes in numerous jurisdictions. The differences between our effective tax rate and the U.S. federal statutory rate of 21% generally result from various factors, including the geographical distribution of taxable income, tax credits, contingency reserves for uncertain tax positions, and permanent differences between the book and tax treatment of certain items. Additionally, the amount of income taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. For the three months ended March 31, 2022, our effective tax rate is lower than the U.S. federal statutory rate of 21% due to the net impact of the geographic distribution of our earnings, the application of the global intangible low-taxed income (“GILTI”) provisions that were implemented with the Tax Cuts and Jobs Act (the “Act”) that was passed on December 22, 2017, tax effects from share-based compensation and executive compensation that is nondeductible under Internal Revenue Code ("IRC") Section 162(m).

- Definition

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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-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Derivatives

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

We utilize derivative instruments, including interest rate swap agreements, to manage our exposure to interest rate 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.

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 (loss)" 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 (loss)" in the period when the underlying transaction affects earnings. Any stranded income tax effects are released from “Accumulated other comprehensive income (loss)” into “Benefit (provision) 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 (loss)" for the de-designated December 2016 and December 2018 swaps at the de-designation date was approximately $51.6 million, and will be 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 will be 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 will be classified as financing activities in the Consolidated Statements of Cash Flows while the portion treated as an at-market derivative will be classified as operating activities.

As of December 31, 2021 and March 31, 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			March 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

Our interest rate swap agreements, 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.

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 March 31, 2022 were as follows:


		December 31, 2021				March 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	$	—	$	—	$	7.4	$	—
Interest rate swaps	Other non-current assets	23.6		—		70.7		—
Interest rate swaps	Other current liabilities (2)	—		20.8		—		17.3
Interest rate swaps	Other non-current liabilities (3)	—		56.4		—		52.1
Total		$	23.6	$	77.2	$	78.1	$	69.4

(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 March 31, 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						March 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	78.1	$	(69.4)	$	8.7



Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	69.4	$	(69.4)	$	—

Effect of Derivatives on the Consolidated Statements of Comprehensive Income (Loss)

The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2022 was as follows:


		Three Months Ended March 31,
(In millions)		2021		2022
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(4.6)	$	(4.6)

Foreign currency contracts (1)	Other expense, net	$	(1.3)	$	—

Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(2.3)	$	(1.3)

(1) Relates to two foreign currency forward contracts settled on November 30, 2021. As of December 31, 2021 and March 31, 2022, we do not have any outstanding foreign currency hedging contracts.

Interest expense was $52.6 million and $50.1 million for the three months ended March 31, 2021 and 2022, respectively. As of March 31, 2022, the amount of cash flow hedge losses included within "Accumulated other comprehensive income (loss)" that is expected to be reclassified as an increase to "Interest expense" over the next 12 months is approximately $7.9 million. See Note 13, "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 March 31, 2022, our outstanding interest rate swap agreement was in a net asset position.

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

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


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	20.8	$	(39.4)	$	(18.6)
Foreign currency translation adjustments, net of tax expense of $0.1	3.0		—		3.0
Unrealized gain on derivative contracts, net of tax expense of $3.2	—		9.4		9.4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.4(1)	—		4.0		4.0
Balance at March 31, 2021	$	23.8	$	(26.0)	$	(2.2)

(1) Includes interest expense recognized of $2.8 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $2.6 million for the three months ended March 31, 2021.


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Gain (Loss) on Derivative Contracts		Accumulated Other Comprehensive Income
Balance at December 31, 2021	$	17.2	$	(10.3)	$	6.9
Foreign currency translation adjustments, net of tax benefit of $0.7	(4.6)		—		(4.6)
Unrealized gain on derivative contracts, net of tax expense of $14.6	—		42.3		42.3
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.5 (1)	—		4.3		4.3
Balance at March 31, 2022	$	12.6	$	36.3	$	48.9

(1) Includes interest expense recognized of $1.2 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $4.6 million for the three months ended March 31, 2022.

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Affiliates of ABRY Partners, LLC and ABRY Partners II, LLC (collectively, “ABRY”), are Term Loan Facility lenders under the First Lien Credit Agreement. As of March 31, 2022, the outstanding principal amount of the Term Loan Facility was $2,277.0 million, of which $54.5 million, or 2.4%, is due to ABRY affiliates. Investment funds affiliated with ABRY are also co-investors in Rackspace Technology. Apollo Global Securities, LLC, an affiliate of Apollo, received $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. 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 Parent, Inc.

