Good afternoon, and welcome to Rackspace Technology's third quarter 2021 earnings conference call. As a reminder, today's call is being recorded. Kevin Jones, our CEO, and Amar Maletira, our President and CFO, join us today. The slide deck we will refer to today can be found on our IR website. On slide two, certain comments we make on this call will be forward-looking. Those statements are subject to 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. Our presentation includes certain non-GAAP financial measures and certain further adjustments to these measures, which we believe provide useful information to our investors. In accordance with SEC rules, we've provided a reconciliation of these measures to their respective and most directly comparable GAAP measures. These reconciliations are in the tables included in our earnings release and presentation, both of which are available on our website. After our prepared remarks, we will take your questions. To queue up for questions, please use the Ask a Question function in Zoom. I'll now turn the call over to Kevin. Good afternoon, and thanks for joining us. I'll discuss quarterly highlights and touch on some customer case studies. Then Amar will go into detail on the financial results. Turning to slide five. As a best-in-class, pure-play cloud solutions company, Rackspace Technology is well-positioned in a market that is booming. Over the past five years, our cloud partners, AWS, Google Cloud, and Microsoft Azure, have grown their revenues tenfold. In the third quarter alone, AWS grew 39%, Azure grew 48%, and Google Cloud grew 45%. To put things in context, in 2020, incremental new cloud spending with our hyperscaler partners was $22 billion. That total is expected to grow to $34 billion in 2021. Next year, analysts estimate that new cloud spending will grow again to approximately $44 billion. As they move their business to the cloud, customers are grappling with the pace of change, especially mid-sized and commercial businesses and state and local governments. They need help, and Rackspace Technology is poised to be their partner of choice wherever they are in their cloud journey. In the third quarter, we took several steps to solidify our market-leading position. The financial results reflect this. Revenue, core revenue, non-GAAP operating profit, and non-GAAP EPS all grew at a healthy year-over-year clip. We delivered strong operating cash flow of over $100 million for the third quarter in a row. For the first three quarters of 2021, operating cash flow is now in excess of $300 million. We continue to introduce timely new product and service offerings that help our customers get the most out of their cloud investment. Our new Elastic Engineering model has seen fast adoption, and we have expanded it to several new areas. We are very excited about the launch of Rackspace Data Freedom, a new storage solution based on robust Rackspace-developed technology that gives customers a cloud-adjacent storage option to manage costs and increase data fluidity across multiple cloud platforms. Our broad customer base puts our finger on the pulse of the cloud market. Our service development strategy is driven by those insights. Because of this, Rackspace Data Freedom is targeted at a massive white space in the cloud market and addresses a pain point we see and hear about every day from our customers. Having our ear so close to such a diverse customer base, especially mid-sized and smaller businesses, is a key Rackspace advantage. On the ESG front, earlier this month, we launched our first comprehensive ESG report since returning to the public markets. I'll talk more about this later in the presentation. We are investing in our employees and culture to differentiate Rackspace Technology as an employer of choice in the current war for talent. This helps us attract prospective employees and retain our most valuable assets, our dedicated Rackers. These investments are delivering results. In the third quarter alone, we were recognized as one of the 50 most engaged workplaces by Achievers, a top 50 workplace in the country for Latinas by Latina Style, and a top place to work for mothers, fathers, and parents working remotely by Parents at Work. Turning to slide six. We continue to deliver revenue growth well into the double digits. Total revenue was up 12%, and core revenue was up 15% compared to last year's third quarter. Non-GAAP operating profit was up 6%, and non-GAAP EPS was up 32%. We expect a strong fourth quarter for bookings and believe we will hit our full-year new business bookings target of $1 billion. In the third quarter, new sales bookings were $200 million. On slide seven. A key growth strategy for Rackspace Technology is to forge partnerships that bring best-in-class cloud solutions to our customers. Accordingly, in the third quarter, we strengthened our relationships with leading cloud solutions companies such as