Rackspace Technology (RXT) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 04, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-39420
Entity Registrant Name	RACKSPACE TECHNOLOGY, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3369925
Entity Address, Address Line One	1 Fanatical Place
Entity Address, Address Line Two	City of Windcrest
Entity Address, City or Town	San Antonio
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78218
City Area Code	210
Local Phone Number	312-4000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	RXT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		211,109,876
Entity Central Index Key	0001810019
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 249.1	$ 272.8
Accounts receivable, net of allowance for credit losses and accrued customer credits of $18.4 and $19.3, respectively	593.4	554.3
Prepaid expenses	95.1	110
Other current assets	96.3	52.4
Total current assets	1,033.9	989.5
Property, equipment and software, net	707.5	826.7
Goodwill, net	2,270.6	2,706.8
Intangible assets, net	1,291.1	1,466.5
Operating right-of-use assets	138.3	161.8
Other non-current assets	246.3	177.4
Total assets	5,687.7	6,328.7
Current liabilities:
Accounts payable and accrued expenses	409.1	369.5
Accrued compensation and benefits	92.7	104.5
Deferred revenue	88.3	98.6
Debt	23	23
Accrued interest	33.3	27.6
Operating lease liabilities	55.8	60.4
Finance lease liabilities	62.2	64.6
Financing obligations	25.1	48
Other current liabilities	36.8	41.2
Total current liabilities	826.3	837.4
Non-current liabilities:
Debt	3,299.3	3,310.9
Operating lease liabilities	88.4	114.8
Finance lease liabilities	303.4	345.1
Financing obligations	50.9	62.9
Deferred income taxes	187.2	205.8
Other non-current liabilities	116.6	124.4
Total liabilities	4,872.1	5,001.3
Commitments and Contingencies (Note 7)
Stockholders' equity:
Preferred stock, $0.01 par value per share: 5.0 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value per share: 1,495.0 shares authorized; 211.2 and 214.2 shares issued; 211.2 and 211.1 shares outstanding, respectively	2.1	2.1
Additional paid-in capital	2,562.3	2,500
Accumulated other comprehensive income	54.6	6.9
Accumulated deficit	(1,772.4)	(1,181.6)
Treasury stock, at cost; zero and 3.1 shares held, respectively	(31)	0
Total stockholders' equity	815.6	1,327.4
Total liabilities and stockholders' equity	$ 5,687.7	$ 6,328.7

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Allowance for doubtful accounts and accrued customer credits	$ 19.3	$ 18.4
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)	214,200,000	211,200,000
Common stock, shares outstanding (in shares)	211,100,000	211,200,000
Treasury stock, at cost (in shares)	3,100,000	0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Revenue	$ 787.6	$ 762.5	$ 2,335.3	$ 2,232.2
Cost of revenue	(580.5)	(530.8)	(1,678.2)	(1,529.7)
Gross profit	207.1	231.7	657.1	702.5
Selling, general and administrative expenses	(219.9)	(234.6)	(645)	(698.2)
Impairment of goodwill	(405.2)	0	(405.2)	0
Impairment of assets	(58.7)	0	(58.7)	0
Gain on sale of land	0	0	0	19.9
Income (loss) from operations	(476.7)	(2.9)	(451.8)	24.2
Other income (expense):
Interest expense	(52.3)	(51.5)	(152.9)	(154.6)
Loss on investments, net	(0.1)	0	(0.4)	(3.6)
Debt modification and extinguishment costs	0	0	0	(37.5)
Other income (expense), net	(6)	0.1	(15.5)	(1.1)
Total other income (expense)	(58.4)	(51.4)	(168.8)	(196.8)
Loss before income taxes	(535.1)	(54.3)	(620.6)	(172.6)
Benefit for income taxes	23.4	19.5	29.8	37.2
Net loss	(511.7)	(34.8)	(590.8)	(135.4)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	(22.5)	(8.8)	(45.3)	(3.1)
Unrealized gain on derivative contracts	31.4	0.6	84.7	4
Amount reclassified from accumulated other comprehensive income (loss) to earnings	0.6	4.5	8.3	13
Other comprehensive income (loss)	9.5	(3.7)	47.7	13.9
Comprehensive loss	$ (502.2)	$ (38.5)	$ (543.1)	$ (121.5)
Net loss per share:
Basic (in dollars per share)	$ (2.43)	$ (0.17)	$ (2.80)	$ (0.65)
Diluted (in dollars per share)	$ (2.43)	$ (0.17)	$ (2.80)	$ (0.65)
Weighted average shares outstanding:
Basic (in shares)	210.8	209.3	210.7	207.3
Diluted (in shares)	210.8	209.3	210.7	207.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flows From Operating Activities
Net loss	$ (590.8)	$ (135.4)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	296.4	321.2
Amortization of operating right-of-use assets	44	51.4
Deferred income taxes	(46.7)	(35.2)
Share-based compensation expense	59.5	56.7
Impairment of goodwill	405.2	0
Impairment of assets	58.7	0
Gain on sale of land	0	(19.9)
Debt modification and extinguishment costs	0	37.5
Unrealized loss on derivative contracts	13.9	12.7
Loss on investments, net	0.4	3.6
Provision for bad debts and accrued customer credits	6.7	(6.1)
Amortization of debt issuance costs and debt discount	6	6.8
Non-cash fair value adjustments	3	0
Other operating activities	(0.3)	(1.3)
Changes in operating assets and liabilities:
Accounts receivable	(50.8)	(44.6)
Prepaid expenses and other current assets	2.4	20.1
Accounts payable, accrued expenses, and other current liabilities	46.6	87.1
Deferred revenue	(15.3)	14.4
Operating lease liabilities	(50.3)	(49.1)
Other non-current assets and liabilities	30.6	(8.7)
Net cash provided by operating activities	219.2	311.2
Cash Flows From Investing Activities
Purchases of property, equipment and software	(65.4)	(87.2)
Acquisitions, net of cash acquired	(7.7)	0
Proceeds from sale of land	0	31.3
Purchase of convertible promissory note	(15)	0
Other investing activities	4.6	3.7
Net cash used in investing activities	(83.5)	(52.2)
Cash Flows From Financing Activities
Proceeds from employee stock plans	2.7	51.4
Shares of common stock repurchased	(31)	0
Proceeds from borrowings under long-term debt arrangements	0	2,838.5
Payments on long-term debt	(17.3)	(2,872.1)
Payments for debt issuance costs	0	(34.5)
Payments on financing component of interest rate swap	(12.9)	(8.6)
Principal payments of finance lease liabilities	(49.6)	(35.7)
Principal payments of financing obligations	(37.4)	(40.6)
Other financing activities	(3.3)	0
Net cash used in financing activities	(148.8)	(101.6)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(10.2)	(2.1)
Increase (decrease) in cash, cash equivalents, and restricted cash	(23.3)	155.3
Cash, cash equivalents, and restricted cash at beginning of period	275.4	108.1
Cash, cash equivalents, and restricted cash at end of period	252.1	263.4
Supplemental Cash Flow Information
Cash payments for interest, net of amount capitalized	127.1	132.3
Cash payments for income taxes, net of refunds	9	7.5
Non-cash Investing and Financing Activities
Acquisition of property, equipment and software by finance leases	19.6	52.6
Acquisition of property, equipment and software by financing obligations	7.1	42.7
Increase (decrease) in property, equipment and software accrued in liabilities	6.9	(6.8)
Non-cash purchases of property, equipment and software	33.6	88.5
Other non-cash investing and financing activities	0	0.7
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	249.1	260
Restricted cash included in other non-current assets	3	3.4
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows	$ 252.1	$ 263.4

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 Loss	Accumulated Deficit	Treasury Stock, at Cost
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)	$ 0
Beginning balance (in shares) at Dec. 31, 2020						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		2.7
Exercise of stock options and release of stock awards (in shares)		5
Exercise of stock options and release of stock awards	45.8	$ 0.1	45.7
Issuance of shares from Employee Stock Purchase Plans (in shares)		0.4
Issuance of shares from Employee Stock Purchase Plans	6.3		6.3
Share-based compensation expense	56.7		56.7
Net loss	(135.4)				(135.4)
Other comprehensive income (loss)	13.9			13.9
Ending balance (in shares) at Sep. 30, 2021		209.9
Ending balance at Sep. 30, 2021	1,371	$ 2.1	2,472.3	(4.7)	(1,098.7)	$ 0
Ending balance (in shares) at Sep. 30, 2021						0
Beginning balance (in shares) at Jun. 30, 2021		209
Beginning balance at Jun. 30, 2021	1,382.5	$ 2.1	2,445.3	(1)	(1,063.9)	$ 0
Beginning balance (in shares) at Jun. 30, 2021						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		0.9
Exercise of stock options and release of stock awards	7.9		7.9
Share-based compensation expense	19.1		19.1
Net loss	(34.8)				(34.8)
Other comprehensive income (loss)	(3.7)			(3.7)
Ending balance (in shares) at Sep. 30, 2021		209.9
Ending balance at Sep. 30, 2021	$ 1,371	$ 2.1	2,472.3	(4.7)	(1,098.7)	$ 0
Ending balance (in shares) at Sep. 30, 2021						0
Beginning balance (in shares) at Dec. 31, 2021	211.2	211.2
Beginning balance at Dec. 31, 2021	$ 1,327.4	$ 2.1	2,500	6.9	(1,181.6)	$ 0
Beginning balance (in shares) at Dec. 31, 2021						0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		2.7
Exercise of stock options and release of stock awards	0.7		0.7
Issuance of shares from Employee Stock Purchase Plans (in shares)		0.3
Issuance of shares from Employee Stock Purchase Plans	2.1		2.1
Share-based compensation expense	59.5		59.5
Net loss	(590.8)				(590.8)	$ 0
Other comprehensive income (loss)	47.7			47.7
Repurchase of common stock (in shares)						3.1
Repurchase of common stock	$ (31)					$ (31)
Ending balance (in shares) at Sep. 30, 2022	211.1	214.2
Ending balance at Sep. 30, 2022	$ 815.6	$ 2.1	2,562.3	54.6	(1,772.4)	$ (31)
Ending balance (in shares) at Sep. 30, 2022						3.1
Beginning balance (in shares) at Jun. 30, 2022		213.5
Beginning balance at Jun. 30, 2022	1,298.4	$ 2.1	2,542.9	45.1	(1,260.7)	$ (31)
Beginning balance (in shares) at Jun. 30, 2022						3.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options and release of stock awards (in shares)		0.7
Exercise of stock options and release of stock awards	0		0
Share-based compensation expense	19.4		19.4
Net loss	(511.7)				(511.7)	$ 0
Other comprehensive income (loss)	$ 9.5			9.5
Ending balance (in shares) at Sep. 30, 2022	211.1	214.2
Ending balance at Sep. 30, 2022	$ 815.6	$ 2.1	$ 2,562.3	$ 54.6	$ (1,772.4)	$ (31)
Ending balance (in shares) at Sep. 30, 2022						3.1