Segment Reporting

3 Months Ended

Mar. 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 three months ended March 31, 2021 and 2022.


	Three Months Ended March 31,
(In millions)	2021		2022
Revenue by segment:
Multicloud Services	$	579.6	$	640.1
Apps & Cross Platform	97.3		94.8
OpenStack Public Cloud	49.0		40.6

Total consolidated revenue	$	725.9	$	775.5

Segment gross profit:
Multicloud Services	$	196.4	$	188.2
Apps & Cross Platform	34.9		34.5
OpenStack Public Cloud	18.6		12.9

Total consolidated segment gross profit	249.9		235.6
Less:
Share-based compensation expense	(4.9)		(2.8)
Other compensation expense (1)	(1.3)		(0.8)

Purchase accounting impact on expense (2)	(1.2)		(0.7)
Restructuring and transformation expenses (3)	(7.2)		(5.3)
Selling, general and administrative expenses	(231.0)		(205.1)


Gain on sale of land	19.9		—
Interest expense	(52.6)		(50.1)
Loss on investments, net	(3.7)		(0.1)
Debt modification and extinguishment costs	(37.0)		—
Other expense, net	(1.8)		(3.6)
Total consolidated loss before income taxes	$	(70.9)	$	(32.9)

(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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
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+ Details

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The unaudited consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited consolidated financial statements as of March 31, 2022, and for the three months ended March 31, 2021 and 2022, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the Securities and Exchange Commission ("SEC") disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 ("Annual Report"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of March 31, 2022, and our results of operations, cash flows and stockholders' equity for the three months ended March 31, 2021 and 2022. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022, or for any other interim period, or for any other future year.
Use of Estimates	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 doubtful accounts, 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Accounting Standards Codification No. 606, Revenue from Contracts with Customers ("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. This standard allows the company a practical expedient to remove the requirement to measure and recognize such contracts in accordance with ASC 606. The guidance is applied prospectively upon adoption. We early adopted this guidance on January 1, 2022 and applied the practical expedient 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 the London Interbank Offered Rate ("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 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, 2022, 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.
Net Loss Per Share	Net Loss Per ShareBasic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period.
Derivatives	Derivatives We utilize derivative instruments, including interest rate swap agreements, to manage our exposure to interest rate 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. 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 (loss)" 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 (loss)" in the period when the underlying transaction affects earnings. Any stranded income tax effects are released from “Accumulated other comprehensive income (loss)” into “Benefit (provision) for income taxes” under the portfolio approach.

Customer Contracts (Tables)

3 Months Ended

Mar. 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, 2021		March 31, 2022
Accounts receivable, net	Accounts receivable, net (1)	$	554.3	$	576.1
Current portion of contract assets	Other current assets	$	15.2	$	15.0
Non-current portion of contract assets	Other non-current assets	$	13.1	$	10.5
Current portion of deferred revenue	Deferred revenue	$	98.6	$	111.0
Non-current portion of deferred revenue	Other non-current liabilities	$	13.6	$	8.6

(1) Allowance for doubtful accounts and accrued customer credits was $18.4 million and $16.9 million as of December 31, 2021 and March 31, 2022, respectively.

Schedule of Capitalized Contract Cost

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


	Three Months Ended March 31,
(In millions)	2021		2022
Amortization of capitalized sales commissions	$	10.8	$	11.2
Amortization of capitalized implementation costs	$	4.4	$	4.4

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

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


	Three Months Ended March 31,
(In millions, except per share data)	2021		2022
Basic and diluted net loss per share:
Net loss attributable to common stockholders	$	(64.0)	$	(38.5)
Weighted average shares outstanding:
Common stock	204.6		211.4
Number of shares used in per share computations	204.6		211.4
Net loss per share	$	(0.31)	$	(0.18)

Property, Equipment and Software, net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment, and Software, net