Snowflake, Datadog, Cloudflare, and Platform9. Partner in Q3. We are investing in staffing up our team of Snowflake-certified engineers over the next few quarters. With Datadog, we were recently named a gold-tier partner, and we're working closely with them to develop mutual go-to-market sales motions. We are developing a tailored elastic engineering service for Cloudflare to help our customers customize, optimize, and manage their security platforms. As they noted on their most recent earnings call, channel partner development is a priority for Cloudflare in 2022. As you may remember, earlier this year we invested in Platform9, a SaaS managed Kubernetes platform that builds and operates clusters across edge, private, and public clouds. With Platform9, we are bringing these solutions to market to help make Kubernetes simple to own, operate, and scale. Strong partnerships like these and creative joint go-to-market solutions are exciting growth opportunities for Rackspace Technology alongside managed public cloud and our private cloud offerings. Now I'd like to share some case studies demonstrating the value that Rackspace Technology delivers for its customers. First, one from the Middle East. On slide eight, BFC Group is a major fintech company based in Bahrain, providing global money transfers, foreign exchange, and currency and payment solutions. BFC needed to modernize its core applications to better support a physical business model while accelerating a digital transformation and preparing for international expansion. At the recommendation of AWS, BFC Group selected Rackspace Technology as support partner for migrating its core application to the cloud and providing ongoing management and consultancy services. Using a comprehensive solution, including AWS and a long-term contract for Rackspace Security Essentials, we helped the company create a flexible and stable platform, allowing it to focus on what it does best, helping customers move their money around the world. BFC Group saw an immediate uplift in critical measures of performance, such as transactions processed per second and improved customer experience. On slide nine, Arthrex is a privately held medical device company based in Florida. Arthrex is a pioneer in the field of arthroscopic surgery and has developed over 13,000 innovative products addressing a range of orthopedic procedures. Arthrex wanted to reimagine and modernize the post-surgery experience by creating a digital communications portal that would give surgeons customizable templates they could quickly populate and make available for patients to access on demand. In just 12 months, Rackspace Technology built this communications portal on AWS alongside a mobile app to download media and metadata from Arthrex's medical imaging technology. The solution both increased patient satisfaction and reduced the administrative burden on surgeons. Turning to slide ten. Last week, Rackspace Technology published its first comprehensive ESG report since going public in 2020. Suffice it to say, investing in ESG has always been part of the company's DNA and is an extremely high priority for me, our executive leadership team, and our board of directors. ESG is not something we do because it's fashionable. It is part and parcel of our existence as a company and is rooted in how we work every day. The ESG report demonstrates that Rackspace Technology is 100% committed to being a thoughtful steward of our planet's natural resources and an employer of choice for the most talented professionals in the technology industry. Additionally, it highlights our focus on being a force for good in the communities we serve in a transparent shareholder and customer-focused, publicly traded company. This report is simply the first step in providing our constituents with improved transparency into our ESG initiatives. We are devoted to continuous improvement in this area, and those efforts will be fully visible to shareholders as we move forward. I encourage you to download and read the ESG report, which can be found on our website. Now, Amar will take you through the financials. Amar? Thank you, Kevin, and thank you everyone for joining our call today. Slide 12 recaps our financial results for the quarter. Revenue was $763 million, a 12% year-over-year increase. Core revenue grew 15% year-over-year to $718 million. Non-GAAP operating profit was $124 million, up 6% year-over-year. Non-GAAP operating margin was 16.2% within our mid to high teens expected range. Non-GAAP earnings per share was $0.25, up 32% from last year. Let me now touch on the third quarter bookings. As Kevin noted, bookings in the third quarter were $200 million, and we still expect to hit our $1 billion bookings target for fiscal 2021. We won a large competitive deal, which we had been working for some time early in the fourth quarter, and we expect to have it signed before year-end. Through all of 2021, bookings have run lower than 