Exhibit 99.1
Rackspace Technology Reports Second Quarter 2020 Results

Second Quarter Revenue of $657 million, up 9% Year-over-Year
Record Quarterly Bookings of $288 million, an increase of 107% Year-over-Year
Net loss of $33 million, or ($0.20) per diluted share
Adjusted EBITDA was $188 million and Adjusted EBITDA margin was 29%

SAN ANTONIO, August 31, 2020
– Rackspace Technology, Inc. (Nasdaq: RXT), a leading end-to-end multicloud technology solutions company, today announced results for its second quarter ended June 30, 2020.

Rackspace Technology Chief Executive Officer Kevin Jones commented, “We are proud and very excited to report our second quarter results following our IPO earlier this month. The quarter was highlighted by accelerating revenue growth driven by our ramping sales bookings growth over the past year. This quarter’s impressive 107% growth in sales bookings further validates our conviction in the massive opportunity presented by the tectonic shift to multicloud. Rackspace Technology is uniquely well positioned as a leading end-to-end multicloud solutions provider and each one of our nearly 7,000 Rackers are eager to serve that market need each and every day.”

Second Quarter 2020 Results

Revenue was $657 million in the second quarter of 2020, an increase of 9% as compared to revenue of $602 million in the second quarter of 2019. Revenue for the second quarter of 2020 was positively impacted by the acquisition of Onica Holdings LLC (“Onica”) in November 2019 as well as new customer acquisitions and growing customer spend in our Multicloud Services and Apps & Cross Platform segments. On a constant currency basis, after giving effect to the acquisition of Onica as if it had occurred on January 1, 2019, revenue increased by 4% in the second quarter of 2020 as compared to the second quarter of 2019.

Revenue from our Core Segments (“Core Revenue”), comprised of Multicloud Services and Apps & Cross Platform, increased 13% in the second quarter of 2020 as compared to the second quarter of 2019. On a constant currency basis, after giving effect to the acquisition of Onica as if it had occurred on January 1, 2019, Core Revenue increased 7% in the second quarter of 2020 as compared to the second quarter of 2019.

Bookings were $288 million in the second quarter of 2020, an increase of 107% as compared to Bookings of $139 million in the second quarter of 2019.

Net loss was $33 million in the second quarter of 2020, compared to net income of $63 million in the second quarter of 2019. The year-over-year change was primarily driven by a $141 million unrealized gain on an equity investment recorded during the second quarter of 2019, partially offset by the corresponding income tax impact of the gain.

Adjusted EBITDA was $188 million in the second quarter of 2020, an increase of 3% as compared to Adjusted EBITDA of $183 million in the second quarter of 2019.

Capital expenditures were $51 million in the second quarter of 2020, compared to $41 million in the second quarter of 2019.
-1-

The following information was filed by Rackspace Technology, Inc. (RXT) on Monday, August 31, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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