Rubicon Reports First Quarter 2023 Financial Results
First Quarter 2023 Financial Highlights
-
Revenue was
$181.1 million 13.3% higher compared to$159.8 million -
Gross Profit was
$9.3 million 49.9% higher compared to$6.2 million -
Adjusted Gross Profit was
$16.1 million 23.3% higher compared to$13.1 million -
Net loss was
$(9.5) million 61.9% compared to$(24.8) million -
Adjusted EBITDA was a negative
$(14.0) million 14.5% compared to a negative$(16.3) million
Operational and Business Highlights
-
Rubicon recently announced two new 3-year partnerships with the cities ofMiami, Florida andAtlanta, Georgia , to enhance residential waste and recycling services with its RUBICONSmartCityTM technology.Rubicon will help both cities to transition to fully digital waste and recycling operations, improve route efficiency, reduce costs, and enhance the overall quality of life for residents -
In April,
Rubicon announced that its RUBICONSmartCity snow removal technology helped its partner,Kansas City, Missouri , win the American Public Works Association (APWA) Excellence in Snow and Ice Control Award for 2023.Rubicon was honored to be able to helpKansas City win this award and looks forward to continued success together -
Rubicon continues to expand the RUBICONConnectTM marketplace with the addition of new clients including Vail Properties, GoldOller Real Estate Investments, Acuity Brands and others throughout Q1 of 2023. We also welcomed Southeastern Grocers to the many commodities clients who are taking advantage of special rates through our vast network of volume commodities -
Rubicon has secured an incremental equity financing package of approximately$23.5 million
“We are very proud to report continued positive progress in the implementation of our Bridge to Profitability plan. We remain on target as we work to achieve positive Adjusted EBITDA for the fourth quarter of this year,” said Phil Rodoni, Chief Executive Officer of
First Quarter Review
Total Revenue in the first quarter of 2023 was approximately
Gross Profit in the first quarter of 2023 was
Adjusted Gross Profit in the first quarter of 2023 was approximately
The Net Loss in the first quarter of 2023 was
Adjusted EBITDA for the first quarter of 2023 was negative
Strategic Progress
Webcast Information
The Rubicon Technologies management team will host a conference call to discuss its first quarter 2023 financial results this afternoon, Monday, May 22, 2023, at 5pm 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 Technologies, Inc. (NYSE: RBT) is a digital marketplace for waste and recycling, and provider of innovative software-based 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 www.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 TECHNOLOGIES, INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
||||||||
(in thousands, except per share data) |
||||||||
|
||||||||
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Revenue: |
|
|
|
|
|
|
||
Service |
|
$ |
166,365 |
|
|
$ |
134,698 |
|
Recyclable commodity |
|
|
14,733 |
|
|
|
25,108 |
|
Total revenue |
|
|
181,098 |
|
|
|
159,806 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
Cost of revenue (exclusive of amortization and depreciation): |
|
|
|
|
|
|
|
|
Service |
|
|
158,001 |
|
|
|
129,693 |
|
Recyclable Commodity |
|
|
13,187 |
|
|
|
23,236 |
|
Total cost of revenue (exclusive of amortization and depreciation) |
|
|
171,188 |
|
|
|
152,929 |
|
Sales and marketing |
|
|
3,274 |
|
|
|
3,950 |
|
Product development |
|
|
8,092 |
|
|
|
9,218 |
|
General and administrative |
|
|
18,147 |
|
|
|
12,627 |
|
Gain on settlement of incentive compensation |
|
|
(18,622 |
) |
|
|
- |
|