2020. This is because we changed our go-to-market strategy at the start of this year. Since pivoting to the fast-growing cloud market two years ago, we have followed a land and expand strategy. In 2020, we focused on the land part of this equation as we had a massive opportunity to establish beachheads with new customers. The deals we onboarded in 2020 were heavily weighted towards infrastructure in the early stages of these customer relationships, which drives higher dollar bookings. At the start of 2021, we aligned our sales and incentive plans more towards the expand side of this equation to deepen and grow revenue and profitability with our new customers while also selectively adding new logos. This has tilted the sales equation towards contracts with relatively smaller gross bookings, but higher profitability. To put a final point on this, slide 13 provides additional details on how we have grown our business with the new managed public cloud customers that we onboarded in 2020. As the slide demonstrates, our land and expand strategy is working. Customers for all three 2020 cohorts have grown their business with Rackspace Technology well into the double digits for the past four quarters, and the increase in sold gross margins on these bookings ranges from 200 to 400 basis points. In addition, we have seen cumulative bookings and sold gross margins increase in every quarter since these customers were onboarded. This validates our go-to-market strategy. Last year, we pressed the accelerator on growth to onboard new logos. Now we are benefiting from the installed base, and each quarter our customers buy additional high-value services from us. Looking ahead, we will be investing to broaden and deepen our portfolio of service offerings as the cloud market evolves at a rapid pace. This is a once in a lifetime opportunity in a wide open market space. We plan to take maximum advantage now while it's still early. Slide 14 shows the components of our revenue as well as the transition of our multi-cloud revenue to growth businesses. Multi-cloud continues to represent the vast majority of our revenue at 82% of the mix, and it grew 15% year-over-year. Apps and cross-platform at 12% of total revenue grew 11% year over year, driven by growth in application services coupled with strength in our data and security services business. OpenStack, which is our legacy business, declined 20%, and this segment represents only 6% of total revenue. Growth market offerings are now in the mid-70% range of the multi-cloud segment and continue to grow between 30% and 40% year over year. As shown on slide 15, we had another strong quarter for cash flow. GAAP cash from operations was $102 million, which is the third quarter in a row in which operating cash flow exceeded $100 million. Year to date, cash flow from operations was $311 million. Free cash flow, defined as GAAP cash from operations minus cash CapEx, was $81 million, up from $77 million in the second quarter. This brings the year to date total free cash flow to $224 million. Total CapEx was $35 million, and total CapEx intensity was 5%. Cash CapEx was $21 million, and cash CapEx intensity was 3% in the third quarter. For fiscal year 2021, we expect cash CapEx intensity in the 4%-6% range. Total cash increased to $260 million at the quarter end. We had $375 million of unused revolving credit facility, bringing total liquidity to over $600 million. On slide 16, we have our guidance for the fourth quarter. We expect revenue in the range of $766 million-$776 million. Core revenue of $724 million-$732 million. Non-GAAP operating profit of $118 million-$122 million. Non-GAAP earnings per share in the range of $0.23-$0.25. We also expect non-GAAP other expenses of $51 million-$52 million and non-GAAP tax expense rate of 26%, and non-GAAP weighted average shares of 212 million-214 million shares. On the right side of the slide, you see what this completes to for the full year. For that, we'll take your questions. Joe, please go ahead and queue up the audience for Q&A. Thanks, Amar. As a reminder, to ask a question, please use the Q&A function in the Zoom portal. Our tech team will promote you to a speaker on the webcast when you're up in the queue. Our first question comes from Kevin McVeigh at Credit Suisse, and Tien-Tsin Huang from JP Morgan, you're on deck. Great. Thanks so much, and congratulations on the results. I wonder if you could help dimensionalize the large booking deal you was awarded at the quarter end. Give us a sense of, you know, how that settles into 2022 as well. Again, congratulations on the results. Hey, thank you very much, Kevin. It's Kevin Jones here. Look, on the big deal, you know, we said, you know, we'd be very selective in terms of which new deals we would pursue. As a cloud solutions provider, you know, this deal is in our wheelhouse from a, you know, products standpoint and a services standpoint, and fits into our strategy. We