Rackspace Technology (RXT) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 05, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		207,708,291
Entity Central Index Key	0001810019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 198.4	$ 104.7
Accounts receivable, net of allowance for doubtful accounts and accrued customer credits of $28.3 and $24.0, respectively	488.8	483
Prepaid expenses	94.2	123.8
Other current assets	65.5	47
Total current assets	846.9	758.5
Property, equipment and software, net	870.7	884.6
Goodwill, net	2,763.5	2,761.1
Intangible assets, net	1,600.4	1,646.3
Operating right-of-use assets	164.9	171.1
Other non-current assets	171.5	156.2
Total assets	6,417.9	6,377.8
Current liabilities:
Accounts payable and accrued expenses	323.1	285.4
Accrued compensation and benefits	75.8	110.6
Deferred revenue	89	76.7
Debt	27	43.4
Accrued interest	28.2	26.5
Operating lease liabilities	62.3	62.2
Finance lease liabilities	47.6	40.7
Financing obligations	47.3	48.8
Other current liabilities	57.5	47.9
Total current liabilities	757.8	742.2
Debt, excluding current portion	3,368.7	3,319.3
Operating lease liabilities	111.6	118.2
Finance lease liabilities	357.5	358.1
Financing obligations	64.2	74.1
Deferred income taxes	231.5	236.7
Other non-current liabilities	151.4	145.5
Total liabilities	5,042.7	4,994.1
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
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 201.8 and 207.0 shares issued and outstanding, respectively	2.1	2
Additional paid-in capital	2,402.6	2,363.6
Accumulated other comprehensive loss	(2.2)	(18.6)
Accumulated deficit	(1,027.3)	(963.3)
Total stockholders' equity	1,375.2	1,383.7
Total liabilities and stockholders' equity	$ 6,417.9	$ 6,377.8

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and accrued customer credits	$ 24	$ 28.3
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
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)	207,000,000	201,800,000
Common stock, shares outstanding (in shares)	207,000,000	201,800,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Revenue	$ 725.9	$ 652.7
Cost of revenue	(490.6)	(403.4)
Gross profit	235.3	249.3
Selling, general and administrative expenses	(231)	(227.8)
Gain on sale of land	19.9	0
Income from operations	24.2	21.5
Other income (expense):
Interest expense	(52.6)	(72)
Loss on investments, net	(3.7)	(0.1)
Debt modification and extinguishment costs	(37)	0
Other expense, net	(1.8)	(0.6)
Total other income (expense)	(95.1)	(72.7)
Loss before income taxes	(70.9)	(51.2)
Benefit for income taxes	6.9	3
Net loss	(64)	(48.2)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	3	(20.4)
Unrealized gain (loss) on derivative contracts	9.4	(40.7)
Amount reclassified from accumulated other comprehensive income (loss) to earnings	4	(0.4)
Other comprehensive income (loss)	16.4	(61.5)
Comprehensive loss	$ (47.6)	$ (109.7)
Net loss per share:
Basic and diluted (in dollars per share)	$ (0.31)	$ (0.29)
Weighted average number of shares outstanding:
Basic and diluted (in shares)	204.6	165.4

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities
Net loss	$ (64)	$ (48.2)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	108.5	121.3
Amortization of operating right-of-use assets	15.9	17.1
Deferred income taxes	(11.1)	(5.8)
Share-based compensation expense	17.2	7.5
Gain on sale of land	(19.9)	0
Debt modification and extinguishment costs	37	0
Unrealized loss on derivative contracts	5.2	0.7
Loss on investments, net	3.7	0.1
Provision for bad debts and accrued customer credits	(2.7)	2.6
Amortization of debt issuance costs and debt discount	2.7	4.6
Other operating activities	(0.4)	(0.8)
Changes in operating assets and liabilities:
Accounts receivable	(2.6)	(34.1)
Prepaid expenses and other current assets	24.7	(1.7)
Accounts payable, accrued expenses, and other current liabilities	(7.8)	(32.3)
Deferred revenue	11.5	3
Operating lease liabilities	(16.1)	(15.3)
Other non-current assets and liabilities	1.4	6.1
Net cash provided by operating activities	103.2	24.8
Cash Flows From Investing Activities
Purchases of property, equipment and software	(36.9)	(34.4)
Proceeds from sale of land	31.3	0
Other investing activities	1.3	2
Net cash used in investing activities	(4.3)	(32.4)
Cash Flows From Financing Activities
Proceeds from employee stock plans	21.7	0
Proceeds from borrowings under long-term debt arrangements	2,838.5	295
Payments on long-term debt	(2,810.6)	(252.2)
Payments for debt issuance costs	(32.3)	(0.7)
Principal payments of finance lease liabilities	(10.5)	(2.4)
Proceeds from financing obligations	0	20.9
Principal payments of financing obligations	(11.3)	(10)
Net cash provided by (used in) financing activities	(4.5)	50.6
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(0.7)	(1.6)
Increase in cash, cash equivalents, and restricted cash	93.7	41.4
Cash, cash equivalents, and restricted cash at beginning of period	108.1	87.1
Cash, cash equivalents, and restricted cash at end of period	201.8	128.5
Supplemental Cash Flow Information
Cash payments for interest, net of amount capitalized	45.1	39.3
Cash payments for income taxes, net of refunds	3.9	6.8
Non-cash Investing and Financing Activities
Acquisition of property, equipment and software by finance leases	13.9	0.4
Acquisition of property, equipment and software by financing obligations	0	18
Increase in property, equipment and software accrued in liabilities	8.1	22.6
Non-cash purchases of property, equipment and software	22	41
Debt issuance costs included in accrued liabilities	2.1	0
Other non-cash investing and financing activities	0.2	0.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 201.8	$ 128.5

Consolidated Statements of Stoc

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
Beginning balance (in shares) at Dec. 31, 2019		165.4
Beginning balance at Dec. 31, 2019	$ 898.8	$ 1.6	$ 1,602.7	$ 12	$ (717.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	7.5		7.5
Net loss	(48.2)				(48.2)
Other comprehensive income (loss)	(61.5)			(61.5)
Ending balance (in shares) at Mar. 31, 2020		165.4
Ending balance at Mar. 31, 2020	796.6	$ 1.6	1,610.2	(49.5)	(765.7)
Beginning balance (in shares) at Dec. 31, 2020		201.8
Beginning balance at Dec. 31, 2020	1,383.7	$ 2	2,363.6	(18.6)	(963.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2.7
Issuance of common stock		$ 0	0
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)				(64)
Other comprehensive income (loss)	16.4			16.4
Ending balance (in shares) at Mar. 31, 2021		207
Ending balance at Mar. 31, 2021	$ 1,375.2	$ 2.1	$ 2,402.6	$ (2.2)	$ (1,027.3)

