RBT - Earnings call transcript Q1 2024 | Rubicon Technologies, Inc.

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Operator

Good afternoon, and welcome to Rubicon Technologies' First Quarter 2024 Earnings Call. My name is John, and I will be your operator for today's call.

As a reminder, this conference call is being recorded. [Operator Instructions]

It is now my pleasure to introduce Chris Spooner, Executive Vice President of Finance.

begin. may You

Chris Spooner

on everyone, Earnings Hello, begin. to First found be Rubicon's call website, of Thank can which A and few XXXX be accessed can and Call. being investors.rubicon.com. we Investors quick Quarter section is our you. at webcast welcome the reminders This before

be financial question-and-answer a session. present Today, the quarter by we Rubicon's will of followed first for results XXXX, which will

forward-looking Private statements harbor no materially During Litigation due that subject statements, our except to the be call, required differ our and XXXX. detail update by safe unknown the management actual risks as in to not future of law. provision Act making uncertainties of are assume guarantees as Securities will earnings release Reform may SEC the obligation results statements known in our greater performance, are to These forward-looking discussed and of and and We filings.

today, discussion useful we to of of release SEC. and will from not in non-GAAP believe directly not to measures GAAP measures. most adjusted non-GAAP for found limited our provide financial Additionally, considered in comparable be certain in our the be most measures using refer our should the with comparable profit purposes, are adjusted earnings informational GAAP We and we A directly non-GAAP EBITDA. to these including, these the measures results why to, filings reconciliations limitations these but they investors, and gross measure can and isolation call during

recently regarding its more operations XX-Q discussed please as all information refer to for discontinued our are implications financials. of of and announced purposes call, Please this financials the that the and disclosures transaction. For defined on transaction by the filings inclusive note

Phil Financial Chief and are Rubicon's Joining Officer; Schubert, Kevin President Officer. today Rodoni, Executive Chief Rubicon's and the call me on

With call the over that, Phil. like now would to I to turn

Phil Rodoni

year-over-year kicked We expansion of us had basis eventful adjusted profit points. with XXX to X.X% an off thank headwinds, gross an everyone and margin of today. Chris, gross for first you you, with quarter. quarter profit of the growth Thank we joining adjusted Despite year and another increase

We continue compared a the which prior to year. expenses, in to drove in decrease efforts X.X% with first reduce SG&A of forward to push the quarter

As this at happening that a both we many included have balance continue million of for transaction you accelerate And seen, by achieve the unit. growth. objectives, inflection transaction to that resources Rubicon's enable points announced ongoing business at business Rubicon, company provides may of the the time of each sheet core opportune fleet sale improving for Rodina an and with to business with journey and sale growing the fleet its RUBICONConnect accelerate technology This is transformational profitability to providing Capital and the This completed its transaction its $XX.X additional its liquidity debt to their the business. company reducing unit quickly is technology growth.

growth from businesses medium-sized on has customer-focused company's from outset. to strategic Fortune Rubicon's waste commercial instrumental Importantly, principles, the return marks dedication to generators to business XXX core small- it a in product, Rubicon's underscores approach which the a This companies. to move that been RUBICONConnect centered serves the a

businesses. relationship including zero with technical services. are small achieve customers tailored the than new looking launched circular advisory Rubicon's recently the are long-standing Many with hauler and vendor goals and to dedicated be improving which waste services of through company's commercial and capital partners, them more This X,XXX will solutions, Rubicon XX% help sustainability independent strengthening company's to to of economy

in highlight customers to solutions delivering while prioritizing technology. to to a I'd Rubicon's recent of win innovative moment our sustainability customer pursuit efficiency like take a and

in customer won the United and evaluation a across way. Rubicon this opportunities to second new for at the stores incremental grocery contract quarter. XXX the Providing with a for States along Rubicon participated competitive Canada, the services and of a growth over waste in strong potential significant recycling sector and a the beginning with is contract valuable

experiencing customer benefits full Rubicon's environmental This waste their reduce recycling scalable impacts providing for own and which to the their customers. is efforts service and value while exceptional already of services, supports platform to

achieved waste in As other similar customers, we driving does grocery and a diversion needs reducing leader Rubicon costs both best, with multiple values and customer's forward what and rates. look sustainability new with streams, to results relationship. Rubicon this this has increasing align with with

future large for customers a glimpse Rubicon. to what current to customers. relationships and our with of phase We just new into look expand holds forward strengthen continuing is customer this new more the This adding and