Company Overview, Basis of Pres

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies	Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies Nature of Operations and Basis of Presentation Rackspace Technology, Inc. ("Rackspace Technology") is a Delaware corporation controlled by investment funds affiliated with Apollo Global Management, Inc. and its subsidiaries (“Apollo”). Rackspace Technology was formed on July 21, 2016 but had no assets, liabilities or operating results until November 3, 2016 when Rackspace Hosting, Inc. (now named Rackspace Technology Global, Inc., or “Rackspace Technology Global”), a global provider of modern information technology-as-a-service, was acquired by Inception Parent, Inc., a wholly-owned entity indirectly owned by Rackspace Technology (the “Rackspace Acquisition”). Rackspace Technology Global commenced operations in 1998 as a limited partnership, and was incorporated in Delaware in March 2000. Rackspace Technology serves as the holding company for Rackspace Technology Global and does not engage in any material business or operations other than those related to its indirect ownership of the capital stock of Rackspace Technology Global and its subsidiaries or business or operations otherwise customarily undertaken by a holding company. For ease of reference, the terms “we,” “our company,” “the company,” “us,” or “our” as used in this report refer to Rackspace Technology and its consolidated subsidiaries. On January 18, 2022, we acquired 100% of Just Analytics Pte. Ltd. ("Just Analytics"), a leading provider of cloud-based data, analytics, and artificial intelligence services based in the Asia, Pacific and Japan region. The acquisition was completed for $7.7 million in cash consideration, net of cash acquired, together with future deferred payments that are considered post-combination compensation costs and will be recognized over the next three years. The acquisition of Just Analytics was not material to the unaudited consolidated financial statements. The unaudited consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Unaudited Interim Financial Information The unaudited consolidated financial statements as of September 30, 2022, and for the three and nine months ended September 30, 2021 and 2022, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the Securities and Exchange Commission ("SEC") disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 ("Annual Report"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of September 30, 2022, our results of operations and stockholders' equity for the three and nine months ended September 30, 2021 and 2022, and our cash flows for the nine months ended September 30, 2021 and 2022. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022, or for any other interim period, or for any other future year. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates. Impact of COVID-19 The effects of COVID-19 (and any variations thereof) continue to evolve, and the full impact and duration of the virus are unknown. Currently, COVID-19 has not had a significant impact on our operations or financial performance; however, there are remaining uncertainties as a result of COVID-19, particularly the possibility of new variant strain(s) of the virus, the potential resurgence in the spread of the virus and the pace of economic recovery, which continue to impact the estimates and assumptions needed to prepare our consolidated financial statements and footnotes. Russia and Ukraine Conflict Political and economic uncertainty surrounding the Russian conflict in Ukraine could have a material adverse effect on our business. Currently, the conflict has not had a significant impact on our operations or financial performance. However, our overall performance depends in part on worldwide economic and geopolitical conditions. We are monitoring the situation and the potential for the conflict to spread to other countries which could adversely impact our customers and operations, and we may take actions that modify our business operations as may be required by federal, state or local authorities, or that we determine are in the best interests of our employees, customers, partners, suppliers and stockholders. Subsequent Events In October 2022, we announced our intention to sell our current corporate headquarters facility located in Windcrest, Texas and relocate our corporate headquarters to leased office space in San Antonio, Texas. Due to current real estate market conditions and the unique nature of the facility, the ultimate sale price of the property will likely be below its current net book value resulting in the recognition of an impairment charge or a loss on the sale, the amount of which could be material. Significant Accounting Policies and Estimates Our Annual Report includes an additional discussion of the significant accounting policies and estimates used in the preparation of our consolidated financial statements. There were no material changes to our significant accounting policies and estimates during the nine months ended September 30, 2022. Goodwill, Indefinite-Lived Intangible Assets and Long-Lived Assets Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Our indefinite-lived intangible asset consists of our Rackspace trade name, which was recorded at fair value on our balance sheet at the date of the Rackspace Acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are subject to impairment testing on an annual basis as of October 1st or more frequently if events or circumstances indicate a potential impairment. These events or circumstances could include a significant change in the business climate, regulatory environment, established business plans, operating performance indicators or competition. Potential impairment indicators may also include, but are not limited to, (i) significant changes to estimates and assumptions used in the most recent annual or interim impairment testing, (ii) downward revisions to internal forecasts, and the magnitude thereof, (iii) declines in our market capitalization below our book value, and the magnitude and duration of those declines, and (iv) other macroeconomic factors, such as increases in interest rates that may affect the weighted average cost of capital, volatility in the equity and debt markets, or fluctuations in foreign currency exchange rates that may negatively impact our reported results of operations. During the third quarter of 2022, we experienced a sustained decline in our stock price resulting in our market capitalization being less than the carrying value of our combined reporting units. As of September 1, 2022, we assessed several events and circumstances that could affect the significant inputs used to determine the fair value of our reporting units, including the significance of the amount of excess carrying value over fair value, consistency of operating margins and cash flows, budgeted-to-actual performance from prior year, overall change in economic climate, changes in the industry and competitive environment, and earnings quality and sustainability. In addition, as of September 1, 2022, we lowered our projected operating results primarily due to product mix shifts and market concerns related to inflation, supply chain disruption issues and other macroeconomic factors. After considering all available evidence in our evaluation of goodwill impairment indicators, we determined it appropriate to perform an interim quantitative assessment of our reporting units as of September 1, 2022. We engaged a third-party valuation specialist to assist in the performance of the impairment analysis of our reporting units. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (referred to as a component). We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. Assets and liabilities are assigned to each of our reporting units if they are employed by a reporting unit and are considered in the determination of the reporting unit fair value. Certain assets and liabilities are shared by multiple reporting units, and thus, are allocated to each reporting unit based on the relative size of a reporting unit, primarily based on revenue. We have two reporting units with goodwill: Multicloud Services and Apps & Cross Platform. Goodwill allocated to our third reporting unit, OpenStack Public Cloud, was fully impaired during the fourth quarter of 2021. For the interim quantitative goodwill impairment analysis performed as of September 1, 2022, we compared the fair values of each of our reporting units to their respective carrying amounts. The fair values of each of our reporting units were derived using the income approach, specifically the discounted cash flow method. The discounted cash flow models reflect our assumptions regarding revenue growth rates, risk-adjusted discount rates, terminal period growth rates, economic and market trends and other expectations about the anticipated operating results of our reporting units. As part of the goodwill impairment test, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units, including OpenStack Public Cloud. Goodwill impairment is measured as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the carrying amount of goodwill for that reporting unit. The results of our interim quantitative goodwill impairment analysis performed as of September 1, 2022 indicated an impairment of goodwill within our Multicloud Services reporting unit, and we recorded a non-cash impairment charge of $405.2 million within "Impairment of goodwill" in our Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2022. See Note 5, "Goodwill and Intangible Assets" for more information. Our indefinite-lived intangible asset is tested for impairment at the consolidated level. In evaluating the recoverability of the Rackspace trade name, we compared the fair value of the asset to its carrying amount to determine potential impairment. As of September 1, 2022, due to the factors discussed in the goodwill analysis above, we performed a quantitative assessment of our indefinite-lived intangible asset utilizing a relief from royalty method and determined the estimated fair value of the Rackspace trade name was less than its carrying value. As a result, we recorded a $21.0 million non-cash impairment charge which is included in "Impairment of assets" in our Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2022. The fair value determination of our reporting units and our indefinite-lived intangible asset is judgmental in nature and requires the use of significant estimates and assumptions that are sensitive to changes. Assumptions include estimation of the royalty rate, estimation of future revenue and projected margins, which are dependent on internal cash flow forecasts, estimation of the terminal growth rates and capital spending, and determination of discount rates. As a result, there can be no assurance that the estimates and assumptions made for purposes of the quantitative goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of future results. Examples of events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of our reporting units may include such items as: (i) volatility in the equity and debt markets or other macroeconomic factors, (ii) an increase in the weighted-average cost of capital due to further increases in interest rates, (iii) decrease in future cash flows due to lower than expected sales, or (iv) fluctuations in foreign currency exchange rates that may negatively impact our reported results of operations. Accordingly, if our current cash flow assumptions are not realized, we experience further sustained declines in our stock price or market capitalization, or increases in costs of capital, it is possible that an additional impairment charge may be recorded in the future, which could be material. Long-lived assets, including operating and finance lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. As of September 1, 2022, prior to performing the goodwill impairment analysis, we performed a recoverability test of our long-lived assets, including finite-lived intangible assets, by comparing the net book value of our long-lived assets or asset groups, to the future undiscounted net cash flows attributable to such assets. Based on the results of the recoverability test, we determined that, as of September 1, 2022, the fair value of the OpenStack Public Cloud asset group’s underlying assets was less than the carrying value. Fair values of the OpenStack Public Cloud long-lived assets were determined using the cost approach. The cost approach utilized assumptions for the current replacement costs of similar assets adjusted for estimated depreciation and deterioration of the existing equipment and economic obsolescence. Estimates of floor values for the property, equipment and software, net, were considered relative to potential economic support for the assets such that the concluded value did not fall below the estimated floor value of these assets. As a result, we recorded non-cash impairment charges totaling $37.7 million related to property, equipment and software, net and intangible assets, which are included in "Impairment of assets" on our Consolidated Statements of Comprehensive Loss for the three and nine months ended September 30, 2022. See Note 4, "Property, Equipment and Software, Net," and Note 5, "Goodwill and Intangible Assets," for more information. The fair value of our non-financial assets and liabilities, which include goodwill, intangible assets and property, plant and equipment, are measured on a non-recurring basis. The fair value of our reporting units, indefinite-lived intangible assets and long-lived assets are classified as Level 3 within the fair value hierarchy due to the significant unobservable inputs developed using company-specific information. Recent Accounting Pronouncements Recently Adopted Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, Business Combinations (ASC 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification No. 606, Revenue from Contracts with Customers ("ASC 606"). At the acquisition date, an acquirer should account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired revenue contracts. This standard allows the company a practical expedient to remove the requirement to measure and recognize such contracts in accordance with ASC 606. The guidance is applied prospectively upon adoption. We early adopted this guidance on January 1, 2022 and applied the practical expedient to our accounting for the acquisition of Just Analytics. The adoption of the guidance did not have a material impact on our consolidated financial statements. Not Yet Adopted Reference Rate Reform The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate ("LIBOR"), announced that it will not compel panel banks to contribute to the overnight 1, 3, 6 and 12 months U.S. dollar LIBOR tenors after June 30, 2023 and all other tenors after December 31, 2021. U.S. dollar LIBOR may be replaced by the Secured Overnight Financing Rate or other benchmark rates over the next several years. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (ASC 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be applied from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. In January 2021, the FASB issued an update that provides supplemental guidance and clarification of the reference rate reform. We have elected to apply certain practical expedients in the past. We continue to evaluate the impact of the guidance and may apply other elections prior to December 31, 2022, as applicable, as additional changes in the market occur. Currently, borrowings under our Senior Facilities use LIBOR as a benchmark for establishing the applicable interest rate, but the First Lien Credit Agreement includes provisions relating to the future discontinuance of LIBOR and sets forth mechanics for establishing the replacement of LIBOR with an alternative benchmark rate.

Customer Contracts

Customer Contracts	9 Months Ended
	Sep. 30, 2022
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, 2021 September 30, 2022 Accounts receivable, net Accounts receivable, net (1) $ 554.3 $ 593.4 Current portion of contract assets Other current assets $ 15.2 $ 14.7 Non-current portion of contract assets Other non-current assets $ 13.1 $ 12.6 Current portion of deferred revenue Deferred revenue $ 98.6 $ 88.3 Non-current portion of deferred revenue Other non-current liabilities $ 13.6 $ 6.6 (1) Allowance for credit losses and accrued customer credits was $18.4 million and $19.3 million as of December 31, 2021 and September 30, 2022, respectively. Amounts recognized in revenue for the three months ended September 30, 2021 and 2022, which were included in deferred revenue as of the beginning of each period, totaled $26.4 million and $23.6 million, respectively. Amounts recognized in revenue for the nine months ended September 30, 2021 and 2022, which were included in deferred revenue as of the beginning of each period, totaled $54.7 million and $59.1 million, respectively. Cost Incurred to Obtain and Fulfill a Contract As of December 31, 2021 and September 30, 2022, the balances of capitalized costs to obtain a contract were $58.0 million and $55.7 million, respectively, and the balances of capitalized costs to fulfill a contract were $23.5 million and $18.7 million, respectively. These capitalized costs are included in “Other non-current assets” on the Consolidated Balance Sheets. Amortization of capitalized sales commissions and implementation costs was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Amortization of capitalized sales commissions $ 11.1 $ 10.6 $ 32.6 $ 32.9 Amortization of capitalized implementation costs $ 4.6 $ 3.9 $ 13.5 $ 12.5 Remaining Performance Obligations As of September 30, 2022, the aggregate amount of transaction price allocated to remaining performance obligations was $645.4 million, of which 23% is expected to be recognized as revenue during the remainder of 2022 and the remainder thereafter. These remaining performance obligations primarily relate to our fixed-term arrangements. Our other revenue arrangements are usage-based, and as such, we recognize revenue based on the right to invoice for the services performed. Convertible Promissory Note On September 27, 2022, we entered into a convertible note purchase agreement with a private company that is also a customer and a vendor. Pursuant to the purchase agreement, we purchased an unsecured convertible promissory note (the "Note") in an aggregate principal amount of $15.0 million. The Note will accrue simple interest at a rate of 6% per annum and matures on September 27, 2027, unless earlier converted per the terms of the agreement. We have elected to apply the fair value option under Accounting Standards Codification ("ASC") No. 825, Financial Instruments , to account for the Note. As of September 30, 2022, the fair value of the Note was $12.0 million and is included in "Other non-current assets" on our Consolidated Balance Sheets.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2021 2022 2021 2022 Basic and diluted net loss per share: Net loss attributable to common stockholders $ (34.8) $ (511.7) $ (135.4) $ (590.8) Weighted average shares outstanding: Common stock 209.3 210.8 207.3 210.7 Number of shares used in per share computations 209.3 210.8 207.3 210.7 Net loss per share $ (0.17) $ (2.43) $ (0.65) $ (2.80) 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 all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. We excluded 20.7 million and 24.2 million potential common shares from the computation of dilutive loss per share for the three months ended September 30, 2021 and 2022, respectively, and 20.7 million and 24.2 million potential shares for the nine months ended September 30, 2021 and 2022, respectively, because the effect would have been anti-dilutive.

Property, Equipment and Softwar

Property, Equipment and Software, net	9 Months Ended
	Sep. 30, 2022
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, September 30, Computers and equipment $ 1,206.5 $ 1,108.3 Software 465.6 464.4 Furniture and fixtures 21.9 16.7 Buildings and leasehold improvements 512.9 477.8 Land 21.2 20.4 Property, equipment and software, at cost 2,228.1 2,087.6 Less: Accumulated depreciation (1,413.4) (1,392.1) Work in process 12.0 12.0 Property, equipment and software, net $ 826.7 $ 707.5 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 nine months ended September 30, 2021.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2022
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, 2021 $ 2,384.3 $ 322.5 $ — $ 2,706.8 Just Analytics acquisition — 5.9 — 5.9 Impairment of goodwill (405.2) — — (405.2) Foreign currency translation (36.3) (0.6) — (36.9) Balance as of September 30, 2022 $ 1,942.8 $ 327.8 $ — $ 2,270.6 Gross goodwill $ 2,643.0 $ 327.8 $ 52.4 $ 3,023.2 Less: Accumulated impairment charges (700.2) — (52.4) (752.6) Goodwill, net as of September 30, 2022 $ 1,942.8 $ 327.8 $ — $ 2,270.6 As of September 30, 2022, our accumulated goodwill impairment charges totaled $752.6 million. See Note 1, "Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies," for discussion of the goodwill impairment charge recorded during the three and nine months ended September 30, 2022. The following table provides information regarding our intangible assets other than goodwill: December 31, 2021 September 30, 2022 (In millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,983.0 $ (784.1) $ 1,198.9 $ 1,948.2 $ (897.8) $ 1,050.4 Property tax abatement 16.0 (9.2) 6.8 15.7 (10.5) 5.2 Other 28.2 (17.4) 10.8 27.4 (20.9) 6.5 Total definite-lived intangible assets 2,027.2 (810.7) 1,216.5 1,991.3 (929.2) 1,062.1 Trade name (indefinite-lived) 250.0 — 250.0 229.0 — 229.0 Total intangible assets other than goodwill $ 2,277.2 $ (810.7) $ 1,466.5 $ 2,220.3 $ (929.2) $ 1,291.1 During the three and nine months ended September 30, 2022 we recognized impairment charges of $21.0 million and $22.4 million related to our trade name indefinite-lived intangible asset and the OpenStack Public Cloud definite-lived intangible assets, respectively. For additional information, see the discussion of our impairment charges in Note 1, "Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies."