Company Overview, Basis of Pres

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
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 (the “Closing Date”) 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. 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, 2021, and for the three months ended March 31, 2020 and 2021, 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 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, 2020 ("Annual Report on Form 10-K"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report on Form 10-K 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, 2021, and our results of operations, cash flows and stockholders' equity for the three months ended March 31, 2020 and 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021, 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 In March 2020, the World Health Organization declared COVID-19 a global pandemic. The effects of COVID-19 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, the ultimate extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including the duration and severity of the outbreak, the pace of economic recovery, the possible resurgence in the spread of the virus, advances in testing, treatment, and prevention, including the efficacy and availability of vaccines, its impact on our customers, vendors and employees, and its impact on our sales cycles as well as industry events, all of which are uncertain and cannot be predicted. We continue to face a greater degree of uncertainty in making estimates and assumptions needed to prepare our consolidated financial statements and footnotes as a result of COVID-19. Significant Accounting Policies and Estimates Our Annual Report on Form 10-K 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, 2021. Change in Accounting Estimate In March 2021, we completed an assessment of the useful lives of certain assets within the Computers and equipment asset class. The timing of this review was based on a combination of factors accumulating over time that provided the company with updated information to make a better estimate on the economic lives of certain property and equipment. These factors included changes in customer purchasing patterns, technological advancements and the availability of extended equipment warranties. The assessment resulted in a revision within our policy ranges for certain useful lives in this asset class. This change in accounting estimate was effective in the first quarter of 2021. The effect of this change was a reduction in depreciation expense of $6.6 million for the three months ended March 31, 2021. Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. Specifically, the current portion of "Finance lease liabilities" is now presented separately from "Other current liabilities" in the Consolidated Balance Sheets. Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We adopted this guidance on January 1, 2021. The adoption of this guidance did not have a mate rial impact on our consolidated financial statements.

Customer Contracts

Customer Contracts	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Customer Contracts	Customer Contracts The following table presents the balances related to customer contracts: (In millions) Consolidated Balance Sheets Account December 31, 2020 March 31, 2021 Accounts receivable, net Accounts receivable, net (1) $ 483.0 $ 488.8 Current portion of contract assets Other current assets 12.2 13.6 Non-current portion of contract assets Other non-current assets 13.9 12.1 Current portion of deferred revenue Deferred revenue 76.7 89.0 Non-current portion of deferred revenue Other non-current liabilities 14.2 13.4 (1) Allowance for doubtful accounts and accrued customer credits was $28.3 million and $24.0 million as of December 31, 2020 and March 31, 2021, respectively. Amounts recognized in revenue for the three months ended March 31, 2020 and March 31, 2021, which were included in deferred revenue as of the beginning of each period, totaled $35.2 million and $34.6 million, respectively. Cost Incurred to Obtain and Fulfill a Contract As of December 31, 2020 and March 31, 2021, the balances of capitalized costs to obtain a contract were $59.3 million and $57.8 million, respectively, and the balances of capitalized costs to fulfill a contract were $25.0 million and $25.2 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) 2020 2021 Amortization of capitalized sales commissions $ 10.9 $ 10.8 Amortization of capitalized implementation costs 4.2 4.4 Remaining Performance Obligations As of March 31, 2021, the aggregate amount of transaction price allocated to remaining performance obligations was $872.3 million, of which 63% is expected to be recognized as revenue during 2021 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.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic 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) 2020 2021 Basic and diluted net loss per share: Net loss attributable to common stockholders $ (48.2) $ (64.0) Weighted average shares outstanding: Common stock 165.4 204.6 Number of shares used in per share computations 165.4 204.6 Net loss per share $ (0.29) $ (0.31) 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 25.0 million and 21.7 million potential common shares from the computation of dilutive loss per share for the three months ended March 31, 2020 and 2021, respectively, because the effect would have been anti-dilutive.

Property, Equipment, and Softwa

Property, Equipment, and Software, net	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Equipment and Software, net	Property, Equipment and Software, net Property, equipment and software, net, consisted of the following: (In millions) December 31, March 31, Computers and equipment $ 1,191.8 $ 1,199.1 Software 472.4 481.7 Furniture and fixtures 22.4 21.5 Buildings and leasehold improvements 513.1 512.9 Land 32.6 21.2 Property, equipment and software, at cost 2,232.3 2,236.4 Less: Accumulated depreciation (1,366.8) (1,389.4) Work in process 19.1 23.7 Property, equipment and software, net $ 884.6 $ 870.7 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 Loss for the three months ended March 31, 2021.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	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, 2020 (1) $ 2,386.0 $ 322.6 $ 52.5 $ 2,761.1 Foreign currency translation 2.1 0.2 0.1 2.4 Balance as of March 31, 2021 $ 2,388.1 $ 322.8 $ 52.6 $ 2,763.5 (1) Multicloud Services had accumulated impairment charges of $295.0 million as of December 31, 2020. The following table provides information regarding our intangible assets other than goodwill: December 31, 2020 March 31, 2021 (In millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,986.2 $ (624.0) $ 1,362.2 $ 1,987.1 $ (665.4) $ 1,321.7 Property tax abatement 16.0 (7.4) 8.6 16.0 (7.9) 8.1 Other 47.7 (22.2) 25.5 47.6 (27.0) 20.6 Total definite-lived intangible assets 2,049.9 (653.6) 1,396.3 2,050.7 (700.3) 1,350.4 Trade name (indefinite-lived) 250.0 — 250.0 250.0 — 250.0 Total intangible assets other than goodwill $ 2,299.9 $ (653.6) $ 1,646.3 $ 2,300.7 $ (700.3) $ 1,600.4