ran hard after it. We were, you know, awarded the business in October and beat, you know, some of our largest competitors. You know, we were selected for the differentiated cloud solutions that we provide. What we're doing now, Kevin, we're working diligently with this customer to, you know, hammer out all the documentation and formally sign it by the end of the year. We're very excited we won it, and we'll provide more, you know, more details when we can formally announce the deal. I can tell you, we believe it will be the largest deal in the history of the company. That sounds great. Obviously it seems like you've made some progress too with some of these partnerships with Snowflake, Datadog, Cloudflare. Any sense of, you know, how that can ultimately impact and potentially translate to revenue as we think about the model going forward? Yeah. Thanks for that, Kevin. Yeah, we're pretty excited about this. You know, we wanted to forge partnerships that really bring best in class cloud solutions to our customers. What we did is we strengthened our relationships with Snowflake, Datadog, Cloudflare, and Platform9. Let's talk about these for a minute. You know, with Snowflake, we're a select partner and on our way to becoming a premier partner. We're actively hiring more Snowflake certified engineers over the next few quarters, so that's exciting. With Datadog, we're recently named a gold tier partner and, you know, what we're doing there is we're jointly developing go-to-market sales motions. You know, Cloudflare noted on their most recent earnings call that channel partner development is a priority for them. You know, really excited to be early on that front, and we're developing Elastic Engineering for Cloudflare to help our customers, you know, customize, optimize, and manage their security platforms. Then earlier this year, we made the equity investment in Platform9. Platform9 is a, you know, a SaaS-managed Kubernetes platform. What we're doing with Platform9 is we're bringing edge, private, and public cloud solutions to market to help make Kubernetes simple to own, operate, and scale. These are really exciting partnerships, exciting growth opportunities for Rackspace Technology, of course, alongside our managed public cloud and private cloud solutions. You know, Kevin, we've had encouraging progress. You know, I think it's a little early to, you know, forecast revenue contributions from the offerings, but we're on it. Just to add there, Kevin, if I may, this is again in line with our strategy of moving up the stack. We know right now what's going on in the market is a lot of businesses coming at the infrastructure layer. The next opportunity is on the cloud-native application and then data. You can see here all this partnership is at an early stage, and this is in line with us moving up the stack from a strategy perspective. Congratulations again. Thanks, Kevin. Tien-Tsin Huang from JP Morgan, you're up, and Raimo Lenschow from Barclays is on deck. Tien-Tsin, do we have you? I think I'm unmuted. Can you hear me? There you go. Hey, Tien-Tsin Huang. Terrific. Thanks, Joe, for moderating. Good to talk to you guys. Yeah, the second half bookings, I'm just focusing in on that, the $500 million or so implied from your guidance. Can we annualize that as a good baseline to consider for 2022, since this captures your more selective client prospecting criteria as you just talked about? Or is that dangerous to do given the large deal you expect to close in the fourth quarter? Why don't I just give you a little color, Tien-Tsin Huang, thanks for the question on bookings momentum and a little bit about the pipeline, then I'll have Amar Maletira jump in as well. You know, we feel good about the bookings momentum. You know, we're focused this year on optimizing our bookings mix for bookings dollars and profitability. You know, we've seen good results, and so the gross margins in the third quarter were the highest level that we've seen in years. We think $1 billion of new business bookings is the right number to go after, and we see plenty of business in the pipeline to accomplish this goal. You know, in terms of our pipeline, you know, it's healthy. You know, we continue to refine our sales focus. What we're seeing with customers is they're really grappling with the pace of change, right? Particularly mid-size commercial businesses and state and local governments. You know, we're seeing them come to Rackspace to help them on their cloud journey. The other thing is lots of interest, Tien-Tsin Huang, on our new product offerings. You know, Elastic Engineering delivery model has redefined how managed services are delivered in the cloud. We've got Data Freedom, which is extremely exciting. This is the offering we launched in September. You know, we launched that directly as a result of feedback that we're hearing from our customers and massive pain points that they're experiencing on the