Rackspace Technology Inc (RXT) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Rackspace fourth-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Rackspace 2025 年第四季財報電話會議。 （操作說明）

I would now like to hand a conference over to your speaker today, Sagar Hebbar, Head of Investor Relations. Please go ahead.

現在我謹將今天的會議交給各位發言人，投資者關係主管薩加爾·赫巴爾先生。請開始吧。

Thank you, and welcome to Rackspace Technology's fourth-quarter 2025 earnings conference call.

謝謝，歡迎參加 Rackspace Technology 2025 年第四季財報電話會議。

I'm Sagar Hebbar, Head of Investor Relations. Joining me today are Gajen Kandiah, our Chief Executive Officer; and Mark Marino, our Chief Financial Officer.

我是投資者關係主管薩加爾·赫巴爾。今天與我一同出席的有我們的執行長加延·坎迪亞和財務長馬克·馬裡諾。

As a reminder, certain comments we make on this call will be forward-looking. These statements involve risks and uncertainties which could cause actual results to differ. A discussion of these risks and uncertainties is included in our SEC filings. Rackspace Technology assumes no obligation to update the information presented on the call except as required by law.

再次提醒，我們在本次電話會議中所做的某些評論屬於前瞻性陳述。這些陳述涉及風險和不確定性，可能導致實際結果與預期有差異。有關這些風險和不確定性的討論已包含在我們提交給美國證券交易委員會（SEC）的文件中。除法律要求外，Rackspace Technology不承擔更新本次電話會議中所提供資訊的義務。

Our presentation includes certain non-GAAP financial measures and adjustments to these measures which we believe provide useful information to our investors. In accordance with SEC rules, we have provided a reconciliation of these measures to their most directly comparable GAAP measures in the earnings press release and presentation, both of which are available on our investor relations website.

我們的簡報包含一些非公認會計準則（非GAAP）財務指標及其調整，我們認為這些資訊對投資人有用。根據美國證券交易委員會（SEC）的規定，我們在獲利新聞稿和簡報中提供了這些指標與其最直接可比較的公認會計準則（GAAP）指標的調節表，這兩份文件均可在我們的投資者關係網站上查閱。

I will now turn the call over to Gajen for an update on the business.

現在我將把電話轉給 Gajen，請他報告一下公司的最新情況。

Thank you, Sagar. I want to start by framing clearly where we are going as a company and why. Since I joined five months ago, we have sharpened our strategy in response to a clear shift in the market. Organizations now expect AI to deliver returns on their investment. As a result, they are moving beyond isolated AI experiments to operating AI at scale inside core enterprise systems.

謝謝薩加爾。首先，我想先明確闡述我們公司的發展方向和原因。自從我五個月前加入公司以來，我們根據市場的變化不斷完善策略。如今，企業期望人工智慧能帶來投資回報。因此，他們不再局限於孤立的人工智慧實驗，而是將人工智慧大規模地應用於企業核心系統。

AI is infusing every workload. And as it becomes embedded in customer data, financial systems, and regulated processes, where it runs starts to matter, whether across edge, core, private cloud, public cloud, or sovereign environments. Those choices directly impact performance, cost, and compliance. Managing those environments as one coordinated system is critical, especially in regulated industries where lapses can cause service disruption, regulatory exposure, and escalating costs.

人工智慧正在滲透到每一項工作負載。隨著它嵌入到客戶資料、財務系統和受監管流程中，其運作位置變得至關重要，無論是在邊緣、核心、私有雲、公有雲還是自主環境中。這些選擇直接影響性能、成本和合規性。將這些環境作為一個協調的系統進行管理至關重要，尤其是在受監管的行業，因為任何疏忽都可能導致服務中斷、監管風險和成本飆升。

The market is also entering what many are calling a private cloud renaissance. As AI moves into data sensitive and regulated workloads, enterprises are recognizing that not all of it belongs in a pure public cloud model. Demand for governed, private, and hybrid architectures with greater control over performance, cost, and data residency is accelerating.

市場正步入許多人所稱的私有雲復興時代。隨著人工智慧應用於資料敏感且受監管的工作負載，企業逐漸意識到並非所有此類工作負載都適合純粹的公有雲模式。對可控的、私有的和混合架構的需求正在加速成長，這些架構能夠更好地控制效能、成本和資料駐留。

Put simply, Rackspace is the infrastructure and operations backbone for enterprise AI, the layer that makes AI governable, scalable, and real inside the environments that matter most. These are the environments Rackspace knows inside out.

簡而言之，Rackspace 是企業級人工智慧的基礎設施和維運支柱，它使人工智慧能夠在最重要的環境中實現可控、可擴展和實際應用。而這些環境正是 Rackspace 最熟悉的領域。

For 25 years, we have operated the compute, security, and operations layer across private cloud, public cloud, and edge in regulated industries where governance, sovereignty, and uptime are non-negotiable. Executing on this requires the right leadership.

25年來，我們一直在受監管的行業中運營私有雲、公有雲和邊緣運算、安全和維運層，在這些行業中，治理、主權和正常運行時間是不可妥協的。而要做到這一點，需要正確的領導。

Since joining, I have made changes to our executive team, bringing in leaders with deep operational and delivery expertise. This was intentional. The opportunity in front of us is not primarily a strategy challenge. It is an execution challenge. I'm confident we now have the team to deliver it.

