Rubicon achieves second consecutive quarter of record Gross
Profit at approximately $12 million, more than double Gross Profit
in the second quarter of 2022. The Company remains on track to
achieve positive Adjusted EBITDA for Q4 2023.
Rubicon Technologies, Inc. (“Rubicon” or the “Company”) (NYSE:
RBT), a leading provider of software-based waste, recycling, and
fleet operations products for businesses and governments worldwide,
today reported financial and operational results for the second
quarter of 2023.
Second Quarter 2023 Financial Highlights
- Revenue was approximately $174.6 million, an increase of $10.0
million or 6.0% compared to $164.6 million in the second quarter of
2022.
- Gross profit was $11.8 million, an increase of $6.3 million or
116.1% compared to $5.5 million in the second quarter of 2022.
- Adjusted Gross Profit was approximately $17.9 million, an
increase of $5.3 million or 41.4% compared to $12.7 million in the
second quarter of 2022.
- Gross Profit Margin was 6.8%, an increase of 340 bps compared
to 3.3% in the second quarter of 2022.
- Adjusted Gross Profit Margin was 10.3%, an increase of 260 bps
compared to 7.7% in the second quarter of 2022.
- Net loss was $(22.8) million, an improvement of $5.0 million
compared to $(27.8) million in the second quarter of 2022.
- Adjusted EBITDA was a negative $(9.7) million, an improvement
of $9.2 million compared to $(18.9) million in the second quarter
of 2022.
Operational and Business Highlights
- Rubicon announced a new, 3-year partnership with Denver,
Colorado in June. RUBICONSmartCity™ technology is now powering the
City and County of Denver’s entire solid waste and recycling fleet
of more than 150 vehicles, digitizing operations and enabling
greater efficiency.
- The Company also announced that RUBICONSmartCity has been
successfully deployed in more than 100 cities, including eight of
the top 20 U.S. cities by population. This milestone was achieved
in just 6 years, with city adoption doubling year-over-year over
the last few years.
- RUBICONConnect™ continues to expand with the addition of, among
others, True Food Kitchen and Artisent Floors to the platform. Both
companies will experience the full benefits of Rubicon’s digital
platform for scalable waste and recycling services which supports
their efforts to reduce environmental impact while providing
exceptional value and service to their own customers.
- The Company also secured some notable customer renewals,
including a new 5-year extension with Gap, Inc. RUBICONConnect has
been deployed at more than 2,000 Gap retail stores across the
United States and Canada, including at all of Gap’s lifestyle
brands and Gap Outlet and Banana Republic Factory locations.
Additionally, Goodyear Tires renewed their contract with Rubicon
for a further two years. RUBICONConnect is deployed at more than
800 Goodyear retail and commercial locations across the United
States.
“We are excited to announce our second quarter 2023 results,
which include a second consecutive quarter of record Adjusted Gross
Profit. This outstanding performance is the result of our team’s
diligent execution of our Bridge to Profitability plan, and I am
pleased to report that we remain on target to achieve positive
Adjusted EBITDA for the fourth quarter of this year,” said Phil
Rodoni, Chief Executive Officer of Rubicon. “With a solid
foundation in place, we are now focused on growth and driving even
greater results for the Company and our valued customers.”
Second Quarter Review
Total Revenue in the second quarter of 2023 was approximately
$174.6 million, an increase of $10.0 million or 6.0%, compared to
the second quarter of 2022. This growth was driven primarily by
strength in the RUBICONConnect business, as well as continued
growth of the SaaS business.
Gross profit for the second quarter of 2023 was $11.8 million,
an increase of $6.3 million or 116.1% compared to $5.5 million in
the second quarter of 2022. The growth in gross profit was
supported by an increase in the RUBICONConnect business and growth
of the SaaS business.
Adjusted Gross Profit in the second quarter of 2023 was
approximately $17.9 million, an increase of $5.3 million or 41.4%
compared to the second quarter of 2022. The increase in Adjusted
Gross Profit was primarily due to positive impacts from actions
taken to enhance margins in the RUBICONConnect business and growth
in SaaS products.