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


(In millions)	December 31, 2021		March 31, 2022
Computers and equipment	$	1,206.5	$	1,196.1
Software	465.6		462.2
Furniture and fixtures	21.9		21.0
Buildings and leasehold improvements	512.9		509.5
Land	21.2		21.2
Property, equipment and software, at cost	2,228.1		2,210.0
Less: Accumulated depreciation	(1,413.4)		(1,427.2)
Work in process	12.0		11.9
Property, equipment and software, net	$	826.7	$	794.7

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 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:


(In millions)	Multicloud Services		Apps & Cross Platform		OpenStack Public Cloud		Total Consolidated
Balance as of December 31, 2021	$	2,384.3	$	322.5	$	—	$	2,706.8
Just Analytics acquisition	—		5.9		—		5.9

Foreign currency translation	(4.0)		(0.1)		—		(4.1)
Balance as of March 31, 2022	$	2,380.3	$	328.3	$	—	$	2,708.6

Gross goodwill	$	2,675.3	$	328.3	$	52.4	$	3,056.0
Less: Accumulated impairment charges	(295.0)		—		(52.4)		(347.4)
Goodwill, net as of March 31, 2022	$	2,380.3	$	328.3	$	—	$	2,708.6

Schedule of Finite-Lived Intangible Assets Other Than Goodwill

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


	December 31, 2021						March 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	$	1,981.4	$	(823.6)	$	1,157.8
Property tax abatement	16.0		(9.2)		6.8		16.0		(9.6)		6.4
Other	28.2		(17.4)		10.8		28.2		(18.8)		9.4
Total definite-lived intangible assets	2,027.2		(810.7)		1,216.5		2,025.6		(852.0)		1,173.6
Trade name (indefinite-lived)	250.0		—		250.0		250.0		—		250.0
Total intangible assets other than goodwill	$	2,277.2	$	(810.7)	$	1,466.5	$	2,275.6	$	(852.0)	$	1,423.6

Schedule of Indefinite-Lived Intangible Assets Other Than Goodwill

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


	December 31, 2021						March 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	$	1,981.4	$	(823.6)	$	1,157.8
Property tax abatement	16.0		(9.2)		6.8		16.0		(9.6)		6.4
Other	28.2		(17.4)		10.8		28.2		(18.8)		9.4
Total definite-lived intangible assets	2,027.2		(810.7)		1,216.5		2,025.6		(852.0)		1,173.6
Trade name (indefinite-lived)	250.0		—		250.0		250.0		—		250.0
Total intangible assets other than goodwill	$	2,277.2	$	(810.7)	$	1,466.5	$	2,275.6	$	(852.0)	$	1,423.6

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt consisted of the following:


(In millions, except %)		December 31, 2021			March 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	3.50%	$	2,277.0
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)			(34.9)
Less: unamortized debt discount			(12.6)			(12.1)
Total debt			3,333.9			3,330.0
Less: current portion of debt			(23.0)			(23.0)
Debt, excluding current portion			$	3,310.9		$	3,307.0

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

- Definition

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.

+ References

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+ Details

July 2021 Restructuring Plan (Tables)

3 Months Ended

Mar. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve by Type of Cost

Liability activity for previously accrued 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, 2021	$	7.1	$	0.6	$	7.7
Charges	—		—		—
Cash payments	(3.9)		—		(3.9)



Liability as of March 31, 2022	$	3.2	$	0.6	$	3.8
Total cumulative costs incurred as of March 31, 2022	$	13.8	$	6.0	$	19.8

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

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

Share-based compensation expense recognized was as follows:


	Three Months Ended March 31,
(In millions)	2021		2022
Cost of revenue	$	4.9	$	2.8
Selling, general and administrative expenses	12.3		14.2
Pre-tax share-based compensation expense	17.2		17.0
Less: Income tax benefit	(3.6)		(3.6)
Total share-based compensation expense, net of tax	$	13.6	$	13.4

Derivatives (Tables)

3 Months Ended

Mar. 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			March 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 March 31, 2022 were as follows:


		December 31, 2021				March 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	$	—	$	—	$	7.4	$	—
Interest rate swaps	Other non-current assets	23.6		—		70.7		—
Interest rate swaps	Other current liabilities (2)	—		20.8		—		17.3
Interest rate swaps	Other non-current liabilities (3)	—		56.4		—		52.1
Total		$	23.6	$	77.2	$	78.1	$	69.4