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following: (In millions, except %) December 31, 2021 September 30, 2022 Debt Instrument Maturity Date Interest Rate (1) Amount Interest Rate (1) Amount Term Loan Facility February 15, 2028 3.50% $ 2,282.8 5.62% $ 2,265.5 Revolving Credit Facility August 7, 2025 —% — —% — 3.50% Senior Secured Notes February 15, 2028 3.50% 550.0 3.50% 550.0 5.375% Senior Notes December 1, 2028 5.375% 550.0 5.375% 550.0 Less: unamortized debt issuance costs (36.3) (32.1) Less: unamortized debt discount (12.6) (11.1) Total debt 3,333.9 3,322.3 Less: current portion of debt (23.0) (23.0) Debt, excluding current portion $ 3,310.9 $ 3,299.3 (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 September 30, 2022, the interest rate on the Term Loan Facility was 5.62%. We are required to make quarterly principal payments of $5.8 million, which began on June 30, 2021. See Note 12, "Derivatives," for information on interest rate swap agreements we utilize to manage the interest rate risk on the Term Loan Facility. In addition to the quarterly amortization payments discussed above, the Senior Facilities require us to make certain mandatory prepayments, including using (i) a portion of annual excess cash flow, as defined in the First Lien Credit Agreement, to prepay the Term Loan Facility, (ii) net cash proceeds of certain non-ordinary assets sales or dispositions of property to prepay the Term Loan Facility and (iii) net cash proceeds of any issuance or incurrence of debt not permitted under the Senior Facilities to prepay the Term Loan Facility. We may make voluntary prepayments at any time without penalty, except in connection with a repricing event, as defined in the First Lien Credit Agreement. The fair value of the Term Loan Facility as of September 30, 2022 was $1,611.3 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the Term Loan Facility is classified as Level 2 within the fair value hierarchy. Rackspace Technology Global is the borrower under the Senior Facilities, and all obligations under the Senior Facilities are (i) guaranteed by Inception Parent, Inc., Rackspace Technology Global’s immediate parent company, on a limited recourse basis and secured by the equity interests of Rackspace Technology Global held by Inception Parent, Inc. and (ii) guaranteed by Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries and secured by substantially all material owned assets of Rackspace Technology Global and the subsidiary guarantors, including the equity interests held by each, in each case subject to certain exceptions. The only financial covenant is with respect to the Revolving Credit Facility which limits the net first lien leverage ratio to a maximum of 5.00 to 1.00; however, this covenant is only applicable and tested if the aggregate amount of outstanding borrowings under the Revolving Credit Facility and letters of credit issued thereunder (excluding $25.0 million of undrawn letters of credit and cash collateralized letters of credit) is equal to or greater than 35% of the Revolving Credit Facility commitments at the end of a fiscal quarter. Other covenants include limitations on restricted payments, indebtedness, investments, liens, asset sales and transactions with affiliates. As of September 30, 2022, we were in compliance with all covenants under the Senior Facilities. The Revolving Credit Facility matures on August 7, 2025. As of September 30, 2022, we had total commitments of $375.0 million and no outstanding borrowings under the Revolving Credit Facility or letters of credit issued thereunder. 3.50% Senior Secured Notes due 2028 On February 9, 2021, Rackspace Technology Global issued $550.0 million aggregate principal amount of 3.50% Senior Secured Notes due 2028 (the “3.50% Senior Secured Notes”). The 3.50% Senior Secured Notes will mature on February 15, 2028 and bear interest at an annual fixed rate of 3.50%. Interest is payable semiannually on each February 15 and August 15, commencing on August 15, 2021. The 3.50% Senior Secured Notes are not subject to registration rights. As noted above, we used the net proceeds from the issuance of the 3.50% Senior Secured Notes, together with borrowings under the Term Loan Facility described above, to repay all borrowings outstanding under the Prior Term Loan Facility, to pay related fees and expenses and for general corporate purposes. Rackspace Technology Global is the issuer of the 3.50% Senior Secured Notes, and obligations under the 3.50% Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally, by all of Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries (as subsidiary guarantors) that guarantee the Senior Facilities. The 3.50% Senior Secured Notes and the related guarantees are secured by first-priority security interests in substantially all material owned assets of Rackspace Technology Global and the subsidiary guarantors, including the equity interest held by each, subject to certain exceptions, which assets also secure the Senior Facilities. The indenture governing the 3.50% Senior Secured Notes (the "3.50% Notes Indenture") describes certain terms and conditions under which other current and future domestic subsidiaries are required to become guarantors of the 3.50% Senior Secured Notes. Rackspace Technology Global may redeem the 3.50% Senior Secured Notes at its option, in whole at any time or in part from time to time, at the following redemption prices: prior to February 15, 2024, at a redemption price equal to 100.000% of the principal amount, plus the applicable premium described in the 3.50% Notes Indenture and accrued and unpaid interest, if any, to but excluding the redemption date; from February 15, 2024 to February 14, 2025, at a redemption price equal to 101.750% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; from February 15, 2025 to February 14, 2026, at a redemption price equal to 100.875% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; and from February 15, 2026 and thereafter, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. Rackspace Technology Global may also redeem prior to February 15, 2024 up to 40.0% of the aggregate principal amount of the 3.50% Senior Secured Notes with funds in an aggregate amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 103.500% of the principal amount of the 3.50% Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Notwithstanding the foregoing, Rackspace Technology Global m ay redeem during each twelve-month period, commencing with February 9, 2021, up to 10.0% of the original aggregate principal amount of the 3.50% Senior Secured Notes at a redemption price of 103.000%, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The 3.50% Notes Indenture contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 3.50% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 3.50% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 3.50% Senior Secured Notes at a price in cash equal to 101.000% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date. As of September 30, 2022, Rackspace Technology Global was in compliance with all covenants under the 3.50% Notes Indenture. The fair value of the 3.50% Senior Secured Notes as of September 30, 2022 was $360.3 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 3.50% Senior Secured Notes are classified as Level 2 within the fair value hierarchy. 5.375% Senior Notes due 2028 On December 1, 2020, Rackspace Technology Global issued $550.0 million aggregate principal amount of 5.375% Senior Notes due 2028 (the "5.375% Senior Notes"). The 5.375% Senior Notes will mature on December 1, 2028 and bear interest at an annual fixed rate of 5.375%. Interest is payable semiannually on each June 1 and December 1, commencing on June 1, 2021. The 5.375% Senior Notes are not subject to registration rights. Rackspace Technology Global is the issuer of the 5.375% Senior Notes, and obligations under the 5.375% Senior Notes are guaranteed on a senior unsecured basis by all of Rackspace Technology Global’s wholly-owned domestic restricted subsidiaries (as subsidiary guarantors) that guarantee the Senior Facilities. The 5.375% Senior Notes are effectively junior to the indebtedness under the Senior Facilities and the 3.50% Senior Secured Notes, to the extent of the collateral securing the Senior Facilities and the 3.50% Senior Secured Notes. The indenture governing the 5.375% Senior Notes (the "5.375% Notes Indenture") describes certain terms and conditions under which other current and future domestic subsidiaries are required to become guarantors of the 5.375% Senior Notes. Rackspace Technology Global may redeem the 5.375% Senior Notes at its option, in whole at any time or in part from time to time, at the following redemption prices: prior to December 1, 2023, at a redemption price equal to 100.000% of the principal amount, plus the applicable premium described in the 5.375% Notes Indenture and accrued and unpaid interest, if any, to but excluding the redemption date; from December 1, 2023 to November 30, 2024, at a redemption price equal to 102.688% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; from December 1, 2024 to November 30, 2025, at a redemption price equal to 101.344% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date; and from December 1, 2025 and thereafter, at a redemption price equal to 100.000% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the redemption date. Rackspace Technology Global may also redeem prior to December 1, 2023 up to 40.0% of the aggregate principal amount of the 5.375% Senior Notes with funds in an aggregate amount not to exceed the net cash proceeds from certain equity offerings at a redemption price equal to 105.375% of the principal amount of the 5.375% Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The 5.375% Notes Indenture contains covenants that, among other things, limit our ability to incur certain additional debt, incur certain liens securing debt, pay certain dividends or make other restricted payments, make certain investments, make certain asset sales and enter into certain transactions with affiliates. These covenants are subject to a number of exceptions, limitations, and qualifications as set forth in the 5.375% Notes Indenture. Additionally, upon the occurrence of a change of control (as defined in the 5.375% Notes Indenture), we will be required to make an offer to repurchase all of the outstanding 5.375% Senior Notes at a price in cash equal to 101.000% of the aggregate principal amount, plus accrued and unpaid interest, if any, to, but not including the purchase date. As of September 30, 2022, Rackspace Technology Global was in compliance with all covenants under the 5.375% Notes Indenture. The fair value of the 5.375% Senior Notes as of September 30, 2022 was $250.3 million, based on quoted market prices for identical assets that are traded in over-the-counter secondary markets that are not considered active. The fair value of the 5.375% Senior Notes are classified as Level 2 within the fair value hierarchy. Accounts Receivable Financing Agreement Under the accounts receivable financing agreement (the "Receivables Financing Facility") entered into in 2020, 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 was the primary beneficiary of the SPV. During the nine months ended September 30, 2021, the SPV repaid the outstanding balance of $50.0 million and terminated the Receivables Financing Facility. The termination resulted in expense of $0.5 million recorded within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the nine months ended September 30, 2021. The expense was comprised of the write-off of the unamortized debt issuance costs, as well as third party fees associated with the termination. February 2021 Refinancing Transaction The February 2021 Refinancing Transaction represented an extinguishment and modification of debt. We derecognized $2,795.6 million of the Prior Term Loan Facility and wrote off $9.4 million in unamortized debt issuance costs and debt discount associated with the portion of the Prior Term Loan Facility that was deemed extinguished. We recognized $2,300.0 million borrowed under the Term Loan Facility and $41.0 million of associated debt issuance costs and debt discount, including amounts allocated from the Prior Term Loan Facility, both classified as a direct deduction from the carrying value of non-current debt on our Consolidated Balance Sheets. We recognized $550.0 million aggregate principal amount of the 3.50% Senior Secured Notes due 2028 and $6.8 million of associated debt issuance costs, including amounts allocated from the Prior Term Loan Facility. The February 2021 Refinancing Transaction resulted in expense of $37.0 million recorded within "Debt modification and extinguishment costs" in our Consolidated Statements of Comprehensive Loss for the nine months ended September 30, 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies We have contingencies that arise from various litigation, claims and commitments, none of which we consider to be material. From time to time, we are a party to various claims asserting that certain of our services and technologies infringe the intellectual property rights of others. Adverse results in these lawsuits may include awards of substantial monetary damages, costly royalty or licensing agreements, or orders preventing us from offering certain features, products, or services, and may also cause us to change our business practices and require development of non-infringing products or technologies, which could result in a loss of revenue for us or otherwise harm our business. We record an accrual for a loss contingency when a loss is considered probable and reasonably estimable. As additional facts concerning a loss contingency become known, we reassess our position and make appropriate adjustments to a recorded accrual. The amount that will ultimately be paid related to a matter may differ from the recorded accrual, and the timing of such payments, if any, may be uncertain. We are not a party to any litigation, the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material and adverse effect on our business, financial position or results of operations.

July 2021 Restructuring Plan

July 2021 Restructuring Plan	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
July 2021 Restructuring Plan	July 2021 Restructuring Plan On July 21, 2021, we committed to an internal restructuring plan (the "July 2021 Restructuring Plan") to drive a change in the type and location of certain positions that was expected to result in the termination of approximately 10% of our workforce. Substantially all of the employees impacted by the reduction in workforce were notified of the reduction on July 22, 2021 and have since exited the company. During the three and nine months ended September 30, 2021 , we incurred employee related costs, which consisted of one-time termination benefits and certain contractual termination benefits with executives, and other costs, which were accounted for as exit and disposal costs under ASC No. 420, Exit or Disposal Cost Obligations (“ASC 420”). Other costs consisted of professional fees and non-cash charges related to a contract termination with a third-party. These costs are recorded within "Selling, general and administrative expenses" in the Consolidated Statements of Comprehensive Loss, the components of which were as follows: (In millions) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Employee related costs $ 8.6 $ 11.1 Other 7.5 11.4 Total restructuring charges $ 16.1 $ 22.5 A portion of the other costs are non-cash charges, representing $4.4 million and $5.4 million in the three and nine months ended September 30, 2021, respectively. These amounts are related to a contract termination with a third-party. During the three and nine months ended September 30, 2022, we did not incur any material exit and disposal costs under ASC 420. Liability activity for previously accrued restructuring costs that are expected to be settled in cash are presented in the table below. (In millions) Employee Related Other Total Liability as of December 31, 2021 $ 7.1 $ 0.6 $ 7.7 Charges — — — Cash payments (7.1) (0.6) (7.7) Liability as of September 30, 2022 $ — $ — $ — Total cumulative costs incurred as of September 30, 2022 $ 13.8 $ 6.0 $ 19.8 We do not expect to incur any additional future ASC 420 exit and disposal costs related to the July 2021 Restructuring Plan.

