Rubicon Technologies, Inc. (NYSE:RBT) Q4 2023 Earnings Call Transcript March 7, 2024

Rubicon Technologies, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good afternoon, and welcome to Rubicon Technologies Fourth Quarter and Full Year 2023 Earnings Call. My name is Jeannie, and I'll be your operator for today's call. As a reminder, this conference call is being recorded. [Operator Instructions] Thank you. It is now my pleasure to introduce Chris Spooner, Executive Vice President of Finance. You may begin.

Chris Spooner: Thank you. Hello, everyone, and welcome to Rubicon's fourth quarter and full year 2023 earnings call. A few quick reminders before we begin. This call is being webcast and can be accessed on the Investors section of our website, which can be found at investors.rubicon.com. Today, we will present Rubicon's financial results for the fourth quarter and full year of 2023, which will be followed by a question-and-answer session. During the call, management will be making forward-looking statements that are subject to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, and our actual results may differ materially due to known and unknown risks and uncertainties as discussed in greater detail in our earnings release and our SEC filings.

We assume no obligation to update forward-looking statements, except as required by law. Additionally, we will refer to non-GAAP financial measures during our call today, including, but not limited to, adjusted gross profit and adjusted EBITDA. We provide these non-GAAP results for informational purposes, and they should not be considered in isolation from the most directly comparable GAAP measures. A discussion of why we believe these non-GAAP measures are useful to investors, certain limitations of using these measures and reconciliations to the most directly comparable GAAP measure can be found in our earnings release and our filings with the SEC. Joining me on the call today are Phil Rodoni, Rubicon's Chief Executive Officer; and Kevin Schubert, Rubicon's President and Chief Financial Officer.

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

Phil Rodoni: Thank you, Chris, and thank you to everyone for joining us today. Last year was transformational for Rubicon. Our goals for the year were to materially improve our operational performance and strengthen our financial position, and I am proud to say that we accomplished both strategic objectives while achieving record financial performance and continuing to deliver better environmental outcomes for our customers. In the fourth quarter, we continued to grow adjusted gross profit with an increase of 37% year-over-year and expanded adjusted gross profit margin by 264 basis points. Adjusted EBITDA also improved by $17 million year-over-year to a loss of $437,000, an improvement of 98% from the fourth quarter of 2022.

See also 15 Countries with the Most Beautiful Culture in the World and 22 Countries Most Likely To Survive Climate Change.

To continue reading the Q&A session, please click here.