(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 March 31, 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						March 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	78.1	$	(69.4)	$	8.7



Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	69.4	$	(69.4)	$	—

Schedule Offsetting Liabilities Under Master Netting Arrangements


	December 31, 2021						March 31, 2022
(In millions)	Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts		Gross Amounts on Balance Sheet		Effects of Counterparty Netting		Net Amounts
Assets
Interest rate swaps	$	25.1	$	(25.1)	$	—	$	78.1	$	(69.4)	$	8.7



Liabilities
Interest rate swaps	$	78.7	$	(25.1)	$	53.6	$	69.4	$	(69.4)	$	—

Schedule of Derivative Instruments, Effect on Comprehensive Income (Loss)

The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2021 and 2022 was as follows:


		Three Months Ended March 31,
(In millions)		2021		2022
Derivatives not designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(4.6)	$	(4.6)

Foreign currency contracts (1)	Other expense, net	$	(1.3)	$	—

Derivatives designated as hedging instruments	Location
Interest rate swaps	Interest expense	$	(2.3)	$	(1.3)

(1) Relates to two foreign currency forward contracts settled on November 30, 2021. As of December 31, 2021 and March 31, 2022, we do not have any outstanding foreign currency hedging contracts.

- Definition

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.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

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


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Loss on Derivative Contracts		Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	20.8	$	(39.4)	$	(18.6)
Foreign currency translation adjustments, net of tax expense of $0.1	3.0		—		3.0
Unrealized gain on derivative contracts, net of tax expense of $3.2	—		9.4		9.4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.4(1)	—		4.0		4.0
Balance at March 31, 2021	$	23.8	$	(26.0)	$	(2.2)


(In millions)	Accumulated Foreign Currency Translation Adjustments		Accumulated Gain (Loss) on Derivative Contracts		Accumulated Other Comprehensive Income
Balance at December 31, 2021	$	17.2	$	(10.3)	$	6.9
Foreign currency translation adjustments, net of tax benefit of $0.7	(4.6)		—		(4.6)
Unrealized gain on derivative contracts, net of tax expense of $14.6	—		42.3		42.3
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.5 (1)	—		4.3		4.3
Balance at March 31, 2022	$	12.6	$	36.3	$	48.9

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Reconciliation of Revenue from Segments to Consolidated


	Three Months Ended March 31,
(In millions)	2021		2022
Revenue by segment:
Multicloud Services	$	579.6	$	640.1
Apps & Cross Platform	97.3		94.8
OpenStack Public Cloud	49.0		40.6

Total consolidated revenue	$	725.9	$	775.5

Segment gross profit:
Multicloud Services	$	196.4	$	188.2
Apps & Cross Platform	34.9		34.5
OpenStack Public Cloud	18.6		12.9

Total consolidated segment gross profit	249.9		235.6
Less:
Share-based compensation expense	(4.9)		(2.8)
Other compensation expense (1)	(1.3)		(0.8)

Purchase accounting impact on expense (2)	(1.2)		(0.7)
Restructuring and transformation expenses (3)	(7.2)		(5.3)
Selling, general and administrative expenses	(231.0)		(205.1)


Gain on sale of land	19.9		—
Interest expense	(52.6)		(50.1)
Loss on investments, net	(3.7)		(0.1)
Debt modification and extinguishment costs	(37.0)		—
Other expense, net	(1.8)		(3.6)
Total consolidated loss before income taxes	$	(70.9)	$	(32.9)

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

Schedule of Reconciliation of Gross Profit from Segments to Consolidated


	Three Months Ended March 31,
(In millions)	2021		2022
Revenue by segment:
Multicloud Services	$	579.6	$	640.1
Apps & Cross Platform	97.3		94.8
OpenStack Public Cloud	49.0		40.6

Total consolidated revenue	$	725.9	$	775.5

Segment gross profit:
Multicloud Services	$	196.4	$	188.2
Apps & Cross Platform	34.9		34.5
OpenStack Public Cloud	18.6		12.9

Total consolidated segment gross profit	249.9		235.6
Less:
Share-based compensation expense	(4.9)		(2.8)
Other compensation expense (1)	(1.3)		(0.8)