Share Repurchase Program

Share Repurchase Program	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share Repurchase Program	Share Repurchase Program On March 3, 2022, our board of directors authorized a program to repurchase up to $75.0 million of shares of our common stock from time to time through open-market transactions, privately negotiated transactions, accelerated share repurchases, and other transactions in accordance with applicable security laws. The program expires on September 30, 2023 and can be discontinued at any time. During the nine months ended September 30, 2022, we repurchased $31.0 million, or 3.1 million shares, of our common stock on the open market under this program. No shares were repurchased during the three months ended September 30, 2022. Shares purchased pursuant to the program are recorded as treasury stock at cost in the Consolidated Balance Sheets . As of September 30, 2022, approximately $44.0 million of the amount authorized by the board under the current program remained available for additional purchases.

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation On April 21, 2022, the Board of Directors approved a proposed amendment to the Rackspace Technology, Inc. 2020 Equity Incentive Plan (the “2020 Incentive Plan”) to increase the maximum number of shares of our common stock available for issuance under the 2020 Incentive Plan from 25.0 million shares to 50.0 million shares, subject to stockholder approval. The proposed amendment was subsequently approved by our stockholders as part of the 2022 Annual Meeting of Stockholders held on June 10, 2022. During the nine months ended September 30, 2022, we granted 8.2 million restricted stock units ("RSUs") under the 2020 Incentive Plan with a weighted-average grant date fair value of $10.16. The majority of the RSUs were granted as part of our annual compensation award process and vest ratably over a three-year period, subject to continued service. In addition, during the nine months ended September 30, 2022, 1.2 million performance stock units ("PSUs") were granted under the 2020 Incentive Plan with a weighted-average grant date fair value of $11.70. These PSUs represent the target amount of grants, and the actual number of shares awarded upon vesting may vary depending upon the achievement of the relevant market condition which is based on Rackspace’s Total Shareholder Return (“TSR”) relative to the TSR of a comparator group of IT and Cloud Services Companies. The awards are eligible to vest in equal annual installments over three years based on the attainment of the market condition and the employee’s continued service through the end of the applicable measurement period and were valued using a Monte Carlo simulation. Share-based compensation expense recogniz ed was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Cost of revenue $ 4.0 $ 2.8 $ 13.2 $ 9.0 Selling, general and administrative expenses 15.1 16.6 43.5 50.5 Pre-tax share-based compensation expense 19.1 19.4 56.7 59.5 Less: Income tax benefit (4.0) (4.1) (11.9) (12.5) Total share-based compensation expense, net of tax $ 15.1 $ 15.3 $ 44.8 $ 47.0 As of September 30, 2022, there was $126.7 million of total unrecognized compensation cost related to stock options, RSUs, PSUs, and the ESPP, which will be recognized using the service period or over our best estimate of the period over which the performance condition will be met, as applicable.

Taxes

Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Taxes	Taxes We are subject to U.S. federal income tax and various state, local, and international income taxes in numerous jurisdictions. The differences between our effective tax rate and the U.S. federal statutory rate of 21% generally result from various factors, including the geographical distribution of taxable income, tax credits, contingency reserves for uncertain tax positions, and permanent differences between the book and tax treatment of certain items. Additionally, the amount of income taxes paid is subject to our interpretation of applicable tax laws in the jurisdictions in which we file. For the three and nine months ended September 30, 2022, our effective tax rate is lower than the U.S. federal statutory rate of 21% primarily due to the tax impact associated with the goodwill impairment recorded in the third quarter, the majority of which was nondeductible for income tax purposes, as well as the net impact of the geographic distribution of our earnings and tax effects from nondeductible share-based compensation. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was enacted into law. The IRA introduces a new corporate minimum tax of 15% on global adjusted financial statement income. Additionally, the IRA imposes a 1% excise tax on stock repurchases made after December 31, 2022. We are currently evaluating the impact of the IRA but do not expect there will be a material impact to our consolidated financial statements.

Derivatives

Derivatives	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	Derivatives We utilize derivative instruments, including interest rate swap agreements, to manage our exposure to interest rate risk. We only hold such instruments for economic hedging purposes, not for speculative or trading purposes. Our derivative instruments are transacted only with highly-rated institutions, which reduces our exposure to credit risk in the event of nonperformance. Interest Rate Swaps We are exposed to interest rate risk associated with fluctuations in interest rates on the floating-rate Term Loan Facility. The objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we have entered into interest rate swap agreements as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. On a quarterly basis, we net settle with the counterparty for the difference between the fixed rate specified in each swap agreement and the variable rate based upon the three-month LIBOR as applied to the notional amount of the swap. 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. During the year ended December 31, 2021, we completed a series of transactions to modify our interest rate swap positions as follows: (i) All the interest rate swaps outstanding as of December 31, 2020, with the exception of the agreement that matured on February 3, 2021, were de-designated as cash flow hedges on January 31, 2021, (ii) on February 12, 2021, we entered into a $900.0 million receive-fixed interest rate swap which was designed to offset the terms of the remaining two December 2016 swaps, and (iii) on February 12, 2021, we terminated all December 2018 swaps and entered into a $1.35 billion pay-fixed interest rate swap, effectively blending the liability position of our existing interest rate swap agreements into the new swap and extending the term of our hedged position to February 2026. The amount remaining in “Accumulated other comprehensive income (loss)" for the de-designated December 2016 and December 2018 swaps at the de-designation date was 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 No. 815, Derivatives and Hedging , consisting of a loan and an embedded derivative for which the fair value option has been elected. This $900.0 million swap will remain undesignated to economically offset the now undesignated December 2016 swaps. This new swap and the December 2016 swaps matured on February 3, 2022. Cash settlements related to this receive-fixed interest rate swap will offset and are classified as operating activities in the Consolidated Statements of Cash Flows. The new pay-fixed interest rate swap also qualifies as a hybrid instrument in accordance with ASC No. 815, Derivatives and Hedging , consisting of a loan and an embedded at-market derivative that was designated as a cash flow hedge. The loan is accounted for at amortized cost over the life of the swap while the embedded at-market derivative is accounted for at fair value. This new $1.35 billion swap is indexed to three-month LIBOR and will be net settled on a quarterly basis with the counterparty for the difference between the fixed rate of 2.3820% and the variable rate based upon three-month LIBOR (subject to a floor of 0.75%) as applied to the notional amount of the swap. In connection with the transactions discussed above, no cash was exchanged between us and the counterparty. The liability of the terminated interest rate swaps as well as the inception value of the receive-fixed interest rate swap was blended into the new pay-fixed interest rate swap. The cash flows related to the portion treated as debt will be classified as financing activities in the Consolidated Statements of Cash Flows while the portion treated as an at-market derivative will be classified as operating activities. As of December 31, 2021 and September 30, 2022, the cash flow hedge was highly effective. The key terms of interest rate swaps are presented below: Effective Date Fixed Rate Paid (Received) December 31, 2021 September 30, 2022 Notional Amount (in millions) Status Notional Amount (in millions) Status Maturity Date Entered into December 2016: February 3, 2017 1.9040% $ 450.0 Active $ — Matured February 3, 2022 February 3, 2017 1.9040% 450.0 Active — Matured February 3, 2022 Entered into December 2018: February 3, 2019 2.7490% — Terminated — Terminated November 3, 2023 February 3, 2020 2.7350% — Terminated — Terminated November 3, 2023 February 3, 2021 2.7360% — Terminated — Terminated November 3, 2023 February 3, 2022 2.7800% — Terminated — Terminated November 3, 2023 Entered into February 2021: February 3, 2021 (1.9040)% (900.0) Active — Matured February 3, 2022 February 9, 2021 2.3820% 1,350.0 Active 1,350.0 Active February 9, 2026 Total $ 1,350.0 $ 1,350.0 Our interest rate swap agreements, excluding the portion treated as debt, are recognized at fair value in the Consolidated Balance Sheets and are valued using pricing models that rely on market observable inputs such as yield curve data, which are classified as Level 2 inputs within the fair value hierarchy. Fair Values of Derivatives on the Consolidated Balance Sheets The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2021 and September 30, 2022 were as follows: December 31, 2021 September 30, 2022 (In millions) Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments Location Interest rate swaps Other current assets (1) $ 1.5 $ — $ — $ — Interest rate swaps Other current liabilities — 1.5 — — Total $ 1.5 $ 1.5 $ — $ — Derivatives designated as hedging instruments Location Interest rate swaps Other current assets $ — $ — $ 36.6 $ — Interest rate swaps Other non-current assets 23.6 — 94.6 — Interest rate swaps Other current liabilities (2) — 20.8 — 17.3 Interest rate swaps Other non-current liabilities (3) — 56.4 — 43.5 Total $ 23.6 $ 77.2 $ 131.2 $ 60.8 (1) The entire balance as of December 31, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected. (2) The balance as of December 31, 2021 and September 30, 2022 includes $17.2 million and $17.3 million, respectively, related to the financing component of the pay-fixed interest rate swap. (3) The entire balance is comprised of the financing component of the pay-fixed interest rate swap. For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis: December 31, 2021 September 30, 2022 (In millions) Gross Amounts on Balance Sheet Effects of Counterparty Netting Net Amounts Gross Amounts on Balance Sheet Effects of Counterparty Netting Net Amounts Assets Interest rate swaps $ 25.1 $ (25.1) $ — $ 131.2 $ (60.8) $ 70.4 Liabilities Interest rate swaps $ 78.7 $ (25.1) $ 53.6 $ 60.8 $ (60.8) $ — 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 and nine months ended September 30, 2021 and 2022 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Derivatives not designated as hedging instruments Location Interest rate swaps Interest expense $ (4.9) $ (4.7) $ (14.3) $ (13.9) Foreign currency contracts (1) Other income (expense), net $ 2.9 $ — $ 0.9 $ — Derivatives designated as hedging instruments Location Interest rate swaps Interest expense $ (1.3) $ 3.8 $ (4.9) $ 2.5 (1) Relates to two foreign currency forward contracts settled on November 30, 2021. As of December 31, 2021 and September 30, 2022, we do not have any outstanding foreign currency hedging contracts. Interest expense was $51.5 million and $52.3 million for the three months ended September 30, 2021 and 2022, respectively, and $154.6 million and $152.9 million for the nine months ended September 30, 2021 and 2022, respectively. As of September 30, 2022, the amount of cash flow hedge gain included within "Accumulated other comprehensive income (loss)" that is expected to be reclassified as a reduction to "Interest expense" over the next 12 months is approximately $24.9 million. See Note 13, "Accumulated Other Comprehensive Income (Loss)," for information regarding changes in fair value of our derivatives designated as hedging instruments. Credit-risk-related Contingent Features We have agreements with interest rate swap counterparties that contain a provision whereby if we default on any of our material indebtedness, then we could also be declared in default of our interest rate swap agreements. As of September 30, 2022, our outstanding interest rate swap agreement was in a net asset position.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2022
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 Loss Balance at June 30, 2021 $ 26.5 $ (27.5) $ (1.0) Foreign currency translation adjustments, net of tax benefit of $0.8 (8.8) — (8.8) Unrealized gain on derivative contracts, net of tax expense of $0.2 — 0.6 0.6 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.6 (1) — 4.5 4.5 Balance at September 30, 2021 $ 17.7 $ (22.4) $ (4.7) (1) Includes interest expense recognized of $1.2 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $4.9 million for the three months ended September 30, 2021. (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 benefit of $0.5 (3.1) — (3.1) Unrealized gain on derivative contracts, net of tax expense of $1.4 — 4.0 4.0 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $4.5 (1) — 13.0 13.0 Balance at September 30, 2021 $ 17.7 $ (22.4) $ (4.7) (1) Includes interest expense recognized of $5.2 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $12.3 million for the nine months ended September 30, 2021. (In millions) Accumulated Foreign Currency Translation Adjustments Accumulated Gain on Derivative Contracts Accumulated Other Comprehensive Income Balance at June 30, 2022 $ (5.6) $ 50.7 $ 45.1 Foreign currency translation adjustments, net of tax benefit of $1.7 (22.5) — (22.5) Unrealized gain on derivative contracts, net of tax expense of $10.8 — 31.4 31.4 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $0.2 (1) — 0.6 0.6 Balance at September 30, 2022 $ (28.1) $ 82.7 $ 54.6 (1) Include amortization of off-market swap value and accumulated loss at hedge de-designation of $4.7 million for the three months ended September 30, 2022, partially offset by a reduction to interest expense recognized of $3.9 million. (In millions) Accumulated Foreign Currency Translation Adjustments Accumulated Gain (Loss) on Derivative Contracts Accumulated Other Comprehensive Income Balance at December 31, 2021 $ 17.2 $ (10.3) $ 6.9 Foreign currency translation adjustments, net of tax benefit of $3.9 (45.3) — (45.3) Unrealized gain on derivative contracts, net of tax expense of $29.2 — 84.7 84.7 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $2.9 (1) — 8.3 8.3 Balance at September 30, 2022 $ (28.1) $ 82.7 $ 54.6 (1) Includes amortization of off-market swap value and accumulated loss at hedge de-designation of $13.9 million for the nine months ended September 30, 2022, partially offset by a reduction to interest expense recognized of $2.7 million.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Affiliates of ABRY Partners, LLC and ABRY Partners II, LLC (collectively, “ABRY”), are Term Loan Facility lenders under the First Lien Credit Agreement. As of September 30, 2022, the outstanding principal amount of the Term Loan Facility was $2,265.5 million, of which $56.2 million, or 2.5%, is due to ABRY affiliates. Investment funds affiliated with ABRY are also co-investors in Rackspace Technology. Apollo Global Securities, LLC, an affiliate of Apollo, received $0.6 million in connection with their role as an initial purchaser of the 3.50% Senior Secured Notes issued on February 9, 2021 and $2.3 million in arranger fees in connection with the entry into the Term Loan Facility on February 9, 2021. On February 2, 2021, we issued 2,665,935 shares of common stock to DPH 123, LLC, an ABRY affiliate, for no additional consideration pursuant to the Agreement and Plan of Merger, dated as of September 6, 2017, in connection with our November 15, 2017 acquisition of Datapipe Parent, Inc.