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: (In millions, except %) December 31, 2020 March 31, 2021 Debt Instrument Maturity Date Interest Rate (1) Amount Interest Rate (1) Amount Prior Term Loan Facility November 3, 2023 4.00% $ 2,795.6 —% $ — Term Loan Facility February 15, 2028 —% — 3.50% 2,300.0 Revolving Credit Facility August 7, 2025 —% — —% — 3.50% Senior Secured Notes February 15, 2028 —% — 3.50% 550.0 5.375% Senior Notes December 1, 2028 5.375% 550.0 5.375% 550.0 Receivables Financing Facility July 19, 2022 2.37% 65.0 2.60% 50.0 Less: unamortized debt issuance costs (44.2) (40.3) Less: unamortized debt discount (3.7) (14.0) Total debt 3,362.7 3,395.7 Less: current portion of debt (43.4) (27.0) Debt, excluding current portion $ 3,319.3 $ 3,368.7 (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, 2021, the interest rate on the Term Loan Facility was 3.50%. Beginning June 30, 2021, we will be required to make quarterly principal payments of $5.8 million. See Note 10, "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, 2021 was $2,277.0 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, 2021, we were in compliance with all covenants under the Senior Facilities. The Revolving Credit Facility matures on August 7, 2025. As of March 31, 2021 we had total commitments of $375.0 million and no outstanding borrowings under the Revolving Credit Facility. 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. We may redeem some or all of the 3.50% Senior Secured Notes at our option prior to February 15, 2024 subject to certain limitations and conditions outlined in the indenture governing the 3.50% Senior Secured Notes (the "3.50% Notes Indenture"). 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% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date. As of March 31, 2021, 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, 2021 was $530.0 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 The 5.375% Senior Notes due 2028 (“5.375% Senior Notes”) mature on December 1, 2028 and, as of March 31, 2021, Rackspace Technology Global was in compliance with all covenants under the indenture governing the 5.375% Senior Notes (the "5.375% Notes Indenture"). The fair value of the 5.375% Senior Notes as of March 31, 2021 was $555.5 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 5.375% Senior Notes are classified as Level 2 within the fair value hierarchy. Accounts Receivable Financing Agreement Under our accounts receivable financing agreement (the "Receivables Financing Facility"), a bankruptcy-remote special purpose vehicle ("SPV") indirectly wholly owned by Rackspace Technology Global granted a security interest in all of its current and future receivables and related assets in exchange for a credit facility permitting borrowings of up to a maximum aggregate amount of $100.0 million from time to time. Rackspace Technology Global is the primary beneficiary of the SPV. As of March 31, 2021, $50.0 million was borrowed and outstanding under the Receivables Financing Facility and the interest rate was 2.60%. Subsequent to March 31, 2021, the SPV repaid a portion of the Receivables Financing Facility in the amount of $5.0 million to cover a borrowing base deficit. As of March 31, 2021, we were in compliance with all covenants under the facility. February 2021 Refinancing Transaction The February 2021 Refinancing Transaction represented an extinguishment and modification of debt. We derecognized $2,795.6 million of the Prior Term Loan Facility and wrote off $9.4 million in unamortized debt issuance costs and debt discount associated with the portion of the Prior Term Loan Facility that was deemed extinguished. We recognized $2,300.0 million borrowed under the Term Loan Facility and $41.0 million of associated debt issuance costs and debt discount, including amounts allocated from the Prior Term Loan Facility, both classified as a direct deduction from the carrying value of non-current debt on our Consolidated Balance Sheets. We recognized $550.0 million aggregate principal amount of the 3.50% Senior Secured Notes due 2028 and $6.8 million of associated debt issuance costs, including amounts allocated from the Prior Term Loan Facility. The February 2021 Refinancing Transaction resulted in expense of $37.0 million recorded within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the 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.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2021
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.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation During the three months ended March 31, 2021, we granted 3.8 million restricted stock units ("RSUs") under the Rackspace Technology, Inc. 2020 Equity Incentive Plan with a weighted-average grant date fair value of $22.67. 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. Share-based compensation expense recogniz ed was as follows: Three Months Ended March 31, (In millions) 2020 2021 Cost of revenue $ 1.8 $ 4.9 Selling, general and administrative expenses 5.7 12.3 Pre-tax share-based compensation expense 7.5 17.2 Less: Income tax benefit (1.6) (3.6) Total share-based compensation expense, net of tax $ 5.9 $ 13.6 As of March 31, 2021, there was $157.0 million of total unrecognized compensation cost related to stock options, RSUs and the ESPP, which will be recognized using the straight-line method over a weighted average period of 2.2 years.

Taxes

Taxes	3 Months Ended
	Mar. 31, 2021
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, 2021, our effective tax rate is lower than the U.S. federal statutory rate of 21% due to the net impact of the geographical 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, as well as executive compensation that is nondeductible under Internal Revenue Code ("IRC") Section 162(m).