Purchase accounting impact on expense (2)	(1.2)		(0.7)
Restructuring and transformation expenses (3)	(7.2)		(5.3)
Selling, general and administrative expenses	(231.0)		(205.1)


Gain on sale of land	19.9		—
Interest expense	(52.6)		(50.1)
Loss on investments, net	(3.7)		(0.1)
Debt modification and extinguishment costs	(37.0)		—
Other expense, net	(1.8)		(3.6)
Total consolidated loss before income taxes	$	(70.9)	$	(32.9)

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

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 18, 2022	Mar. 31, 2022	Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net purchase price		$ 7.7	$ 0.0
Just Analytics Pte. Ltd.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of business acquired	100.00%
Net purchase price	$ 7.7

Customer Contracts - Schedule of Balances Related to Customer Contracts (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 576.1	$ 554.3
Current portion of contract assets	15.0	15.2
Non-current portion of contract assets	10.5	13.1
Current portion of deferred revenue	111.0	98.6
Non-current portion of deferred revenue	8.6	13.6
Allowance for doubtful accounts and accrued customer credits	$ 16.9	$ 18.4

Customer Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Revenue recognized included in deferred revenue	$ 32.6	$ 34.6
Cost To Obtain A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	58.6		$ 58.0
Cost To Fulfill A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 22.0		$ 23.5

Customer Contracts - Schedule of Amortization of Capitalized Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Amortization of capitalized sales commissions
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 11.2	$ 10.8
Amortization of capitalized implementation costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 4.4	$ 4.4

Customer Contracts - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 673.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized, percentage	57.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months

Net Loss Per Share - Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Basic and diluted net loss per share:
Net loss attributable to common stockholders, basic	$ (38.5)	$ (64.0)
Net loss attributable to common stockholders, diluted	$ (38.5)	$ (64.0)
Weighted average number of shares outstanding:
Common stock (in shares)	211.4	204.6
Number of shares used in per share computations (in shares)	211.4	204.6
Net loss per share, basic (in dollars per share)	$ (0.18)	$ (0.31)
Net loss per share, diluted (in dollars per share)	$ (0.18)	$ (0.31)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)(4)
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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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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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Net Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from computation of dilutive net income (loss) per share (in shares)	24.8	21.7

Property, Equipment and Software, net - Schedule of Property, Equipment and Software, net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	$ 2,210.0	$ 2,228.1
Less: Accumulated depreciation	(1,427.2)	(1,413.4)
Property, equipment and software, net	794.7	826.7
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	1,196.1	1,206.5
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	462.2	465.6
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	21.0	21.9
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	509.5	512.9
Land
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	21.2	21.2
Work in process
Property, Plant and Equipment [Line Items]
Work in process	$ 11.9	$ 12.0

Property, Equipment and Software, net - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 15, 2021	Mar. 31, 2021	Jan. 14, 2021
Property, Plant and Equipment [Abstract]
Land available-for-sale			$ 11.4
Proceeds from sale of land held-for-use	$ 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

Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill by Reportable Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,706.8
Just Analytics acquisition	5.9
Foreign currency translation	(4.1)
Goodwill, ending balance	2,708.6
Gross goodwill	3,056.0
Less: Accumulated impairment charges	(347.4)
Goodwill, net as of March 31, 2022	2,708.6
Multicloud Services
Goodwill [Roll Forward]
Goodwill, beginning balance	2,384.3
Just Analytics acquisition	0.0
Foreign currency translation	(4.0)
Goodwill, ending balance	2,380.3
Gross goodwill	2,675.3
Less: Accumulated impairment charges	(295.0)
Goodwill, net as of March 31, 2022	2,380.3
Apps & Cross Platform
Goodwill [Roll Forward]
Goodwill, beginning balance	322.5
Just Analytics acquisition	5.9
Foreign currency translation	(0.1)
Goodwill, ending balance	328.3
Gross goodwill	328.3
Less: Accumulated impairment charges	0.0
Goodwill, net as of March 31, 2022	328.3
OpenStack Public Cloud
Goodwill [Roll Forward]
Goodwill, beginning balance	0.0
Just Analytics acquisition	0.0
Foreign currency translation	0.0
Goodwill, ending balance	0.0
Gross goodwill	52.4
Less: Accumulated impairment charges	(52.4)
Goodwill, net as of March 31, 2022	$ 0.0

