Rubicon(RBT) - 2024 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2024 was $166.1 million, a decrease of $15.0 million or 8.3% compared to $181.1 million in Q1 2023[4] - Net Loss for Q1 2024 was $(17.2) million, a decrease of $7.7 million or 81.5% compared to $(9.5) million in Q1 2023[4] - Total revenue for Q1 2024 was $166,075, a decrease from $181,098 in Q1 2023, representing a decline of approximately 8.5%[23] - The net loss for Q1 2024 was $17,153, compared to a net loss of $9,451 in Q1 2023, with net loss as a percentage of total revenue increasing to (10.3)% from (5.2)%[26] Profitability Metrics - Gross Profit increased to $10.1 million, up $0.8 million or 8.2% from $9.3 million in Q1 2023[4] - Adjusted Gross Profit was $17.1 million, an increase of $1.0 million or 5.9% compared to $16.1 million in Q1 2023[4] - Gross Profit Margin increased to 6.1%, up 93 basis points from 5.2% in Q1 2023[4] - Adjusted Gross Profit Margin rose to 10.3%, an increase of 138 basis points from 8.9% in Q1 2023[4] - Adjusted EBITDA improved to $(11.0) million, an improvement of $2.9 million or 20.9% compared to $(14.0) million in Q1 2023[4] - Adjusted EBITDA for Q1 2024 was $(11,031), an improvement from $(13,952) in Q1 2023, with adjusted EBITDA as a percentage of total revenue at (6.6)% compared to (7.7)%[26] Operational Costs - Interest expense for Q1 2024 was $10,750, up from $7,176 in Q1 2023, indicating increased financial costs[26] - The company incurred executive severance charges of $1,532 in Q1 2024, down from $4,553 in Q1 2023, reflecting a reduction in related expenses[26] - Amortization and depreciation for revenue-generating activities totaled $1,213 in Q1 2024, compared to $1,361 in Q1 2023, indicating a slight decrease[26] - Platform support costs for Q1 2024 were $6,430, slightly higher than $6,236 in Q1 2023, reflecting ongoing operational expenses[23] - Marketplace vendor costs decreased to $148,972 in Q1 2024 from $164,952 in Q1 2023, showing a reduction in direct costs associated with services procured[23] Strategic Developments - The sale of the fleet technology business unit had a total transaction value of $94.2 million, including $61.7 million in cash and $20.0 million in convertible preferred stock[5] - Rubicon secured a significant contract with a new grocery sector customer, providing services to over 500 stores across the U.S. and Canada[4] - The strategic sale and new capital will enhance Rubicon's services and strengthen relationships with over 8,000 vendor and hauler partners[6]