Amortization and depreciation |
|
|
1,361 |
|
|
|
1,490 |
|
Total Costs and Expenses |
|
|
183,440 |
|
|
|
180,214 |
|
Loss from Operations |
|
|
(2,342 |
) |
|
|
(20,408 |
) |
|
|
|
|
|
|
|
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
Interest earned |
|
|
1 |
|
|
|
- |
|
Loss on change in fair value of warrant liabilities |
|
|
(55 |
) |
|
|
(278 |
) |
Gain on change in fair value of earnout liabilities |
|
|
4,820 |
|
|
|
- |
|
Loss on change in fair value of derivatives |
|
|
(2,198 |
) |
|
|
- |
|
Gain on service fee settlements in connection with the Mergers |
|
|
632 |
|
|
|
- |
|
Loss on extinguishment of debt obligations |
|
|
(2,103 |
) |
|
|
- |
|
Interest expense |
|
|
(7,176 |
) |
|
|
(3,775 |
) |
Related party interest expense |
|
|
(593 |
) |
|
|
- |
|
Other expense |
|
|
(421 |
) |
|
|
(330 |
) |
Total Other Income (Expense) |
|
|
(7,093 |
) |
|
|
(4,383 |
) |
Loss Before Income Taxes |
|
|
(9,435 |
) |
|
|
(24,791 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
16 |
|
|
|
28 |
|
Net Loss |
|
$ |
(9,451 |
) |
|
$ |
(24,819 |
) |
Net loss attributable to Holdings LLC unitholders prior to the Mergers |
|
|
- |
|
|
(24,819 |
) |
|
Net loss attributable to noncontrolling interests |
|
|
(6,322 |
) |
|
|
- |
|
Net Loss Attributable to Class A Common Stockholders |
|
$ |
(3,129 |
) |
|
$ |
- |
|
Loss per share - for the three months ended March 31, 2023: |
|||||||
Net loss per Class A Common share – basic and diluted |
|
$ |
(0.05 |
) |
|||
Weighted average shares outstanding, basic and diluted |
|
|
|
59,416,924 |
|
||
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) |
||||||||
|
||||||||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2023 |
|
|
2022 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
10,543 |
|
|
$ |
10,079 |
|
Accounts receivable, net |
|
|
67,203 |
|
|
|
65,923 |
|
Contract assets |
|
|
52,927 |
|
|
|
55,184 |
|
Prepaid expenses |
|
|
11,100 |
|
|
|
10,466 |
|
Other current assets |
|
|
2,614 |
|
|
|
2,109 |
|
Related-party notes receivable |
|
|
- |
|
|
|
7,020 |
|
Total Current Assets |
|
|
144,387 |
|
|
|
150,781 |
|
Property and Equipment, net |
|
|
2,616 |
|
|
|
2,644 |
|
Operating right-of-use assets |
|
|
2,523 |
|
|
|
2,827 |
|
Other noncurrent assets |
|
|
2,637 |
|
|
|
4,764 |
|
Goodwill |
|
|
32,132 |
|
|
|
32,132 |
|
Intangible assets, net |
|
|
10,075 |
|
|
|
10,881 |
|
Total Assets |
|
$ |
194,370 |
|
|
$ |
204,029 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
82,175 |
|
|
$ |
75,113 |
|
Line of credit |
|
|
52,024 |
|
|
|
51,823 |
|
Accrued expenses |
|
|
73,927 |
|
|
|
108,002 |
|
Contract liabilities |
|
|
6,037 |
|
|
|
5,888 |
|
Operating lease liabilities, current |
|
|
1,956 |
|
|
|
1,880 |
|
Warrant liabilities |
|
|
20,000 |
|
|
|
20,890 |
|
Derivative liabilities |
|
|
2,887 |
|
|
|
- |
|
Debt obligations, net of debt issuance costs |
|
|
4,205 |
|
|
|
3,771 |
|
Total Current Liabilities |
|
|
243,211 |
|
|
|
267,367 |
|
|
|
|
|
|
|
|
|
|
Long-Term Liabilities: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
229 |
|
|
|
217 |
|
Operating lease liabilities, noncurrent |
|
|
1,297 |
|
|
|
1,826 |
|
Debt obligations, net of debt issuance costs |
|
|
64,225 |
|
|
|
69,458 |
|
Related-party debt obligations, net of debt issuance costs |
|
|
18,690 |
|
|
|
10,597 |
|
Derivative liabilities |
|
|
3,498 |
|
|
|
826 |
|
Earn-out liabilities |
|
|
780 |
|
|
|
5,600 |
|
Other long-term liabilities |
|
|
2,688 |
|
|
|
2,590 |
|
Total Long-Term Liabilities |
|
|
91,407 |
|
|
|
91,114 |
|
Total Liabilities |
|
|
334,618 |
|
|
|
358,481 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ (Deficit) Equity: |
|
|
|
|
|
|
|
|
Common stock – Class A, par value of |