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2022
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 segment gross profit. For the calculation of segment gross profit, we allocate certain costs, such as data center operating costs, customer support costs, license expense, and depreciation, to our segments generally based on segment revenue. The table below presents a reconciliation of revenue by reportable segment to consolidated revenue and a reconciliation of consolidated segment gross profit to consolidated loss before income taxes for the three and nine months ended September 30, 2021 and 2022. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Revenue by segment: Multicloud Services $ 625.1 $ 649.7 $ 1,809.8 $ 1,923.1 Apps & Cross Platform 92.8 101.5 282.8 296.4 OpenStack Public Cloud 44.6 36.4 139.6 115.8 Total consolidated revenue $ 762.5 $ 787.6 $ 2,232.2 $ 2,335.3 Segment gross profit: Multicloud Services $ 200.4 $ 167.2 $ 598.8 $ 538.7 Apps & Cross Platform 33.8 34.8 100.7 104.8 OpenStack Public Cloud 16.1 9.7 50.8 35.5 Total consolidated segment gross profit 250.3 211.7 750.3 679.0 Less: Share-based compensation expense (4.0) (2.8) (13.2) (9.0) Other compensation expense (1) (0.4) (0.4) (2.1) (1.6) Purchase accounting impact on expense (2) (1.2) (0.6) (3.6) (2.1) Restructuring and transformation expenses (3) (13.0) (0.8) (28.9) (9.2) Selling, general and administrative expenses (234.6) (219.9) (698.2) (645.0) Impairment of goodwill — (405.2) — (405.2) Impairment of assets — (58.7) — (58.7) Gain on sale of land — — 19.9 — Interest expense (51.5) (52.3) (154.6) (152.9) Loss on investments, net — (0.1) (3.6) (0.4) Debt modification and extinguishment costs — — (37.5) — Other income (expense), net 0.1 (6.0) (1.1) (15.5) Total consolidated loss before income taxes $ (54.3) $ (535.1) $ (172.6) $ (620.6) (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.

Company Overview, Basis of Pr_2

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Principles of Consolidation	The unaudited consolidated financial statements include the accounts of Rackspace Technology, Inc. and our wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The unaudited consolidated financial statements as of September 30, 2022, and for the three and nine months ended September 30, 2021 and 2022, have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, certain financial information and disclosures required for financial statements prepared under GAAP have been omitted in accordance with the Securities and Exchange Commission ("SEC") disclosure rules and regulations that permit reduced disclosure for interim periods. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2021 ("Annual Report"). The unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements included in our Annual Report and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of our financial position as of September 30, 2022, our results of operations and stockholders' equity for the three and nine months ended September 30, 2021 and 2022, and our cash flows for the nine months ended September 30, 2021 and 2022. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2022, or for any other interim period, or for any other future year.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities in the consolidated financial statements and accompanying notes. On an ongoing basis, we evaluate our estimates, including those related to the allowance for credit losses, useful lives of property, equipment and software, software capitalization, incremental borrowing rates for lease liability measurement, fair values of intangible assets and reporting units, useful lives of intangible assets, share-based compensation, contingencies, and income taxes, among others. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from our estimates.
Goodwill and Indefinite-Lived Intangible Assets	Goodwill represents the excess of the purchase price over the fair value of identifiable net assets of businesses acquired. Our indefinite-lived intangible asset consists of our Rackspace trade name, which was recorded at fair value on our balance sheet at the date of the Rackspace Acquisition. Goodwill and indefinite-lived intangible assets are not amortized but are subject to impairment testing on an annual basis as of October 1st or more frequently if events or circumstances indicate a potential impairment. These events or circumstances could include a significant change in the business climate, regulatory environment, established business plans, operating performance indicators or competition. Potential impairment indicators may also include, but are not limited to, (i) significant changes to estimates and assumptions used in the most recent annual or interim impairment testing, (ii) downward revisions to internal forecasts, and the magnitude thereof, (iii) declines in our market capitalization below our book value, and the magnitude and duration of those declines, and (iv) other macroeconomic factors, such as increases in interest rates that may affect the weighted average cost of capital, volatility in the equity and debt markets, or fluctuations in foreign currency exchange rates that may negatively impact our reported results of operations. During the third quarter of 2022, we experienced a sustained decline in our stock price resulting in our market capitalization being less than the carrying value of our combined reporting units. As of September 1, 2022, we assessed several events and circumstances that could affect the significant inputs used to determine the fair value of our reporting units, including the significance of the amount of excess carrying value over fair value, consistency of operating margins and cash flows, budgeted-to-actual performance from prior year, overall change in economic climate, changes in the industry and competitive environment, and earnings quality and sustainability. In addition, as of September 1, 2022, we lowered our projected operating results primarily due to product mix shifts and market concerns related to inflation, supply chain disruption issues and other macroeconomic factors. After considering all available evidence in our evaluation of goodwill impairment indicators, we determined it appropriate to perform an interim quantitative assessment of our reporting units as of September 1, 2022. We engaged a third-party valuation specialist to assist in the performance of the impairment analysis of our reporting units. Goodwill is tested for impairment at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (referred to as a component). We allocate goodwill to reporting units based on the reporting unit expected to benefit from the business combination. Assets and liabilities are assigned to each of our reporting units if they are employed by a reporting unit and are considered in the determination of the reporting unit fair value. Certain assets and liabilities are shared by multiple reporting units, and thus, are allocated to each reporting unit based on the relative size of a reporting unit, primarily based on revenue. We have two reporting units with goodwill: Multicloud Services and Apps & Cross Platform. Goodwill allocated to our third reporting unit, OpenStack Public Cloud, was fully impaired during the fourth quarter of 2021. For the interim quantitative goodwill impairment analysis performed as of September 1, 2022, we compared the fair values of each of our reporting units to their respective carrying amounts. The fair values of each of our reporting units were derived using the income approach, specifically the discounted cash flow method. The discounted cash flow models reflect our assumptions regarding revenue growth rates, risk-adjusted discount rates, terminal period growth rates, economic and market trends and other expectations about the anticipated operating results of our reporting units. As part of the goodwill impairment test, we also consider our market capitalization in assessing the reasonableness of the combined fair values estimated for our reporting units, including OpenStack Public Cloud. Goodwill impairment is measured as the excess of a reporting unit’s carrying amount over its fair value, not to exceed the carrying amount of goodwill for that reporting unit.
Long-Lived Assets	Long-lived assets, including operating and finance lease assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. As of September 1, 2022, prior to performing the goodwill impairment analysis, we performed a recoverability test of our long-lived assets, including finite-lived intangible assets, by comparing the net book value of our long-lived assets or asset groups, to the future undiscounted net cash flows attributable to such assets. Based on the results of the recoverability test, we determined that, as of September 1, 2022, the fair value of the OpenStack Public Cloud asset group’s underlying assets was less than the carrying value. Fair values of the OpenStack Public Cloud long-lived assets were determined using the cost approach. The cost approach utilized assumptions for the current replacement costs of similar assets adjusted for estimated depreciation and deterioration of the existing equipment and economic obsolescence. Estimates of floor values for the property, equipment and software, net, were considered relative to potential economic support for the assets such that the concluded value did not fall below the estimated floor value of these assets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Business Combinations In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2021-08, Business Combinations (ASC 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification No. 606, Revenue from Contracts with Customers ("ASC 606"). At the acquisition date, an acquirer should account for the related revenue contracts in accordance with ASC 606 as if it had originated the contracts. To achieve this, an acquirer may assess how the acquiree applied ASC 606 to determine what to record for the acquired revenue contracts. This standard allows the company a practical expedient to remove the requirement to measure and recognize such contracts in accordance with ASC 606. The guidance is applied prospectively upon adoption. We early adopted this guidance on January 1, 2022 and applied the practical expedient to our accounting for the acquisition of Just Analytics. The adoption of the guidance did not have a material impact on our consolidated financial statements. Not Yet Adopted Reference Rate Reform The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate ("LIBOR"), announced that it will not compel panel banks to contribute to the overnight 1, 3, 6 and 12 months U.S. dollar LIBOR tenors after June 30, 2023 and all other tenors after December 31, 2021. U.S. dollar LIBOR may be replaced by the Secured Overnight Financing Rate or other benchmark rates over the next several years. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (ASC 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting containing practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be applied from March 12, 2020 through December 31, 2022 as reference rate reform activities occur. In January 2021, the FASB issued an update that provides supplemental guidance and clarification of the reference rate reform. We have elected to apply certain practical expedients in the past. We continue to evaluate the impact of the guidance and may apply other elections prior to December 31, 2022, as applicable, as additional changes in the market occur. Currently, borrowings under our Senior Facilities use LIBOR as a benchmark for establishing the applicable interest rate, but the First Lien Credit Agreement includes provisions relating to the future discontinuance of LIBOR and sets forth mechanics for establishing the replacement of LIBOR with an alternative benchmark rate.
Net Loss Per Share	Net Loss Per ShareBasic net loss per share is calculated by dividing net loss attributable to common stockholders by the weighted average shares outstanding during the period.
Derivatives	Derivatives We utilize derivative instruments, including interest rate swap agreements, to manage our exposure to interest rate risk. We only hold such instruments for economic hedging purposes, not for speculative or trading purposes. Our derivative instruments are transacted only with highly-rated institutions, which reduces our exposure to credit risk in the event of nonperformance. Interest Rate Swaps We are exposed to interest rate risk associated with fluctuations in interest rates on the floating-rate Term Loan Facility. The objective in using interest rate derivatives is to manage our exposure to interest rate movements. To accomplish this objective, we have entered into interest rate swap agreements as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for the company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. On a quarterly basis, we net settle with the counterparty for the difference between the fixed rate specified in each swap agreement and the variable rate based upon the three-month LIBOR as applied to the notional amount of the swap.

Customer Contracts (Tables)

Customer Contracts (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Balances Related to Customer Contracts	The following table presents the balances related to customer contracts: (In millions) Consolidated Balance Sheets Account December 31, 2021 September 30, 2022 Accounts receivable, net Accounts receivable, net (1) $ 554.3 $ 593.4 Current portion of contract assets Other current assets $ 15.2 $ 14.7 Non-current portion of contract assets Other non-current assets $ 13.1 $ 12.6 Current portion of deferred revenue Deferred revenue $ 98.6 $ 88.3 Non-current portion of deferred revenue Other non-current liabilities $ 13.6 $ 6.6
Schedule of Capitalized Contract Cost	Amortization of capitalized sales commissions and implementation costs was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Amortization of capitalized sales commissions $ 11.1 $ 10.6 $ 32.6 $ 32.9 Amortization of capitalized implementation costs $ 4.6 $ 3.9 $ 13.5 $ 12.5

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended September 30, Nine Months Ended September 30, (In millions, except per share data) 2021 2022 2021 2022 Basic and diluted net loss per share: Net loss attributable to common stockholders $ (34.8) $ (511.7) $ (135.4) $ (590.8) Weighted average shares outstanding: Common stock 209.3 210.8 207.3 210.7 Number of shares used in per share computations 209.3 210.8 207.3 210.7 Net loss per share $ (0.17) $ (2.43) $ (0.65) $ (2.80)

Property, Equipment and Softw_2

Property, Equipment and Software, net (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property, Equipment, and Software, net	Property, equipment and software, net, consisted of the following: (In millions) December 31, September 30, Computers and equipment $ 1,206.5 $ 1,108.3 Software 465.6 464.4 Furniture and fixtures 21.9 16.7 Buildings and leasehold improvements 512.9 477.8 Land 21.2 20.4 Property, equipment and software, at cost 2,228.1 2,087.6 Less: Accumulated depreciation (1,413.4) (1,392.1) Work in process 12.0 12.0 Property, equipment and software, net $ 826.7 $ 707.5