I turn a of to Kevin call XXXX the review to quarter first will now over the financials. provide

Kevin Schubert

in which decrease Phil. This first gross million, expanded take basis million, points to not $XXX.X decrease result an to was of to the of $X increase XXXX, negatively but of was line XXXX X.X%. benefits quarter million or profit I the Thanks, few first XX.X% by our now year a quarter will a from XXX to $XX that review minutes of is revenue and million $XX.X Revenue efforts impacted AGP profitability results. compared profitability our million XXXX. or first compared in quarter X.X% $XX.X last a $XXX.X as drive of profitable, top relationships million X.X% ending were margin to overall. Adjusted

expenses. the to improvement negative $X.X XXXX. of or Adjusted million the this XX.X% million, $X.X an includes note, of EBITDA Please noncash negative million million was in $XX $XX first quarter compared operating of

further a minute recent I economics our would details on now take to transaction. the of provide like to

of would mentioned, XXXX has consideration for cash earn-out million the sale, with million. along that of value the an payable transaction This for purposes. as additional of the $XX.X capital issuance an The transaction interest million $XX.X a total as includes working to preferred of the general high million in and from well Phil $XX used corporate by this As end will $XX.X convertible for down proceeds stock. of cash and be pay debt be

now will the back Phil before call we over questions. to take turn I

Phil Rodoni

our you for look Thank in this you coming us. updating progress on the to with quarters. continuing journey We forward

I will that, line the operator, open for over call to questions. who the With the can turn

Operator

[Operator comes from the Instructions] The Knoblauch line of Brett Fitzgerald. Cantor from first question

Brett Knoblauch

On, divestiture? the maybe received about more paying transaction, you could I guys the towards guess, maybe the speaking then illustrate from revenue throughout much on trends are expecting how you you money the And How be should are what help put given the that, broadly we that that? that year, especially plans down thinking just debt? for to

Kevin Schubert

north I as $XX sort we that of of working sort closing, interest high the of $XX can that paid purposes. think And money of million you debt, I yes, we and in capital I think, for question. we down appreciate mean the the at took operating million of range and had in,

profitability. to So our as towards obviously, good liquidity we we the feel about ability move fund going forward business our and position

Yes. I significant mean and business. or at a of AGP we was perspective compared revenue revenue the rest -- growing, the obviously, look but to then going wasn't forward, business from as fast SmartCity the

on to positive sort to year. adjusted cash the we saw profit So to a to and as be path profitability flow expect before kind and similar and gross cadence getting that of progress returning you we as through of

Brett Knoblauch

targets positive? adjusted I those that Am to this for EBITDA correctly? Is hearing year? be are And you

Kevin Schubert

Correct.

Brett Knoblauch

sheet press update kind update? noticed could in in that. cash balance wondering current that just release, there if you us just just liquidity. an Awesome. And on give a was of maybe the balance or I'm then I

Kevin Schubert

million transaction, you Yes. about mean, as I million. remained balance that No, like the as of over close -- $XX obviously, $XX to is said, said, like the about close little had I of the a the more sheet of on -- north we

Operator

questions I back like closing turn to this this remarks. Phil Rodoni call over time, the As our there are Q&A no further session. to at would concludes for

Phil Rodoni

Again, in everyone, providing forward today, for we and Thanks thank joining you, the updates look again. future. to you us

Operator

for now this concludes participation. Thank conference call. gentlemen, and today's you Ladies your

disconnect. may now You

Rubicon (RBTC) 20 May 242024 Q1 Earnings call transcript