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We utilize derivative instruments, including interest rate swap agreements and foreign currency hedging contracts, to manage our exposure to interest rate risk and foreign currency fluctuations. 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 a pproach. As of December 31, 2020, all of our cash flow hedges were highly effective. During the three months ended March 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, as shown in the table below, 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 app roximately $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 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 mature 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 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 March 31, 2021, the cash flow hedge was highly effective. The key terms of interest rate swaps outstanding are presented below: Effective Date Fixed Rate Paid (Received) December 31, 2020 March 31, 2021 Notional Amount (in millions) Status Notional Amount (in millions) Status Maturity Date Entered into December 2016: February 3, 2017 1.7625% $ 150.0 Active $ — Matured February 3, 2021 February 3, 2017 1.9040% 450.0 Active 450.0 Active February 3, 2022 February 3, 2017 1.9040% 450.0 Active 450.0 Active February 3, 2022 Entered into December 2018: February 3, 2019 2.7490% 150.0 Active — Terminated November 3, 2023 February 3, 2020 2.7350% 150.0 Active — Terminated November 3, 2023 February 3, 2021 2.7360% 150.0 Active — Terminated November 3, 2023 February 3, 2022 2.7800% 900.0 Active — Terminated November 3, 2023 Entered into February 2021: February 3, 2021 (1.9040)% — N/A (900.0) Active February 3, 2022 February 9, 2021 2.3820% — N/A 1,350.0 Active February 9, 2026 Total $ 2,400.0 $ 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. Foreign Currency Hedging Contracts The majority of our customers are invoiced, and the majority of our expenses are paid, by us or our subsidiaries in the functional currency of our company or our subsidiaries, respectively. We also have exposure to foreign currency transaction gains and losses as the result of certain receivables due from our foreign subsidiaries. As such, the results of operations and cash flows of our foreign subsidiaries are subject to fluctuations in foreign currency exchange rates. The objective of our foreign currency hedging contracts is to manage our exposure to foreign currency movements. To accomplish this objective, we may enter into foreign currency forward contracts and collars. A forward contract is an agreement to buy or sell a quantity of a currency at a predetermined future date and at a predetermined exchange rate. A collar is a strategy that uses a combination of a purchased put option and a sold call option with equal premiums to hedge a portion of anticipated cash flows, or to limit possible gains or losses on an underlying asset or liability to a specific range. The put and call options have identical notional amounts and settlement dates. In November 2019, we entered into two foreign currency net-zero cost collar contracts with an aggregate notional amount of £100 million and a maturity date of November 30, 2020. Under the terms of the contracts, the British pound sterling to U.S. dollar exchange rate floats between 1.2375 and 1.3475. On March 26, 2020, we settled one of these contracts, with an aggregate notional amount of £50 million, and we received a final net payment of $1.9 million and on November 19, 2020, we settled the remaining contract, with an aggregate notional amount of £50 million, and we made a final net payment of $0.2 million. During 2020, we entered into a series of foreign currency contracts to manage our exposure to movements in the British pound sterling, Euro, and Mexican peso. These contracts had three-month terms and settlement dates throughout the year. None of these contracts settled during the three months ended March 31, 2020. As of December 31, 2020, there was no notional amount outstanding related to these contracts. During the fourth quarter of 2020, we entered into two foreign currency forward contracts. Under the terms of these contracts, on November 30, 2021, we will sell a total of £80 million at an average rate of 1.3388 British pound sterling to U.S. dollar and receive $107.1 million. These contracts are recognized at fair value in the Consolidated Balance Sheets and are valued using pricing models that rely on market observable inputs such as current exchange rates, which are classified as Level 2 inputs within the fair value hierarchy. We have not designated these contracts as cash flow hedges for accounting purposes, therefore, all changes in fair value are recorded in "Other income (expense), net." 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, 2020 and March 31, 2021 were as follows: December 31, 2020 March 31, 2021 (In millions) Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments Location Interest rate swaps Other current assets (1) $ — $ — $ 13.1 $ — Interest rate swaps Other current liabilities — — — 13.0 Foreign currency contracts Other current liabilities — 1.7 — 3.0 Total $ — $ 1.7 $ 13.1 $ 16.0 Derivatives designated as hedging instruments Location Interest rate swaps Other non-current assets $ — $ — $ 17.9 $ — Interest rate swaps Other current liabilities (2) — 22.6 — 21.5 Interest rate swaps Other non-current liabilities (3) — 64.4 — 69.3 Total $ — $ 87.0 $ 17.9 $ 90.8 (1) The entire balance as of March 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 March 31, 2021 includes $17.3 million related to the financing component of the pay-fixed interest rate swap. (3) The entire balance as of March 31, 2021 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, 2020 March 31, 2021 (In millions) Gross Amounts on Balance Sheet Effect of Counter-Party Netting Net Amounts Gross Amounts on Balance Sheet Effect of Counter-Party Netting Net Amounts Assets Interest rate swaps $ — $ — $ — $ 31.0 $ (31.0) $ — Total $ — $ — $ — $ 31.0 $ (31.0) $ — Liabilities Interest rate swaps $ 87.0 $ — $ 87.0 $ 103.8 $ (31.0) $ 72.8 Foreign currency contracts 1.7 — 1.7 3.0 — 3.0 Total $ 88.7 $ — $ 88.7 $ 106.8 $ (31.0) $ 75.8 Effect of Derivatives on the Consolidated Statements of Comprehensive Loss The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2020 and 2021 was as follows: Three Months Ended March 31, (In millions) 2020 2021 Derivatives not designated as hedging instruments Location Interest rate swaps Interest expense $ (3.2) $ (4.6) Foreign currency contracts Other expense, net 3.3 (1.3) Derivatives designated as hedging instruments Location Interest rate swaps Interest expense $ 0.5 $ (2.3) Interest expense was $72.0 million and $52.6 million for the three months ended March 31, 2020 and 2021, respectively. As of March 31, 2021, 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 $24.0 million. See Note 11, "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, 2021, our interest rate swap agreements with an aggregate fair value of $103.8 million were in a net liability position. However, if we were in default, our master netting arrangements with certain of our interest rate swap counterparties contain provisions which could result in net settlement of all outstanding agreements.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	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 Income (Loss) Balance at December 31, 2019 $ 12.0 $ — $ 12.0 Foreign currency translation adjustments, net of tax benefit of $1.2 (20.4) — (20.4) Unrealized loss on derivative contracts, net of tax benefit of $14.0 — (40.7) (40.7) Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense of $0.1 (1) — (0.4) (0.4) Balance at March 31, 2020 $ (8.4) $ (41.1) $ (49.5) (1) Includes amortization of off-market swap value of $1.2 million, partially offset by interest expense recognized of $0.7 million for the three months ended March 31, 2020. (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.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions In connection with the Rackspace Acquisition, we entered into a management consulting agreement with affiliates of Apollo and Searchlight Capital Partners L.P (“Searchlight”), (the “Apollo/Searchlight Management Consulting Agreement”) and a transaction fee agreement with an affiliate of Apollo (the “Transaction Fee Agreement”). In addition, on November 15, 2017, we entered into a management consulting agreement with ABRY Partners, LLC and ABRY Partners II, LLC (collectively, “ABRY”) (the “ABRY Management Consulting Agreement”). For the three months ended March 31, 2020, we recorded $3.6 million of management consulting fees within "Selling, general and administrative expenses" in the Consolidated Statements of Comprehensive Loss. On July 24, 2020, we executed termination letters with each of the parties to the Apollo/Searchlight Management Consulting Agreement, the Transaction Fee Agreement and the ABRY Management Consulting Agreement, whereby all such agreements terminated effective as of the pricing of our initial public offering on August 4, 2020. Therefore no management consulting or transaction fees were accrued or were payable under any of these agreements for periods subsequent to August 4, 2020. Affiliates of ABRY are also Term Loan Facility lenders under the First Lien Credit Agreement. As of March 31, 2021, the outstanding principal amount of the Term Loan Facility was $2,300.0 million, of which $48.0 million, or 2.1%, is due to ABRY affiliates. On February 2, 2021, we issued 2,665,935 shares of common stock to DPH 123, LLC, an ABRY affiliate, for no additional consideration pursuant to the Agreement and Plan of Merger, dated as of September 6, 2017, in connection with our November 15, 2017 acquisition of Datapipe Parent, Inc. Apollo Global Securities, LLC ("Apollo Global Securities"), an affiliate of Apollo, received approximately $0.6 million in connection with their role as an initial purchaser of the 3.50% Senior Secured Notes issued on February 9, 2021. Apollo Global Securities also received $2.3 million in arranger fees in connection with the entry into the Term Loan Facility on February 9, 2021.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	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 non-GAAP gross profit, which is a non-GAAP measure of profitability. For the calculation of non-GAAP 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 segment non-GAAP gross profit to total consolidated gross profit for the three months ended March 31, 2020 and 2021. Three Months Ended March 31, (In millions) 2020 2021 Revenue by segment: Multicloud Services $ 507.9 $ 579.6 Apps & Cross Platform 81.5 97.3 OpenStack Public Cloud 63.3 49.0 Total consolidated revenue $ 652.7 $ 725.9 Non-GAAP gross profit by segment: Multicloud Services $ 196.8 $ 196.4 Apps & Cross Platform 30.1 34.9 OpenStack Public Cloud 29.3 18.6 Less: Share-based compensation expense (1.8) (4.9) Other compensation expense (1) (1.9) (1.3) Purchase accounting impact on expense (2) (1.9) (1.2) Restructuring and transformation expenses (3) (1.3) (7.2) Total consolidated gross profit $ 249.3 $ 235.3 (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.

Company Overview, Basis of Pr_2

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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.
Basis of Presentation	The unaudited consolidated financial statements as of March 31, 2021, and for the three months ended March 31, 2020 and 2021, 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 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, 2020 ("Annual Report on Form 10-K"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report on Form 10-K 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, 2021, and our results of operations, cash flows and stockholders' equity for the three months ended March 31, 2020 and 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2021, or for any other interim period, or for any other future year.
Use of Estimates And Change in Accounting Estimate	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.Change in Accounting EstimateIn March 2021, we completed an assessment of the useful lives of certain assets within the Computers and equipment asset class. The timing of this review was based on a combination of factors accumulating over time that provided the company with updated information to make a better estimate on the economic lives of certain property and equipment. These factors included changes in customer purchasing patterns, technological advancements and the availability of extended equipment warranties. The assessment resulted in a revision within our policy ranges for certain useful lives in this asset class. This change in accounting estimate was effective in the first quarter of 2021.
Reclassifications	Reclassifications Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation. Specifically, the current portion of "Finance lease liabilities" is now presented separately from "Other current liabilities" in the Consolidated Balance Sheets.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which removes certain exceptions to the general principles in Topic 740 and improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We adopted this guidance on January 1, 2021. The adoption of this guidance did not have a mate rial impact on our consolidated financial statements.
Earnings Per Share	Basic loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period.
Derivatives	We utilize derivative instruments, including interest rate swap agreements and foreign currency hedging contracts, to manage our exposure to interest rate risk and foreign currency fluctuations. 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. 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 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 a pproach. As of December 31, 2020, all of our cash flow hedges were highly effective.