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amounts of Goodwill by Reportable Segment	The following table sets forth the changes in the carrying amounts of goodwill by reportable segment: (In millions) Multicloud Services Apps & Cross Platform OpenStack Public Cloud Total Consolidated Balance as of December 31, 2021 $ 2,384.3 $ 322.5 $ — $ 2,706.8 Just Analytics acquisition — 5.9 — 5.9 Impairment of goodwill (405.2) — — (405.2) Foreign currency translation (36.3) (0.6) — (36.9) Balance as of September 30, 2022 $ 1,942.8 $ 327.8 $ — $ 2,270.6 Gross goodwill $ 2,643.0 $ 327.8 $ 52.4 $ 3,023.2 Less: Accumulated impairment charges (700.2) — (52.4) (752.6) Goodwill, net as of September 30, 2022 $ 1,942.8 $ 327.8 $ — $ 2,270.6
Schedule of Finite-Lived Intangible Assets Other Than Goodwill	The following table provides information regarding our intangible assets other than goodwill: December 31, 2021 September 30, 2022 (In millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,983.0 $ (784.1) $ 1,198.9 $ 1,948.2 $ (897.8) $ 1,050.4 Property tax abatement 16.0 (9.2) 6.8 15.7 (10.5) 5.2 Other 28.2 (17.4) 10.8 27.4 (20.9) 6.5 Total definite-lived intangible assets 2,027.2 (810.7) 1,216.5 1,991.3 (929.2) 1,062.1 Trade name (indefinite-lived) 250.0 — 250.0 229.0 — 229.0 Total intangible assets other than goodwill $ 2,277.2 $ (810.7) $ 1,466.5 $ 2,220.3 $ (929.2) $ 1,291.1
Schedule of Indefinite-Lived Intangible Assets Other Than Goodwill	The following table provides information regarding our intangible assets other than goodwill: December 31, 2021 September 30, 2022 (In millions) Gross carrying amount Accumulated amortization Net carrying amount Gross carrying amount Accumulated amortization Net carrying amount Customer relationships $ 1,983.0 $ (784.1) $ 1,198.9 $ 1,948.2 $ (897.8) $ 1,050.4 Property tax abatement 16.0 (9.2) 6.8 15.7 (10.5) 5.2 Other 28.2 (17.4) 10.8 27.4 (20.9) 6.5 Total definite-lived intangible assets 2,027.2 (810.7) 1,216.5 1,991.3 (929.2) 1,062.1 Trade name (indefinite-lived) 250.0 — 250.0 229.0 — 229.0 Total intangible assets other than goodwill $ 2,277.2 $ (810.7) $ 1,466.5 $ 2,220.3 $ (929.2) $ 1,291.1

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Debt consisted of the following: (In millions, except %) December 31, 2021 September 30, 2022 Debt Instrument Maturity Date Interest Rate (1) Amount Interest Rate (1) Amount Term Loan Facility February 15, 2028 3.50% $ 2,282.8 5.62% $ 2,265.5 Revolving Credit Facility August 7, 2025 —% — —% — 3.50% Senior Secured Notes February 15, 2028 3.50% 550.0 3.50% 550.0 5.375% Senior Notes December 1, 2028 5.375% 550.0 5.375% 550.0 Less: unamortized debt issuance costs (36.3) (32.1) Less: unamortized debt discount (12.6) (11.1) Total debt 3,333.9 3,322.3 Less: current portion of debt (23.0) (23.0) Debt, excluding current portion $ 3,310.9 $ 3,299.3 (1) Interest rates are as of each respective balance sheet date.

July 2021 Restructuring Plan (T

July 2021 Restructuring Plan (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	During the three and nine months ended September 30, 2021 , we incurred employee related costs, which consisted of one-time termination benefits and certain contractual termination benefits with executives, and other costs, which were accounted for as exit and disposal costs under ASC No. 420, Exit or Disposal Cost Obligations (“ASC 420”). Other costs consisted of professional fees and non-cash charges related to a contract termination with a third-party. These costs are recorded within "Selling, general and administrative expenses" in the Consolidated Statements of Comprehensive Loss, the components of which were as follows: (In millions) Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Employee related costs $ 8.6 $ 11.1 Other 7.5 11.4 Total restructuring charges $ 16.1 $ 22.5
Schedule of Restructuring Reserve by Type of Cost	Liability activity for previously accrued restructuring costs that are expected to be settled in cash are presented in the table below. (In millions) Employee Related Other Total Liability as of December 31, 2021 $ 7.1 $ 0.6 $ 7.7 Charges — — — Cash payments (7.1) (0.6) (7.7) Liability as of September 30, 2022 $ — $ — $ — Total cumulative costs incurred as of September 30, 2022 $ 13.8 $ 6.0 $ 19.8

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Cost of revenue $ 4.0 $ 2.8 $ 13.2 $ 9.0 Selling, general and administrative expenses 15.1 16.6 43.5 50.5 Pre-tax share-based compensation expense 19.1 19.4 56.7 59.5 Less: Income tax benefit (4.0) (4.1) (11.9) (12.5) Total share-based compensation expense, net of tax $ 15.1 $ 15.3 $ 44.8 $ 47.0

Derivatives (Tables)

Derivatives (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The key terms of interest rate swaps are presented below: Effective Date Fixed Rate Paid (Received) December 31, 2021 September 30, 2022 Notional Amount (in millions) Status Notional Amount (in millions) Status Maturity Date Entered into December 2016: February 3, 2017 1.9040% $ 450.0 Active $ — Matured February 3, 2022 February 3, 2017 1.9040% 450.0 Active — Matured February 3, 2022 Entered into December 2018: February 3, 2019 2.7490% — Terminated — Terminated November 3, 2023 February 3, 2020 2.7350% — Terminated — Terminated November 3, 2023 February 3, 2021 2.7360% — Terminated — Terminated November 3, 2023 February 3, 2022 2.7800% — Terminated — Terminated November 3, 2023 Entered into February 2021: February 3, 2021 (1.9040)% (900.0) Active — Matured February 3, 2022 February 9, 2021 2.3820% 1,350.0 Active 1,350.0 Active February 9, 2026 Total $ 1,350.0 $ 1,350.0
Schedule of Fair Values of Derivative Assets and Liabilities on the Consolidated Balance Sheets	The fair values of our derivatives and their location on the Consolidated Balance Sheets as of December 31, 2021 and September 30, 2022 were as follows: December 31, 2021 September 30, 2022 (In millions) Assets Liabilities Assets Liabilities Derivatives not designated as hedging instruments Location Interest rate swaps Other current assets (1) $ 1.5 $ — $ — $ — Interest rate swaps Other current liabilities — 1.5 — — Total $ 1.5 $ 1.5 $ — $ — Derivatives designated as hedging instruments Location Interest rate swaps Other current assets $ — $ — $ 36.6 $ — Interest rate swaps Other non-current assets 23.6 — 94.6 — Interest rate swaps Other current liabilities (2) — 20.8 — 17.3 Interest rate swaps Other non-current liabilities (3) — 56.4 — 43.5 Total $ 23.6 $ 77.2 $ 131.2 $ 60.8 (1) The entire balance as of December 31, 2021 is comprised of the receive-fixed interest rate swap for which the fair value option has been elected. (2) The balance as of December 31, 2021 and September 30, 2022 includes $17.2 million and $17.3 million, respectively, related to the financing component of the pay-fixed interest rate swap. (3) The entire balance is comprised of the financing component of the pay-fixed interest rate swap.
Schedule Offsetting Assets Under Master Netting Arrangements	For financial statement presentation purposes, we do not offset assets and liabilities under master netting arrangements and all amounts above are presented on a gross basis. The following table, however, is presented on a net asset and net liability basis: December 31, 2021 September 30, 2022 (In millions) Gross Amounts on Balance Sheet Effects of Counterparty Netting Net Amounts Gross Amounts on Balance Sheet Effects of Counterparty Netting Net Amounts Assets Interest rate swaps $ 25.1 $ (25.1) $ — $ 131.2 $ (60.8) $ 70.4 Liabilities Interest rate swaps $ 78.7 $ (25.1) $ 53.6 $ 60.8 $ (60.8) $ —
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, 2021 September 30, 2022 (In millions) Gross Amounts on Balance Sheet Effects of Counterparty Netting Net Amounts Gross Amounts on Balance Sheet Effects of Counterparty Netting Net Amounts Assets Interest rate swaps $ 25.1 $ (25.1) $ — $ 131.2 $ (60.8) $ 70.4 Liabilities Interest rate swaps $ 78.7 $ (25.1) $ 53.6 $ 60.8 $ (60.8) $ —
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 and nine months ended September 30, 2021 and 2022 was as follows: Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Derivatives not designated as hedging instruments Location Interest rate swaps Interest expense $ (4.9) $ (4.7) $ (14.3) $ (13.9) Foreign currency contracts (1) Other income (expense), net $ 2.9 $ — $ 0.9 $ — Derivatives designated as hedging instruments Location Interest rate swaps Interest expense $ (1.3) $ 3.8 $ (4.9) $ 2.5 (1) Relates to two foreign currency forward contracts settled on November 30, 2021. As of December 31, 2021 and September 30, 2022, we do not have any outstanding foreign currency hedging contracts.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	Accumulated other comprehensive income (loss) consisted of the following: (In millions) Accumulated Foreign Currency Translation Adjustments Accumulated Loss on Derivative Contracts Accumulated Other Comprehensive Loss Balance at June 30, 2021 $ 26.5 $ (27.5) $ (1.0) Foreign currency translation adjustments, net of tax benefit of $0.8 (8.8) — (8.8) Unrealized gain on derivative contracts, net of tax expense of $0.2 — 0.6 0.6 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $1.6 (1) — 4.5 4.5 Balance at September 30, 2021 $ 17.7 $ (22.4) $ (4.7) (1) Includes interest expense recognized of $1.2 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $4.9 million for the three months ended September 30, 2021. (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 benefit of $0.5 (3.1) — (3.1) Unrealized gain on derivative contracts, net of tax expense of $1.4 — 4.0 4.0 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $4.5 (1) — 13.0 13.0 Balance at September 30, 2021 $ 17.7 $ (22.4) $ (4.7) (1) Includes interest expense recognized of $5.2 million and amortization of off-market swap value and accumulated loss at hedge de-designation of $12.3 million for the nine months ended September 30, 2021. (In millions) Accumulated Foreign Currency Translation Adjustments Accumulated Gain on Derivative Contracts Accumulated Other Comprehensive Income Balance at June 30, 2022 $ (5.6) $ 50.7 $ 45.1 Foreign currency translation adjustments, net of tax benefit of $1.7 (22.5) — (22.5) Unrealized gain on derivative contracts, net of tax expense of $10.8 — 31.4 31.4 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $0.2 (1) — 0.6 0.6 Balance at September 30, 2022 $ (28.1) $ 82.7 $ 54.6 (1) Include amortization of off-market swap value and accumulated loss at hedge de-designation of $4.7 million for the three months ended September 30, 2022, partially offset by a reduction to interest expense recognized of $3.9 million. (In millions) Accumulated Foreign Currency Translation Adjustments Accumulated Gain (Loss) on Derivative Contracts Accumulated Other Comprehensive Income Balance at December 31, 2021 $ 17.2 $ (10.3) $ 6.9 Foreign currency translation adjustments, net of tax benefit of $3.9 (45.3) — (45.3) Unrealized gain on derivative contracts, net of tax expense of $29.2 — 84.7 84.7 Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit of $2.9 (1) — 8.3 8.3 Balance at September 30, 2022 $ (28.1) $ 82.7 $ 54.6 (1) Includes amortization of off-market swap value and accumulated loss at hedge de-designation of $13.9 million for the nine months ended September 30, 2022, partially offset by a reduction to interest expense recognized of $2.7 million.

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of 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 consolidated segment gross profit to consolidated loss before income taxes for the three and nine months ended September 30, 2021 and 2022. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Revenue by segment: Multicloud Services $ 625.1 $ 649.7 $ 1,809.8 $ 1,923.1 Apps & Cross Platform 92.8 101.5 282.8 296.4 OpenStack Public Cloud 44.6 36.4 139.6 115.8 Total consolidated revenue $ 762.5 $ 787.6 $ 2,232.2 $ 2,335.3 Segment gross profit: Multicloud Services $ 200.4 $ 167.2 $ 598.8 $ 538.7 Apps & Cross Platform 33.8 34.8 100.7 104.8 OpenStack Public Cloud 16.1 9.7 50.8 35.5 Total consolidated segment gross profit 250.3 211.7 750.3 679.0 Less: Share-based compensation expense (4.0) (2.8) (13.2) (9.0) Other compensation expense (1) (0.4) (0.4) (2.1) (1.6) Purchase accounting impact on expense (2) (1.2) (0.6) (3.6) (2.1) Restructuring and transformation expenses (3) (13.0) (0.8) (28.9) (9.2) Selling, general and administrative expenses (234.6) (219.9) (698.2) (645.0) Impairment of goodwill — (405.2) — (405.2) Impairment of assets — (58.7) — (58.7) Gain on sale of land — — 19.9 — Interest expense (51.5) (52.3) (154.6) (152.9) Loss on investments, net — (0.1) (3.6) (0.4) Debt modification and extinguishment costs — — (37.5) — Other income (expense), net 0.1 (6.0) (1.1) (15.5) Total consolidated loss before income taxes $ (54.3) $ (535.1) $ (172.6) $ (620.6) (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.
Schedule of 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 consolidated segment gross profit to consolidated loss before income taxes for the three and nine months ended September 30, 2021 and 2022. Three Months Ended September 30, Nine Months Ended September 30, (In millions) 2021 2022 2021 2022 Revenue by segment: Multicloud Services $ 625.1 $ 649.7 $ 1,809.8 $ 1,923.1 Apps & Cross Platform 92.8 101.5 282.8 296.4 OpenStack Public Cloud 44.6 36.4 139.6 115.8 Total consolidated revenue $ 762.5 $ 787.6 $ 2,232.2 $ 2,335.3 Segment gross profit: Multicloud Services $ 200.4 $ 167.2 $ 598.8 $ 538.7 Apps & Cross Platform 33.8 34.8 100.7 104.8 OpenStack Public Cloud 16.1 9.7 50.8 35.5 Total consolidated segment gross profit 250.3 211.7 750.3 679.0 Less: Share-based compensation expense (4.0) (2.8) (13.2) (9.0) Other compensation expense (1) (0.4) (0.4) (2.1) (1.6) Purchase accounting impact on expense (2) (1.2) (0.6) (3.6) (2.1) Restructuring and transformation expenses (3) (13.0) (0.8) (28.9) (9.2) Selling, general and administrative expenses (234.6) (219.9) (698.2) (645.0) Impairment of goodwill — (405.2) — (405.2) Impairment of assets — (58.7) — (58.7) Gain on sale of land — — 19.9 — Interest expense (51.5) (52.3) (154.6) (152.9) Loss on investments, net — (0.1) (3.6) (0.4) Debt modification and extinguishment costs — — (37.5) — Other income (expense), net 0.1 (6.0) (1.1) (15.5) Total consolidated loss before income taxes $ (54.3) $ (535.1) $ (172.6) $ (620.6) (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.