自從加入公司以來，我對高階主管團隊進行了調整，引進了擁有深厚營運和執行經驗的領導者。這是我們有意為之。我們面臨的機會主要不是戰略挑戰，而是執行挑戰。我相信我們現在擁有能夠應對挑戰的團隊。

But as AI increasingly operates inside live workflows, the opportunity extends beyond infrastructure. Enterprises do not want to stitch together hyperscalers, global system integrators, AI vendors, and platform providers. That model is fragmented and complex with responsibility spread across too many parties.

但隨著人工智慧越來越多地融入實際工作流程中，其應用前景已遠不止於基礎設施。企業不想將超大規模資料中心、全球系統整合商、人工智慧供應商和平台供應商拼湊在一起。這種模式支離破碎、錯綜複雜，責任分散在太多參與者身上。

What they want is a platform engineering partner, one that deploys engineers directly into the environment, works on the platforms where AI actually runs, and stays accountable from the initial use case definition all the way through to production operations on governed infrastructure, not just uptime and outcomes.

他們想要的是一個平台工程合作夥伴，一個能夠將工程師直接部署到環境中，在人工智慧實際運行的平台上工作，並且從最初的用例定義一直到受控基礎設施上的生產運營都承擔責任的合作夥伴，而不僅僅是正常運行時間和結果。

Our partnerships are central to this model, and they reflect a deliberate shift in how we think about delivery. Rather than building a traditional services organization, we're building a platform engineering capability. In practice, that means we put our engineers directly inside the customer environment, getting AI into production alongside them, and then we run it for them day to day.

我們的合作關係是這模式的核心，也反映了我們對交付方式的全新思考。我們不再建構傳統的服務組織，而是建構平台工程能力。在實踐中，這意味著我們將工程師直接派駐到客戶環境中，與客戶共同將人工智慧投入生產，並負責日常運維。

Our forward-deployed engineers work directly inside customer environments on platforms like Palantir's Foundry and AIP, helping enterprises shape their AI roadmap, prioritize highest value use cases, and then deploy and run those workloads on governed infrastructure.

我們的前線部署工程師直接在客戶環境中使用 Palantir 的 Foundry 和 AIP 等平台工作，幫助企業制定人工智慧路線圖，優先考慮最有價值的用例，然後在受監管的基礎架構上部署和運行這些工作負載。

As a strategic partner to Palantir, that includes data readiness, hosting, and ongoing managed operations. We have 30 Palantir-trained platform engineers today and plan to scale to over 250 in the next 12 months.

作為 Palantir 的策略合作夥伴，我們為其提供資料準備、託管和持續營運管理服務。目前我們擁有 30 名經過 Palantir 培訓的平台工程師，並計劃在未來 12 個月內將團隊規模擴大到 250 多名。

The early pipeline activity reinforces the model. We have a strong and rapidly growing joint pipeline of Palantir related opportunities, initial AIP boot camps in progress, and a growing number of data migration opportunities in flight. And we are excited about what that means for our partnership and for the customers we serve together.

早期專案進展進一步鞏固了這一模式。我們擁有強大且快速成長的與Palantir相關的聯合專案儲備，首批AIP訓練營正在進行中，資料遷移專案也不斷增加。我們對這些成果將對我們的合作關係以及我們共同服務的客戶產生的影響感到無比興奮。

Looking ahead to 2026, we see AI emerging as an important growth factor, not as a standalone product and not as a traditional services practice. As mentioned earlier, we are building a platform engineering model, forward-deployed engineers fluent in the platforms where enterprise AI actually runs helping customers move from complexity to outcomes.

展望2026年，我們認為人工智慧將成為重要的成長動力，但它並非獨立產品，也並非傳統服務。如前文所述，我們正在建構平台工程模式，派遣精通企業人工智慧實際運作平台的工程師，幫助客戶從複雜走向成功。

At the center of that model is our private cloud infrastructure, the governed sovereign foundation purpose built for regulated data-sensitive workloads. Our public cloud capabilities extend that reach across hybrid and multi-cloud environments, giving customers a consistent operating model wherever their workloads run. Together, they form the platform on which our ecosystem is built.

此模式的核心是我們的私有雲基礎設施，這是一個受監管的主權基礎架構，專為受監管的資料敏感型工作負載而建置。我們的公有雲功能將這種覆蓋範圍擴展到混合雲和多雲環境，無論客戶的工作負載運作在何處，都能為其提供一致的營運模式。它們共同構成了我們生態系統的平台。

The ecosystem is constructed through a curated set of anchor partnerships. VMware powers the control plane, unifying compute, storage, networking, and security with native AI workload support and sovereign data residency controls built in.

該生態系統由一系列精心挑選的核心合作夥伴關係建構而成。 VMware 提供控制平面支持，將運算、儲存、網路和安全功能統一起來，並內建原生 AI 工作負載支援和自主資料駐留控制。

Rubric anchors the cyber resilience layer, enabling rapid threat detection, data protection, and workload recovery through Rackspace cyber recovery cloud, non-negotiable in the regulated environments we serve. Palantir brings the data and AI platform layer where use cases are defined, prioritized, and deployed in production by our forward deployed engineers. These are our anchor partners today, and we will add to this ecosystem deliberately as the modern AI stack continues to evolve.