Net Loss in the second quarter of 2023 was $(22.8) million, an
improvement of $5.0 million compared to a Net Loss of $(27.8)
million in the second quarter of 2022.
Adjusted EBITDA for the second quarter of 2023 was negative
$(9.7) million, an improvement of approximately $9.2 million or a
reduction of approximately half of the loss of $(18.9) million in
the second quarter of 2022.
Strategic Progress
Moving forward, the Company will remain focused on reaching
profitability, making improvements in its leading digital platform
and suite of products, and executing its strategic plan in order to
achieve its next phase of growth. Having accomplished its initial
foundational objectives, Rubicon can now focus on driving
profitable growth through customer wallet share expansion, new
product offerings, and improved operational efficiency. The Company
will provide updates on these efforts in the coming quarters.
Webcast Information
The Rubicon Technologies management team will host a conference
call to discuss its second quarter 2023 financial results this
afternoon, Tuesday, August 8, 2023, at 5:00 p.m. ET. The call can
be accessed via telephone by dialing (929) 203-2112, or toll free
at (888) 660-6863, and referencing Rubicon Technologies. A live
webcast of the conference will also be available on the Events and
Presentations page on the Investor Relations section of Rubicon’s
website
(https://investors.rubicon.com/events-presentations/default.aspx).
Please log in to the webcast or dial in to the call at least 10
minutes prior to the start of the event.
About Rubicon
Rubicon Technologies, Inc. (NYSE: RBT) is a leading provider of
software-based waste, recycling, and fleet operations products for
businesses and governments worldwide. Striving to create a new
industry standard by using technology to drive environmental
innovation, the Company helps turn businesses into more sustainable
enterprises, and neighborhoods into greener and smarter places to
live and work. Rubicon’s mission is to end waste. It helps its
partners find economic value in their waste streams and confidently
execute on their sustainability goals. To learn more, visit
rubicon.com.
Non-GAAP Financial Measures
This earnings release contains “non-GAAP financial measures,”
including Adjusted Gross Profit, Adjusted Gross Profit Margin and
Adjusted EBITDA, which are supplemental financial measures that are
not calculated or presented in accordance with generally accepted
accounting principles (GAAP). Such non-GAAP financial measures
should not be considered superior to, as a substitute for or
alternative to, and should be considered in conjunction with, the
GAAP financial measures presented in this earnings release. The
non-GAAP financial measures in this earnings release may differ
from similarly titled measures used by other companies. Definitions
of these non-GAAP financial measures, including explanations of the
ways in which Rubicon’s management uses these non-GAAP measures to
evaluate its business, the substantive reasons why Rubicon’s
management believes that these non-GAAP measures provide useful
information to investors and limitations associated with the use of
these non-GAAP measures, are included under “Use of Non-GAAP
Financial Measures” after the tables below. In addition,
reconciliations of these non-GAAP financial measures to the most
directly comparable GAAP financial measures are included under
“Reconciliations of Non-GAAP Financial Measures” after the tables
below.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995 and within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of present or historical fact
included in this press release, are forward-looking statements.