cloud journey. You know, feeling good about the bookings momentum and solid pipeline. Great. Thanks for that, Kevin. Just maybe for you, Amar, if you don't mind, on the SG&A leverage showing some strength there to help offset some of the gross margin pressure as you said you would do. Is there more to go there? Anything unusual in the third quarter to call out? No, I think it came in line with our expectation, Tien-Tsin Huang. As I had indicated in the previous earnings call, we are focused on making sure that we also make investments on both OpEx as well as cost of revenue as we see a huge opportunity in the marketplace. To answer your question, the SG&A came in line with our expectation. Very good. Well done. Thank you. Thanks, Tien-Tsin Huang. Raimo Lenschow from Barclays, you're up, and Amit Daryanani from Evercore, you're on deck. Can you hear me, gentlemen? Yeah. Hey, Raimo. Hey. How are you tonight? I wanted to ask about the apps and cross-platform growth, excluding the non-strategic exit. What was the impact from that in the quarter? Do you see any other pockets of the business that are similarly non-strategic? You know, we gave some details last quarter on this call, Raimo Lenschow, that the non-strategic piece of the business, the quarterly run rate was about $3.5 million-$4 million, which is about 3-4 points of growth, you know, since we did an end of life on that. I think that was sort of a headwind. But within that portfolio, we have data that is growing very rapidly. We have security services that's also growing very rapidly. We will continue to look at that portfolio, making sure that, you know, we retain the strategic piece of the portfolio that aligns to our cloud play. I think we continuously look to rationalize the portfolio. So far, there's nothing else in that portfolio that we will de-emphasize. We already did that through the restructuring exercise we did in July. Yeah, I would agree. I would just add, Raimo Lenschow, you know, security and data services are pretty hot areas of the business right now. You know, particularly given, you know, all the challenges that our customers are facing with high-profile hacks and ransomware, and every company really needs to be hypervigilant with regard to security. Then data, of course, you know, as companies have moved to the cloud, they're eager to mine this data for valuable insights. You know, we've got, you know, a strong data services practice. Then, you know, more broadly within the app development world, you know, we're focused on cloud-native application development. You know, a lot of companies have lifted and shifted applications to the cloud without optimizing those applications. You know, this is another hot area for us. Okay. Thanks for that. One quick follow-up from me. Can you talk about the CapEx flows in the quarter? They came in a lot lower than our model. Anything to read into there in terms of a new run rate or any type of lumpiness there that we should be aware of? Yeah. Ramsey, from a CapEx perspective, again, it is in line with our expectation. If you recall, I said for the full year, we should be in the 7%-9% range. In Q3, it came in exactly in line with what we were expecting. I expect now for the full year to be at the low end of the 7%-9% range, in line with us moving towards more capital-light model. It's going as per plan. Got it. Okay, thank you very much. Thanks, Raimo Lenschow. Amit Daryanani from Evercore, you're up. Robert Palmisano, Raymond James, you're on deck. Perfect. Hopefully you folks can hear me. Yes. I have two questions as well. You know, I guess first off, you know, Kevin, I'd like to look at these investments you've talked about on the cloud solutions that you're, you know, you're making, you're accelerating them. If you talked about Cloudflare, Snowflake, et cetera there. I'm curious, is the demand for these solutions really coming from your existing customers, existing logos who use Rackspace for infrastructure, and they wanna scale this into helping them build and manage the cloud data solutions? Or are these relationships actually helping you go out and get new logos that you can eventually bring on to the infrastructure side? Yeah, very good. Maybe I'll start, and then Amar can talk about some of the investments. Yeah, absolutely. We do see you know, momentum you know, with both the installed base of customers that we have on it and the new logos. You know, if you just look at Q3 bookings, thousands of individual deals, you know, very diversified across geos and segments, 30% of bookings from international markets. Year to date, you know, to your point, we've actually seen a good growth in new logos signed. As we talked about, you know, sold margin highest it's been in a couple of years. We're pleased with our new logo progress. We've made, you know, I think really good progress on our installed base account planning. You know, as we've gone forward and, you