Rubric 建構了網路彈性層，透過 Rackspace 網路恢復雲端實現快速威脅偵測、資料保護和工作負載恢復，這在我們所服務的受監管環境中至關重要。 Palantir 則提供了資料和 AI 平台層，我們的前線工程師負責定義用例、確定優先順序並在生產環境中部署這些用例。這些是我們目前的核心合作夥伴，隨著現代 AI 技術堆疊的不斷發展，我們將持續豐富這個生態系統。

We meet our customers where they are. Through a modular approach, customers can leverage their existing investments and adopt what they need without ripping and replacing what is already working. This creates a self-reinforcing model.

我們以客戶需求為中心，從客戶實際狀況出發。透過模組化方案，客戶可以充分利用現有投資，並根據自身需求靈活調整，無需對現有系統進行大刀闊斧的改革。這形成了一個良性循環的模式。

A stronger ecosystem drives deeper engagement. Deeper engagement drives incremental infrastructure demand across both private and public cloud. And reliable operations build the trust that extends relationships over time.

更強大的生態系統能夠促進更深入的互動。更深入的互動能夠推動私有雲和公有雲基礎設施需求的成長。而可靠的營運能夠建立信任，從而維繫長期的合作關係。

Rackspace is the infrastructure and operations backbone for enterprise AI. And we are building the ecosystem around that foundation so our customers can focus on what matters most, outcomes.

Rackspace 是企業級人工智慧的基礎設施和營運支柱。我們正在圍繞這個基礎架構建立生態系統，以便我們的客戶可以專注於最重要的事情——成果。

The foundation is already shaping our financial trajectory. Our 2026 outlook reflects the inflection point taking hold. We expect private cloud revenue to grow 6% at the midpoint year over year, the first sustained growth in many years, anchored by large multi-year enterprise engagements.

這一基礎已經塑造了我們的財務發展軌跡。我們對2026年的展望反映了這個轉捩點的到來。我們預計私有雲收入將在年中年增6%，這將是多年來的首次持續成長，主要得益於大型多年期企業合作專案。

For public cloud, we expect revenue decline to approximately 6% year over year at the midpoint, primarily due to the planned transition of a large government contract as we exit lower margin work. Excluding the contract, public cloud services revenue will grow in the mid to high teens. This growth reflects continued expansion in high-margin managed offerings, even as we proactively reduce exposure to lower margin infrastructure resale engagements.

對於公有雲業務，我們預計收入將同比下降約 6%（取中間值），主要原因是隨著我們退出低利潤率業務，一項大型政府合約的過渡計劃正在進行中。剔除該合同，公有雲服務收入將實現 15% 至 10% 的成長。這一成長反映了高利潤率託管服務的持續擴張，同時我們也積極減少了對低利潤率基礎設施轉售業務的投入。

As we pivot towards larger multi-year enterprise engagements and layering scaling AI services, quarterly revenue timing will increasingly be influenced by migration milestones and deployment schedules. As a result, beginning in 2026, we will move to an annual guidance framework. We believe emphasizing full-year growth, margin expansion, and execution provides a clear measure of progress than quarter-to-quarter variability driven by implementation timing.

隨著我們轉向規模更大的多年企業合作項目，並逐步擴展人工智慧服務，季度營收時間將越來越受到遷移里程碑和部署計畫的影響。因此，從2026年開始，我們將採用年度績效指引架構。我們認為，強調全年成長、利潤率提升和執行力，比受實施時間影響的季度波動更能清楚衡量進展。

We will continue to provide quarterly color on key drivers, including segment trends, margin trajectory, and major ramps such as healthcare deployment moving into Q2, to ensure investors maintain full visibility into the underlying momentum.

我們將繼續按季度提供關鍵驅動因素的詳細信息，包括細分市場趨勢、利潤率軌跡以及醫療保健部署等重大增長，以確保投資者對潛在的增長勢頭保持充分的了解。

Now turning over to our fourth quarter and full-year results. We exceeded guidance across most metrics for the quarter. At a segment level, however, private cloud revenues was below our guided range due to a recently signed healthcare contract ramping more slowly than initially expected. Note this was offset by outperformance in public cloud across both infrastructure and services.

現在來看我們第四季和全年業績。本季度，我們的大部分指標都超出了預期。然而，從業務部門來看，由於近期簽署的醫療保健合約啟動速度低於預期，私有雲收入低於預期範圍。但值得注意的是，公有雲在基礎設施和服務方面的出色表現抵消了這一影響。

Operating profit for the company remained strong at $41 million and adjusted EBITDA came in at $81 million. For the full year, we delivered stable performance, improved bookings quality, and continued progress towards a more platform-led, durable growth profile.

公司營業利潤維持強勁，達 4,100 萬美元，調整後 EBITDA 為 8,100 萬美元。全年業績穩定，預訂品質提升，並持續朝著以平台為主導、可持續成長的方向邁進。

I'm pleased with our overall execution in fiscal 2025, highlighted by continued revenue stabilization in private cloud and growth in public cloud services. With that, let me turn to segment performance, beginning with private cloud.