When used in this press release, the words “could,” “should,”
“will,” “may,” “believe,” “anticipate,” “intend,” “estimate,”
“expect,” “project,” the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. Such forward-looking statements are subject to
risks, uncertainties, and other factors which could cause actual
results to differ materially from those expressed or implied by
such forward-looking statements. These forward-looking statements
are based upon current expectations, estimates, projections, and
assumptions that, while considered reasonable by Rubicon and its
management, are inherently uncertain; factors that may cause actual
results to differ materially from current expectations include, but
are not limited to: 1) the outcome of any legal proceedings that
may be instituted against Rubicon or others following the closing
of the business combination; 2) Rubicon’s ability to meet the New
York Stock Exchange’s listing standards following the consummation
of the business combination; 3) the risk that the business
combination disrupts current plans and operations of Rubicon as a
result of consummation of the business combination; 4) the ability
to recognize the anticipated benefits of the business combination,
which may be affected by, among other things, the ability of the
combined company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; 5) costs related to the business
combination; 6) changes in applicable laws or regulations; 7) the
possibility that Rubicon may be adversely affected by other
economic, business and/or competitive factors, including the
impacts of the COVID-19 pandemic, geopolitical conflicts, such as
the conflict between Russia and Ukraine, the effects of inflation
and potential recessionary conditions; 8) Rubicon’s execution of
anticipated operational efficiency initiatives, cost reduction
measures and financing arrangements; and 9) other risks and
uncertainties set forth in the sections entitled “Risk Factors” and
“Cautionary Note Regarding Forward-Looking Statements” in the
Company’s Annual Report on Form 10-K, Registration Statement on
Form S-1, as amended, filed with the SEC, and other documents
Rubicon has filed with the SEC. Although Rubicon believes the
expectations reflected in the forward-looking statements are
reasonable, nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward looking statements will be achieved. There
may be additional risks that Rubicon presently does not know of or
that Rubicon currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements, many of which are beyond Rubicon’s
control. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Rubicon
does not undertake, and expressly disclaims, any duty to update
these forward-looking statements, except as otherwise required by
applicable law.
RUBICON TECHNOLOGIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS (UNAUDITED)
(in thousands, except per share
data)
Three Months Ended
Six Months Ended
June 30,
June 30,
2023
2022
2023
2022
Revenue:
Service
$
160,641
$
140,268
$
327,006
$
274,966
Recyclable commodity
13,923
24,338
28,656
49,446
Total revenue
174,564
164,606
355,662
324,412
Costs and Expenses:
Cost of revenue exclusive of amortization
and depreciation:
Service
150,194
136,185
308,195
265,878
Recyclable commodity
11,968
22,386
25,155
45,622
Total cost of revenue exclusive of
amortization and depreciation
162,162
158,571
333,350
311,500
Sales and marketing
2,747
4,546
6,021
8,496
Product development
7,224
9,315
15,316
18,533
General and administrative
13,932
13,253
32,079
25,880
Gain on settlement of incentive
compensation
-
-
(18,622
)
-
Amortization and depreciation
1,344
1,402
2,705
2,892
Total Costs and Expenses
187,409
187,087
370,849
367,301
Loss from Operations
(12,845
)
(22,481
)
(15,187
)
(42,889
)
Other Income Expense:
Interest earned
5
-
6
-
Loss on change in fair value of warrant
liabilities
(414
)
(232
)
(469
)
(510
)
Gain on change in fair value of earnout
liabilities
470
-
5,290
-
Loss on change in fair value of
derivatives
(335
)
-
(2,533
)
-
Excess fair value over the consideration
received for SAFE
-
(800
)
-
(800
)
Gain on service fee settlements in
connection with the Mergers
6,364
-
6,996
-
Loss on extinguishment of debt
obligations
(6,783
)
-
(8,886
)
-
Interest expense
(8,119
)
(3,911
)
(15,295
)
(7,686
)
Related party interest expense
(661
)
-
(1,254
)
-
Other expense
(482
)
(357
)
(903
)
(687
)
Total Other Income Expense
(9,955
)
(5,300
)
(17,048
)
(9,683
)
Loss Before Income Taxes
(22,800
)
(27,781
)
(32,235
)
(52,572
)
Income tax expense benefit
17
13
33
41
Net Loss
$
(22,817
)
$
(27,794
)
$
(32,268
)
$
(52,613
)
Net loss attributable to Holdings LLC
unitholders prior to the Mergers
-
(27,794
)
-
(52,613
)
Net loss attributable to noncontrolling
interests
(9,615
)
-
(15,937
)
-
Net Loss Attributable to Class A Common
Stockholders
$
(13,202
)
-
$
(16,331
)
-
Loss per share - for the three
months ended June 30, 2023:
Net loss per Class A Common share – basic
and diluted
(0.12
)
Weighted average shares outstanding, basic
and diluted
106,211,259
Loss per share - for the six
months ended June 30, 2023:
Net loss per Class A Common share – basic
and diluted
(0.2
)
Weighted average shares outstanding, basic
and diluted
82,943,357
As a result of the Mergers with Founder SPAC consummated on
August 15, 2022 (the “Closing Date”), the capital structure has
changed and loss per share information is only presented for the
period after the Closing Date of the Mergers.