know, looked at retraining, upskilling our account executives, we've got much more sophisticated account planning. This is all through regions of the world, and so we're seeing pipeline develop from that as well. Really it's a combination of new logos and install base. Got it. If I may just follow up. You know, in 2021, at least so far, right, we've seen gross margins have had some downside pressure. I think it's been a big focus among folks. Your free cash flow, I think, on the other hand, has been remarkably consistent. You've actually seen expansion of free cash flow margins and even dollars, total free cash flow dollars. I'm wondering, as we start to think about calendar 2022, do you think we are likely to see gross margins and free cash flow both improve in a much more consistent manner? Or do you think you can continue to expand free cash flow even if you don't see gross margins move higher next year? Amit, I will give you more color on the 2022, when we announce our Q4 results. Just to give you a little bit more color on gross margins, you know, our gross margins, as you know, in the third quarter, came in line with our expectation, and also my guidance that I provided to you guys. As you know, this is a transient phase driven by all the internal mix that is going on, not any external market dynamics. As we transition to a cloud-centric business model, we are undergoing some necessary shifts in the business model. We believe that the gross margins will stabilize at the end of this transition period, and we expect the profitability to inflect upwards with favorable mix shift to the higher value cloud services that Kevin was talking about, right? We're already seeing very good traction. In our prepared remarks, we talked about our land and expand motion, how our sold gross margins have improved significantly. This has become a leading indicator and gives us confidence that margins will expand with higher margin products as the opportunity for us to expand into this installed base is just ahead of us. That's where we are making investments, as Kevin mentioned, that we're making investments in cloud native application development. We're making investments in data services. These are the up the stack opportunities as customers migrate more and more workloads, both application and data, from the on-prem environment to a cloud environment, a multi-cloud environment. Now regarding cash flow, very good, you know, progress as you see. You rightly said, you know, our cash flow from operations and free cash flow has significantly improved. We drove a lot of working capital improvement. You know, I'm a big believer of earnings quality, and I do believe that cash flow from operations should track to roughly about 70% or so to the operating profits on a non-GAAP basis. That basically defines the quality of earnings, and that's what we are focused on. Perfect. Thank you very much. Thanks, Amit. Thanks Amit. Rob Palmisano from Raymond James, you're up. We have, who on deck? Keith Bachman from BMO, you're on deck. Rob, are you there? All right, we'll come back to you. Oh, there we go. Rob. Hey guys, this is Rob on for Frank. How are the cost savings initiatives tracking? Can you give us an update on where you guys are at with your offshoring process? Yes. Thanks, Rob. See if you recall, we said we'll drive a savings of $95 million-$100 million of gross run rate savings. We have taken most of those. Most of it will come from labor actions. Through Q3, the majority of those actions have been completed. The rest, you know, there'll be non-labor stuff that will continue, and will be largely done by the end of Q4 or in our fiscal Q1, 2022. We will realize the full annualized benefit in 2022. We have started seeing those savings even now, and we are reinvesting it back into the business. That's where we are. We are tracking to our plans. Offshoring is going quite well. We are building a very good global footprint. We have accelerated that too, in line with what we had planned for. Very pleased with the progress there. Great. Thank you. Thanks, Rob. Keith Bachman from BMO, you're up. Then our final question will come from Bryan Keane at Deutsche Bank. Hi. Thank you. I have a few, if you can hear me okay. Amar, I wanna come to you and follow up on the gross margin question. Two things on gross margins. A, last quarter, you gave a specific number for the September quarter, and I was hoping you could do the same thing for Q4, just so we all keep our models within certain parameters. Part B of the question is, again, on the last quarter call, you indicated that you know, gross margins would bottom and perhaps even move upward, but you needed four to five quarters, so we should be thinking about the September quarter, December quarter of 2022. I'd like to see if you could just revisit that because I thought slide 15 in particular was interesting in that you've gotten pretty good gross margin performance