我對我們2025財年的整體業績感到滿意，尤其值得一提的是私有雲收入的持續穩定和公有雲服務的成長。接下來，我將分析各業務板塊的表現，首先是私有雲板塊。

Private cloud continues to serve as a foundational profit engine for Rackspace. In the fourth quarter, revenue came in at $241 million, below our guided range due to a newly closed healthcare deal ramping more slowly than initially expected. The deal is fully executed and is expected to begin ramping in the second quarter of 2026, reflecting additional client governance and oversight given its size and complexity.

私有雲仍然是 Rackspace 的主要獲利引擎。第四季營收為 2.41 億美元，低於我們先前的預期，原因是新近完成的醫療保健交易的啟動速度慢於預期。該交易已全面執行，預計將於 2026 年第二季開始逐步投入運營，鑑於其規模和複雜性，客戶需要進行額外的管理和監督。

For the full year, private cloud revenue totaled $990 million down 6% year over year compared to prior years of double-digit decline. Early pipeline activity remains encouraging, with double-digit opportunities currently in flight and initial use cases typically representing seven-figure engagements.

全年私有雲收入總計9.9億美元，年減6%，往年則出現兩位數下滑。早期專案進展依然令人鼓舞，目前有多個兩位數的專案正在進行中，初始用例通常涉及七位數金額的交易。

Importantly, each use case serves as a tip of the spear. Our platform engineering work with customers to define the right starting point, scoped, high value, and achievable. And from there, each deployment drives incremental infrastructure consumption across private, public, or hybrid environments.

重要的是，每個用例都如同一個先鋒。我們的平台工程團隊與客戶緊密合作，共同確定適當的起點，確保其範圍明確、價值高且切實可行。在此基礎上，每次部署都會推動私有雲、公有雲或混合雲環境中基礎架構的逐步擴展。

The engineering relationship and the infrastructure relationship grow together. During the quarter, we closed several high-quality private cloud deals that reinforce our strength in regulated, data intensive environments such as financial services and healthcare.

工程合作關係與基礎建設合作關係同步發展。本季度，我們完成了多項高品質的私有雲交易，進一步鞏固了我們在金融服務和醫療保健等受監管、數據密集型領域的實力。

One notable engagement in Q4 was a multi-year agreement with a top European retail and commercial bank. Rackspace is managing transformational migration, software defined data center capabilities, and managed services with a clear path to expand into cyber recovery, public cloud, AI, and digital banking opportunities over time.

第四季的一項重要合作是與一家歐洲頂級零售和商業銀行簽署了多年協議。 Rackspace 正在為其提供轉型遷移、軟體定義資料中心功能和託管服務，並制定了清晰的計劃，以便未來拓展至網路安全復原、公有雲、人工智慧和數位銀行等領域。

In addition, we secured multiple transformation-focused wins across infrastructure and platform modernization. These included winning a mission-critical workload for a global online trading and financial services platform by modernizing hundreds of bare metal servers into a virtualized software-defined infrastructure environment, improving resilience, scalability, and operational efficiency while mitigating churn risk.

此外，我們在基礎設施和平台現代化方面取得了多項以轉型為重點的項目。其中包括透過將數百台裸機伺服器現代化改造為虛擬化的軟體定義基礎設施環境，為一家全球線上交易和金融服務平台贏得了一項關鍵任務工作負載，從而提高了彈性、可擴展性和營運效率，同時降低了客戶流失風險。

We also entered into a new agreement with a fast-growing, AI-enabled digital platform to host and manage its next generation human in the loop architecture design to scale intelligent, real-time engagement across a large user base. These winds share a common theme.

我們還與一家快速發展的人工智慧數位平台達成了一項新協議，由該平台託管和管理其下一代人機互動架構設計，以在龐大的用戶群中擴展智慧化的即時互動。這些趨勢都指向同一個主題。

Customers are choosing Rackspace to modernize and operate mission critical workloads where reliability, security, and compliance are non-negotiable; and where application-led services drive long-term strategic value.

客戶選擇 Rackspace 來實現關鍵任務工作負載的現代化和運營，在這些工作負載中，可靠性、安全性和合規性是不可妥協的；並且以應用程式為主導的服務能夠帶來長期的戰略價值。

From a product perspective, private cloud continued to expand its platform capabilities. We introduced support for the latest release of Oracle people tools, enhancing usability, embedded analytics, and life cycle management for enterprise ERP environments. These improvements help customers drive higher productivity, stronger system governance, and better decision making in complex business systems.

從產品角度來看，私有雲平台的功能持續擴展。我們引進了對最新版 Oracle People Tools 的支持，增強了企業 ERP 環境的易用性、嵌入式分析和生命週期管理功能。這些改進有助於客戶在複雜的業務系統中提高生產力、加強系統治理並做出更明智的決策。

We also launched RackConnect Global Internet on Partner fabric, extending Rackspace's network edge to partner ecosystems. This offering provides high performance, resilient internet connectivity with predictable costs and enterprise-grade routing, enabling customers to deploy and manage modern, hybrid, and sovereign cloud architectures with confidence.