RUBICON TECHNOLOGIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS (UNAUDITED)
(in thousands)
June 30,
December 31,
2023
2022
ASSETS
Current Assets:
Cash and cash equivalents
$
23,516
$
10,079
Accounts receivable, net
66,323
65,923
Contract assets
51,321
55,184
Prepaid expenses
15,624
10,466
Other current assets
1,970
2,109
Related-party notes receivable
-
7,020
Total Current Assets
158,754
150,781
Property and equipment, net
2,569
2,644
Operating right-of-use assets
2,205
2,827
Other noncurrent assets
2,505
4,764
Goodwill
32,132
32,132
Intangible assets, net
9,270
10,881
Total Assets
$
207,435
$
204,029
LIABILITIES AND MEMBERS’ (DEFICIT)
EQUITY
Current Liabilities:
Accounts payable
$
72,032
$
75,113
Line of credit
46,198
51,823
Accrued expenses
66,047
108,002
Deferred compensation
-
-
Contract liabilities
7,397
5,888
Operating lease liabilities, current
1,871
1,880
Warrant liabilities
29,795
20,890
Derivative liabilities, current
7,915
-
Debt obligations, net of debt issuance
costs
9,456
3,771
Total Current Liabilities
240,711
267,367
Long-Term Liabilities:
Deferred income taxes
235
217
Operating lease liabilities,
noncurrent
903
1,826
Debt obligations, net of debt issuance
costs
70,820
69,458
Related-party debt obligations, net of
debt issuance costs
16,161
10,597
Derivative liabilities, noncurrent
7,133
826
Earn-out liabilities
310
5,600
Other long-term liabilities
-
2,590
Total Long-Term Liabilities
95,562
91,114
Total Liabilities
336,273
358,481
Commitments and Contingencies
Stockholders’ (Deficit) Equity:
Common stock – Class A, par value of
$0.0001 per share, 690,000,000 shares authorized, 229,818,370 and
55,886,692 shares issued and outstanding as of June 30, 2023 and
December 31, 2022, respectively
23
6
Common stock – Class V, par value of
$0.0001 per share, 275,000,000 shares authorized, 35,402,821 and
115,463,646 shares issued and outstanding as of June 30, 2023 and
December 31, 2022, respectively
4
12
Preferred stock – par value of $0.0001 per
share, 10,000,000 shares authorized, 0 issued and outstanding as of
June 30, 2023 and December 31, 2022, respectively
-
-
Additional paid-in capital
92,532
34,658
Accumulated deficit
(354,207
)
(337,875
)
Total stockholders’ deficit attributable
to Rubicon Technologies, Inc.
(261,648
)
(303,199
)
Noncontrolling interests
132,810
148,747
Total Stockholders’ Deficit
(128,838
)
(154,452
)
Total Liabilities and Stockholders’
(Deficit) Equity
$
207,435
$
204,029
The accompanying notes to the condensed consolidated financial
statements are an integral part of these statements.