Goodwill and Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,025.6	$ 2,027.2
Accumulated amortization	(852.0)	(810.7)
Net carrying amount	1,173.6	1,216.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	2,275.6	2,277.2
Accumulated amortization	(852.0)	(810.7)
Net carrying amount	1,423.6	1,466.5
Trade name (indefinite-lived)
Indefinite-lived Intangible Assets [Line Items]
Trade name (indefinite-lived)	250.0	250.0
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,981.4	1,983.0
Accumulated amortization	(823.6)	(784.1)
Net carrying amount	1,157.8	1,198.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(823.6)	(784.1)
Property tax abatement
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	16.0	16.0
Accumulated amortization	(9.6)	(9.2)
Net carrying amount	6.4	6.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(9.6)	(9.2)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28.2	28.2
Accumulated amortization	(18.8)	(17.4)
Net carrying amount	9.4	10.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (18.8)	$ (17.4)

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Feb. 28, 2021	Feb. 09, 2021	Dec. 01, 2020
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (34.9)	$ (36.3)
Less: unamortized debt discount	(12.1)	(12.6)
Total debt	3,330.0	3,333.9
Less: current portion of debt	(23.0)	(23.0)
Debt, excluding current portion	$ 3,307.0	$ 3,310.9
Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Effective interest rate	3.50%	3.50%
Amount	$ 2,277.0	$ 2,282.8
Senior Facilities \| Term loan facility
Debt Instrument [Line Items]
Amount	$ 2,277.0
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Less: unamortized debt issuance costs			$ (6.8)
3.50% Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Interest Rate	3.50%	3.50%		3.50%
Amount	$ 550.0	$ 550.0
5.375% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Interest Rate	5.375%	5.375%			5.375%
Amount	$ 550.0	$ 550.0

Debt - Narrative (Details) - USD ($)			3 Months Ended		80 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 09, 2021	Dec. 01, 2020	Mar. 31, 2022	Mar. 31, 2021	Feb. 15, 2028	Dec. 31, 2021	Feb. 28, 2021
Debt Instrument [Line Items]
Unamortized debt issuance cost			$ 34,900,000			$ 36,300,000
Debt modification and extinguishment costs			$ 0	$ 37,000,000.0
Loan modification fee							$ 27,600,000
Term loan facility
Debt Instrument [Line Items]
Debt Instrument, unamortized discount and debt issuance costs							9,400,000
Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total commitments	$ 375,000,000
Debt instrument, basis spread on variable rate floor	1.00%
Unused commitment fee percentage	0.50%
Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Debt instrument, term	7 years
Aggregate principal amount	$ 2,300,000,000
Debt instrument, basis spread on variable rate floor	0.75%
Interest payment period (not exceed)	90 days
Effective interest rate			3.50%			3.50%
Fair value of debt			$ 2,234,300,000
Principal balance			$ 2,277,000,000			$ 2,282,800,000
Debt Instrument, unamortized discount and debt issuance costs							41,000,000
Term Loan Facility \| Term loan facility \| Forecast \| Subsequent event
Debt Instrument [Line Items]
Quarterly principal payment					$ 5,800,000
Term Loan Facility \| Term loan facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Term Loan Facility \| Term loan facility \| Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Unamortized debt issuance cost							6,800,000
Debt modification and extinguishment costs				$ 37,000,000
3.50% Senior Secured Notes \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 550,000,000
Interest rate	3.50%		3.50%			3.50%
Fair value of debt			$ 492,300,000
Redemption price, percentage	101.00%
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
Debt Instrument [Line Items]
Redemption price, percentage	103.00%
Percent of redeemable debt	10.00%
Senior Facilities \| Term loan facility
Debt Instrument [Line Items]
Principal balance			2,277,000,000
Senior Facilities \| Term loan facility \| Federal funds rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Senior Facilities \| Term loan facility \| One-month Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Senior Facilities \| Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
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%
Outstanding borrowings			$ 0
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%
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%
5.375% Senior Notes \| Senior notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 550,000,000
Interest rate		5.375%	5.375%			5.375%
Percent of redeemable debt		40.00%
Fair value			$ 475,800,000
Principal balance			$ 550,000,000.0			$ 550,000,000.0
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 November 30, 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%
5.375% Senior Notes \| Senior notes \| Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage		101.00%
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%
Prior Term Loan Facility \| Term loan facility
Debt Instrument [Line Items]
Principal balance							$ 2,795,600,000