我們也推出了基於合作夥伴網路架構的 RackConnect 全球互聯網服務，將 Rackspace 的網路邊緣擴展到合作夥伴生態系統。該服務提供高性能、高可靠性的互聯網連接，成本可預測，並具備企業級路由功能，使客戶能夠自信地部署和管理現代化、混合型和自主雲架構。

Private cloud remained central to our strategy in 2025, with sustained customer engagement and steady execution across key programs. While these engagements typically carry longer deployment cycles, they provide greater revenue visibility, higher lifetime value, and more durable recurring revenue streams.

私有雲在2025年仍是我們策略的核心，我們將持續與客戶保持密切聯繫，並在關鍵專案中穩步推進。雖然這些合作通常需要更長的部署週期，但它們能夠帶來更高的收入可見度、更高的客戶終身價值以及更穩定的經常性收入來源。

As we move through 2026, our focus is on accelerating our growth vectors as customers migrate into their future state environments. As these programs mature, we expect improved revenue predictability and expanding operating leverage over time.

展望2026年，我們將專注於加速成長，協助客戶轉型為未來環境。隨著這些專案的成熟，我們預期收入的可預測性將會提升，營運槓桿也將隨之擴大。

Now turning to public cloud. In the fourth quarter, revenue totaled $442 million, exceeding our guided range. This performance was driven by strength across both services and infrastructure resale. Services revenue grew 28% year over year, reflecting continued momentum in higher value engagements.

現在我們來談談公有雲。第四季度，公司營收總計 4.42 億美元，超出預期。這項業績主要得益於服務和基礎設施轉售業務的強勁成長。服務收入年增 28%，反映出高價值項目持續成長的動能。

For the full year, public cloud revenue reached $1.7 billion with services revenue growing 6%. These results reflect continued progress in executing our services-led strategy centered on operating, securing, and modernizing complex cloud environments.

全年來看，公有雲收入達到17億美元，服務收入成長6%。這些業績反映了我們在執行以服務為主導的策略方面持續取得進展，該策略的核心是營運、保護和現代化複雜的雲端環境。

Our increasing focus on enterprise customers reduces exposure to long-tailed churn and positions us with larger enterprise grade transformation engagements where we see stronger retention, deeper wallet share, and more durable revenue streams.

我們越來越關注企業客戶，這降低了長期客戶流失的風險，並使我們能夠參與更大的企業級轉型項目，從而獲得更高的客戶留存率、更大的客戶份額和更持久的收入來源。

During the quarter, we secured a broad set of public cloud wins that reinforced Rackspace's role as a trusted partner for running large-scale, customer-facing platforms.

本季度，我們獲得了一系列公有雲項目，鞏固了 Rackspace 作為運行大規模面向客戶的平台的值得信賴的合作夥伴的地位。

In the Americas, we helped a major digital media and advertising consumer facing company transform its AI powered services, serving hundreds of millions of users by building a production grade framework that speeds deployment of machine learning models and ensures reliability and governance.

在美洲，我們幫助一家大型數位媒體和廣告面向消費者的公司改造了其人工智慧驅動的服務，透過建立生產級框架來加快機器學習模型的部署並確保可靠性和治理，從而為數億個用戶提供服務。

We also advanced AI solutions for a global aviation services provider, enabling real-time access to operational data, improving response times, and driving measurable efficiency gains across regulated environments.

我們還為一家全球航空服務提供商開發了先進的人工智慧解決方案，實現了對營運數據的即時訪問，提高了響應速度，並在受監管的環境中實現了可衡量的效率提升。

In EMEA, we were selected as a strategic cloud managed services partner for a leading European bank, providing round the clock monitoring, security, and optimization for core banking systems. For one of the largest diversified businesses in the Middle East across multiple industries, we are partnering on a comprehensive enterprise data platform modernization program that provides visibility across their diverse investment portfolio, enabling faster time to insight for better investment decisions.

在歐洲、中東和非洲地區，我們被一家歐洲領先銀行選為戰略雲端託管服務合作夥伴，為其核心銀行系統提供全天候監控、安全和優化服務。此外，我們也與中東地區一家業務遍及多個行業的大型多元化企業合作，為其開展全面的企業數據平台現代化項目，該項目旨在提升其多元化投資組合的可視性，從而更快地獲得洞察，做出更明智的投資決策。

These wins highlight Rackspace's unique strength in regulated and data intensive industries and our ability to deploy AI solutions at scale while ensuring reliability, compliance, and operational excellence. We also continue to expand our public cloud product portfolio in Q4 with offerings designed to simplify adoption and accelerate time to value.

這些成功案例凸顯了 Rackspace 在受監管和資料密集型產業的獨特優勢，以及我們大規模部署 AI 解決方案並確保可靠性、合規性和卓越營運的能力。此外，我們還將在第四季度繼續擴展我們的公有雲產品組合，推出旨在簡化部署流程並加速價值實現的產品和服務。

We launched Rackspace managed cloud database operations, providing fully managed, secure, and compliant database services across hyperscale environments. We also introduced streamlined deployment options for enterprise software and AI enabled managed services. Together, these enhancements help customers adopt, scale, and manage cloud and AI services more effectively as their environments grow.