|
|
7 |
|
|
|
6 |
|
Common stock – Class V, par value of |
|
|
12 |
|
|
|
12 |
|
Preferred stock – par value of |
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
58,312 |
|
|
|
34,658 |
|
Accumulated deficit |
|
|
(341,004 |
) |
|
|
(337,875 |
) |
Total stockholders’ deficit attributable to Rubicon Technologies, Inc. |
|
|
(282,673 |
) |
|
|
(303,199 |
) |
Noncontrolling interests |
|
|
142,425 |
|
|
|
148,747 |
|
Total Stockholders’ Deficit |
|
|
(140,248 |
) |
|
|
(154,452 |
) |
Total Liabilities and Stockholders’ (Deficit) Equity |
|
|
194,370 |
|
|
$ |
204,029 |
|
RUBICON TECHNOLOGIES, INC. AND SUBSIDIARIES |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
||||||||
(in thousands) |
||||||||
|
||||||||
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(9,451 |
) |
|
$ |
(24,819 |
) |
Adjustments to reconcile net loss to net cash flows from operating activities: |
|
|
|
|
|
|
|
|
Loss on disposal of property and equipment |
|
|
5 |
|
|
|
11 |
|
Amortization and depreciation |
|
|
1,361 |
|
|
|
1,490 |
|
Amortization of debt issuance costs |
|
|
1,237 |
|
|
|
831 |
|
Amortization of related party debt issuance costs |
|
|
265 |
|
|
|
- |
|
Paid-in-kind interest capitalized to principal of debt obligations |
|
|
1,014 |
|
|
|
- |
|
Paid-in-kind interest capitalized to principal of related party debt obligations |
|
|
328 |
|
|
|
- |
|
Bad debt reserve |
|
|
745 |
|
|
|
(1,710 |
) |
Loss on change in fair value of warrants |
|
|
55 |
|
|
|
278 |
|
Loss on change in fair value of derivatives |
|
|
2,198 |
|
|
|
- |
|
Gain on change in fair value of earn-out liabilities |
|
|
(4,820 |
) |
|
|
- |
|
Loss on extinguishment of debt obligations |
|
|
2,103 |
|
|
|
- |
|
Equity-based compensation |
|
|
9,302 |
|
|
|
58 |
|
Phantom unit expense |
|
|
- |
|
|
|
2,549 |
|
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 |
|
|
(632 |
) |
|
|
- |
|
Deferred income taxes |
|
|
12 |
|
|
|
35 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(2,025 |
) |
|
|
4,079 |
|
Contract assets |
|
|
2,257 |
|
|
|
1,704 |
|
Prepaid expenses |
|
|
235 |
|
|
|
(150 |
) |
Other current assets |
|
|
(528 |
) |
|
|
(341 |
) |
Operating right-of-use assets |
|
|
304 |
|
|
|
256 |
|
Other noncurrent assets |
|
|
(120 |
) |
|
|
23 |
|
Accounts payable |
|
|
7,062 |
|
|
|
12,262 |
|
Accrued expenses |
|
|
(181 |
) |
|
|
2,465 |
|
Contract liabilities |
|
|
149 |
|
|
|
160 |
|
Operating lease liabilities |
|
|
(453 |
) |
|
|
(558 |
) |
Other liabilities |
|
|
180 |
|
|
|
49 |
|
Net cash flows from operating activities |
|
|
(12,416 |
) |
|
|
(1,328 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
Property and equipment purchases |
|
|
(325 |
) |
|
|
(491 |
) |
Net cash flows from investing activities |
|
|
(325 |
) |
|
|
(491 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
Net borrowings on line of credit |
|
|
201 |
|
|
|
3,216 |
|
Proceeds from debt obligations |
|
|
11,226 |
|
|
|
- |
|
Repayments of debt obligations |
|
|
(11,500 |
) |
|
|
(1,500 |
) |
Proceeds from related party debt obligations |
|
|
14,520 |
|
|
|
- |
|
Financing costs paid |
|
|
(1,275 |
) |
|
|
- |
|
Payments of deferred offering costs |
|
|
- |
|
|
(1,055 |
) |
|
Proceeds from issuance of common stock |
|
|
1,100 |
|
|
|
- |
|
RSUs withheld to pay taxes |
|
|
(1,067 |
) |
|
|
- |
|
Net cash flows from financing activities |
|
|
13,205 |
|
|
|
661 |
|
Net change in cash and cash equivalents |
|
|
464 |
|
|
(1,158 |
) |
|
Cash, beginning of period |
|
|
10,079 |
|
|
|
10,617 |
|
Cash, end of period |
|
$ |
10,543 |
|
|
$ |
9,459 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,648 |
|
|
$ |
2,968 |
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