July 2021 Restructuring Plan - Narrative (Details)	Jul. 21, 2021
July 2021 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Percent of workforce to be terminated	10.00%

July 2021 Restructuring Plan - Restructuring Reserves by Type of Cost (Details) - July 2021 Restructuring Plan $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 7.7
Charges	0.0
Cash payments	(3.9)
Restructuring reserve, ending balance	3.8
Total cumulative costs incurred as of March 31, 2022	19.8
Employee Related
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	7.1
Charges	0.0
Cash payments	(3.9)
Restructuring reserve, ending balance	3.2
Total cumulative costs incurred as of March 31, 2022	13.8
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.6
Charges	0.0
Cash payments	0.0
Restructuring reserve, ending balance	0.6
Total cumulative costs incurred as of March 31, 2022	$ 6.0

Share Repurchase Program (Details) - USD ($) shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 03, 2022
Share-based Payment Arrangement [Abstract]
Stock repurchase program, authorized amount		$ 75,000,000
Treasury stock value	$ 4,100,000
Repurchase of common stock (in shares)	0.4
Stock repurchase program	$ 70,900,000

Share-Based Compensation - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost \| $	$ 182.2
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted in period \| shares	7.8
Weighted average grant date fair value, RSUs granted during period (in dollars per share) \| $ / shares	$ 11.04
Vesting period	3 years
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted in period \| shares	1.2
Weighted average grant date fair value, RSUs granted during period (in dollars per share) \| $ / shares	$ 11.70
Vesting period	3 years

Share-Based Compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 17.0	$ 17.2
Less: Income tax benefit	(3.6)	(3.6)
Total share-based compensation expense, net of tax	13.4	13.6
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	2.8	4.9
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 14.2	$ 12.3

Derivatives - Narrative (Details)	3 Months Ended
Derivatives - Narrative (Details)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 12, 2021 USD ($)	Jan. 31, 2021 USD ($)	Jan. 09, 2020 USD ($)	Dec. 31, 2016 instrument
Derivative [Line Items]
Accumulated other comprehensive loss	$ (48,900,000)		$ (6,900,000)
Interest expense	50,100,000	$ 52,600,000
Cash flow hedge losses expected to be reclassified as an increase to interest expense over the next twelve months	7,900,000
Derivatives designated as hedging instruments
Derivative [Line Items]
Liabilities	69,400,000		77,200,000
Interest rate swaps
Derivative [Line Items]
Liabilities	69,400,000		78,700,000
Derivative, notional amount	$ 1,350,000,000		$ 1,350,000,000	$ 900,000,000
Accumulated other comprehensive loss					$ 51,600,000
Derivative, fixed interest rate				2.382%
Interest rate swaps \| LIBOR
Derivative [Line Items]
Variable interest rate				0.75%
Interest rate swaps \| Derivatives designated as hedging instruments \| Cash flow hedging
Derivative [Line Items]
Liabilities						$ 39,900,000
Receive fixed interest rate swap
Derivative [Line Items]
Derivative, notional amount				$ 900,000,000
Number of derivative instruments \| instrument							2
Pay-fixed interest rate swap
Derivative [Line Items]
Derivative, notional amount				$ 1,350,000,000

Derivatives - Interest Rate Swaps Outstanding (Details) - USD ($)	Mar. 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%
Notional amount	0	$ 450,000,000.0
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)		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

Derivatives - Schedule of Fair Values of Derivatives on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	$ 78.1	$ 25.1
Liabilities	69.4	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	78.1	23.6
Liabilities	69.4	77.2
Derivatives designated as hedging instruments \| Other current assets \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	7.4	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	70.7	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 current liabilities \| Pay-fixed interest rate swap
Derivatives, Fair Value [Line Items]
Liabilities	17.3	17.2
Derivatives designated as hedging instruments \| Other noncurrent liabilities \| Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0.0	0.0
Liabilities	$ 52.1	$ 56.4