我們推出了 Rackspace 託管雲端資料庫營運服務，可在超大規模環境中提供完全託管、安全且合規的資料庫服務。此外，我們也推出了簡化的企業軟體部署選項和 AI 賦能的託管服務。這些改善措施將有助於客戶隨著環境的成長，更有效地採用、擴展和管理雲端及 AI 服務。

Across public cloud, AI is moving from experimentation to production. Customers increasingly rely on Rackspace to operationalize AI with governance, security, and managed services, areas where execution, trust, and reliability matter most. Our partnership with Palantir is a proof point of the platform engineering model in action.

在公有雲領域，人工智慧正從實驗階段走向生產階段。客戶越來越依賴 Rackspace 的治理、安全性和託管服務來實現人工智慧的營運化，而這些領域對執行力、信任度和可靠性至關重要。我們與 Palantir 的合作正是平台工程模式成功應用的有力證明。

Forward-deployed engineers embedded with customers, working on foundry and AIP, shaping use cases, building towards production. This is how enterprises deploy AI into live workflows in weeks rather than months, with governance built in from day one.

前線部署的工程師與客戶緊密合作，參與代工和應用整合專案 (AIP) 的開發，塑造應用案例，最終實現生產部署。企業正是透過這種方式，在數週而非數月內將人工智慧部署到實際工作流程中，並從一開始就建構完善的治理機制。

It is not managed services in the traditional sense. It is a new delivery architecture. That means engineers embedded in the customer environment, AI in production in weeks, and Rackspace running it reliably from day one.

它並非傳統意義上的託管服務，而是一種全新的交付架構。這意味著工程師將深入客戶環境，人工智慧將在幾週內投入生產，而 Rackspace 將從第一天起就可靠地運行它。

In summary, 2025 marked a year of meaningful structural improvement for our public cloud business. We drove stronger customer retention, executed targeted operational initiatives that supported margin expansion, and delivered solid performance across the portfolio.

總而言之，2025 年是我們公有雲業務結構性顯著改善的一年。我們提高了客戶留存率，實施了支持利潤率提升的有針對性的營運舉措，並在整個產品組合中實現了穩健的業績。

As we enter 2026, we see AI evolving into a tangible growth driver with encouraging pipeline convergent trends and measurable delivery efficiency gains. Our focus remains on higher value managed services including AI ops, site reliability engineering, governance, modernization, and cost optimization.

展望2026年，我們預見人工智慧將發展成為實際成長的驅動力，其發展趨勢令人鼓舞，通路融合度提升顯著，交付效率也將顯著提高。我們將繼續專注於高價值的託管服務，包括人工智慧維運、站點可靠性工程、治理、現代化改造和成本優化。

As AI workloads expand, customers increasingly need support orchestrating across edge, core, and cloud environments while balancing accelerated compute demand with governance and cost discipline. Rackspace enters 2026 with a clear identity and the team to execute on it.

隨著人工智慧工作負載的擴展，客戶越來越需要跨邊緣、核心和雲端環境進行協調的支持，同時還要在加速成長的運算需求與治理和成本控制之間取得平衡。 Rackspace 以清晰的策略定位和執行該策略的團隊邁入 2026 年。

The work of the last five months has not just been about strategy. It has been about building the right leadership, sharpening our focus, and making deliberate choices about where we compete and how we win. Those choices are now made, and the team to deliver them is in place.

過去五個月的工作不僅限於策略層面，還包括組成合適的領導團隊、明確我們的目標方向，以及慎重選擇我們的競爭領域和致勝之道。如今，這些選擇已經做出，執行這些選擇的團隊也已組成。

The market is moving in our direction. Enterprises are realizing that operationalizing AI at scale inside regulated data-sensitive environments requires more than technology. It requires a partner with deep infrastructure expertise, governance discipline, and operational accountability -- a partner who can help them shape the journey, not just run the infrastructure underneath it. That is Rackspace.

市場正朝著我們預期的方向發展。企業逐漸意識到，在受監管且資料敏感的環境中大規模部署人工智慧，需要的不僅僅是技術。它需要一個擁有深厚基礎設施專業知識、嚴謹的治理體系和卓越營運能力的合作夥伴——一個能夠幫助他們規劃發展路徑，而不僅僅是提供底層基礎設施的合作夥伴。 Rackspace 正是這樣的合作夥伴。

We are building a platform engineering model, forward deployed engineers embedded in the customer environments; working on the platforms where enterprise AI actually runs; helping customers define where to start, how to scale, and how to operate with confidence.

我們正在建立一個平台工程模型，將工程師前向部署到客戶環境中；在企業人工智慧實際運作的平台上工作；幫助客戶確定從哪裡開始、如何擴展以及如何自信地運作。

That capability sits on a foundation that took 25 years to build, governed private cloud infrastructure operating across regulated industries where uptime and sovereignty are non-negotiable. Platform engineering, forward deployed execution, and governed infrastructure in one accountable relationship.

