Rackspace Technology, Inc.
For the period ended Dec 31, 2024. Filed Mar 21, 2025.
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FY2024 · Filed Mar 21, 2025
RXT$2.68-1.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2022 | 2023 | 2024 |
| Cash Flows From Operating Activities | |||
| Net loss | $(804.8) | $(837.8) | $(858.2) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 387.8 | 369.7 | 295.4 |
| Amortization of operating right-of-use assets | 59.8 | 73.2 | 67.6 |
| Deferred income taxes | (108.8) | (41.9) | (35.0) |
| Share-based compensation expense | 69.5 | 65.4 | 63.4 |
| Impairment of goodwill | 534.5 | 708.8 | 714.9 |
| Impairment of assets, net | 146.1 | 52.2 | 20.0 |
| Gain on debt extinguishment, net of debt modification costs | — | (271.3) | (147.2) |
| Unrealized loss on derivative contracts | 18.5 | 15.5 | — |
| (Gain) loss on investments, net | 0.2 | (0.3) | (0.1) |
| Provision for bad debts and accrued customer credits | 12.4 | 9.0 | 19.5 |
| Amortization of debt issuance costs and debt discount and premium | 8.0 | 7.9 | 2.2 |
| Third party fees paid in connection with the March 2024 Refinancing Transactions | — | — | (31.7) |
| Non-cash fair value adjustments | 3.2 | (1.0) | (2.2) |
| Other operating activities | (0.2) | 0.4 | (6.5) |
| Changes in operating assets and liabilities, net of effects of acquisitions: | |||
| Accounts receivable | (82.4) | 275.1 | 20.5 |
| Prepaid expenses and other current assets | (7.1) | 24.6 | 10.5 |
| Accounts payable, accrued expenses, and other current liabilities | 69.8 | (44.2) | (22.2) |
| Deferred revenue | (21.6) | (5.8) | 2.4 |
| Operating lease liabilities | (65.5) | (65.6) | (82.8) |
| Other non-current assets and liabilities | 27.3 | 41.0 | 9.4 |
| Net cash provided by operating activities | 246.7 | 374.9 | 39.9 |
| Cash Flows From Investing Activities | |||
| Purchases of property, equipment and software | (80.4) | (96.9) | (111.1) |
| Acquisitions, net of cash acquired | (7.7) | — | — |
| Proceeds from sale of headquarters | — | — | 16.9 |
| Purchase of convertible promissory note | (15.0) | — | — |
| Other investing activities | 5.2 | 0.9 | 7.6 |
| Net cash used in investing activities | (97.9) | (96.0) | (86.6) |
| Cash Flows From Financing Activities | |||
| Proceeds from employee stock plans | 3.7 | 1.3 | 0.9 |
| Shares of common stock withheld for employee taxes | — | (1.0) | (4.3) |
| Shares of common stock repurchased | (31.0) | — | — |
| Proceeds from borrowings under long-term debt arrangements | — | 50.0 | 275.0 |
| Payments on long-term debt | (23.0) | (241.9) | (163.0) |
| Debt extinguishment costs | — | — | (22.1) |
| Payments on financing component of interest rate swap | (17.2) | (18.8) | (17.3) |
| Principal payments of finance lease liabilities | (67.2) | (79.7) | (56.9) |
| Principal payments of financing obligations | (49.0) | (22.7) | (15.3) |
| Other financing activities | (3.3) | — | — |
| Net cash used in financing activities | (187.0) | (312.8) | (3.0) |
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (5.8) | 2.2 | (3.0) |
| Decrease in cash, cash equivalents, and restricted cash | (44.0) | (31.7) | (52.7) |
| Cash, cash equivalents, and restricted cash at beginning of period | 275.4 | 231.4 | 199.7 |
| Cash, cash equivalents, and restricted cash at end of period | $231.4 | $199.7 | $147.0 |
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| Supplemental Cash Flow Information | |||
|---|---|---|---|
| Cash payments for interest, net of amount capitalized | $177.9 | $213.9 | $103.6 |
| Cash payments for income taxes, net of refunds | $10.5 | $11.9 | $10.8 |
| Non-cash Investing and Financing Activities | |||
| Acquisition of property, equipment and software by finance leases | $36.7 | $67.7 | $40.8 |
| Acquisition of property, equipment and software by financing obligations | 7.1 | 25.0 | 4.4 |
| Increase (decrease) in property, equipment and software accrued in liabilities | 17.6 | (13.6) | (9.9) |
| Other non-cash activity | — | 5.3 | (10.0) |
| Non-cash purchases of property, equipment and software | $61.4 | $84.4 | $25.3 |
The following table provides a reconciliation of cash, cash equivalents, and restricted cash to the total of such amounts shown on the Consolidated Statements of Cash Flows.
| Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2022 | 2023 | 2024 |
| Cash and cash equivalents | $228.4 | $196.8 | $144.0 |
| Restricted cash included in other non-current assets | 3.0 | 2.9 | 3.0 |
| Total cash, cash equivalents, and restricted cash shown in the statement of cash flows | $231.4 | $199.7 | $147.0 |
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