RUBICON TECHNOLOGIES, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS (UNAUDITED)
(in thousands)
Six Months Ended
June 30,
2023
2022
Cash flows from operating
activities:
Net loss
$
(32,268
)
$
(52,613
)
Adjustments to reconcile net loss to net
cash flows from operating activities:
Loss on disposal of property and
equipment
13
21
Amortization and depreciation
2,705
2,899
Amortization of debt issuance costs
3,338
1,663
Amortization of related party debt
issuance costs
504
-
Paid-in-kind interest capitalized to
principal of debt obligations
3,473
-
Paid-in-kind interest capitalized to
principal of related party debt obligations
641
-
Bad debt reserve
1,398
(2,467
)
Loss on change in fair value of
warrants
469
510
Loss on change in fair value of
derivatives
2,533
-
Gain on change in fair value of earn-out
liabilities
(5,290
)
-
Loss on extinguishment of debt
obligations
8,886
-
Excess fair value over the consideration
received for SAFE
-
800
Equity-based compensation
11,106
184
Phantom unit expense
-
4,570
Settlement of accrued incentive
compensation
(26,826
)
-
Service fees settled in common stock
3,808
-
Gain on service fee settlement in
connection with the Mergers
(6,996
)
-
Deferred income taxes
18
40
Change in operating assets and
liabilities:
Accounts receivable
(1,798
)
(2,471
)
Contract assets
3,863
(5,159
)
Prepaid expenses
(2,668
)
225
Other current assets
95
(204
)
Operating right-of-use assets
622
522
Other noncurrent assets
(163
)
46
Accounts payable
(3,081
)
21,476
Accrued expenses
(588
)
14,510
Contract liabilities
1,509
87
Operating lease liabilities
(932
)
(1,011
)
Other liabilities
(1,680
)
100
Net cash flows from operating
activities
(37,309
)
(16,272
)
Cash flows from investing
activities:
Property and equipment purchases
(628
)
(685
)
Net cash flows from investing
activities
(628
)
(685
)
Cash flows from financing
activities:
Net (payments) borrowings on line of
credit
(5,625
)
11,510
Proceeds from debt obligations
86,226
-
Repayments of debt obligations
(53,500
)
(3,000
)
Proceeds from related party debt
obligations
14,520
-
Financing costs paid
(13,916
)
(2,000
)
Proceeds from issuance of common stock
24,767
-
Proceeds from SAFE
-
8,000
Payments of deferred offering costs
-
(1,288
)
Equity issuance costs
(31
)
-
RSUs withheld to pay taxes
(1,067
)
-
Net cash flows from financing
activities
51,374
13,222
Net change in cash and cash
equivalents
13,437
(3,735
)
Cash, beginning of period
10,079
10,617
Cash, end of period
$
23,516
$
6,882
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
7,010
$
5,940
Deferred offering costs recognized in
accounts payable
$
-
$
1,837
Supplemental disclosures of non-cash
investing and financing activities:
Exchange of warrant liabilities for common
stock
$
1,050
$
-
Fair value of derivatives issued as debt
discount
$
475
$
-
Fair value of derivatives issued as debt
issuance cost
$
12,264
$
-
Conversions of debt obligations to common
stock
$
5,500
$
-
Conversions of related-party debt
obligations to common stock
3,080
-
Equity issuance costs waived
$
6,364
$
-
Equity issuance costs settled with common
stock
$
7,069
$
-
Loan commitment asset reclassed to debt
discount
$
2,062
$
-
The accompanying notes to the condensed consolidated financial
statements are an integral part of these statements.
Use of Non-GAAP Financial
Measures
Adjusted Gross Profit and Adjusted Gross Profit
Margin
Adjusted Gross Profit and Adjusted Gross Profit Margin are
considered non-GAAP financial measures under the rules of the U.S.
Securities and Exchange Commission (the “SEC”) because they
exclude, respectively, certain amounts included in Gross Profit and
Gross Profit Margin calculated in accordance with GAAP.
Specifically, the Company calculates Adjusted Gross Profit by
adding back amortization and depreciation for revenue generating
activities and platform support costs to GAAP Gross Profit, the
most comparable GAAP measure. Adjusted Gross Profit Margin is
calculated as Adjusted Gross Profit divided by total GAAP revenue.