這項能力建立在歷經25年建構的基礎上，也就是在受監管產業中運作的受管私有雲基礎設施，在這些產業中，正常運作時間和主權是不可妥協的。平台工程、前瞻性部署執行和受管基礎設施整合在一個可追溯的合作關係中。

We don't advise on the journey, we build it and run it. That is what makes Rackspace different. That is the layer that makes enterprise AI governable, scalable, and real. We will execute with position, earn trust at every step, and deliver durable growth. I'm confident in this theme, this model, and this moment for our company.

我們不提供諮詢服務，而是負責建置和營運。這正是 Rackspace 的獨特之處。正是這一層面，使企業級人工智慧可控、可擴展且切實可行。我們將以穩健的姿態執行，在每一步都贏得信任，並實現永續成長。我對這理念、這個模式以及公司此刻的發展充滿信心。

With that, I will turn it over to Mark for our financial results and outlook.

接下來，我將把發言權交給馬克，讓他為大家介紹我們的財務表現和展望。

Thanks, Gajen. Three things stand out in the quarter. First, we beat revenue guidance, driven by public cloud outperformance. Second, non-GAAP operating profit came in at $41 million, above the high end of our range, with margins up 120 basis points sequentially. Third, we ended the year with $397 million in total liquidity and $60 million in cash flow from operations for the quarter, a strong foundation heading into 2026.

謝謝 Gajen。本季有三點值得關注。首先，我們營收超出預期，主要得益於公有雲業務的優異表現。其次，非 GAAP 營業利潤達到 4,100 萬美元，高於預期上限，利潤率較上季提升 120 個基點。第三，我們年底的總流動資金為 3.97 億美元，本季經營活動產生的現金流為 6,000 萬美元，為 2026 年奠定了堅實的基礎。

In the fourth quarter, total company GAAP revenue was $683 million. Non-GAAP gross profit margin was 18.1% of GAAP revenue, down 180 basis points sequentially, driven by lower revenue and private cloud and higher mix of public cloud infrastructure.

第四季度，公司總GAAP營收為6.83億美元。非GAAP毛利率為GAAP營收的18.1%，季減180個基點，主要原因是營收下降、私有雲業務減少、公有雲基礎設施佔比上升。

For the full year 2025, non-GAAP gross profit margin was 19.4%, down 120 basis points year over year. This was again a result of a year over year decline in private cloud revenue.

2025年全年，非GAAP毛利率為19.4%，較去年同期下降120個基點。這同樣是由於私有雲收入年減所致。

Non-GAAP operating profit was $41 million while non-GAAP operating profit margin was 6% of GAAP revenue, an increase of 120 basis points sequentially. For the full year 2025, non-GAAP operating profit margin was 4.7%, up 80 basis points versus prior year, driven by lower OpEx as we continue to optimize costs across the company.

非GAAP營業利潤為4,100萬美元，非GAAP營業利益率為GAAP營收的6%，較上季成長120個基點。 2025年全年，非GAAP營業利益率為4.7%，較上年增長80個基點，主要得益於營運支出降低，因為我們持續優化公司各方面的成本。

Non-GAAP loss per share was $0.01, beating our guided range of a $0.03 to $0.05 loss per share. Cash flow from operations was $60 million and free cash flow was $56 million in the fourth quarter.

非GAAP每股虧損為0.01美元，優於我們先前預期的每股虧損0.03美元至0.05美元。第四季經營活動產生的現金流為6000萬美元，自由現金流為5600萬美元。

For the full year, cash flow from operations was $151 million and free cash flow was $91 million. We ended the year with $106 million in cash on hand and $397 million in total liquidity.

全年經營活動產生的現金流量為1.51億美元，自由現金流量為9,100萬美元。年末，公司持有現金1.06億美元，總流動資金為3.97億美元。

Turning to our segment results. For the private cloud segment, GAAP revenue for the fourth quarter was $241 million, below our guided range due to a recently signed healthcare contract ramping more slowly than initially expected.

接下來看一下各業務板塊的業績。私有雲業務部門第四季GAAP營收為2.41億美元，低於我們先前的預期，原因是近期簽署的一份醫療保健合約的啟動速度慢於預期。

Private cloud non-GAAP gross margin was 35.7%, down 240 basis points sequentially due to lower revenue and less fixed cost absorption. Non-GAAP segment operating margin at 26.1% was down 80 basis points sequentially.

私有雲非GAAP毛利率為35.7%，較上季下降240個基點，主要原因是收入下降和固定成本吸收減少。非GAAP分部營業利益率為26.1%，季減80個基點。

In our public cloud segment, GAAP revenue was $442 million, above our guided range, primarily driven by both cloud infrastructure volumes and services revenue. Non-GAAP gross margin was 8.5%, down 70 basis points sequentially, driven by a higher mix of infrastructure revenue. Non-GAAP segment operating margin was 4.5%, up 120 basis points sequentially due to improved operational efficiencies.

在我們的公有雲業務板塊，GAAP 營收為 4.42 億美元，高於預期範圍，主要得益於雲端基礎設施業務量和服務收入的成長。非 GAAP 毛利率為 8.5%，季減 70 個基點，主要原因是基礎建設收入佔比上升。非 GAAP 業務部門營業利益率為 4.5%，較上季成長 120 個基點，主要得益於營運效率的提升。

Turning to guidance. As Gajen mentioned, beginning in 2026, we are shifting to an annual guidance framework. Quarter to quarter results are increasingly influenced by the timing of large deals, making short-term forecasts less predictive of our long-term trajectory.