|
|
|
|
|
Fair value of derivatives issued as debt discount |
|
$ |
475 |
|
|
$ |
- |
|
Fair value of derivatives issued as debt issuance cost |
|
$ |
2,887 |
|
|
$ |
- |
|
Conversions of debt obligations to common stock |
|
$ |
2,250 |
|
|
$ |
- |
|
Equity issuance costs settled with common stock |
|
$ |
7,069 |
|
|
$ |
- |
|
Loan commitment asset reclassed to debt discount |
|
$ |
2,062 |
|
|
$ |
- |
|
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
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, 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
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 March 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
|
|
(in thousands, except percentage) |
||||||
Total revenue |
|
$ |
181,098 |
|
|
$ |
159,806 |
|
Less: total cost of revenue (exclusive of amortization and depreciation) |
|
|
171,188 |
|
|
|
152,929 |
|
Less: amortization and depreciation for revenue generating activities |
|
|
574 |
|
|
|
650 |
|
Gross profit |
|
$ |
9,336 |
|
|
$ |
6,227 |
|
Gross profit margin |
|
|
5.2 |
% |
|
|
3.9 |
% |
|
|
|
|
|
|
|
|
|
Gross profit |
|
$ |
9,336 |
|
|
$ |
6,227 |
|
Add: amortization and depreciation for revenue generating activities |
|
|
574 |
|
|
|
650 |
|
Add: platform support costs |
|
|
6,236 |
|
|
|
6,220 |
|
Adjusted gross profit |
|
$ |
16,146 |
|
|
$ |
13,097 |
|
Adjusted gross profit margin |
|
|
8.9 |
% |
|
|
8.2 |
% |
|
|
|
|
|
|
|
|
|
Amortization and depreciation for revenue generating activities |
|
$ |
574 |
|
|
$ |
650 |
|
Amortization and depreciation for sales, marketing, general and administrative activities |
|
|
787 |
|
|
|
840 |
|
Total amortization and depreciation |
|
$ |
1,361 |
|
|
$ |
1,490 |
|
|
|
|
|
|
|
|
|
|
Platform support costs(1) |
|
$ |
6,236 |
|
|
$ |
6,220 |
|
Marketplace vendor costs(2) |
|
|
164,952 |
|
|
|
146,709 |
|
Total cost of revenue (exclusive of amortization and depreciation) |
|
$ |
171,188 |
|
|
$ |
152,929 |
|
(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 March 31, |
|
||||||
|
|
2023 |
|
|
2022 |
|
|||
|
|
|
(in thousands, except percentage) |
||||||
Net loss |
|
$ |
(9,451 |
) |
|
$ |
(24,819 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
7,176 |
|
|
|
3,775 |
|
|
Related party interest expense |
|
|
593 |
|
|
|
- |
|
|
Interest earned |
|
|
(1 |
) |
|
|
- |
|
|
Income tax expense |
|
|
16 |
|
|
|
28 |
|
|
Amortization and depreciation |
|
|
1,361 |
|
|
|
1,490 |
|
|
Loss on extinguishment of debt obligations |
|
|
2,103 |
|
|
|
- |
|
|
Equity-based compensation |
|
|
9,302 |
|
|
|
58 |
|
|
Phantom unit expense |
|
|
- |
|
|
|
2,549 |
|
|
Loss on change in fair value of warrant liabilities |
|
|
55 |
|
|
|
278 |
|
|
Gain on change in fair value of earn-out liabilities |
|
|
(4,820 |
) |
|
|
- |
|
|
Loss on change in fair value of forward purchase option derivative |
|
|
2,198 |
|
|
|
- |
|
|
Executive severance charges |
|
|
4,553 |
|
|
|
- |
|
|
Gain on settlement of Management Rollover Bonuses |
|
|
(26,826 |
) |
|
|
- |
|
|
Gain on service fee settlements in connection with the Mergers |
|
|
(632 |
) |
|
|
- |
|
|
Other expenses(3) |
|
|
421 |
|
|
|
330 |
|
|
Adjusted EBITDA |
|
$ |
(13,952 |
) |
|
$ |
(16,311 |
) |
|
(3) |
Other expenses primarily consist of foreign currency exchange gains and losses, taxes, penalties and gains and losses on sale of property and equipment. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230522005623/en/
Investor Contact:
Sioban Hickie, ICR, Inc.
rubiconIR@icrinc.com
Media Contact:
Dan Sampson
Chief Marketing & Corporate Communications Officer
dan.sampson@rubicon.com
RubiconPR@icrinc.com
Source: Rubicon Technologies, Inc.