The Company believes presenting Adjusted Gross Profit and Adjusted
Gross Profit Margin is useful to investors because they show the
progress in scaling Rubicon’s digital platform by quantifying the
markup and margin the Company charges its customers that are
incremental to its marketplace vendor costs. These measures
demonstrate this progress because changes in these measures are
driven primarily by the Company’s ability to optimize services for
its customers, improve its hauling and recycling partners’
efficiency and achieve economies of scale on both sides of the
marketplace. Rubicon’s management team uses these non-GAAP measures
as one of the means to evaluate the profitability of the Company’s
customer accounts, exclusive of certain costs that are generally
fixed in nature, and to assess how successful the Company is in
achieving its pricing strategies. However, it is important to note
that other companies, including companies in our industry, may
calculate and use these measures differently or not at all, which
may reduce their usefulness as a comparative measure. Further,
these measures should not be read in isolation from or without
reference to our results prepared in accordance with GAAP.
Adjusted EBITDA
Adjusted EBITDA is considered a non-GAAP financial measure under
the rules of the SEC because it excludes certain amounts included
in net loss calculated in accordance with GAAP. Specifically, the
Company calculates Adjusted EBITDA by GAAP net loss adjusted to
exclude interest expense and income, income tax expense and
benefit, amortization and depreciation, gain or loss on
extinguishment of debt obligations, equity-based compensation,
phantom unit expense, gain or loss on change in fair value of
warrant liabilities, gain or loss on change in fair value of
earn-out liabilities, gain or loss on change in fair value of
derivatives, executive severance charges, gain or loss on
settlement of the Management Rollover Bonuses, gain or loss on
service fee settlements in connection with the Mergers, other
non-operating income and expenses, and unique non-recurring income
and expenses.
The Company has included Adjusted EBITDA because it is a key
measure used by Rubicon’s management team to evaluate its operating
performance, generate future operating plans, and make strategic
decisions, including those relating to operating expenses. Further,
the Company believes Adjusted EBITDA is helpful in highlighting
trends in Rubicon’s operating results because it allows for more
consistent comparisons of financial performance between periods by
excluding gains and losses that are non-operational in nature or
outside the control of management, as well as items that may differ
significantly depending on long-term strategic decisions regarding
capital structure, the tax jurisdictions in which Rubicon operates
and capital investments. Adjusted EBITDA is also often used by
analysts, investors and other interested parties in evaluating and
comparing Rubicon’s results to other companies within the industry.
Accordingly, the Company believes that Adjusted EBITDA provides
useful information to investors and others in understanding and
evaluating its operating results in the same manner as Rubicon’s
management team and board of directors.
Adjusted EBITDA has limitations as an analytical tool, and it
should not be considered in isolation or as a substitute for
analysis of net loss or other results as reported under GAAP. Some
of these limitations are:
- Adjusted EBITDA does not reflect the Company’s cash
expenditures, future requirements for capital expenditures, or
contractual commitments;
- Adjusted EBITDA does not reflect changes in, or cash
requirements for, the Company’s working capital needs;
- Adjusted EBITDA does not reflect the Company’s tax expense or
the cash requirements to pay taxes;
- although amortization and depreciation are non-cash charges,
the assets being amortized and depreciated will often have to be
replaced in the future and Adjusted EBITDA does not reflect any
cash requirements for such replacements;
- Adjusted EBITDA should not be construed as an inference that
the Company’s future results will be unaffected by unusual or
non-recurring items for which the Company may make adjustments in
historical periods; and
- other companies in the industry may calculate Adjusted EBITDA
differently than the Company does, limiting its usefulness as a
comparative measure.
Reconciliations of Non-GAAP Financial Measures
Adjusted Gross Profit and Adjusted Gross Profit
Margin
The following table presents reconciliations of Adjusted Gross
Profit and Adjusted Gross Margin to the most directly comparable
GAAP financial measures for each of the periods indicated.
