Rubicon(RBT) - 2023 Q4 - Annual Results

Financial Performance - Revenue for Q4 2023 was $170.7 million, an increase of $4.7 million or 2.8% compared to Q4 2022[5] - Gross Profit for Q4 2023 was $13.2 million, an increase of $6.5 million or 95.4% compared to Q4 2022[5] - Adjusted Gross Profit for Q4 2023 was $18.3 million, an increase of $4.9 million or 36.5% compared to Q4 2022[7] - Full Year 2023 Revenue was $697.6 million, an increase of $22.2 million or 3.3% compared to 2022[9] - Full Year 2023 Gross Profit was $47.7 million, an increase of $22.7 million or 90.6% compared to 2022[9] - Total revenue for the three months ended December 31, 2023, was $170.663 million, a 2% increase from $165.992 million in the same period of 2022[20] - Total revenue for the year ended December 31, 2023, was $697,582, an increase from $675,388 in 2022, representing a growth of 1.8%[32] - Adjusted gross profit for the year ended December 31, 2023, was $72,232, compared to $53,321 in 2022, reflecting a year-over-year increase of 35.5%[32] - Adjusted gross profit margin improved to 10.4% for the year ended December 31, 2023, up from 7.9% in 2022[32] - Gross profit for the year ended December 31, 2023, was $47,705 compared to $25,035 in 2022, marking an increase of 90.5%[32] Net Loss and Adjusted EBITDA - Net Loss for Q4 2023 was $(15.1) million, an improvement of $2.9 million or 16.1% compared to Q4 2022[8] - Adjusted EBITDA for Q4 2023 was $(0.4) million, an improvement of $17.1 million or 97.5% compared to Q4 2022[8] - Adjusted EBITDA for Full Year 2023 was $(33.0) million, an improvement of $41.3 million or 55.6% compared to 2022[12] - Net loss for the year ended December 31, 2023, was $(77,579), a significant reduction from $(281,771) in 2022[35] - Adjusted EBITDA for the year ended December 31, 2023, was $(33,001), an improvement from $(74,329) in 2022[35] Assets and Liabilities - Total current assets increased to $179.388 million in 2023 from $150.781 million in 2022, reflecting a growth of approximately 19%[22] - Total liabilities rose to $362.259 million in 2023, up from $358.481 million in 2022, showing a slight increase[22] - The company’s total stockholders' deficit decreased to $138.972 million in 2023 from $154.452 million in 2022, showing improvement in equity position[22] Cash Flow and Operations - Cash and cash equivalents increased to $18.695 million in 2023 from $10.079 million in 2022, representing an 85% increase[22] - Operating cash flows for the year were negative at $(66.889) million, an improvement from $(131.036) million in 2022[24] - The company reported a loss from operations of $30.517 million for the year ended December 31, 2023, compared to a loss of $253.288 million in 2022[20] - Cash at the end of the year increased to $18,695 from $10,079 at the beginning of the year[26] Client and Service Development - RUBICONConnect™ added clients such as Neiman Marcus and Vail Properties, focusing on enhancing customer relationships in 2024[5] - The company launched Technical Advisory Services to help customers achieve sustainability goals[5] Other Financial Metrics - The weighted average shares outstanding for the year ended December 31, 2023, was 22,797,555, compared to 6,235,675 in 2022, indicating a significant increase in shares[20] - The company reported a gain on change in fair value of earn-out liabilities of $5.458 million for the year ended December 31, 2023, compared to a loss of $68.500 million in 2022[20] - Total cost of revenue for the year ended December 31, 2023, was $647,631, slightly down from $647,833 in 2022[32] - Interest expense for the year ended December 31, 2023, was $34,232, compared to $16,863 in 2022, indicating a rise of 103.5%[35] - The company incurred equity-based compensation of $15,023 for the year ended December 31, 2023, down from $94,204 in 2022[35]