Derivatives - Derivatives Presented on a Net Asset and Net Liability basis (Details) - Interest rate swaps - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Gross Amounts on Balance Sheet	$ 78.1	$ 25.1
Effects of Counterparty Netting	(69.4)	(25.1)
Net Amounts	8.7	0.0
Liabilities
Gross Amounts on Balance Sheet	69.4	78.7
Effects of Counterparty Netting	(69.4)	(25.1)
Net Amounts	$ 0.0	$ 53.6

Derivatives - Effect of Derivatives on the Consolidated Statements of Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Nov. 30, 2021 instrument
Interest expense \| Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ (4.6)	$ (4.6)
Derivatives designated as hedging instruments	(1.3)	(2.3)
Other expense, net \| Foreign currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ 0.0	$ (1.3)
Number of derivative instruments settled \| instrument			2

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,327.4	$ 1,383.7
Foreign currency translation adjustments, net of tax expense (benefit)	(4.6)	3.0
Unrealized gain on derivative contracts, net of tax expense	42.3	9.4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	4.3	4.0
Ending balance	1,344.3	1,375.2
Foreign currency translation adjustment, tax expense (benefit)	0.7	0.1
Unrealized gain on derivative contracts, before reclassification, tax expense	14.6	3.2
Tax benefit, reclassification from AOCI	1.5	1.4
Interest expense	50.1	52.6
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest expense	1.2	2.8
Amortization of off-market swap	4.6	2.6
Accumulated Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	17.2	20.8
Foreign currency translation adjustments, net of tax expense (benefit)	(4.6)	3.0
Unrealized gain on derivative contracts, net of tax expense	0.0	0.0
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	0.0	0.0
Ending balance	12.6	23.8
Accumulated Gain (Loss) on Derivative Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(10.3)	(39.4)
Foreign currency translation adjustments, net of tax expense (benefit)	0.0	0.0
Unrealized gain on derivative contracts, net of tax expense	42.3	9.4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	4.3	4.0
Ending balance	36.3	(26.0)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	6.9	(18.6)
Ending balance	$ 48.9	$ (2.2)

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Feb. 09, 2021	Feb. 02, 2021	Mar. 31, 2022	Dec. 31, 2021
Datapipe Parent Inc
Related Party Transaction [Line Items]
Equity issued in acquisition (in shares)		2,665,935
Apollo Global Securities, LLC \| Arranger fees
Related Party Transaction [Line Items]
Underwriting fees	$ 2.3
Senior notes \| Apollo Global Securities, LLC
Related Party Transaction [Line Items]
Underwriting fees	$ 0.6
Senior Facilities \| Term loan facility
Related Party Transaction [Line Items]
Principal balance			$ 2,277.0
Senior Facilities \| Term loan facility \| Affiliates of ABRY \| Affiliated entity
Related Party Transaction [Line Items]
Principal balance			$ 54.5
Percentage of debt due to related party			2.40%
3.50% Senior Secured Notes \| Senior notes
Related Party Transaction [Line Items]
Principal balance			$ 550.0	$ 550.0
Interest rate	3.50%		3.50%	3.50%

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

Segment Reporting - Reconciliation of Revenue and Gross Profits from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 775.5	$ 725.9
Gross profit	226.0	235.3
Share-based compensation expense	(17.0)	(17.2)
Selling, general and administrative expenses	(205.1)	(231.0)
Gain on sale of land	0.0	19.9
Interest expense	(50.1)	(52.6)
Loss on investments, net	(0.1)	(3.7)
Debt modification and extinguishment costs	0.0	(37.0)
Other expense, net	(3.6)	(1.8)
Total consolidated loss before income taxes	(32.9)	(70.9)
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	235.6	249.9
Corporate And Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Share-based compensation expense	(2.8)	(4.9)
Other compensation expense	(0.8)	(1.3)
Purchase accounting impact on expense	(0.7)	(1.2)
Restructuring and transformation expenses	(5.3)	(7.2)
Multicloud Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	640.1	579.6
Multicloud Services \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	188.2	196.4
Apps & Cross Platform
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	94.8	97.3
Apps & Cross Platform \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	34.5	34.9
OpenStack Public Cloud
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	40.6	49.0
OpenStack Public Cloud \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	$ 12.9	$ 18.6