Company Overview, Basis of Pr_3

Company Overview, Basis of Presentation, and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jan. 18, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net purchase price				$ 7.7	$ 0
Impairment of goodwill		$ 405.2	$ 0	405.2	$ 0
Trade name (indefinite-lived)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Indefinite-lived intangible asset		21		21
Multicloud Services
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of goodwill		405.2		405.2
OpenStack Public Cloud
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impairment of goodwill				0
Indefinite-lived intangible asset		21		22.4
Impairment Of Long-Lived Assets, Held For Sale And Intangible Assets		$ 37.7		$ 37.7
Just Analytics Pte. Ltd.
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Percentage of business acquired	100%
Net purchase price	$ 7.7
Period of recognition of compensation costs	3 years

Customer Contracts - Schedule o

Customer Contracts - Schedule of Balances Related to Customer Contracts (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 593.4	$ 554.3
Current portion of contract assets	14.7	15.2
Non-current portion of contract assets	12.6	13.1
Current portion of deferred revenue	88.3	98.6
Non-current portion of deferred revenue	6.6	13.6
Allowance for doubtful accounts and accrued customer credits	$ 19.3	$ 18.4

Customer Contracts - Narrative

Customer Contracts - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 27, 2022	Dec. 31, 2021
Capitalized Contract Cost [Line Items]
Revenue recognized included in deferred revenue	$ 23,600,000	$ 26,400,000	$ 59,100,000	$ 54,700,000
Convertible Note Receivable
Capitalized Contract Cost [Line Items]
Note receivable, principal amount					$ 15,000,000
Investment interest rate					6%
Other non-current assets | Convertible Note Receivable
Capitalized Contract Cost [Line Items]
Fair value of note receivable	12,000,000		12,000,000
Cost To Obtain A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	55,700,000		55,700,000			$ 58,000,000
Cost To Fulfill A Contract
Capitalized Contract Cost [Line Items]
Capitalized contract cost, net	$ 18,700,000		$ 18,700,000			$ 23,500,000

Customer Contracts - Schedule_2

Customer Contracts - Schedule of Amortization of Capitalized Contract Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Amortization of capitalized sales commissions
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 10.6	$ 11.1	$ 32.9	$ 32.6
Amortization of capitalized implementation costs
Capitalized Contract Cost [Line Items]
Capitalized contract cost, amortization	$ 3.9	$ 4.6	$ 12.5	$ 13.5

Customer Contracts - Remaining

Customer Contracts - Remaining Performance Obligations (Details) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 645.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized, percentage	23%
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic and diluted net loss per share:
Net loss attributable to common stockholders, basic	$ (511.7)	$ (34.8)	$ (590.8)	$ (135.4)
Net loss attributable to common stockholders, diluted	$ (511.7)	$ (34.8)	$ (590.8)	$ (135.4)
Weighted average shares outstanding:
Common stock (in shares)	210.8	209.3	210.7	207.3
Number of shares used in per share computations (in shares)	210.8	209.3	210.7	207.3
Net loss per share, basic (in dollars per share)	$ (2.43)	$ (0.17)	$ (2.80)	$ (0.65)
Net loss per share, diluted (in dollars per share)	$ (2.43)	$ (0.17)	$ (2.80)	$ (0.65)

Net Loss Per Share - Narrative

Net Loss Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Anti-dilutive potential common shares excluded from computation of dilutive net income (loss) per share (in shares)	24.2	20.7	24.2	20.7

Property, Equipment and Softw_3

Property, Equipment and Software, net - Schedule of Property, Equipment and Software, net (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	$ 2,087.6	$ 2,228.1
Less: Accumulated depreciation	(1,392.1)	(1,413.4)
Property, equipment and software, net	707.5	826.7
Computers and equipment
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	1,108.3	1,206.5
Software
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	464.4	465.6
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	16.7	21.9
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	477.8	512.9
Land
Property, Plant and Equipment [Line Items]
Property, equipment and software, at cost	20.4	21.2
Work in process
Property, Plant and Equipment [Line Items]
Work in process	$ 12	$ 12

Property, Equipment and Softw_4

Property, Equipment and Software, net - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jan. 15, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Line Items]
Impairment of goodwill		$ 405.2	$ 0	$ 405.2	$ 0
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
OpenStack Public Cloud
Property, Plant and Equipment [Line Items]
Impairment of goodwill				0
Property equipment and software impairment charges		$ 15.3		$ 15.3

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 2,706.8
Just Analytics acquisition			5.9
Impairment of goodwill	$ (405.2)	$ 0	(405.2)	$ 0
Foreign currency translation			(36.9)
Goodwill, ending balance	2,270.6		2,270.6
Gross goodwill	3,023.2		3,023.2
Less: Accumulated impairment charges	(752.6)		(752.6)
Goodwill, net as of September 30, 2022	2,270.6		2,270.6
Multicloud Services
Goodwill [Roll Forward]
Goodwill, beginning balance			2,384.3
Just Analytics acquisition			0
Impairment of goodwill	(405.2)		(405.2)
Foreign currency translation			(36.3)
Goodwill, ending balance	1,942.8		1,942.8
Gross goodwill	2,643		2,643
Less: Accumulated impairment charges	(700.2)		(700.2)
Goodwill, net as of September 30, 2022	1,942.8		1,942.8
Apps & Cross Platform
Goodwill [Roll Forward]
Goodwill, beginning balance			322.5
Just Analytics acquisition			5.9
Impairment of goodwill			0
Foreign currency translation			(0.6)
Goodwill, ending balance	327.8		327.8
Gross goodwill	327.8		327.8
Less: Accumulated impairment charges	0		0
Goodwill, net as of September 30, 2022	327.8		327.8
OpenStack Public Cloud
Goodwill [Roll Forward]
Goodwill, beginning balance			0
Just Analytics acquisition			0
Impairment of goodwill			0
Foreign currency translation			0
Goodwill, ending balance	0		0
Gross goodwill	52.4		52.4
Less: Accumulated impairment charges	(52.4)		(52.4)
Goodwill, net as of September 30, 2022	$ 0		$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)
Goodwill [Line Items]
Accumulated goodwill impairment charges	$ 752.6	$ 752.6
OpenStack Public Cloud
Goodwill [Line Items]
Accumulated goodwill impairment charges	52.4	52.4
Indefinite-lived intangible asset	$ 21	$ 22.4

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Intangible Assets Other Than Goodwill (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 1,991.3	$ 2,027.2
Accumulated amortization	(929.2)	(810.7)
Net carrying amount	1,062.1	1,216.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross carrying amount	2,220.3	2,277.2
Accumulated amortization	(929.2)	(810.7)
Net carrying amount	1,291.1	1,466.5
Trade name (indefinite-lived)
Indefinite-lived Intangible Assets [Line Items]
Trade name (indefinite-lived)	229	250
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,948.2	1,983
Accumulated amortization	(897.8)	(784.1)
Net carrying amount	1,050.4	1,198.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(897.8)	(784.1)
Property tax abatement
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	15.7	16
Accumulated amortization	(10.5)	(9.2)
Net carrying amount	5.2	6.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	(10.5)	(9.2)
Other
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	27.4	28.2
Accumulated amortization	(20.9)	(17.4)
Net carrying amount	6.5	10.8
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (20.9)	$ (17.4)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Feb. 28, 2021	Feb. 09, 2021	Dec. 01, 2020
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (32,100,000)	$ (36,300,000)
Less: unamortized debt discount	(11,100,000)	(12,600,000)
Total debt	3,322,300,000	3,333,900,000
Less: current portion of debt	(23,000,000)	(23,000,000)
Debt, excluding current portion	$ 3,299,300,000	$ 3,310,900,000
Term Loan Facility | Term loan facility
Debt Instrument [Line Items]
Effective interest rate	5.62%	3.50%
Amount	$ 2,265,500,000	$ 2,282,800,000
Senior Facilities | Term loan facility
Debt Instrument [Line Items]
Amount	2,265,500,000
Senior Facilities | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving Credit Facility	$ 0
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Less: unamortized debt issuance costs			$ (6,800,000)
3.50% Senior Secured Notes | Senior notes
Debt Instrument [Line Items]
Interest Rate	3.50%	3.50%		3.50%
Amount	$ 550,000,000	$ 550,000,000
5.375% Senior Notes | Senior notes
Debt Instrument [Line Items]
Interest Rate	5.375%	5.375%			5.375%
Amount	$ 550,000,000	$ 550,000,000

Debt - Narrative (Details)

Debt - Narrative (Details)			3 Months Ended		9 Months Ended		80 Months Ended
	Feb. 09, 2021 USD ($)	Dec. 01, 2020 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Feb. 15, 2028 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Debt modification and extinguishment costs			$ 0	$ 0	$ 0	$ 37,500,000
Unamortized debt issuance cost			$ 32,100,000		$ 32,100,000			$ 36,300,000
Loan modification fee									$ 27,600,000
Term loan facility
Debt Instrument [Line Items]
Debt Instrument, unamortized discount and debt issuance costs									9,400,000
Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total commitments	$ 375,000,000
Debt instrument, basis spread on variable rate floor	1%
Unused commitment fee percentage	0.50%
Term Loan Facility | Term loan facility
Debt Instrument [Line Items]
Debt instrument, term	7 years
Aggregate principal amount	$ 2,300,000,000
Debt instrument, basis spread on variable rate floor	0.75%
Interest payment period (not exceed)	90 days
Effective interest rate			5.62%		5.62%			3.50%
Fair value of debt			$ 1,611,300,000		$ 1,611,300,000
Principal balance			$ 2,265,500,000		$ 2,265,500,000			$ 2,282,800,000
Debt Instrument, unamortized discount and debt issuance costs									41,000,000
Term Loan Facility | Term loan facility | Forecast | Subsequent event
Debt Instrument [Line Items]
Quarterly principal payment							$ 5,800,000
Term Loan Facility | Term loan facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.75%
Term Loan Facility | Term loan facility | Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
3.50% Senior Secured Notes
Debt Instrument [Line Items]
Debt modification and extinguishment costs						37,000,000
Unamortized debt issuance cost									6,800,000
3.50% Senior Secured Notes | Senior notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 550,000,000
Interest rate	3.50%		3.50%		3.50%			3.50%
Fair value of debt			$ 360,300,000		$ 360,300,000
Redemption price, percentage	101%
Principal balance			550,000,000		550,000,000			$ 550,000,000
3.50% Senior Secured Notes | Senior notes | Prior to February 15, 2024
Debt Instrument [Line Items]
Redemption price, percentage	100%
Percent of redeemable debt (up to)	40%
3.50% Senior Secured Notes | Senior notes | From February 15, 2024 to February 14, 2025
Debt Instrument [Line Items]
Redemption price, percentage	101.75%
3.50% Senior Secured Notes | Senior notes | From February 15, 2025 to February 14, 2026
Debt Instrument [Line Items]
Redemption price, percentage	100.875%
3.50% Senior Secured Notes | Senior notes | from February 15, 2026 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage	100%
3.50% Senior Secured Notes | Senior notes | Commencing with February 9
Debt Instrument [Line Items]
Redemption price, percentage	103%
Percent of redeemable debt (up to)	10%
Senior Facilities | Term loan facility
Debt Instrument [Line Items]
Principal balance			2,265,500,000		2,265,500,000
Senior Facilities | Term loan facility | Federal funds rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Senior Facilities | Term loan facility | One-month Adjusted LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1%
Senior Facilities | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, leverage ratio, maximum	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%
Outstanding borrowings			$ 0		$ 0
Senior Facilities | Line of credit | Revolving Credit Facility | LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	3%
Senior Facilities | Line of credit | Revolving Credit Facility | Base rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2%
Forty Percent Of 3.50% Senior Secured Notes Due 2028 | Senior notes | Prior to February 15, 2024
Debt Instrument [Line Items]
Redemption price, percentage	103.50%
5.375% Senior Notes | Senior notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 550,000,000
Interest rate		5.375%	5.375%		5.375%			5.375%
Percent of redeemable debt (up to)		40%
Fair value			$ 250,300,000		$ 250,300,000
Principal balance			$ 550,000,000		$ 550,000,000			$ 550,000,000
5.375% Senior Notes | Senior notes | Prior to December 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage		100%
5.375% Senior Notes | Senior notes | December 1, 2023 to November 30, 2024
Debt Instrument [Line Items]
Redemption price, percentage		102.688%
5.375% Senior Notes | Senior notes | December 1, 2024 to November 30, 2025
Debt Instrument [Line Items]
Redemption price, percentage		101.344%
5.375% Senior Notes | Senior notes | December 1, 2025 and thereafter
Debt Instrument [Line Items]
Redemption price, percentage		100%
5.375% Senior Notes | Senior notes | Upon change of control
Debt Instrument [Line Items]
Redemption price, percentage		101%
Forty Percent Of Senior Notes, 5.375%, Due 2028 | Senior notes | Prior to December 1, 2023
Debt Instrument [Line Items]
Redemption price, percentage		105.375%
Receivables Financing Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Repayments of lines of credit						50,000,000
Receivables Financing Facility | Line of credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total commitments										$ 100,000,000
Debt modification and extinguishment costs						$ 500,000
Prior Term Loan Facility | Term loan facility
Debt Instrument [Line Items]
Principal balance									$ 2,795,600,000