Customer Contracts (Tables)

Customer Contracts (Tables)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Balances Related to Customer Contracts	The following table presents the balances related to customer contracts: (In millions) Consolidated Balance Sheets Account December 31, 2020 March 31, 2021 Accounts receivable, net Accounts receivable, net (1) $ 483.0 $ 488.8 Current portion of contract assets Other current assets 12.2 13.6 Non-current portion of contract assets Other non-current assets 13.9 12.1 Current portion of deferred revenue Deferred revenue 76.7 89.0 Non-current portion of deferred revenue Other non-current liabilities 14.2 13.4
Schedule of Capitalized Contract Cost	Amortization of capitalized sales commissions and implementation costs was as follows: Three Months Ended March 31, (In millions) 2020 2021 Amortization of capitalized sales commissions $ 10.9 $ 10.8 Amortization of capitalized implementation costs 4.2 4.4

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (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) 2020 2021 Basic and diluted net loss per share: Net loss attributable to common stockholders $ (48.2) $ (64.0) Weighted average shares outstanding: Common stock 165.4 204.6 Number of shares used in per share computations 165.4 204.6 Net loss per share $ (0.29) $ (0.31)

Property, Equipment, and Soft_2

Property, Equipment, and Software, net (Tables)	3 Months Ended
	Mar. 31, 2021
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, March 31, Computers and equipment $ 1,191.8 $ 1,199.1 Software 472.4 481.7 Furniture and fixtures 22.4 21.5 Buildings and leasehold improvements 513.1 512.9 Land 32.6 21.2 Property, equipment and software, at cost 2,232.3 2,236.4 Less: Accumulated depreciation (1,366.8) (1,389.4) Work in process 19.1 23.7 Property, equipment and software, net $ 884.6 $ 870.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
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, 2020 (1) $ 2,386.0 $ 322.6 $ 52.5 $ 2,761.1 Foreign currency translation 2.1 0.2 0.1 2.4 Balance as of March 31, 2021 $ 2,388.1 $ 322.8 $ 52.6 $ 2,763.5 (1) Multicloud Services had accumulated impairment charges of $295.0 million as of December 31, 2020.
Schedule of Finite-Lived Intangible Assets Other Than Goodwill	The following table provides information regarding our intangible assets other than goodwill: December 31, 2020 March 31, 2021 (In millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,986.2 $ (624.0) $ 1,362.2 $ 1,987.1 $ (665.4) $ 1,321.7 Property tax abatement 16.0 (7.4) 8.6 16.0 (7.9) 8.1 Other 47.7 (22.2) 25.5 47.6 (27.0) 20.6 Total definite-lived intangible assets 2,049.9 (653.6) 1,396.3 2,050.7 (700.3) 1,350.4 Trade name (indefinite-lived) 250.0 — 250.0 250.0 — 250.0 Total intangible assets other than goodwill $ 2,299.9 $ (653.6) $ 1,646.3 $ 2,300.7 $ (700.3) $ 1,600.4
Schedule of Indefinite-Lived Intangible Assets Other Than Goodwill	The following table provides information regarding our intangible assets other than goodwill: December 31, 2020 March 31, 2021 (In millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,986.2 $ (624.0) $ 1,362.2 $ 1,987.1 $ (665.4) $ 1,321.7 Property tax abatement 16.0 (7.4) 8.6 16.0 (7.9) 8.1 Other 47.7 (22.2) 25.5 47.6 (27.0) 20.6 Total definite-lived intangible assets 2,049.9 (653.6) 1,396.3 2,050.7 (700.3) 1,350.4 Trade name (indefinite-lived) 250.0 — 250.0 250.0 — 250.0 Total intangible assets other than goodwill $ 2,299.9 $ (653.6) $ 1,646.3 $ 2,300.7 $ (700.3) $ 1,600.4

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt consisted of the following: (In millions, except %) December 31, 2020 March 31, 2021 Debt Instrument Maturity Date Interest Rate (1) Amount Interest Rate (1) Amount Prior Term Loan Facility November 3, 2023 4.00% $ 2,795.6 —% $ — Term Loan Facility February 15, 2028 —% — 3.50% 2,300.0 Revolving Credit Facility August 7, 2025 —% — —% — 3.50% Senior Secured Notes February 15, 2028 —% — 3.50% 550.0 5.375% Senior Notes December 1, 2028 5.375% 550.0 5.375% 550.0 Receivables Financing Facility July 19, 2022 2.37% 65.0 2.60% 50.0 Less: unamortized debt issuance costs (44.2) (40.3) Less: unamortized debt discount (3.7) (14.0) Total debt 3,362.7 3,395.7 Less: current portion of debt (43.4) (27.0) Debt, excluding current portion $ 3,319.3 $ 3,368.7 (1) Interest rates are as of each respective balance sheet date.

Share-Based Compensation and Se

Share-Based Compensation and Settlement of Share-Based Awards (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense Recognized Under the Incentive Plan	Share-based compensation expense recogniz ed was as follows: Three Months Ended March 31, (In millions) 2020 2021 Cost of revenue $ 1.8 $ 4.9 Selling, general and administrative expenses 5.7 12.3 Pre-tax share-based compensation expense 7.5 17.2 Less: Income tax benefit (1.6) (3.6) Total share-based compensation expense, net of tax $ 5.9 $ 13.6

