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2020-10-21
Rackspace Technology Taps Industry Veteran Amar Maletira as President and Chief Financial Officer
Company preannounces double-digit Q3 revenue growth
SAN ANTONIO, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Rackspace Technology (Nasdaq: RXT) announces today the appointment of services industry veteran Amar Maletira as President and Chief Financial Officer, effective November 23, 2020. Current CFO Dustin Semach has resigned to take a new career opportunity. Semach will stay through the company’s third quarter earnings report and transition to Maletira thereafter.
Maletira joins Rackspace Technology from VIAVI Solutions, Inc. where he was Executive Vice President and CFO. Maletira brings an extensive background in corporate finance, strategic planning, M&A and risk management. During Maletira’s tenure at VIAVI, the company’s market capitalization more than doubled, surpassing S&P 500 growth over the same period. In 2019, Maletira was ranked the #1 CFO in TMT Mid-Cap by analysts and investors surveyed by Institutional Investor Magazine.
“I am thrilled to welcome Amar to Rackspace Technology and be back together with him to build upon our proven winning partnership,” said Kevin Jones, CEO, Rackspace Technology. “Amar’s incredible 5-year track record as public company CFO coupled with his services experience and strategic thinking are winning elements to our growth agenda and value creation for our shareholders and customers.”
Jones adds, “I want to take this opportunity to thank my partner Dustin for his key role in helping pivot the company and his leadership through our IPO. I wish him all the best.”
“I can’t imagine a more exciting time to join Rackspace Technology,” said Amar Maletira, president and CFO of Rackspace Technology. “The company is uniquely poised to accelerate as the leading pure play multicloud solutions provider. I am looking forward to working again with Kevin and his executive team to lead the company’s financial direction as we execute our growth strategy.”
Maletira has more than 27 years of experience in the technology industry. Prior to serving as EVP and CFO of VIAVI, Maletira held a series of senior executive positions at Hewlett Packard Co. including CFO for Americas Enterprise Services, CFO for Application services, and Director of Investor Relations. Prior to HP, he led sales teams at Siemens and HCL in India. He received his undergraduate degree in Engineering from Karnataka University in India, and an MBA from the Ross School of Business at the University of Michigan.
Third Quarter Financial Update
Jones added, “The preliminary third quarter estimates provided today demonstrate that Rackspace Technology continues to execute well and capitalize on the tectonic shift to the cloud that is occurring around the world. We expect double-digit year-over-year revenue growth, and in particular, double digit year-over-year Pro-Forma Core Revenue growth, which we achieved well ahead of schedule. In addition, Adjusted Earnings Per Share and Adjusted EBITDA are also expected to be up compared to last year’s third quarter. We believe we are ahead of schedule with key financial metrics and milestones that we have provided investors, and we will address the impact on 2020 guidance when we announce third quarter earnings in mid- November.”
The company is reaffirming its financial guidance for the full year 2020 and based on preliminary financial data is providing preliminary estimates of selected financial metrics for the third quarter:
| Three Months Ended September 30, 2020 | |||||||
| Low (Estimated) | High (Estimated) | ||||||
| Unaudited, in millions, except per share data and percentages | |||||||
| Consolidated Statement of Operations data: | |||||||
| Revenue | $ | 681 | $ | 683 | |||
| Net loss | $ | (108 | ) | $ | (88 | ) | |
| Other Financial and Operating Data: | |||||||
| Year over year revenue growth | 13 | % | 14 | % | |||
| Year over year revenue growth on constant currency basis assuming acquisition of Onica as of January 1, 2019 | 6 | % | 7 | % | |||
| Core Revenue (a) | $ | 625 | $ | 627 | |||
| Year over year Core Revenue growth | 17 | % | 18 | % | |||
| Year over year Core Revenue growth on constant currency basis assuming acquisition of Onica as of January 1, 2019 | 9 | % | 11 | % | |||
| GAAP net loss per share diluted | $ | (0.58 | ) | $ | (0.47 | ) | |
| Adjusted Earnings per Share (b) | $ | 0.17 | $ | 0.19 | |||
| Adjusted EBITDA(b) | $ | 189 | $ | 191 | |||
| (a) | Revenue from our Core Segments (“Core Revenue”), comprised of Multicloud Services and Apps & Cross Platform. |
| (b) | Adjusted Earnings Per Share and Adjusted EBITDA are non-GAAP financial measures. For important information regarding our presentation of Adjusted Earnings Per Share and Adjusted EBITDA see the Non-GAAP Financial Measures section. |
The Company has provided ranges, rather than specific amounts, for the preliminary results described above primarily because it is still in the process of finalizing its financial results for the three months ended September 30, 2020, and as a result, the information above may vary materially from the preliminary estimates. Definitions of non-GAAP financial measures and the reconciliations to the most directly comparable measures in accordance
with generally accepted accounting principles in the United States (“GAAP”) are provided in the Non-GAAP Financial Measures section below.
Full-year 2020 Financial Outlook
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