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2022
2021
(in thousands, except
percentages)
Total revenue
$
174,564
$
164,606
$
355,662
$
324,412
Less: total cost of revenue (exclusive of
amortization and depreciation)
162,162
158,571
333,350
311,500
Less: amortization and depreciation for
revenue generating activities
614
579
1,188
1,229
Gross profit
$
11,788
$
5,456
$
21,124
$
11,683
Gross profit margin
6.8
%
3.3
%
5.9
%
3.6
%
Gross profit
$
11,788
$
5,456
$
21,124
$
11,683
Add: amortization and depreciation for
revenue generating activities
614
579
1,188
1,229
Add: platform support costs
5,541
6,657
11,777
12,877
Adjusted gross profit
$
17,943
$
12,692
$
34,089
$
25,789
Adjusted gross profit margin
10.3
%
7.7
%
9.6
%
7.9
%
Amortization and depreciation for revenue
generating activities
$
614
$
579
$
1,188
$
1,229
Amortization and depreciation for sales,
marketing, general and administrative activities
730
823
1,517
1,663
Total amortization and depreciation
$
1,344
$
1,402
$
2,705
$
2,892
Platform support costs(1)
$
5,541
$
6,657
$
11,777
$
12,877
Marketplace vendor costs(2)
156,621
151,914
321,573
298,623
Total cost of revenue (exclusive of
amortization and depreciation)
$
162,162
$
158,571
$
333,350
$
311,500
(1)
Platform support costs are defined as
costs to operate the Company’s revenue generating platforms that do
not directly correlate with volume of sales transactions procured
through Rubicon’s digital marketplace. Such costs include employee
costs, data costs, platform hosting costs and other overhead
costs.
(2)
Marketplace vendor costs are defined as
direct costs charged by the Company’s hauling and recycling
partners for services procured through Rubicon’s digital
marketplace.
Adjusted EBITDA
The following table presents reconciliations of Adjusted EBITDA
to the most directly comparable GAAP financial measure for each of
the periods indicated.
Three Months Ended June
30,
Six Months Ended June
30,
2023
2022
2023
2022
(in thousands)
Net loss
$
(22,817
)
$
(27,794
)
$
(32,268
)
$
(52,613
)
Adjustments:
Interest expense
8,119
3,911
15,295
7,686
Related party interest expense
661
-
1,254
-
Interest earned
(5
)
-
(6
)
-
Income tax expense
17
13
33
41
Amortization and depreciation
1,344
1,402
2,705
2,892
Loss on extinguishment of debt
obligations
6,783
-
8,886
-
Equity-based compensation
1,804
126
11,106
184
Phantom unit expense
-
2,021
-
4,570
Loss on change in fair value of warrant
liabilities
414
232
469
510
Gain on change in fair value of earn-out
liabilities
(470
)
-
(5,290
)
-
Loss on change in fair value of
derivatives
335
-
2,533
-
Executive severance charges
-
-
4,553
-
Gain on settlement of Management Rollover
Bonuses
-
-
(26,826
)
-
Excess fair value over the consideration
received for SAFE
-
800
-
800
Gain on service fee settlements in
connection with the Mergers
(6,364
)
-
(6,996
)
-
Other expenses(3)
482
357
903
687
Adjusted EBITDA
$
(9,697
)
$
(18,932
)
$
(23,649
)
$
(35,243
)
(3)
Other expenses primarily consist of
foreign currency exchange gains and losses, taxes, penalties, fees
for certain financing arrangements, and gains and losses on sale of
property and equipment.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230808897455/en/
Investor Contact: Alexandra Clark Director of Finance
& Investor Relations alexandra.clark@rubicon.com
Media Contact: Dan Sampson Chief Marketing &
Corporate Communications Officer dan.sampson@rubicon.com
Rubicon Technologies (NYSE:RBT)
過去 株価チャート
から 4 2024 まで 5 2024
Rubicon Technologies (NYSE:RBT)
過去 株価チャート
から 5 2023 まで 5 2024