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The key terms of interest rate swaps outstanding are presented below: Effective Date Fixed Rate Paid (Received) December 31, 2020 March 31, 2021 Notional Amount (in millions) Status Notional Amount (in millions) Status Maturity Date Entered into December 2016: February 3, 2017 1.7625% $ 150.0 Active $ — Matured February 3, 2021 February 3, 2017 1.9040% 450.0 Active 450.0 Active February 3, 2022 February 3, 2017 1.9040% 450.0 Active 450.0 Active February 3, 2022 Entered into December 2018: February 3, 2019 2.7490% 150.0 Active — Terminated November 3, 2023 February 3, 2020 2.7350% 150.0 Active — Terminated November 3, 2023 February 3, 2021 2.7360% 150.0 Active — Terminated November 3, 2023 February 3, 2022 2.7800% 900.0 Active — Terminated November 3, 2023 Entered into February 2021: February 3, 2021 (1.9040)% — N/A (900.0) Active February 3, 2022 February 9, 2021 2.3820% — N/A 1,350.0 Active February 9, 2026 Total $ 2,400.0 $ 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, 2020 and March 31, 2021 were as follows: December 31, 2020 March 31, 2021 (In millions) Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments Location Interest rate swaps Other current assets (1) $ — $ — $ 13.1 $ — Interest rate swaps Other current liabilities — — — 13.0 Foreign currency contracts Other current liabilities — 1.7 — 3.0 Total $ — $ 1.7 $ 13.1 $ 16.0 Derivatives designated as hedging instruments Location Interest rate swaps Other non-current assets $ — $ — $ 17.9 $ — Interest rate swaps Other current liabilities (2) — 22.6 — 21.5 Interest rate swaps Other non-current liabilities (3) — 64.4 — 69.3 Total $ — $ 87.0 $ 17.9 $ 90.8 (1) The entire balance as of March 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 March 31, 2021 includes $17.3 million related to the financing component of the pay-fixed interest rate swap. (3) The entire balance as of March 31, 2021 is comprised of the financing component of the pay-fixed interest rate swap.
Schedule Offsetting Assets Under Master Netting Arrangements	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, 2020 March 31, 2021 (In millions) Gross Amounts on Balance Sheet Effect of Counter-Party Netting Net Amounts Gross Amounts on Balance Sheet Effect of Counter-Party Netting Net Amounts Assets Interest rate swaps $ — $ — $ — $ 31.0 $ (31.0) $ — Total $ — $ — $ — $ 31.0 $ (31.0) $ — Liabilities Interest rate swaps $ 87.0 $ — $ 87.0 $ 103.8 $ (31.0) $ 72.8 Foreign currency contracts 1.7 — 1.7 3.0 — 3.0 Total $ 88.7 $ — $ 88.7 $ 106.8 $ (31.0) $ 75.8
Schedule Offsetting Liabilities Under Master Netting Arrangements	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, 2020 March 31, 2021 (In millions) Gross Amounts on Balance Sheet Effect of Counter-Party Netting Net Amounts Gross Amounts on Balance Sheet Effect of Counter-Party Netting Net Amounts Assets Interest rate swaps $ — $ — $ — $ 31.0 $ (31.0) $ — Total $ — $ — $ — $ 31.0 $ (31.0) $ — Liabilities Interest rate swaps $ 87.0 $ — $ 87.0 $ 103.8 $ (31.0) $ 72.8 Foreign currency contracts 1.7 — 1.7 3.0 — 3.0 Total $ 88.7 $ — $ 88.7 $ 106.8 $ (31.0) $ 75.8
Schedule of Derivative Instruments, Effect on Comprehensive Income (Loss)	The effect of our derivatives and their location on the Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2020 and 2021 was as follows: Three Months Ended March 31, (In millions) 2020 2021 Derivatives not designated as hedging instruments Location Interest rate swaps Interest expense $ (3.2) $ (4.6) Foreign currency contracts Other expense, net 3.3 (1.3) Derivatives designated as hedging instruments Location Interest rate swaps Interest expense $ 0.5 $ (2.3)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
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 Income (Loss) Balance at December 31, 2019 $ 12.0 $ — $ 12.0 Foreign currency translation adjustments, net of tax benefit of $1.2 (20.4) — (20.4) Unrealized loss on derivative contracts, net of tax benefit of $14.0 — (40.7) (40.7) Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax expense of $0.1 (1) — (0.4) (0.4) Balance at March 31, 2020 $ (8.4) $ (41.1) $ (49.5) (1) Includes amortization of off-market swap value of $1.2 million, partially offset by interest expense recognized of $0.7 million for the three months ended March 31, 2020. (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.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Reconciliation of Revenue from Segments to Consolidated	The table below presents a reconciliation of revenue by reportable segment to consolidated revenue and a reconciliation of segment non-GAAP gross profit to total consolidated gross profit for the three months ended March 31, 2020 and 2021. Three Months Ended March 31, (In millions) 2020 2021 Revenue by segment: Multicloud Services $ 507.9 $ 579.6 Apps & Cross Platform 81.5 97.3 OpenStack Public Cloud 63.3 49.0 Total consolidated revenue $ 652.7 $ 725.9 Non-GAAP gross profit by segment: Multicloud Services $ 196.8 $ 196.4 Apps & Cross Platform 30.1 34.9 OpenStack Public Cloud 29.3 18.6 Less: Share-based compensation expense (1.8) (4.9) Other compensation expense (1) (1.9) (1.3) Purchase accounting impact on expense (2) (1.9) (1.2) Restructuring and transformation expenses (3) (1.3) (7.2) Total consolidated gross profit $ 249.3 $ 235.3 (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.
Reconciliation of Gross Profit from Segments to Consolidated	The table below presents a reconciliation of revenue by reportable segment to consolidated revenue and a reconciliation of segment non-GAAP gross profit to total consolidated gross profit for the three months ended March 31, 2020 and 2021. Three Months Ended March 31, (In millions) 2020 2021 Revenue by segment: Multicloud Services $ 507.9 $ 579.6 Apps & Cross Platform 81.5 97.3 OpenStack Public Cloud 63.3 49.0 Total consolidated revenue $ 652.7 $ 725.9 Non-GAAP gross profit by segment: Multicloud Services $ 196.8 $ 196.4 Apps & Cross Platform 30.1 34.9 OpenStack Public Cloud 29.3 18.6 Less: Share-based compensation expense (1.8) (4.9) Other compensation expense (1) (1.9) (1.3) Purchase accounting impact on expense (2) (1.9) (1.2) Restructuring and transformation expenses (3) (1.3) (7.2) Total consolidated gross profit $ 249.3 $ 235.3 (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.

Company Overview, Basis of Pr_3

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Service Life
Subsequent Event [Line Items]
Decrease in depreciation expense	$ 6.6

Customer Contracts - Schedule o

Customer Contracts - Schedule of Balances Related to Customer Contracts (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 488.8	$ 483
Current portion of contract assets	13.6	12.2
Non-current portion of contract assets	12.1	13.9
Deferred revenue	89	76.7
Non-current portion of deferred revenue	13.4	14.2
Allowance for doubtful accounts and accrued customer credits	$ 24	$ 28.3

Customer Contracts - Narrative

Customer Contracts - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Capitalized Contract Cost [Line Items]
Revenue recognized included in deferred revenue	$ 34.6	$ 35.2
Cost To Obtain A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	57.8		$ 59.3
Cost To Fulfill A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 25.2		$ 25

Customer Contracts - Schedule_2

Customer Contracts - Schedule of Amortization of Capitalized Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Amortization of capitalized sales commissions
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 10.8	$ 10.9
Amortization of capitalized implementation costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 4.4	$ 4.2

Customer Contracts - Remaining

Customer Contracts - Remaining Performance Obligations (Details) $ in Millions	Mar. 31, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 872.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized, percentage	63.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Net Loss Per Share - Computatio

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, 2021	Mar. 31, 2020
Net loss per share:
Net loss attributable to common stockholders	$ (64)	$ (48.2)
Common stock (in shares)	204.6	165.4
Number of shares used in per share computations (in shares)	204.6	165.4
Net loss per share (in usd per share)	$ (0.31)	$ (0.29)

Net Loss Per Share - Narrative

Net Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from computation of dilutive net income (loss) per share (in shares)	21.7	25

Property, Equipment, and Soft_3

Property, Equipment, and Software, net - Schedule of Property, Equipment, and Software, net (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	$ 2,236.4	$ 2,232.3
Less: Accumulated depreciation	(1,389.4)	(1,366.8)
Property, equipment and software, net	870.7	884.6
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	1,199.1	1,191.8
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	481.7	472.4
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	21.5	22.4
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	512.9	513.1
Land
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	21.2	32.6
Work in process
Property, Plant and Equipment [Line Items]
Work in process	$ 23.7	$ 19.1

Property, Equipment, and Soft_4

Property, Equipment, and Software, net - Narrative (Details) - USD ($) $ in Millions	Jan. 15, 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 Asset_2