關於業績指引。正如Gajen所提到的，從2026年開始，我們將採用年度績效指引架構。季度業績越來越受到大型交易時機的影響，因此短期預測對我們的長期發展軌蹟的預測能力有所下降。

Focusing on annual guidance aligns our external communication with how we run the business, prioritizing full-year growth, margin expansion, and operational execution over short-term variability. While we are moving to an annual guidance framework, we are committed to providing regular substantive updates on the drivers behind the numbers each quarter.

專注於年度業績指引，使我們的對外溝通與業務運作方式保持一致，優先考慮全年成長、利潤率提升和營運執行，而非短期波動。雖然我們正在轉向年度業績指引框架，但我們承諾每季都會定期提供實質更新，闡明業績背後的驅動因素。

We expect full year GAAP revenue to be $2.6 billion to $2.7 billion down 1% year over year at the midpoint. From a segment perspective, we expect private cloud revenue of $1.25 to $1.75 billion, up 6% year over year at the midpoint, and public cloud revenue of $1.575 billion to $1.625 billion, down 6% year over year at the midpoint.

我們預計全年GAAP營收為26億美元至27億美元，年減1%（取中間值）。從業務板塊來看，我們預期私有雲營收為12.5億美元至17.5億美元，年增6%（取中間值）；公有雲營收為15.75億美元至16.25億美元，年減6%（取中間值）。

In private cloud, we expect growth to be balanced across the year as large healthcare and other regulated deployments move into production. The revenue cadence reflects migration complexity and implementation timing, not demand softness.

在私有雲領域，我們預計全年成長將保持均衡，因為大型醫療保健和其他受監管的部署專案將陸續投入生產。營收成長節奏反映的是遷移的複雜性和實施時間，而非市場需求疲軟。

In public cloud, we expect services revenue to grow mid to high teens year over year, excluding the planned transition of a low margin, large government contract, reflecting continued momentum and higher margin managed offerings.

在公有雲領域，我們預計服務收入將同比增長兩位數以上（不包括計劃中的低利潤率大型政府合約的過渡），這反映了持續的成長動能和利潤率更高的託管服務。

Total non-GAAP operating profit is expected to be $160 million to $170 million, representing growth of 31% at the midpoint, driven by higher revenue and strong cost management. Adjusted EBITDA is expected to be $305 million to $315 million up 12% at the midpoint. And non-GAAP loss is expected to be from $0.15 to $0.20 per share.

預計非GAAP營業利潤總額為1.6億美元至1.7億美元，以中間值計算成長31%，主要得益於營收成長和有效的成本控制。調整後EBITDA預計為3.05億美元至3.15億美元，以中間值計算成長12%。非GAAP每股虧損預計為0.15美元至0.20美元。

Our non-GAAP tax rate is expected to be 26%, while non-GAAP other expenses will be in the $220 million to $230 million dollar range. Non-GAAP share count is expected to be between 250 million and 260 million shares. Free cash flow is expected to be between $90 million and $110 million.

我們的非GAAP稅率預計為26%，非GAAP其他費用預計在2.2億美元至2.3億美元之間。非GAAP股份數量預計在2.5億股至2.6億股之間。自由現金流預計在9000萬美元至1.1億美元之間。

With that, I will now turn it back over to Gajen for final remarks.

接下來，我將把發言權交還給加延，請他作最後總結。

Before I wrap up, thank you to our customers, partners, and all Rackers. In my first full quarter here, I have seen a company built on trust with our people, customers, and partners. Our strengths are clear, a culture focused on customer outcomes, a portfolio designed for regulated environments, and significant growth potential in healthcare, sovereign, and AI.

在結束演講之前，我要感謝我們的客戶、合作夥伴以及所有Rackers員工。在我加入公司的第一個完整季度裡，我見證了公司建立在對員工、客戶和合作夥伴的信任之上。我們的優勢顯而易見：以客戶成果為中心的企業文化、專為受監管環境設計的產品組合，以及在醫療保健、主權財富基金和人工智慧領域的巨大成長潛力。

As AI and complex workloads move into production, our role is to help clients orchestrate critical systems across private, public, edge, and sovereign clouds, turning data into outcomes with reliability, security, and precision. That is how we earn and keep trust.

隨著人工智慧和複雜工作負載投入生產，我們的職責是幫助客戶協調跨私有雲、公有雲、邊緣雲和主權雲的關鍵系統，以可靠、安全、精準的方式將資料轉化為成果。這正是我們贏得並保持信任的方式。

With that, I will turn the call back over to Sabra.

這樣，我就把電話轉回薩布拉了。

Thank you everyone for joining us. If you have any questions, please email us at ir@rackspace.com. We look forward to engaging with the sell side and investor community in the coming weeks as we continue to articulate our strategic roadmap and financial priorities. Have a great rest of your day.

感謝各位的參與。如有任何疑問，請發送郵件至ir@rackspace.com。我們期待在未來幾週與賣方和投資者群體進行交流，並繼續闡述我們的策略路線圖和財務重點。祝您今天餘下的時間愉快。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。