on that, on the cumulative process from your cohort trends in 2020. If you could just revisit on those gross margin trends, then I have a follow-up. Yes. I would say, Keith, gross margins were in line with our expectations for Q3, as you indicated. In last quarter earnings call, I provided some color on gross margins and the expected trend, and have no changes from that position at this time. Okay. Any specific gross margins you want us to think about for Q4? you know, I think I gave that color last quarter, so I think I'll go with that, whatever I had mentioned last quarter. Okay. All right. Turning to cash flow, if I could too also. You're taking some restructuring charges and whatnot this year. The question is really geared towards how much of that is cash. The reason I'm asking the question is, could that be presumably lower restructuring charges in 2H 2022? Is that a potential tailwind to your reported free cash flow metrics in 2H 2022? Yes. I think that's a great question, Keith. Yes, that will be a tailwind in fiscal 2022 because some of those restructuring charges were accrued and some of those cash could also go out the door in fiscal 2021. We will have some of it in the first half of 2022, but then it should serve as a tailwind thereafter. Okay. Any quantifications on the amount that's impacting 2021 versus early 2022 on a cash basis? I don't have the numbers right in front of me, but you know, I'll give you that color when we announce Q4 earnings so that you'll have more of an insight to it. Okay. I will jump back in queue. Thank you. Thanks, Keith. Next question comes from Bryan Keane at Deutsche Bank. Go ahead, Bryan. Hi, guys. Just wanna ask about how you're measuring market share. You know, looking at those high growth markets, although you guys are growing fast, I guess it's 30%-40%, which is 70-75% of multi-cloud. You know, is there? Are you gaining enough of the share there, or is there still room to grow? Because as you outlined, that area still grows significantly fast, upwards of sometimes 50%. Then secondarily, just thinking about the non-growth markets, which I think is the non-VMware private cloud and managed hosting. Is that an area that's gonna be relatively flattish growth, while the cloud side of the business should grow the fastest? I would start. I'll give some additional color based on what we have said before. The growth market, which is roughly about 70%-75% of our multi-cloud mix, is growing within 30%-40%. If you take a look at you know, our competitors in this space or even the hyperscalers, we are actually growing faster than them. You know, you can say based on that, we are taking market share. Again, this is such a broad market. It's so fragmented, it's hard to figure out whether we are taking market share or not. Clearly from a growth you know, from a growth rates, it's a good indicator that we are winning the marketplace. Now, as it relates to the mature side of the product, you know, I will not give any specific guidance. If you do the math. That business is declining and rightfully so because, you know, some of the business, we are purposefully moving to the growth side of the business. We are helping the transitioning customers transition because that's where the future is. You know, the earlier they transition to the new side, the growth side of the business or growth side of the portfolio, we have an upsell opportunity for these clients where we can go and sell, as I said, you know, cloud-native application, data services, more migration services as more and more workloads get transferred. As they develop new workloads, we will help them to build modern applications, and that's the plan. That's the dynamics within those two sub-portfolios within multi-cloud. Yeah, 'cause what I'm thinking about is thinking about the big picture here with the mix of business being pulled higher for those high-growth markets as they become a bigger percentage of revenue and, you know, some of the mature market shrinks in multi-cloud plus OpenStack shrinks as a percentage, I think, down to 6% of mix. It doesn't naturally, the revenue growth accelerate a little bit just based on mix alone. That's I would say if you think through that rationally, that's probably the case. Now, we will give you more color on that and what happens in fiscal 2022 when we announce our Q4 results. You know, that's, I think you're thinking the right way. Yeah, I think that's the intention of our strategy of the company. Exactly. I think you've summarized it well. It is to move to the, you know, the hyper-growth areas of the market, and that's where our investment and our focus is, Bryan. Okay. Thanks, guys. Thanks, Bryan. Thank you. Well, thanks everybody for joining us today. If you have follow-up questions or if you wanna schedule additional time with the team, please reach out to me at ir@rackspace.com. Have a great rest of your day, and we'll talk to you soon. Goodbye.