Goodwill and Intangible Assets - Changes in Carrying Amounts of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 2,761.1
Foreign currency translation	2.4
Goodwill, ending balance	2,763.5
Multicloud Services
Goodwill [Roll Forward]
Goodwill, beginning balance	2,386
Foreign currency translation	2.1
Goodwill, ending balance	2,388.1
Less: Accumulated impairment charges		$ (295)
Apps & Cross Platform
Goodwill [Roll Forward]
Goodwill, beginning balance	322.6
Foreign currency translation	0.2
Goodwill, ending balance	322.8
OpenStack Public Cloud
Goodwill [Roll Forward]
Goodwill, beginning balance	52.5
Foreign currency translation	0.1
Goodwill, ending balance	$ 52.6

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,050.7	$ 2,049.9
Accumulated amortization	(700.3)	(653.6)
Net carrying amount	1,350.4	1,396.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	2,300.7	2,299.9
Accumulated amortization	(700.3)	(653.6)
Net carrying amount	1,600.4	1,646.3
Trade name (indefinite-lived)
Indefinite-lived Intangible Assets [Line Items]
Trade name (indefinite-lived)	250	250
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,987.1	1,986.2
Accumulated amortization	(665.4)	(624)
Net carrying amount	1,321.7	1,362.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(665.4)	(624)
Property tax abatement
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	16	16
Accumulated amortization	(7.9)	(7.4)
Net carrying amount	8.1	8.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(7.9)	(7.4)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	47.6	47.7
Accumulated amortization	(27)	(22.2)
Net carrying amount	20.6	25.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (27)	$ (22.2)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (40.3)		$ (44.2)
Less: unamortized debt discount	(14)		(3.7)
Total debt	3,395.7		3,362.7
Less: current portion of debt	(27)		(43.4)
Debt, excluding current portion	$ 3,368.7		$ 3,319.3
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Less: unamortized debt issuance costs		$ (6.8)

Debt - Narrative (Details)

Debt - Narrative (Details)	Feb. 09, 2021USD ($)	May 10, 2021USD ($)	Feb. 28, 2021USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Feb. 15, 2028USD ($)	Dec. 31, 2020USD ($)	Mar. 19, 2020USD ($)
Debt Instrument [Line Items]
Outstanding borrowings				$ 3,395,700,000			$ 3,362,700,000
Unamortized debt issuance cost				40,300,000			$ 44,200,000
Debt modification and extinguishment costs				$ 37,000,000	$ 0
Loan modification fee			$ 27,600,000
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Unamortized debt issuance cost			6,800,000
Debt modification and extinguishment costs			37,000,000
Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, unamortized discount and debt issuance costs			9,400,000
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%			0.00%
Fair value of debt				$ 2,277,000,000
Principal balance				2,300,000,000			$ 0
Debt Instrument, unamortized discount and debt issuance costs			$ 41,000,000
Term Loan Facility | Term Loan Facility | Forecast
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%
Term Loan Facility | Senior Facilities
Debt Instrument [Line Items]
Principal balance				$ 2,300,000,000
Term Loan Facility | Senior Facilities | Federal Funds Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Term Loan Facility | Senior Facilities | One-month Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Term Loan Facility | Prior Term Loan Facility
Debt Instrument [Line Items]
Effective interest rate				0.00%			4.00%
Principal balance				$ 0			$ 2,795,600,000
Line of Credit | Receivables Financing Facility
Debt Instrument [Line Items]
Effective interest rate				2.60%			2.37%
Principal balance				$ 50,000,000			$ 65,000,000
Senior notes | 3.50% Senior Secured Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 550,000,000
Interest rate	3.50%			3.50%			0.00%
Fair value of debt				$ 530,000,000
Principal balance				$ 550,000,000			$ 0
Redemption price, percentage				101.00%
Senior notes | Senior Notes, 5.375%, Due 2028
Debt Instrument [Line Items]
Interest rate				5.375%			5.375%
Principal balance				$ 550,000,000			$ 550,000,000
Fair value				$ 555,500,000
Revolving Credit Facility | Line of Credit
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%
Effective interest rate				0.00%			0.00%
Principal balance				$ 0			$ 0
Revolving Credit Facility | Line of Credit | Senior Facilities
Debt Instrument [Line Items]
Debt instrument, leverage ratio	5
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%
Revolving Credit Facility | Line of Credit | Senior Facilities | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3.00%
Revolving Credit Facility | Line of Credit | Senior Facilities | Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.00%
Revolving Credit Facility | Line of Credit | Receivables Financing Facility
Debt Instrument [Line Items]
Total commitments								$ 100,000,000
Outstanding borrowings				$ 50,000,000
Interest rate at period end				2.60%
Revolving Credit Facility | Line of Credit | Receivables Financing Facility | Subsequent Event
Debt Instrument [Line Items]
Repayments of lines of credit		$ 5,000,000

Share-Based Compensation and _2

Share-Based Compensation and Settlement of Share-Based Awards - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)$ / sharesshares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares) | shares	3.8
Weighted average grant date fair value, RSUs granted during period (in usd per share) | $ / shares	$ 22.67
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Unrecognized compensation cost | $	$ 157
Unrecognized compensation cost, period for recognition	2 years 2 months 12 days

Share-Based Compensation and _3

Share-Based Compensation and Settlement of Share-Based Awards - Schedule of Share-Based Compensation Expense Recognized Under the Incentive Plan (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 17.2	$ 7.5
Less: Income tax benefit	(3.6)	(1.6)
Total share-based compensation expense, net of tax	13.6	5.9
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4.9	1.8
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 12.3	$ 5.7

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swaps Outstanding (Details) - USD ($)	Mar. 31, 2021	Feb. 12, 2021	Dec. 31, 2020
Interest rate swaps
Derivative [Line Items]
Derivative, fixed interest rate		2.382%
Derivative, notional amount	$ 1,350,000,000	$ 900,000,000	$ 2,400,000,000
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Derivative, fixed interest rate			1.7625%
Derivative, notional amount			$ 150,000,000
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Derivative, fixed interest rate	1.904%
Derivative, notional amount	$ 450,000,000		450,000,000
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Derivative, fixed interest rate	1.904%
Derivative, notional amount	$ 450,000,000		$ 450,000,000
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Derivative, fixed interest rate			2.749%
Derivative, notional amount			$ 150,000,000
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Derivative, fixed interest rate			2.735%
Derivative, notional amount			$ 150,000,000
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Derivative, fixed interest rate			2.736%
Derivative, notional amount			$ 150,000,000
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Derivative, fixed interest rate			2.78%
Derivative, notional amount			$ 900,000,000
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Derivative, fixed interest rate	(1.904%)
Derivative, notional amount	$ (900,000,000)
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Derivative, fixed interest rate	2.382%
Derivative, notional amount	$ 1,350,000,000

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)

3 Months Ended

12 Months Ended

Mar. 31, 2021USD ($)instrument

Mar. 31, 2020USD ($)

Dec. 31, 2020USD ($)segment

Feb. 12, 2021USD ($)

Jan. 31, 2021USD ($)

Dec. 31, 2020GBP (£)segment

Nov. 19, 2020USD ($)

Nov. 19, 2020GBP (£)

Mar. 26, 2020USD ($)instrument

Mar. 26, 2020GBP (£)instrument

Jan. 09, 2020USD ($)

Nov. 30, 2019GBP (£)instrument£ / $

Derivative [Line Items]