July 2021 Restructuring Plan -

July 2021 Restructuring Plan - Narrative (Details) - July 2021 Restructuring Plan - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jul. 21, 2021
Restructuring Cost and Reserve [Line Items]
Percent of workforce to be terminated				10%
Restructuring charges		$ 0
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 16.1		$ 22.5
Selling, general and administrative expenses | Asset Write Offs And Contract Termination
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4.4		$ 5.4

July 2021 Restructuring Plan _2

July 2021 Restructuring Plan - Restructuring and Related Costs (Details) - July 2021 Restructuring Plan - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0
Employee related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0
Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 0
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 16.1		$ 22.5
Selling, general and administrative expenses | Employee related costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	8.6		11.1
Selling, general and administrative expenses | Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 7.5		$ 11.4

July 2021 Restructuring Plan _3

July 2021 Restructuring Plan - Restructuring Reserves by Type of Cost (Details) - July 2021 Restructuring Plan $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	$ 7.7
Charges	0
Cash payments	(7.7)
Restructuring reserve, ending balance	0
Total cumulative costs incurred as of September 30, 2022	19.8
Employee Related
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	7.1
Charges	0
Cash payments	(7.1)
Restructuring reserve, ending balance	0
Total cumulative costs incurred as of September 30, 2022	13.8
Other
Restructuring Reserve [Roll Forward]
Restructuring reserve, beginning balance	0.6
Charges	0
Cash payments	(0.6)
Restructuring reserve, ending balance	0
Total cumulative costs incurred as of September 30, 2022	$ 6

Share Repurchase Program (Detai

Share Repurchase Program (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Mar. 03, 2022
Share-Based Payment Arrangement [Abstract]
Stock repurchase program, authorized amount			$ 75,000,000
Treasury stock value		$ 31,000,000
Repurchase of common stock (in shares)	0	3,100,000
Stock repurchase program	$ 44,000,000	$ 44,000,000

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Apr. 21, 2022	Apr. 20, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 126.7
2020 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for issuance (in shares)		50,000,000	25,000,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted in period	8,200,000
Weighted average grant date fair value, RSUs granted during period (in dollars per share)	$ 10.16
Vesting period	3 years
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of awards granted in period	1,200,000
Weighted average grant date fair value, RSUs granted during period (in dollars per share)	$ 11.70
Vesting period	3 years

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 19.4	$ 19.1	$ 59.5	$ 56.7
Less: Income tax benefit	(4.1)	(4)	(12.5)	(11.9)
Total share-based compensation expense, net of tax	15.3	15.1	47	44.8
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	2.8	4	9	13.2
Selling, general and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax share-based compensation expense	$ 16.6	$ 15.1	$ 50.5	$ 43.5

Derivatives - Narrative (Detail

Derivatives - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Feb. 12, 2021 USD ($)	Jan. 31, 2021 USD ($)	Jan. 09, 2020 USD ($)	Dec. 31, 2016 instrument
Derivative [Line Items]
Accumulated other comprehensive loss	$ (54,600,000)		$ (54,600,000)		$ (6,900,000)
Interest expense	52,300,000	$ 51,500,000	152,900,000	$ 154,600,000
Cash flow hedge gain expected to be reclassified as a reduction to interest expense over the next twelve months			24,900,000
Derivatives designated as hedging instruments
Derivative [Line Items]
Liabilities	60,800,000		60,800,000		77,200,000
Interest rate swaps
Derivative [Line Items]
Liabilities	60,800,000		60,800,000		78,700,000
Derivative, notional amount	1,350,000,000		1,350,000,000		1,350,000,000	$ 900,000,000
Accumulated other comprehensive loss							$ 51,600,000
Derivative, fixed interest rate						2.382%
Interest rate swaps | LIBOR
Derivative [Line Items]
Variable interest rate						0.75%
Interest rate swaps | Derivatives designated as hedging instruments | Cash Flow Hedging
Derivative [Line Items]
Liabilities								$ 39,900,000
Receive Fixed Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount						$ 900,000,000
Number of derivative instruments | instrument									2
Pay-fixed interest rate swap
Derivative [Line Items]
Derivative, notional amount						$ 1,350,000,000
Pay-fixed interest rate swap | Derivatives designated as hedging instruments
Derivative [Line Items]
Liabilities	$ 17,300,000		$ 17,300,000		$ 17,200,000

Derivatives - Interest Rate Swa

Derivatives - Interest Rate Swaps Outstanding (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021	Feb. 12, 2021
Interest rate swaps
Derivative [Line Items]
Fixed Rate Paid (Received)			2.382%
Notional amount	$ 1,350,000,000	$ 1,350,000,000	$ 900,000,000
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)		1.904%
Notional amount	0	$ 450,000,000
Interest Rate Swap - Entered in December 2016
Derivative [Line Items]
Fixed Rate Paid (Received)		1.904%
Notional amount	0	$ 450,000,000
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.749%
Notional amount	0	$ 0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.735%
Notional amount	0	$ 0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.736%
Notional amount	0	$ 0
Interest Rate Swap - Entered in December 2018
Derivative [Line Items]
Fixed Rate Paid (Received)		2.78%
Notional amount	0	$ 0
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Fixed Rate Paid (Received)		(1.904%)
Notional amount	0	$ (900,000,000)
Interest Rate Swap - Entered in February 2021
Derivative [Line Items]
Fixed Rate Paid (Received)		2.382%
Notional amount	$ 1,350,000,000	$ 1,350,000,000

Derivatives - Schedule of Fair

Derivatives - Schedule of Fair Values of Derivatives on the Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	$ 131.2	$ 25.1
Liabilities	60.8	78.7
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	0	1.5
Liabilities	0	1.5
Derivatives not designated as hedging instruments | Other current assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0	1.5
Liabilities	0	0
Derivatives not designated as hedging instruments | Other current liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	0	1.5
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Assets	131.2	23.6
Liabilities	60.8	77.2
Derivatives designated as hedging instruments | Pay-fixed interest rate swap
Derivatives, Fair Value [Line Items]
Liabilities	17.3	17.2
Derivatives designated as hedging instruments | Other current assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	36.6	0
Liabilities	0	0
Derivatives designated as hedging instruments | Other non-current assets | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	94.6	23.6
Liabilities	0	0
Derivatives designated as hedging instruments | Other current liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	17.3	20.8
Derivatives designated as hedging instruments | Other non-current liabilities | Interest rate swaps
Derivatives, Fair Value [Line Items]
Assets	0	0
Liabilities	$ 43.5	$ 56.4

Derivatives - Derivatives Prese

Derivatives - Derivatives Presented on a Net Asset and Net Liability basis (Details) - Interest rate swaps - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Gross Amounts on Balance Sheet	$ 131.2	$ 25.1
Effects of Counterparty Netting	(60.8)	(25.1)
Net Amounts	70.4	0
Liabilities
Gross Amounts on Balance Sheet	60.8	78.7
Effects of Counterparty Netting	(60.8)	(25.1)
Net Amounts	$ 0	$ 53.6

Derivatives - Effect of Derivat

Derivatives - Effect of Derivatives on the Consolidated Statements of Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Nov. 30, 2021 instrument
Interest expense | Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ (4.7)	$ (4.9)	$ (13.9)	$ (14.3)
Derivatives designated as hedging instruments	3.8	(1.3)	2.5	(4.9)
Other income (expense), net | Foreign currency contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives not designated as hedging instruments	$ 0	$ 2.9	$ 0	$ 0.9
Number of derivative instruments settled | instrument					2

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,298.4	$ 1,382.5	$ 1,327.4	$ 1,383.7
Foreign currency translation adjustments, net of tax benefit	(22.5)	(8.8)	(45.3)	(3.1)
Unrealized gain on derivative contracts, net of tax expense	31.4	0.6	84.7	4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	0.6	4.5	8.3	13
Ending balance	815.6	1,371	815.6	1,371
Foreign currency translation adjustment, tax benefit	1.7	0.8	3.9	0.5
Unrealized gain on derivative contract, tax expense	10.8	(0.2)	29.2	1.4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	0.2	1.6	2.9	4.5
Interest expense	52.3	51.5	152.9	154.6
Reclassification out of Accumulated Other Comprehensive Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amortization of off-market swap	4.7	4.9	13.9	12.3
Interest expense	(3.9)	1.2	(2.7)	5.2
Accumulated Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(5.6)	26.5	17.2	20.8
Foreign currency translation adjustments, net of tax benefit	(22.5)	(8.8)	(45.3)	(3.1)
Unrealized gain on derivative contracts, net of tax expense	0	0	0	0
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	0	0	0	0
Ending balance	(28.1)	17.7	(28.1)	17.7
Accumulated Loss on Derivative Contracts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	50.7	(27.5)	(10.3)	(39.4)
Foreign currency translation adjustments, net of tax benefit	0	0	0	0
Unrealized gain on derivative contracts, net of tax expense	31.4	0.6	84.7	4
Amount reclassified from Accumulated comprehensive income (loss) into earnings, net of tax benefit	0.6	4.5	8.3	13
Ending balance	82.7	(22.4)	82.7	(22.4)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	45.1	(1)	6.9	(18.6)
Ending balance	$ 54.6	$ (4.7)	$ 54.6	$ (4.7)

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Millions	Feb. 09, 2021	Feb. 02, 2021	Sep. 30, 2022	Dec. 31, 2021
Datapipe Parent Inc
Related Party Transaction [Line Items]
Equity issued in acquisition (in shares)		2,665,935
Apollo Global Securities, LLC | Arranger fees
Related Party Transaction [Line Items]
Underwriting fees	$ 2.3
Senior notes | Apollo Global Securities, LLC
Related Party Transaction [Line Items]
Underwriting fees	$ 0.6
Senior Facilities | Term loan facility
Related Party Transaction [Line Items]
Principal balance			$ 2,265.5
Senior Facilities | Term loan facility | Affiliates of ABRY | Affiliated entity
Related Party Transaction [Line Items]
Principal balance			$ 56.2
Percentage of debt due to related party			2.50%
3.50% Senior Secured Notes | Senior notes
Related Party Transaction [Line Items]
Principal balance			$ 550	$ 550
Interest rate	3.50%		3.50%	3.50%

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 segment
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 787.6	$ 762.5	$ 2,335.3	$ 2,232.2
Gross profit	207.1	231.7	657.1	702.5
Share-based compensation expense	(19.4)	(19.1)	(59.5)	(56.7)
Selling, general and administrative expenses	(219.9)	(234.6)	(645)	(698.2)
Impairment of goodwill	405.2	0	405.2	0
Gain on sale of land	0	0	0	19.9
Interest expense	(52.3)	(51.5)	(152.9)	(154.6)
Loss on investments, net	(0.1)	0	(0.4)	(3.6)
Debt modification and extinguishment costs	0	0	0	(37.5)
Other income (expense), net	(6)	0.1	(15.5)	(1.1)
Total consolidated loss before income taxes	(535.1)	(54.3)	(620.6)	(172.6)
Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	211.7	250.3	679	750.3
Corporate And Reconciling Items
Segment Reporting, Revenue Reconciling Item [Line Items]
Share-based compensation expense	(2.8)	(4)	(9)	(13.2)
Other compensation expense	(0.4)	(0.4)	(1.6)	(2.1)
Purchase accounting impact on expense	(0.6)	(1.2)	(2.1)	(3.6)
Restructuring and transformation expenses	(0.8)	(13)	(9.2)	(28.9)
Multicloud Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	649.7	625.1	1,923.1	1,809.8
Impairment of goodwill	405.2		405.2
Multicloud Services | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	167.2	200.4	538.7	598.8
Apps & Cross Platform
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	101.5	92.8	296.4	282.8
Impairment of goodwill			0
Apps & Cross Platform | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	34.8	33.8	104.8	100.7
OpenStack Public Cloud
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	36.4	44.6	115.8	139.6
Impairment of goodwill			0
OpenStack Public Cloud | Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Gross profit	$ 9.7	$ 16.1	$ 35.5	$ 50.8