Liabilities

$ 106,800,000

$ 88,700,000

Accumulated other comprehensive loss

(2,200,000)

(18,600,000)

Interest expense

52,600,000

$ 72,000,000

Cash flow hedge losses expected to be reclassified as an increase to interest expense over the next twelve months

24,000,000

Derivatives designated as hedging instruments

Derivative [Line Items]

Liabilities

90,800,000

87,000,000

Interest rate swaps

Derivative [Line Items]

Liabilities

103,800,000

87,000,000

Derivative, notional amount

$ 1,350,000,000

2,400,000,000

$ 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 | Cash Flow Hedging | Derivatives designated as hedging instruments

Derivative [Line Items]

Liabilities

$ 39,900,000

Foreign Currency Net Zero Cost Collar Contract - Entered In November 2019

Derivative [Line Items]

Derivative, notional amount | £

£ 100,000,000

Number of derivative instruments | instrument

2

Number of derivative instruments settled | instrument

1

1

Notional amount settled | £

£ 50,000,000

£ 50,000,000

Net payment (receipt) after settlement

$ 200,000

$ (1,900,000)

Foreign Currency Net Zero Cost Collar Contract - Entered In November 2019 | Minimum

Derivative [Line Items]

Forward exchange rate | £ / $

1.2375

Foreign Currency Net Zero Cost Collar Contract - Entered In November 2019 | Maximum

Derivative [Line Items]

Forward exchange rate | £ / $

1.3475

Foreign Currency Forward Contract - Entered in March 2020

Derivative [Line Items]

Derivative, notional amount

$ 0

Derivative term of contract

3 months

Foreign Currency Forward Contract - Entered in June 2020

Derivative [Line Items]

Derivative, notional amount

$ 107,100,000

£ 80,000,000

Number of derivative instruments | segment

2

2

Forward exchange rate

1.3388

1.3388

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 - Schedule of Fair

Derivatives - Schedule of Fair Values of Derivatives on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Assets	$ 31	$ 0
Liabilities	106.8	88.7
Foreign currency contracts
Derivatives, Fair Value [Line Items]
Liabilities	3	1.7
Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	31	0
Liabilities	103.8	87
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	13.1	0
Liabilities	16	1.7
Derivatives not designated as hedging instruments | Other current assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	13.1	0
Liabilities	0	0
Derivatives not designated as hedging instruments | Other current liabilities | Foreign currency contracts
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	3	1.7
Derivatives not designated as hedging instruments | Other current liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	13	0
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	17.9	0
Liabilities	90.8	87
Derivatives designated as hedging instruments | Other current liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	21.5	22.6
Derivatives designated as hedging instruments | Other current liabilities | Pay-Fixed Interest Rate Swap
Derivatives, Fair Value [Line Items]
Liabilities	17.3
Derivatives designated as hedging instruments | Other non-current assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	17.9	0
Liabilities	0	0
Derivatives designated as hedging instruments | Other non-current liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ 69.3	$ 64.4

Derivatives - Derivatives Prese

Derivatives - Derivatives Presented on a Net Asset and Net Liability basis (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Assets
Gross Amounts on Balance Sheet	$ 31	$ 0
Effect of Counter-Party Netting	(31)	0
Net Amounts	0	0
Liabilities
Gross Amounts on Balance Sheet	106.8	88.7
Effect of Counter-Party Netting	(31)	0
Net Amounts	75.8	88.7
Interest rate swaps
Assets
Gross Amounts on Balance Sheet	31	0
Effect of Counter-Party Netting	(31)	0
Net Amounts	0	0
Liabilities
Gross Amounts on Balance Sheet	103.8	87
Effect of Counter-Party Netting	(31)	0
Net Amounts	72.8	87
Foreign currency contracts
Liabilities
Gross Amounts on Balance Sheet	3	1.7
Effect of Counter-Party Netting	0	0
Net Amounts	$ 3	$ 1.7

Derivatives - Effect of Derivat

Derivatives - Effect of Derivatives on the Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest expense | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ (4.6)	$ (3.2)
Derivatives designated as hedging instruments	(2.3)	0.5
Other expense, net | Foreign currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ (1.3)	$ 3.3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,383.7	$ 898.8
Foreign currency translation adjustments	3	(20.4)
Unrealized gain (loss) on derivative contracts	9.4	(40.7)
Amount reclassified from accumulated comprehensive income (loss) into earnings, net of tax benefit	4	(0.4)
Ending balance	1,375.2	796.6
Foreign currency translation adjustment, tax benefit	0.1	1.2
Unrealized losses on derivative contracts, before reclassification, tax expense (benefit)	3.2	14
Tax benefit, reclassification from AOCI	1.4	0.1
Interest expense	52.6	72
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Interest expense	2.8	1.2
Amortization of off-market swap	2.6	0.7
Accumulated Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	20.8	12
Foreign currency translation adjustments	3	(20.4)
Unrealized gain (loss) on derivative contracts	0	0
Amount reclassified from accumulated comprehensive income (loss) into earnings, net of tax benefit	0	0
Ending balance	23.8	(8.4)
Accumulated Loss on Derivative Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(39.4)	0
Foreign currency translation adjustments	0	0
Unrealized gain (loss) on derivative contracts	9.4	(40.7)
Amount reclassified from accumulated comprehensive income (loss) into earnings, net of tax benefit	4	(0.4)
Ending balance	(26)	(41.1)
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(18.6)	12
Ending balance	$ (2.2)	$ (49.5)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Feb. 09, 2021	Feb. 02, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Datapipe Parent Inc
Related Party Transaction [Line Items]
Equity issued in acquisition (in shares)		2,665,935
Term Loan Facility | Senior Facilities
Related Party Transaction [Line Items]
Principal balance				$ 2,300
Senior notes | 3.50% Senior Secured Notes
Related Party Transaction [Line Items]
Principal balance				$ 550	$ 0
Interest Rate	3.50%			3.50%	0.00%
Apollo Global Securities, LLC | Senior notes
Related Party Transaction [Line Items]
Underwriting fees	$ 0.6
Arranger Fees | Apollo Global Securities, LLC
Related Party Transaction [Line Items]
Underwriting fees	$ 2.3
Affiliated Entity | Affiliates of ABRY | Term Loan Facility | Senior Facilities
Related Party Transaction [Line Items]
Principal balance				$ 48
Percentage of debt due to related party				2.10%
Affiliated Entity | Consulting Fees | ABRY
Related Party Transaction [Line Items]
Related party consulting fees			$ 3.6

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Revenue and Gross Profits from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 725.9	$ 652.7
Gross profit	235.3	249.3
Share-based compensation expense	(17.2)	(7.5)
Other compensation expense	(1.3)	(1.9)
Purchase accounting impact on expense	(1.2)	(1.9)
Restructuring and transformation expenses	(7.2)	(1.3)
Cost of revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Share-based compensation expense	(4.9)	(1.8)
Multicloud Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	579.6	507.9
Gross profit	196.4	196.8
Apps & Cross Platform
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	97.3	81.5
Gross profit	34.9	30.1
OpenStack Public Cloud
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	49	63.3
Gross profit	$ 18.6	$ 29.3

Uncategorized Items - rxt-20210

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 3,300,000
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 3,400,000